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爱玛科技:2023Annual Report 下载公告
公告日期:2024-06-01

StockCode:603529Abbreviation:AimaTechnology

AIMATECHNOLOGYGROUPCO.,LTD.

2023AnnualReport

LettertoShareholders

DearShareholders,

Asweclosetheyear2023,wehavetogetherwitnessedanotherextraordinaryjourneyofAimaTechnology.Thisyear,theCompanyhasdemonstratedarobustdevelopmenttrendinitsbusinessoperations:theannualrevenuereached21.036billionyuan,anincreaseof1.12%year-over-year,andthenetprofitattributabletotheshareholdersofthelistedcompanyreached

1.881billionyuan,markingagrowthof0.41%year-over-year,whichpresentsstrongresilienceandstrategicfocusamidstchanges.Lookingbackat2023,theoverallbusinessgrowthoftheCompanyshowedapatternofbeinghighinitiallyandthentaperingoff.Bytheendoftheyear,theindustrybegantomovetowardsacomprehensiverecovery,andthisconsumptionstateofelectrictwo-wheelersalignedwellwiththetrendofotherdomesticconsumergoodscategoriesinChina.Beyondthelong-termpositiveoutlookforChina’seconomicdevelopmenttrends,Ibelieveitisessentialtoreachaconsensuswithallshareholdersonthefollowingthreetrends:

First,theconsumptiontrendofelectrictwo-wheelersisshowingaK-shapeddivergence,wheretheupwardstrokerepresentsproductsdevelopedbasedonconsumerdemandandusagescenarios,whichfeaturedifferentiation,high-endquality,andintelligence,enjoyinghighergrossmarginsandconsumerpreference.Thedownwardstrokerepresentsproductsofoff-the-shelf,homogenized,basicfunctionaldevelopedbymanufacturerslackingoriginalresearchcapabilities,havenotbecomemorefavoreddespitepricereductions.Thisdivergencehasqualitativelychangedtheexistingcompetitivelandscapeoftheindustry,formingtwocompetinggroups:oneamongenterpriseswithoriginalresearchandinnovationcapabilitiesandanotheramonghomogeneous,off-the-shelfenterprises.Theevolutionofcompetitionwithinthesetwogroupswilllikelyleadtoinnovativeenterprisescontinuouslyerodingthemarketshareofthefollowerenterprises.TheunderlyinglogicbehindtheK-shapeddivergenceisthatconsumersneedbetterandmoresuitableproducts.

Second,theAIGCtechnologyrevolutionrepresentedbyChatGPTisprofoundlyimpactingourlivesandworkinunprecedentedways,movingfintelligentinformationintothephysicalandbiologicalworlds.AIGCbringsmorethanjustspeechrecognition,facialrecognition,andimagerecognition;moreimportantly,ithasthecapabilitytocreateandgenerate,notonlygeneratingtexts,images,andvideosbutalsocodes,drugs,formulas,andequations.WewillsoonwitnesssignificanttechnologicalandparadigmshiftsbroughtaboutbyAIGC.Meanwhile,wewillalsoseemoreapplicationscenariosofAIGC,includingapplicationsinregulatory,social,consumer,industry,andenterprisedomains.Thisisatechnologicaltrendwecannotignore.Third,followingland,labor,capital,andtechnology,dataisemergingasthefifthmajorfactorofproduction.Fromthe“Data20Articles”fortheconstructionofbasicdatamanagementsystemstotheassetizationofdataelements,Chinahasfundamentallyestablishedthebasicframeworkfordataresourceconfirmation,valuation,utilization,circulation,andtrading,anddatawillbecomeacorestrategicresourceforenterprises.Fromtheperspectiveofoperatingperformance,theassetizationofdatawillbecomeanewgrowthpointforenterprises;fromabusinesscompetitionperspective,theuseofdataassetswillbecomeakeytowinningincorporatecompetition;fromamanagementefficiencyperspective,theeffectiveuseofdataelementswillsignificantlyenhanceproductionandoperationalefficiency;fromanR&Dinnovationperspective,therapidflowandsharingofdatawillprovideenterpriseswithopportunitiesforproductinnovation,serviceinnovation,andbusinessmodelinnovation;fromanindustrialdevelopmentperspective,leveragingdataelementstoachievedigitaltransformationwillenhanceindustrialaddedvalueandcompetitiveness,therebypromotingindustrialupgrading.Thesethreetrendswillbringtremendousimaginationtothedevelopmentandrestructuringoftheindustry,andwewillcontinuetofocusonourmainbusiness,embraceinnovation,actinaccordancewiththesituation,andrisewiththetrends.

Astheelectrictwo-wheelerindustryincreasinglybecomesaprominentpartoftheglobaltransportationsystemanddual-carbonindustrychain,theindustryfacesbothopportunitiesforcapacityexpansionandchallengesfromdemandandregulatoryaspects,suchasproductlifecyclemanagementandregulatorypolicies,thelawfulacquisitionofroadrightsforinnovativeproductcategories,andtheglobalmarketpromotionandstandardcompatibilityofproducts.Inresponse,theCompany,asaleadingindustryplayer,iswillingtoassumeindustryresponsibilities,takingtheleadoractivelyparticipatingintheestablishmentofindustrystandards,organizingindustrysocialresponsibilityseminars,andfacilitatingindustryproblem-solving.TheCompanywillunitecloselywithsuppliers,dealers,employees,andotherstakeholderstobuildaharmoniousindustryecosystemandpromotethehealthydevelopmentoftheindustry.

AimaTechnologyhasbeenadheringtolong-termismsinceitsinception,focusingononethingandexcellinginoneindustry,andwehavealwaysmaintainedaprudentandsteadyattitudeinchoosingstrategicdirections.In2023,AimaTechnologyalsohadayearofconsolidation,basedonamplein-depthresearch,westrategicallydeliberatedandassessedimportantissuesconcerningindustryanddevelopmentoftheCompany.Webelievethat,first,regardingtheindustrycapacitylimit:fromalong-termperspective,electrictwo-wheelersandthree-wheelerswillbetheidealchoiceforshortandmedium-distancetravelforresidentsbothdomesticallyandabroad,whicharethefundamentaldrivingfactorsforindustrydevelopment,andtheconceptoflow-carbontravelwillincreasinglyenhancetheindustry’sdevelopment.Thus,thereisstillroomformarketcapacityexpansionaftertheeraofreplacementpurchases.Second,consumerrationalityandhigh-endproducts:theconsumerrationalityof"canbuyexpensive,butnotoverpriced"isgraduallybecomingmainstream.Highpricesmustmatchtheproductvalueandcost-effectiveness.Currently,theindustry'shigh-endproductsaremainlymarketedwithextendedrangeastheirmainsellingpoint,whichisstillinitsinitialstages,withgreatpotentialforfuturedevelopment.Fashionable,uniquedesignandintelligentfunctionsshouldbethemaindirectionstoenhanceproductvalue.Third,AItechnologyisdevelopingataspeedsurpassinganypreviousindustry,andasitscommercializationprogresses,AIwillnotonlybecomeatoolforenterprisestoenhanceoperationalefficiencyandinnovationcapabilitiesbutwillalsoprovidemoredevelopmentopportunitiesforvariousindustries,includingthedevelopmentoftheelectrictwo-wheelerindustryecosystem.Basedonconfidenceinindustrydevelopmentandself-awareness,AimaTechnologywillstaytruetoitsoriginalaspirations,continuetofocusonitsmainbusiness,andcloselyrevolvearoundtheelectrictwo-wheelerindustryecosystem,activelyexploringnewbusinessmodelswithfourmajortransformationsasthedirectionandfocus:transitioningfromsolelysellingvehiclestoprovidingtravelsolutions,fromaleaderintravelproductstoaleaderinthetravelecosystem,fromadomesticbrandtoaninternationalbrand,andfromamanufacturing-orientedcompanytoatechnology-orientedcompany.Todate,AimaTechnologyhasanorganizationalscaleofnearlytenthousandpeople.Weareacutelyawarethatlargecompaniesarepronetoformalismandbureaucracy.Therefore,forAimaTechnologytobecomeacentury-oldenterprise,itmustmaintainorganizationalvitalityandcohesionwhileexpandingitsorganizationalscale.Tothisend,intermsofcorporateculture,weuseastrongsenseofcrisisanddeterminationforexcellencetostimulateself-drive,continuouslypromotingself-awarenessupgradingandtransformation,andadoptinganopenandknowledge-seekingattitudetoactivelyembracenewtrends,newconcepts,andnewtechnologies.Intermsofbusinessmanagement,weoptimizeprocessesanddriveinnovationthroughdigitalreengineering,makingtheCompanya"dancingelephant"thatcansensitivelyandefficientlyperceiveandrespondtochangesinexternalsituationsandmarketdemands.Intermsoftalentcohesion,weadheretothephilosophyof"showingrespectforourstaff,improvingtheircompetenceandmakingthemhappy”,viewingtheCompanyasacarrierforemployeestorealizetheirlifevalue,makingeveryefforttoprovideeachemployeewithdecentremuneration,apleasantandharmoniousworkenvironment,andcleargrowthopportunities.Atthesametime,employeesareenabledtosharethefruitsoftheCompany'sdevelopmentthroughequityincentives,firmlywalkingthepathtocommonprosperity.In2023,focusingonlong-termcapacitybuilding,weconductedaseriesoforganizationalreforms,processoptimizations,andcadreadjustmentmechanismsaroundproductlifecyclemanagement,whichfurtherenhancedorganizationalefficiencyandthecomprehensiveoperationalefficiencyof

"fromuserdemandinsighttouserdemandsatisfaction”.Meanwhile,theCompanylaunchedanequityincentiveprogram,covering324coreemployees,furtherimprovingtheCompany'smediumandlong-termincentivesystemCreatinglong-termvalueforshareholdersisourunwaveringcommitment,justas"UsersFirst"hasbeenourvaluepropositionforover20years.Torepayourshareholders,basedontheCompany's2023operatingperformanceandoverallfinancialcondition,fullyconsideringtheCompany'sfuturedevelopmentandreasonablereturnsforshareholders,theBoardofDirectorsproposesaprofitdistributionplanfor2023:basedonthetotalsharecapitalregisteredasoftherecorddateforthedistributionofequity,minusthesharesheldintherepurchasespecialsecuritiesaccount,itisproposedtodistributeacashdividendof5.34yuan(includingtax)per10sharestoallshareholdersoftheCompany.ThismatterisstillsubjecttoapprovalbytheCompany's2023annualgeneralmeetingofshareholders.Wefeelgratefulfortheconstantcompany,supportandtrustfromourshareholders,customers,suppliersandallwalksoflife!Andwelookforwardtocontinuingtogohandinhandwithallshareholders.Optimistswinthefuture,pessimistswinthemoment;andwepossessbothanoptimisticattitudeandapessimisticoutlook.

ChairmanoftheBoard:

April15,2024

ImportantNotice

I.TheBoardofDirectors,theBoardofSupervisors,thedirectors,thesupervisorsandseniormanagementoftheCompanywarrantthattherearenofalserepresentationsormisleadingstatementscontainedin,ormaterialomissionsfromthisreport;andjointlyandseverallyacceptfullresponsibilityforthetruthfulness,accuracyandcompletenessoftheinformationcontainedinthisreport.II.AllmembersoftheBoardofDirectorsattendedtheBoardMeeting.III.Ernst&YoungHuaMingLLP(SpecialGeneralPartnership)hasissuedanunqualifiedstandardauditreportfortheCompany.IV.ThepersoninchargeoftheCompany,ZhangJian,thepersonresponsibleforaccountingwork,ZhengHui,andtheheadoftheaccountinginstitution(accountingsupervisor),ZhengHui,declare:theyguaranteethetruthfulness,accuracy,andcompletenessofthefinancialreportintheannualreport.V.TheBoardofDirectors'resolutionontheprofitdistributionproposalforthisreportingperiodortheproposalforcapitalizationofcapitalreserve.AuditedbyErnst&YoungHuaMingLLP(specialgeneralpartnership),thenetprofitattributabletoshareholdersofthelistedcompanyfor2023was1,881,115,782.35yuan,andtheparentcompany'snetprofitwas1,774,577,731.31yuan.AsofDecember31,2023,theaccumulatedprofitsdistributabletoshareholdersoftheparentcompanyamountedto2,727,682,959.95yuan.Fortheyear2023,itisproposedtodistributeprofitsbasedonthetotalsharecapitalrecordedontheequitydistributionrecorddate,deductingsharesintherepurchasespecialsecuritiesaccount.Theprofitdistributionplanistodistributeacashdividendof5.34yuan(taxincluded)per10sharestoallshareholders.AsofDecember31,2023,thetotalsharecapitaloftheCompanyis861,925,007shares;deducting14,130,524sharesintheCompany'srepurchasespecialsecuritiesaccount,thebaseforcalculationis847,794,483shares,resultinginatotalproposedcashdividenddistributionof452,722,253.92yuan(taxincluded).Theratioofcashdividendsforthisyear(includingthecashdividendof299,949,780.29yuandistributedinthemid-yearof2023)is40.01%.Ifthereisachangeinthetotalsharecapitalorthenumberofsharesintherepurchasespecialsecuritiesaccountduetoconvertiblebondsconvertingintoshares,sharerepurchases,grantingrestrictedsharesunderstockincentiveplans,cancellationofsharesunderstockincentives,orcancellationofsharesforsignificantassetrestructuring,theCompanyplanstomaintainthesameper-sharedistributionratio,adjustingthetotaldistributionamountaccordingly.VI.Riskstatementconcerningforward-lookingstatements

√Applicable?NotapplicableIfthereareforward-lookingdescriptionssuchasfutureplansanddevelopmentstrategiesinthisreport,theydonotconstitutesubstantivecommitmentstoinvestorsbytheCompany.Investorsshouldmaintainadequateriskawarenessandshouldunderstandthedifferencesbetweenplans,forecasts,andcommitments,payingattentiontoinvestmentrisks.VII.Whetherthereisnon-operationalfundoccupationbythecontrollingshareholderandotherrelatedpartiesNoVIII.Whetherthereisanysituationofprovidingexternalguaranteesinviolationofdecision-makingproceduresNo

IX.Whetheroverhalfofboardmemberscannotguaranteethetruthfulness,accuracyandcompletenessoftheannualreportdeclaredbytheCompanyNoX.SignificantriskwarningsDuringthereportingperiod,therewerenosignificantrisksthatmateriallyimpactedthecompany'sproductionandoperations.TheCompanyhasdetailedthepotentialrisksthatmaybefacedintheproductionandoperationprocessinthisreport.Forspecificcontent,pleaserefertoSection3VI.(IV)PossibleRisksofthereport.XI.Others?Applicable√Notapplicable

TableofContents

Section1Definition ...... 9

Section2CompanyProfileandKeyFinancialIndexes ...... 13

Section3DiscussionandAnalysisoftheManagement ...... 18

Section4CorporateGovernance ...... 62

Section5EnvironmentalandSocialResponsibilities ...... 82

Section6SignificantEvents ...... 87

Section7ChangesinSharesandInformationaboutShareholders ...... 111

Section8PreferredShares ...... 120

Section9Bond-relatedInformation ...... 121

Section10Financialreport ...... 124

DocumentsAvailableforReference(I)FulltextandAbstractoftheCompany’sAnnualReportsignedbythelegalrepresentativeoftheCompanyandstampedbytheCompany;
(II)Financialstatementssignedbythelegalrepresentative,theFinancialController,andtheheadoftheaccountingdepartment(accountingsupervisor)andstampedbytheCompany;
(III)TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedonnewspapersdesignedbyChinaSecuritiesRegulatoryCommissionduringthereportingperiod.

Section1Definition

I.DefinitionInthisreport,unlessotherwisestatedinthecontext,thefollowingtermshavethefollowingmeanings:

AimaTechnology/Aima/Company/theCompany/theGroupreferstoAimaTechnologyGroupCo.,LTD.
YanchengDingaireferstoYanchengDingaiVentureCapitalPartnership(LimitedPartnership)
GuangdongVehiclereferstoGuangdongAimaVehicleTechnologyCo.,Ltd,awhollyownedsubsidiaryofAimaTechnology
JiangsuVehiclereferstoJiangsuAimaVehicleTechnologyCo.,Ltd,awhollyownedsubsidiaryofAimaTechnology
TianjinVehiclereferstoTianjinAimaVehicleTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
ZhejiangVehiclereferstoZhejiangAimaVehicleTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
HenanVehiclereferstoHenanAimaVehicleCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TianjinSportsreferstoTianjinAimaSportsGoodsCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
GuangxiVehiclereferstoGuangxiAimaVehicleCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
SuiwanwanreferstoTianjinSuiwanwanCulturalCommunicationCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
XiaopaElectricreferstoXiaopaElectricTechnology(Shanghai)Co.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
SpozmanreferstoTianjinAimaSharedTechnologyServicesCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology,Renamedas"TianjinSpozmanTechnologyCo.,Ltd”.
XiaomaNetworkreferstoChongqingXiaomaNetworkTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TianjinTianlireferstoTianjinTianliElectricBicycleCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
AimaChongqingreferstoAimaTechnology(Chongqing)Co.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
ChongqingVehiclereferstoChongqingAimaVehicleTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
ZhejiangSalesreferstoAimaTechnology(Zhejiang)Co.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TaizhouManufacturerefersTaizhouAimaVehicleManufactureCo.,Ltd.,awholly
toownedsubsidiaryofAimaTechnology
AimaTaizhoureferstoAimaTechnology(Taizhou)Co.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
AimaVentureCapitalreferstoAimaGrowthVentureCapital(Ningbo)Co.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
LishuiVehiclereferstoLishuiAimaVehicleTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
SuotengTechnologyreferstoSuotengTechnologyHongKongCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
GelingNewEnergyreferstoGelingNewEnergyTechnology(Shandong)Co.,Ltd.,acontrolledsubsidiaryofAimaTechnology
AiskareferstoZhejiangAiskaTechnologyCo.,Ltd.,acontrolledsubsidiaryofAimaTechnology
XiaomaIntelligentreferstoChongqingXiaomaIntelligentTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TianjinXiaomareferstoTianjinXiaomaIntelligentTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
GuangxiXiaomareferstoGuangxiXiaomaIntelligentTechnologyCo.,Ltd.,acontrolledsubsidiaryofAimaTechnology
WanningXiaomareferstoWanningXiaomaIntelligentTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TaizhouXiaomareferstoTaizhouXiaomaIntelligentTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
YangjiangXiaomareferstoYangjiangXiaomaIntelligentTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
ChongqingElectromechanicalreferstoChongqingAimaElectromechanicalTechnologyCo.,Ltd.,asubsidiaryofAimaTechnology
AimaVehicleServicereferstoChongqingAimaVehicleServiceTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TianjinElectromechanicalreferstoTianjinAimaElectromechanicalTechnologyCo.,Ltd.,awholly-ownedsubsidiaryofAimaTechnology”.
SuperUniversereferstoSuperUniverse(Chongqing)VehicleIndustryTechnologyCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
AimaLianxiangreferstoTianjinAimaLianxiangTechnologyCo.,Ltd.,acontrolledsubsidiaryofAimaTechnology
AimaShengsituoreferstoTianjinAimaShengsituoTechnologyCo.,Ltd.,acontrolledsubsidiaryofAimaTechnology
SingaporeAimareferstoAimaTechnologySingaporePte.ltd.,awhollyownedsubsidiaryofAimaTechnology
VietnamAimareferstoPowellddTechnologyCompanyLimited,awhollyownedsubsidiaryofAimaTechnology
IndonesiaAimarefersPtAimaElectricVehiclesIndonesia,awhollyowned
tosubsidiaryofAimaTechnology
AimaLogisticsreferstoChongqingAimaZhilianLogisticsCo.,Ltd.,acontrolledsubsidiaryofAimaTechnology
AimaElectricDrivereferstoAimaElectricDriveSystemsCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
AimaNanfangreferstoAimaNanfangCo.,Ltd.,awhollyownedsubsidiaryofAimaTechnology
TianjinJiemareferstoTianjinJiemaElectricTechnologyCo.,Ltd.,acompanyinwhichAimaTechnologyholdsshares
TodaySunshinereferstoZhejiangTodaySunshineNewEnergyVehicleCo.,Ltd.,acompanyinwhichAimaTechnologyholdsshares
ChongqingXintaireferstoChongqingXintaiAluminumIndustryCo.,Ltd,acompanyinwhichAimaTechnologyholdsshares
GuangxiNingfureferstoGuangxiNingfuNewEnergyTechnologyCo.,Ltd,acompanyinwhichAimaTechnologyholdsshares
ShandongAidebangreferstoShandongAidebangIntelligentTechnologyCo.,Ltd.,acompanyinwhichTaizhouJinfuholdsshares
BeijingZhongzhongreferstoBeijingZhongzhongTravelTechnologyCo.,Ltd.,acompanyinwhichAimaTechnologyholdsshares
TaizhouJinfureferstoTaizhouJinfuVentureCapitalPartnership(LimitedPartnership),acompanyinwhichAimaTechnologyholdsshares
GuigangproductionbasereferstoAimaSmartTravelIndustrialParkproject,aproductioninitiativebyAimaTechnologyunderconstructioninGuigang,Guangxi
LishuiproductionbasereferstoAimaNewEnergySmartTravelEco-IndustrialParkproject,aproductioninitiativebyAimaTechnologyunderconstructioninLishui,Zhejiang
TaizhouproductionbasereferstoTaizhouIntelligentElectricVehicleandHigh-SpeedElectricMotorcycleproject,aproductioninitiativebyAimaTechnologyunderconstructioninTaizhou,Zhejiang
ChongqingproductionbasereferstoAimaSouthwestManufacturingBaseproject,aproductioninitiativebyAimaTechnologyunderconstructioninTongliang,Chongqing
NewNationalStandardreferstoGB17761-2018SafetyTechnicalSpecificationforElectricBicycle
CRSCReferstoChinaSecuritiesRegulatoryCommission
SSEreferstoShanghaiStockExchange
ConvertibleBondsreferstoConvertiblebondspubliclyissuedbytheCompanyin2023
CompanyLawreferstoCompanyLawofthePeople’sRepublicofChina
SecuritiesLawreferstoSecuritiesLawofthePeople’sRepublicofChina
Yuan,tenthousandyuanreferstoTheChinesecurrencyrenminbi(RMB)andtenthousandRMB
ArticlesofAssociationreferstoArticlesofTianjinAimaTechnologyCo.,Ltd.
ReportingperiodreferstoJanuary1,2023toDecember31,2023
SameperiodoflastyearreferstoJanuary1,2022toDecember31,2022
Electrictwo-wheelersreferstoElectrictwo-wheelerscontain“electricbicycles”definedaccordingtothestandard“SafetyTechnicalSpecificationforElectricBicycle”(GB17761-2018)and“electricmoped”and“electricmotorcycle”withtwowheelsdefinedaccordingto“TechnicalTermsofMotorcycleandMopedPart1:TypeofVehicle”(GB/T5359.1-2019).
Electrictwo-wheelmotorcyclerefersto“Electricmoped”and“electricmotorcycle”withtwowheelsdefinedaccordingto“TechnicalTermsofMotorcycleandMopedPart1:TypeofVehicle”(GB/T5359.1-2019).

Note:Discrepanciesbetweenthesumofindividualvaluesandthetotalfiguresinthisreportmayoccurduetoroundingadjustmentsmadeduringcalculations.

Section2CompanyProfileandKeyFinancialIndexesI.Company’sInformation

Chinesename爱玛科技集团股份有限公司
AbbreviationofChinesename爱玛科技
EnglishnameAimaTechnologyGroupCo.,Ltd.
AbbreviationofEnglishnameAIMA
LegalrepresentativeZhangJian

II.ContactInformation

BoardSecretarySecuritiesRepresentative
NameWangChunyanLiXin,MaQunbo
Address22/F,GlobalFinancialCenter,No.2DaguNorthRoad,HepingDistrict,TianjinCity22/F,GlobalFinancialCenter,No.2DaguNorthRoad,HepingDistrict,TianjinCity
Tel022-59596888022-59596888
Fax022-59599570022-59599570
Emailamkj@aimatech.comamkj@aimatech.com

III.GeneralCompanyInformation

RegisteredaddressNo.5AimaRoad,SouthArea,JinghaiEconomicDevelopmentArea,TianjinCity
ChangesofregisteredaddressNotapplicable
OfficeaddressNo.5AimaRoad,SouthArea,JinghaiEconomicDevelopmentArea,TianjinCity
Zipcode301600
Websitewww.aimatech.com
Emailamkj@aimatech.com

IV.InformationDisclosureandPlaceofPreparation

MediaandwebsiteswherethisReportisdisclosedSecuritiesTimes,SecuritiesDaily,ChinaSecuritiesJournal,ShanghaiSecuritiesNews
StockexchangewebsitewherethisReportisdisclosedhttp://www.sse.com.cn
PlacewherethisReportislodgedBoardofDirectorsOfficeoftheCompany

V.StockProfile

Stockprofile
CategoryofstockStockexchangeAbbreviationofstockStockcodeAbbreviationofstockbeforechange
AshareShanghaiStockAima603529Notapplicable
ExchangeTechnology

VI.OtherRelevantInformation

AccountingfirmengagedbytheCompany(domestic)NameErnst&YoungHuaMingLLP
Officeaddress17/FErnst&YoungBuilding,EasternSquare,No.1DongchanganStreet,DongchengDistrict,BeijingCity
NameofsigningaccountantGuoJing,ZhaoRuiqing
SponsorthatfulfilledthecontinuoussupervisiondutiesduringthereportingperiodNameHuataiUnitedSecuritiesCo.,Ltd.
Officeaddress6/F,BlockA,FengmingInternationalBuilding,No.22FengshengHutong,XichengDistrict,BeijingCity
NameofsigningsponsorrepresentativeZhaoNaiji,YangYang
DurationofcontinuoussupervisionAugust16,2022toDecember31,2024

VII.MajorAccountingDataandFinancialIndexesinRecentThreeYears(I)Majoraccountingdata

Unit:Yuan(RMB)

Majoraccountingdata20232022Yoychange(%)2021
Revenue21,036,120,862.2920,802,212,994.461.1215,398,710,870.72
Netprofitattributabletoshareholdersofthelistedcompany1,881,115,782.351,873,433,343.240.41663,998,092.90
Netprofitdeductingnon-recurringgainsorlossesattributabletoshareholdersofthelistedcompany1,764,467,999.391,797,357,709.42-1.83616,214,620.89
Netcashflowsfromoperatingactivities1,864,276,233.905,051,454,116.94-63.092,094,187,373.97
2023yearend2022yearendYoychange(%)2021yearend
Netassetsattributabletoshareholdersofthelistedcompany7,712,038,217.616,721,176,109.9814.744,974,827,390.92
Totalassets19,892,813,618.3318,471,355,153.827.713,396,944,911.18

(II)Majorfinancialindexes

Majorfinancialindexes20232022Yoychange(%)2021
Basicearningspershare(Yuan/share)2.23.31-33.531.79
Dilutedearningspershare(Yuan/share)2.123.31-35.951.79
Basicearningspersharedeductingnon-recurringgainsorlosses(Yuan/share)2.063.17-35.021.66
Weightedaveragereturnonnetassets(%)25.431.15Decreaseof5.75percentagepoints17.46
Weightedaveragereturnonnetassetsafterdeductingnon-recurringprofitorloss(%)24.0130.08Decreaseof6.07percentagepoints16.31

DescriptionofmajoraccountingdataandfinancialindexesoftheCompanywithinthreeyearsbeforetheendofthereportingperiod?Applicable√NotapplicableVIII.DifferenceofAccountingDataunderDomesticandInternationalAccountingStandards(I)DifferencebetweennetprofitsinthefinancialreportconcurrentlydisclosedaccordingtointernationalaccountingstandardandaccountingstandardofChina,anddifferencebetweennetassetsattributabletoshareholdersofthelistedcompany?Applicable√Notapplicable(II)DifferencebetweennetprofitsinthefinancialreportconcurrentlydisclosedaccordingtooverseasaccountingstandardandaccountingstandardofChina,anddifferencebetweennetassetsattributabletoshareholdersofthelistedcompany?Applicable√Notapplicable(III)Descriptionofdifferencebetweenoverseasanddomesticaccountingstandards:

?Applicable√NotapplicableIX.MajorFinancialDatabyQuarterin2023

Unit:Yuan(RMB)

Q1Q2Q3Q4
(Jan.-Mar.)(Apr.-Jun.)(Jul.-Sep.)(Oct.-Dec.)
Revenue5,441,881,320.834,774,698,099.507,239,025,069.683,580,516,372.28
Netprofitattributabletoshareholdersofthelistedcompany477,753,704.97417,036,288.22662,750,522.73323,575,266.43
Netprofitdeductingnon-recurringgainsorlosses,attributabletoshareholdersofthelistedcompany468,732,144.84364,906,660.17613,252,615.20317,576,579.18
Netcashflowsfromoperatingactivities1,392,270,811.53-1,754,257,286.273,749,734,836.34-1,523,472,127.70

Descriptionofdifferencebetweenquarterlydataanddataofthedisclosedperiodicalreport?Applicable√Notapplicable

X.Non-recurringGainsorLossesItemsandAmounts

√Applicable?Notapplicable

Unit:Yuan(RMB)

Non-recurringgainsorlosses202320222021
Profitorlossfromdisposalofnon-currentassets,includingthewrite-offofprovisionforassetimpairment-5,102,906.88-5,205,312.26-12,713,091.69
Governmentgrantsrecognizedinduringprofitorloss(excludingthosehavingcloserelationshipwiththeCompany’snormalbusiness,conformingtothenationalpoliciesandregulationsandenjoyingongoingfixedamountorquantityaccordingtocertainstandard)148,273,316.1591,038,555.7534,294,933.55
Profitorlossarisingfromchangesinfairvalueoffinancialassetsandfinancialliabilitiesheldbynon-financialentities,andprofitorlossarisingfromdisposaloffinancialassetsandfinancialliabilities,exceptforeffectivehedgingactivitiesrelatedtotheCompany’snormalbusinessoperations-17,226,650.77-12,120,000.009,978,187.68
Writebackoftheimpairmentprovisionforreceivablesthathavebeenindividuallytestedforimpairment3,439.6324,164,117.84
Gainsarisingwhentheinvestmentcostinacquiringsubsidiaries,associates,andjointventureswaslessthanthefairvalueoftheidentifiablenetassetsatthetimeofinvestment.99,502.543,497,737.94
Non-operatingincomeorexpensesotherthantheaboveitems18,838,780.52-13,062,366.526,361,478.19
Othergainorlossincompliancewiththedefinitionofnon-recurringgainorloss5,994,200.2616,736,022.0922,292,050.35
Less:Amountaffectedbytheincometax34,159,727.3025,387,754.2315,927,824.01
Affectedamountofminorityshareholders’equity(aftertax)72,171.1987,628.85
Total116,647,782.9676,075,633.8247,783,472.01

Descriptionofclassifyingsignificantitemsnotlistedin“ExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesIssuingSecurities—Non-RecurringGainsandLosses”asnon-recurringitems,aswellasforreclassifyingitemsdesignatedasnon-recurringinthesameannouncementasrecurringprofitsandlosses.?Applicable√NotapplicableXI.ItemsMeasuredatFairValue

√Applicable?Notapplicable

Unit:Yuan(RMB)

NameofitemBeginningbalanceEndingbalanceChangeImpacttotheprofitorlossofcurrentperiod
Financialassetsatfairvaluethroughothercomprehensiveincome-receivablesfinancing8,332,754.008,893,241.61560,487.61N/A
Financialassetheldfortrading142,668,675.59176,041,430.9233,372,755.33-14,659,496.76
Total151,001,429.59184,934,672.5333,933,242.94-14,659,496.76

XII.Others?Applicable√Notapplicable

Section3DiscussionandAnalysisoftheManagement

I.DiscussionandAnalysisonOperationSituation

Duringthereportingperiod,facingintensifiedindustrycompetition,extremeweatherandotheradversefactors,theCompanycloselyfollowedthestrategicaxisof“UsersFirst,ExcellentProducts,In-depthDevelopmentintheMarket,RefinedOperation”andthestrategicdirectionoftransitioningtoadigitizedtechnologycompany.Itcontinuedtofocusonitscorebusiness,namely,developmentandmanufactureofelectrictwo-wheelers,strictlyimplementedtheannualbusinessplan,andachievedcommendableoperatingresults.Duringthereportingperiod,theCompanyachievedarevenueof21,036.1209millionyuan,anincreaseof1.12%year-over-year;netprofitattributabletoshareholdersofthelistedcompanywas1,881.1158millionyuan,anincreaseof0.41%year-over-year;netprofitdeductingnon-recurringgainsorlossesattributabletoshareholdersofthelistedcompany,was1,764.4680millionyuan,adecreaseof1.83%year-over-year.ThekeyfocusareasoftheCompanyin2023wereasfollows:

(I)Improvementofproductpower

Regardingproductresearchanddevelopment,theCompanyexaminedandreviewedtheproductdevelopmentprocesswithaninvestmentmindset.Duringthereportingperiod,thedevelopmentofkeyproductswasfullyupgradedfromAimaForwardProductDevelopmentProcess(APDS)toIntegratedProductDevelopment(IPD).Intheplanningphase,comprehensivedemandmanagementwasimplemented,auserdemandresearchteamcomposedofprofessionalsinplanning,researchanddevelopment,andmarketingwasestablished.Theteamconductedsufficientmarketvisitsandregionalobservationsundertheguidanceofscientificmethodsandproducedplanningreportsfocusedonproductcommercialvalueandcompetitiveness,tothoroughlyclarifyuserdemandandproductpositioningintheearlystagesofproductdevelopment,sothattheaccuracyandsuccessrateoftheproductplanningcanbecomprehensivelyimproved.Atthedecision-makingstage,theIntegratedProjectManagementTeam(IPMT),composedofseniordecision-makersfromvariousdepartments,actedastheproductdevelopmentdecisioncommittee.Theteamreviewednewproductplanningreportsandmadedevelopmentdecisionsbasedontheconceptofinvestmentvalue,ensuringcontinuouslaunchingstrategicallysignificantflagshipproductsthatpreciselymeetmarketdemandswhilecontrollingresourceinput.Duringthedevelopmentphase,takingproductsasprojects,eachproject'sPDT(ProductDevelopmentTeam,formedbypersonnelfromvariousfunctionaldepartmentssuchasindustrialdesign,R&D,procurement,manufacturing,qualitymanagement,andmarketing)wasfullyresponsiblefortheproductdevelopmentprocess.VariousfunctionaldepartmentscollaboratedcloselytoenhancethefeasibilityofproductdesignacrossallfunctionalareasoftheCompany,andconductedpreparatoryworksuchascomponentmatching,developmentvalidation,pilotproduction,andlaunchmarketingconcurrentlyfromthestartofproductdesign,whichisconduciveto

rapidlydevelopingproductsandpromptlyrespondingtomarketdemandswhilecontrollingdevelopmentcosts.Regardingtechnologyplatformization,theCompanytreatstechnologydevelopmentasafunctionalprovideroftechnologyandprocessesforproductdevelopment.Duringthereportingperiod,theCompanycontinuedtoadvancetheconstructionofCommonBuildBlock(CBB)sharedmodules.ThetechnicaldevelopmentdepartmentnotonlyprovidesCBBsthatmeettheneedsforthecurrentstageofproductdevelopment,butalsoconductstechnologicalreservesanddevelopsCBBsthatleadtheindustry'sdevelopmentbasedontheCompany'sanalysisofmarkettrends.Intermsofpartsplatformization,theCompanyincreasedthegeneralizationrateandthemodularizationrateofcomponents,atthesametime,integratedvariouscomponentsofhighadaptabilityandexcellenceinquality,performance,andcostcontrol,thenstandardinterfaceswereusedforconnectiontoformplatforms,whichwereappliedtothedevelopmentofmultiplevehiclemodels.Throughvehicleplatformization,thevariousstagesoftheproductdevelopmentprocesscouldbecarriedoutinparallelandremotely,reducingdependenciesbetweenstages,andcouldbedirectlyalignedwithmarketdemands,therebyenhancingtheprecisionandefficiencyofproductdevelopmentandensuringthestabilityofproductqualityandperformanceaswellascostcontrollability.Regardingqualitymanagement,theCompanycontinuouslyadvancedandoptimizedtheentireprocessqualitycontrolsystem.Duringthereportingperiod,theIPDprocessforproductdevelopmentwasinitiallyintroduced,thereviewofqualityobjectivesandcompetitivenessinprojectqualityplanningwasstrengthenedintheproductdesignphase,theindicatorsystem,whichpreviouslyfocusedondeliverables,wasoptimizedtoemphasizeplanninginformationandcompetitivenessanalysis,furthershiftingqualitymanagementtowardsbeing"guidedbyuserdemands”.Meanwhiletechnicalexpertteamswereestablishedaccordingtotheattributesofcompletevehiclesandcomponents,andtookresponsibilityfordesignquality.Duringtheproductdevelopmentstage,thegradingandreviewmanagementmechanismofqualitygatedeliverableswasimplemented,executingthequalitygatepre-reviewandearlywarningmechanismtocomprehensivelyimprovetheprocessqualityofnewprojectdevelopment.Intheproductionprocess,relyingonintelligentmanufacturing,ERP(EnterpriseResourcePlanning),intelligentqualitymanagement,qualityinformationpuzzle,andotherdigitalizedoperationalsystems,theCompanyachievedcomprehensivequalitydatacollection,intelligentanalysis,smartalerts,intelligentcontrol,smartforecasting,andintelligentdecision-making,establishedaunifiedqualitymanagementsystemandcommonqualitystandards,focusingonproductissueimprovement,andbuildingarigidandcomprehensivequalitymanagementdataoperationsystem.Intermsofinspectioncapabilityenhancement,integratingtheproductdevelopmenttestingconceptsoftheautomotiveindustry,theCompanyscientificallydesignedschemesoftestplanningandverification,conductingcomponent-level,system-level,andcompletevehicle-leveltestsconcurrently,tofurtherenhanceinspectionefficiencyandeffectiveness.Duringthereportingperiod,over30setsofinspectionequipmentwereinvestedinattheproductionbases,expandinginspectioncapabilitiesinareassuchasshockabsorberdurability,

materialphotodegradation,highandlowtemperatureimpactsonelectricalcomponents,completevehiclevibrationdurability,andvehiclesteering.Anewdimensionalmeasurementroomwasadded,capableofmeasuringthelengthdimensionsandpositionaltolerancedimensionsofcriticalcomponents.

(II)Improvementofchannelcapacityandcapability

Channelconstructionandupgradewereoneofthefocalpointsduringthereportingperiod.Ononehand,theCompanycontinuedtoexpandthenumberofchannels,implementedastrategytodeepenchannelpenetration,strengthenedtheestablishmentofoutletsinurbancommunitiesandtownships,andincreasedthenumberofterminalstorefronts.Ontheotherhand,guidedbyuserdemandsandutilizingadvanceddigitalintelligencetoolstocollectandanalyzeconsumerinformationandconductscientificmarketresearch,theCompanypreciselyassessedtheconsumptioncharacteristicsandmarkettrendsofdifferentregionsandgroups,basedonwhich,theCompanystrategicallyadjustedthechannelstructureandproductcombinationstrategiesfordifferentchannels.Duringthereportingperiod,theCompanycontinuedtoenhancetherefinedmanagementofstores.TheCompanyhasconstantlyimprovedtheentirelifecyclemanagementofchannels,gradedmanagement,andincentivesystems,whichfostereddealers'enthusiasmforimprovingoperationalandmarketingcapabilities,helpingtomaintainchannelvitalityandefficiency.TheCompanygraduallystrengthenedtheimplementationoftheRetailManagerPlan,whichservesindividualstoresandreachesin-storesellers,toachievegrid-basedchannelmanagementbytheCompany.ThePlanhasestablishedasmoothandefficientinformationsharingandcommunicationmechanismbetweentheCompanyanditschannels,whichisbeneficialfortheCompanytocomprehensivelyandaccuratelygraspthespecificsofallitsdealersandstores,layingasolidfoundationforimplementinggradedmanagementandpreciseassistance,alsofacilitatingtherapidimplementationofmarketingstrategiessuchasnewproductlaunches.TheCompanycontinuedtoadvancethedigitizationofchannels,buildingaone-stopdealer’sserviceplatformtoefficientlyhandledealers’orderplacement,inventorymanagement,distributionandotherprocesses.TheCompanyconstructedaretailsystem“LingShouTong”forstorestoimprovechanneloperationalefficiencyandcollectdynamicsalesdata,bywhichtheCompanycangatherandanalyzeseasonal,cyclical,andotherpatternsinproductsalesacrossdifferentregionalmarkets,aswellasconsumerpreferences,markettrendsandotherrelevantinformation.Basedonthisinformation,theCompanyoptimizedtheproductstructure,marketingplans,andinventorystructureofeachsub-regiontoachieveprecisemarketingandenhancetheoutputofindividualstores,furthermore,channeldatacaninformproduction,enhancingtheaccuracyofitsproductionplanning.TheCompanyhasbeeninsistingonvalueintegrationoffactoryanddistributor,andhasestablishedaspecialtrainingsystemandbusinessteam.Basedontheanalysisofchanneloperationanddata,dealers,stores,andsalespersonswereclassified,andtailoredempowermentprogramsandtrainingcontentwerecustomizedforeachcategory,meanwhiledigitaltrainingsystemswereleveragedtoachievepreciseandefficientempowerment.Toenhancethee-commerceoperationcapabilitiesofdealers,theCompanyprovidedoperationaltrainingandtechnicalsupportfromtrafficacquisitionto

salesconversionfordealers,guidingmoredealerstousevariousnewtoolssuchasself-media,shortvideos,andseedingAPPsastheirregularmarketingmethods,andpromotingthedevelopmentofdealerlivebroadcastingmatrix.Inrecentyears,theCompanyhaspilotedtheoperatormodelinregionswithnumerousdealersbutsmallerscales.Inthismodel,productssoldintheregionareuniformlypurchasedanddistributedbyoperatorscollaboratingwiththeCompany.UnlikethetraditionalmodelwheretheCompanyprimarilymanagesdealersandthroughthemmanagesdistributorsandchannelstores,intheoperatormodel,operatorsmanageordersinastandardizedwholesalemarkupmanner.TheCompanydirectlyutilizesdigitalsystemstostandardizeandrefineretailmanagementatthestorelevel,strengtheningtheCompany’scontroloverterminalswhilemakinglightassetinvestments,whichfacilitatestherapidandefficientimplementationoftheCompany’sproductandmarketingpolicies.Thedatarecoveryratioofterminaldynamicsalesintheoperatormodelisalsohigher.Duringthereportingperiod,theCompanyexpandedthepilotareasfortheoperatormodelinsuitableregions,accumulatingoperationalandretailexperience.Regardinginternationalchannels,theInternationalDivisionimplementedchannelexpansionplanstailoredtotheregionalcharacteristicsandconsumerhabitsofmajormarkets.Duringthereportingperiod,theCompanyparticipatedintheChinaImportandExportFair(Guangzhou),ElectrifyLongBeachexhibition(theUSA),andtheMilanexhibitioninItaly,activelyshowcasingitsproductsandengaginginin-depthcommunicationsandnegotiationswithpotentialoverseascustomers,helpingtoexpandtheinternationalsalesnetwork.TheCompanyopenedanAlibabainternationalplatformandastandalonesite(Aima’sofficialoverseaswebsite),usingplatformoperationstoincreasebrandexposureinoverseasmarketsandexpandcustomeracquisitionchannels.ItestablishedproductsalescooperationwithbusinessesinNorthandSouthAmerica,makingsignificantprogressinlocalchannelexpansion.Duringthereportingperiod,internationalbusinessrevenuewas226.0732millionyuan,anincreaseof2.21%year-over-year.

(III)Improvementofbrandpower

TheCompanyadopted"TechnologyandFashion"asitsbrandproposition,with"RidewithAima,RidewithFashionandEase"asitsbrandslogan.Duringthereportingperiod,itundertookafull-dimensionalyouthfulupgradeofthebrand,centeredonfashion,innovation,personalization,digitization,socialparticipation,andsocialresponsibility.Intermsofproducts,theCompany'sstrengthsinfashiondesignandcolorschemeswereprominentandindustry-leading.Duringthereportingperiod,itlaunchedtheelegantlyluxurious"Egg"model,thefashionablycute"Luna"model,thetech-savvy"DreamMaker"model,themech-cool"Geek"model,andtheyouthfulandrobust"Commander"model,aimedatpreciselymeetingthesegmentedaestheticneedsofyoungconsumers.Incollaborationwitharenownedcolorinstitute,theCompanyconductedresearchonindustrycolortrends,releasedtheannualfashionablecolor"VibrantMagenta”,andactivelyappliedittovehicledesign,storedisplays,andpromotionalmaterials,conveyingabrandtoneof"sophistication,vitality,optimism,andbravery”.TheCompanycontinued

toadvanceproductinnovation,enhancingtheexperienceofintelligentfeaturestoattracttheattentionofyounggroupswiththetechnologicalcontentoftheproducts.Intermsofrefreshingthebrandimage,theCompanyusedfashionabledesignelementsandcolorstoupgradestoreimages,introducedsoftfashionterminalscenedisplays,implementingpopularfashionscenesbelovedbyyoungconsumergroupssuchas"OutdoorAdventure”,"FashionExploration”,"ReverseTourism”,"SoloLeisure”,and"Human-PetCoexistence".Theseactionscouldprovidepersonalizedandenjoyableshopping,experiences,establishingastrongconnectionbetweentheCompany'sproductsandthefashionablelifestyleinconsumerminds.TheCompanyestablishedtheindustry'sfirstfemale-exclusivecategorystorecalled"MissLadiesFashionThemeStore",decoratedwithpinktonesandpairedwithexclusivedisplaydesignstoshowcaseterminalscenesthemedaround"PunkGirl","MoonGirl",and"SweetheartGirl",Showcasingasweet,cool,andchicfashionattitudeforyoungwomen.Duringthereportingperiod,morethan50exclusivestoresweresetup.TheCompanycollaboratedwithhigh-qualityvarietyshows"RidetheWind2023"and"CallMebyFire3",signingtalentedartistsandyoungidolsasbrandfashionambassadors,andcooperatedwiththefashionmagazineELLEtoshoottheAimaShinefashionseries.ThetwohotvarietyshowshadhelpedAimabrandmaintainhighvisibilitythroughouttheyearontopfashionplatformssuchasWeiboandXiaohongshu,withexposureanddiscussionexceedingbillionsoftimes,achievingexcellentpromotionalresults.Intermsofbrandactivities,theCompanyplannedinteractivebrandeventstomeetthesocialneedsofyoungconsumersforparticipationandexperience,includinglaunchingthecollegestudent-exclusivemini-program"AimaShiningZone",recruitingcollegecampusfashionofficers,establishingAimaCreativeWorkshopsatmultipleuniversities,holdingtheAimaStarChasingMusicFestival,andcreatingbrandpromotionalIPsonBilibili.TheCompanyobtainedtheauthorizationforthegamingIPArenaofValor.andheld"AimaKingsChallenge"eventsinmultipleregions,invitingArenaofValorchampionshipteammembersforliveinteractionswithfansduringthefinals;theCompanyinvitedwell-knownbasketballstarstoparticipateintheAimaFansBasketballFestival,integratedAimamodelsintopopulardomesticonlinegamessuchas"JourneytotheWest"and"EarthRevival"asmountsforin-gamecharacters,collaboratedwithlocaloriginalIPsbelovedbyyounggeneration,launchingtheAima-LittleYellowDuckco-brandedseries.TheCompanyfullyrespectsthetrendypreferencesanddiverseculturesoftheyoungerdemographic,demonstratinganopen,equal,andinclusivebrandattitude.Regardingsocialresponsibility,theCompanycontinuouslypromotedgreenoperationsandbuiltgreenfactories.Duringthereportingperiod,itinitiatedanESGcampaignatanindustryforumforthefirsttime,ledtheindustryinpracticingsustainabledevelopmentconcepts,activelyrespondingtoyoungconsumers'environmentalprotectionconcerns,andbuildingresonanceandemotionalconnections.(IV)ImprovementoftechnologicalpowerTheCompanyhasalwaysregardedindependentR&Dasthefoundationforimprovingproductperformance,competitiveness,andachievinglong-termdevelopment.Ithas

continuouslyincreasedinvestmentsinR&D,withR&Dexpensesduringthereportingperiodamountingto589,467.2thousandyuan,anincreaseof16.34%year-over-year.Duringthereportingperiod,theCompany,incollaborationwiththeChinaNationalInstituteofStandardization,introducedtheindustry'sfirstenduranceteststandardbasedonactualuserdrivingconditionsforelectricmotorcycles,titled“TestMethodsforEnergyConsumptionRateandRangeofElectricMotorcyclesunderUserDrivingConditions”.Thisstandardbreaksawayfromtheconventionalconstantspeedmileagetestmethodandinsteadevaluatestherangeofelectricmotorcyclesbasedonactualuserdrivingconditions,includingurban,rural,andcomprehensivedrivingconditions,coveringvariousreal-worldusagescenarios,therebythetestresultscloselyreflecttheactualenduranceperformance,facilitatingindustrytechnologicalinnovationandtheenhancementofstandards,therebyenhancingconsumertrust.Basedontheresultsoftestscoveringtensofthousandsofkilometersundervariousconditions,theCompanylaunchedanewgenerationofenginetechnologysystemsduringthereportingperiod—Engine5,focusingonperformanceenhancementsinthetriple-electricsystemandsmartapplications:

developingthreetypesofhigh-efficiencymotorswithdifferentperformancefocusestailoredtovariousterrainsandlandscapes,andutilizingin-housedevelopedcontrollersthatexcelinarchitecturestability,compatibility,andprecisecontrol,furtherenhancingtheefficiencyofthepowersystem.TheCompany’sintelligentecosystemwasfullyintegrated,achievinganinterconnectedapplicationof"Human-Vehicle-Device-Helmet-APP-Cloud”.Intermsofcoretechnologyresearchintheindustry,theCompanycontinuedtoadvancetheR&Doftechnologiessuchasmotors,controllers,batteries,newmaterialsapplications,havingmademultipleaccomplishments.Inmotordevelopment,theCompanydevelopedhigh-efficiencyultra-quietbread-shapedhubmotorsandhigh-efficiencysalientpolemotors;theformerusesinnovativetechnologiesandprocessessuchaspatentedbread-shapedmagneticsteeldesigns,unequalairgapdesigns,anduniqueadhesiveformulastoachievehighefficiency,highquality,andlownoise.Thelatter'sdesignphilosophyandprocessesdrawfromthecharacteristicsoftheautomotiveindustry'sreluctance-assistedpermanentmagnetsynchronousmotors,usingfewerpolepairstoreduceironlossesinthemotor,enhancinghigh-speeddemagnetizationcapabilitytoreducedemagnetizingcurrents,therebysignificantlyimprovingenergyefficiencywhileconsideringthereluctancetorqueproducedbythesalientpoleeffect,whichenhancesthemotor'smaximumoutputtorque,improvingvehiclepowerperformanceandridingexperience.TheCompany'sin-housedevelopedmotorshavebeenproducedinternallyandappliedinitsproducts,withnearly4millionunitsusedduringthereportingperiod.Intermsofcontrollers,theCompanydevelopedtheAzureController,utilizingAUTOSARsoftwarearchitecture,torquecontrolstrategyarchitecture,andanintegratedthree-in-onedomaincontrolsystem(MCU&VCU&DCDC),offeringmultipledrivingmodestomeetusers'needsforvarioususagescenarios.TheAzureControllerhasbeenmass-producedandappliedtotheCompany’sproducts.Regardingbatteries,theCompanyactivelymonitoredthedevelopmentofcutting-edgetechnologiesinthebatterysector,continuouslyadvancingtheR&Dofsodiumbatteryapplications,makingsignificantprogressduringthereportingperiod.Additionally,theCompanymaintainedR&D

investmentsinhigh-glosscolorABSandcoverlightingprocesses,newintelligentsensors,environmentallyfriendlywater-basedcoatings,andotherfields.Intermsofcoretechnologicalresearchintheindustry,theCompanyiscommittedtobuildinganall-encompassingsmartecosystemof"Human-Vehicle-Phone-Helmet-APP-Cloud”,throughanintegratedecosystemcoveringsoftwareapplicationlayerAPPs,cloudplatforms,smartcentralcontrols,andsmarthelmets,equippedwithlight,medium,orfullsmarttechnologyplatformstoachievevaryingdegreesofinteractionandconnectivityamongthevehicleandmobilephone,user,Aimacloud,andbackenddata.Onthevehicleend,advancedelectronicandelectricalarchitecturesareusedwithintegratedinstrumentsasthesmartcentralcontrol,optimizingperformanceundervariousroadconditions,enhancingridingsafetyandcomfort.OntheAPPend,itfacilitatesvehicleaccessandcontrolofsmartfeatures.Onthehumanend,throughperipheralslikeAimasmarthelmets,itachievesinterconnectivitybetweenthevehicle,mobilephone,anduser,allowingvoicecontroloverphonecalls,musicplayback,mapnavigation,andone-touchSOSthroughwearingtheAimasmarthelmet.Onthecloudend,theAimaOS(OperatingSystem)middlewareandbackendprovidereal-timedataservicestousers.ThesmartfeaturesloadedontheCompany’sproductsareresponsiveandprecise,earningconsumerrecognition,andduringthereportingperiod,salesofsmartmodelsincreasedsignificantly.(V)ImprovementofproductivityDuringthereportingperiod,theCompany'smanufacturingsystemfocusedonimprovingtherapidscalabilityofnewproducts,ensuringmanufacturingquality,andcostreductionandefficiencyimprovement,whichisconducivetoenhancingtheCompany'soverallmanufacturingcapabilitiestobetterimplementitsbusinessstrategywithinthemanufacturingsystem.TheimplementationoftheIntegratedProductDevelopment(IPD)processinthemanufacturingsysteminvolveddeepparticipationinthenewproductdesignanddevelopmentprocess,withmanufacturabilityandproductconsistencyasthemaincriteriaforparticipatinginthedatareviewandengineeringprototypereviewfornewproductdevelopment.Thesupportingproductionpreparationworkwasadvanced,includingcapacitymatching,identificationofcommoncomponentsandinitiatingthetoolinginadvanceandmaterialpreparationbasedonnewproductplans,enhancingtheCompany'sabilitytoquicklyscaleupnewproducts.TheCompanycontinuedtoadvancetheautomationoftheproductionprocess,duringthereportingperiod,automationprojectswerelaunchedattheproductionbasesasneeded,includingautomatedweldingofhandlebars,roboticpowdercoatingofframes,roboticpaintingofplasticparts,automaticlockingequipmentfordiscbrakes,automaticloadingandunloadingfortireremovalmachines,andautomaticscanningoffinishedgoodsinandoutofstorage,whichhelpimproveproductionefficiencyandensureproductquality.Intermsofinformatization,duringthereportingperiodthecomprehensiveuseofinformatizedproductionreportsatallproductionbaseswasprioritized,coveringattendancepatterns,teamsettings,efficiencymonitoring,productiondashboards,andotherinformation.Byautomaticallycollecting,summarizing,andpresentingdataonpeople,machines,materials,methods,andinformationthroughouttheproductionprocess,theCompanyachievedvisibility

acrosstheentiremanufacturingchain,earlywarningofanomalies,andguidanceforimprovementsattheproductionsite,ensuringtheconsistencyandstabilityofhigh-qualityproductoutput.TheCompanycontinuedtoadvanceitscapabilitytoproducecorecomponentsin-house,aimingtoenhancethequalityandsupplyspeedofcorecomponentswhilereducingcosts.Duringthereportingperiod,in-housedevelopedandproducedmotorswereappliedincompletevehiclemanufacturing,meanwhile,effortsweremadetolayouttheproductionofessentialcomponentssuchaselectroniccontrols,handlebars,andfrontforks.Duringthereportingperiod,theCompanycontinuedtoadvancetheconstructionofnewbases,creatingfactoriesthatareautomatedinproduction,intelligentinlogistics,andinformatizedinmanagement,whicharealsoenergy-efficientandenvironmentallyfriendly.TheCompanyhasalsobeenfocusingonpromotingthedevelopmentofindustrialclustersaroundnewbases.In-depthresearchintotheconsumptionneedsandbusinessenvironmentsofmajoroverseasmarketsledtotheinitiationofpreparationsforestablishingaproductionbaseinSoutheastAsia,acceleratingthebrand'sinternationalexpansionandadvancingthelocalizationofproduction.(VI)ImprovementofoperationcapacityDuringthereportingperiod,theCompanyconductedanin-depthreviewoftheentirebusinessprocessandindustrialvaluechain,incorporatedadvancedbusinessconceptsandmethodologies,andestablishedaproductstrategyof"scalingupuponmarketlaunchforstrategicproducts",whichissupportedbytheIPMSprocess(IntegratedProductMarketing&Sales).ThecoreofthisapproachistointegratetheIntegratedProductDevelopment(IPD)processwithpost-productlaunchsalesandserviceprocesses.Asustainableandreplicableoperationalcapabilityforproductmanagementhasbeencultivated,characterizedbydirectaccessfromheadquarterstodistributorstores,deepcoordinationamongvariousfunctionswithintheCompany,andadualfocusonproductsalesandbrandbuilding.Guidedby"userdemandinsightandsatisfaction”,thisapproachemploysaninvestmentphilosophytoguidetheentirelifecyclemanagementofproducts,maximizingtheinvestmentvalue.Duringthereportingperiod,theCompanyactivelypracticed"improvingquality,consolidatingquantity,andreducingcosts”,withafocusonsupplyassurancetocontinuouslybuildasupplychainsystemthatisstableinqualityandhighlycost-effective.Intermsofqualityimprovement,itimplementedasuppliergradingmanagementsystembasedontheprincipleofsurvivalofthefittest,withsupplyqualityastheprimaryindicatorforsupplierperformanceratings,establishingrigidityinquality;theCompanycontinuedtoadvancesupplierempowermentprograms(includingsuppliermonthlyqualitymeetings,benchmarklearning),specialqualitymeetingswithkeysuppliersandotherqualityinitiatives,aimingtocontinuouslystrengthenthequalityfoundationofitssupplychain.Regardingquantityconsolidation,theCompanyfocusedexternallyonexcellentsupplierresources,increasedthesupplyproportionofhighlyratedsuppliers,andcontinuedtoextendthesupplychainvertically,integratingsuppliers'rawmaterialdemandsandorganizingcentralizedprocurement;internally,throughplatformizationofcomponents,

SKUsimplification,andmaterialstandardization,itreducedthevarietyofcomponentstoincreasethepurchasevolumeofsinglecategories,therebyenhancingtheefficiencyofthesupplychain;consolidatingquantityalsohelpsensureincomingmaterialqualityandreducepurchasingcosts.Intermsofcostreduction,inadditiontoconsolidation-drivencostreduction,theCompanyalsofocusedonR&Dcostreductionandguidanceforcostreduction,providingtechnicalandprocessimprovementsupporttosuppliersbasedontheiractualconditions,reducingsupplierresourcewastagewhileensuringquality,andenhancingsupplierproductionefficiency.Simultaneously,theCompanycontinuouslypushedforwardthelocalizationofthesupplychain,ononehand,itencouragedexcellentsupplierstoestablishfactories,offices,orthird-partytransferwarehousesatorneartheCompany'sexistingproductionbasestoshortenthesupplyradius;ontheotherhand,itplannedforlocalizedsupplierresourcesinadvancewhenplanningnewbases.localizationhelpsreducethetransportationcostsofcomponentsandbetterensuressupplycapability.Duringthereportingperiod,theCompanycontinuedtoadvancetheconstructionofthesmartlogisticssystem.Intermsofvehiclesaleslogistics,ithasfullytakenoverthetransportationbusinessoffinishedvehiclesfromthemainproductionbases;theshippingefficiencyimprovedfromthepreviousmanagementstandardofT(ordercompletionday)+3toT+2,withasignificantincreaseintheproportionofT+1shipments,effectivelyenhancingtheinventorymanagementefficiency.Basedontheshippingmileageoforders,itestablishedstandardizeddeliveryleadtime,effectivelymanagingtheproductdeliveryprocessandsupportingdealersinreasonablyarrangingtheirinventorystructure.Regardingcomponenttransportation,itgraduallyarrangedcomponentprocurementlogisticsoperationswithinthethreemajorindustrialclustersinChinanamelyTianjin,Wuxi,andTaizhou,thesystemhastakenovertheremotetransportationofmajorcomponents.Underthecentralizedpurchasingmodel,transportationdemandswereintegratedandtheplacementandstorageofcomponentswerepre-organizedaccordingtothecorrespondingpartsrequirementsoftheproductionplans,enablingdirectuseinproductionuponarrivalwithouttheneedforpost-arrivalinventorysorting,significantlyimprovingtheefficiencyofcomponentwarehouseunloadingandstorage,andgreatlyenhancingtheefficiencyofcomponentinventorymanagement.Additionally,theCompanyimplementedacomprehensivesetoflogisticsdeliverystandards,enforcingqualitymanagementthroughouttheentiredeliveryprocesstoensurethequalityofdeliveries.

II.IndustryOverviewoftheCompanyDuringtheReportingPeriod

1.IndustryclassificationAccordingtothe“IndustrialClassificationforNationalEconomicActivities”,theindustryinwhichtheCompanyoperatesis"C377-C3770MopedManufacture"(GroupandClass)of"C37ManufactureofRailway,Ship,AerospaceandOtherTransportEquipment”(Division).

2.Industrydevelopment

Thefirstelectrictwo-wheelerinChinadebutedin1995.Afterrapiddevelopmentandregulatoryexplorationformorethan20years,electrictwo-wheelershaveevolvedintothe

importanttransportationandproductiontoolsofshort-distancetravelforChineseresidents.Beforetheimplementationofthe"NewNationalStandard"in2019,theindustryhadalreadyestablishedacompleteindustrialchainsystemandabroadmarketbase.Thesocialstockofelectricbicycleshadexceeded250millionunits,withanannualproductionandsalesvolumemaintainingaround35millionunitsformanyyears,characterizedbyfiercemarketcompetitionandlowindustryconcentration.The2019"NewNationalStandard"regulatedtheresearchanddevelopment,production,sales,circulation,andusageofelectricbicycles,presentingtheindustrywithanopportunityforregulateddevelopment.Atthesametime,variouslocalitiessetdifferenttransitionperiodsfortheimplementationofthe"NewNationalStandard",whichisexpectedtoendbythecloseof2024.Afterthetransitionperiod,modelsthatdonotmeettherequirementsofthe"NewNationalStandard"willnotbeallowedtorunonroads.,andtheresultantreplacementdemandwillcreatenewgrowthopportunitiesinmarketcapacity.Underpinnedbyregulateddevelopmentandreplacementdemandduringthetransitionperiod,theindustryhasonceagainenteredaperiodofrapiddevelopment.Inthisphase,marketsharetendstoconcentratetowardslarge-scaleenterprises,industrygiants,andbrandedcompanies,acceleratingtheoptimizationofindustryorderandcontinuouslyincreasingmarketconcentration.Againstthebackdropofeconomictransformation,informationtechnology,anddual-carbonpolicies,theconsumermarketforelectrictwo-wheelersisgraduallyexhibitingthreetrends:consumptionupgradingandpersonalizedconsumerdemand,raisingconsumerenvironmentalawareness,andthepursuitofconvenienceandintelligencebyconsumers.Additionally,duetoincreasingdemandintheinternationalmarket,theelectrictwo-wheelerindustry,whichoriginatedandthrivedlocally,ismovingfurtherabroad,acceleratingitspathtointernationalization.Therefore,thefutureoftheelectrictwo-wheelerindustrywilllikelytrendtowardsdifferentiation,high-endproducts,intelligence,andinternationalization.Within-depthconsumerinsightsandcustomizedproductdevelopment,continuousapplicationofinternettechnology,smarttechnology,andnewenergytechnologyintheelectrictwo-wheelerindustry,alongwiththeongoingdevelopmentandexpansionofglobalbusiness,thesefactorswillbecomethemaindriversofindustrydevelopmentaftertheendofthe"NewNationalStandard"transitionperiod,propellingtheindustryintoanewphaseofrapidgrowth.

TableDevelopmentstagesofelectrictwo-wheelerindustry

IndustrydevelopmentstagePeriodDevelopmentcharacteristicsIndustryfeaturesandstructure
GenerationandrapiddevelopmentFrom1995to“NewNationalStandard”takingeffectRapiddevelopmentfromzeroManymanufacturers,seriousproducthomogenizationandfragmentedmarketshare
TransitiontoorderlyFrom“NewNationalStandard”IncreaseinmarketcapacityNumeroussmallenterprisesexitthecompetition,market
developmenttakingeffecttoexpiryoftransitionperiodImprovedregulatoryframeworkStandardizationofindustryorderIncreasedmarketconcentration:shareofleadingenterprisesincreases,resourcesconcentratetowardsleadingenterprises
FutureandTransformationalDevelopmentFromexpiryoftransitionperiodof“NewNationalStandard”onwardsMarketshiftsfromprimarilydomestictoequallyprioritizingbothdomesticandinternationalmarketsIndustrytransitionsfrommanufacturingandsellingvehiclestoprovidinguser-basedservicesIndustrydevelopmentcharacterizedbydifferentiation,high-end,intelligence,andinternationalization

III.DescriptionofTheCompany’sBusinessesintheReportingPeriod(I)MainbusinessoftheCompany

TheCompanywasestablishedin1999andenteredtheelectrictwo-wheelerindustryin2004,becomingoneoftheearliestelectrictwo-wheelermanufacturersinChina.Themainbusinessincludestheresearch,development,manufacturing,andsalesofelectricbicycle,electricmopedandelectricmotorcycle.Overtheyears,theCompanyhascontinuouslyenhanceditscorecompetitiveness,becomingoneoftheleadingenterprisesintheelectrictwo-wheelerindustry.

(II)MajorproductsoftheCompany

1.Electrictwo-wheelers

ClassificationElectricbicycleElectrictwo-wheelmotorcycle
ElectricmopedElectricmotorcycle
NatureNon-motorvehicleMotorvehicleMotorvehicle
PedalridingabilityMandatoryNoneNone
MaximumSpeed≤25km/h≤50km/h>50km/h
WholemassShallnotexceed55kgCanexceed55kgCanexceed55kg
BatteryVoltage≤48VNorestrictionNorestriction
ProductionqualificationNoneRequiredRequired
Productqualification3Ccertification3CCertificationandinclusionintheMinistryofIndustryandInformationTechnology(MIIT)directory3CCertificationandinclusionintheMIITdirectory
RidingqualificationNoneMotorcycledriver’slicenseMotorcycledriver’slicense

2.Electrictricycle

TheCompany'selectrictricycleproductsmainlyincludeleisureelectrictricycles,aswellascanopyelectrictricyclesandfreightelectrictricycles.TheCompany'sleisureelectrictricycleproductsnotonlymeetthediversetravelneedsofconsumersacrossvariousscenariosbutalsofurthershowcaseafashionablebrandpropositionthroughtheirdesignandcolorschemes.Intermsoffunctionalityandconfiguration,theyarebettertailoredtotheleisuretravelandschoolcommuteneedsofconsumergroupssuchasmothersandthemiddle-agedandelderly,garneringstrongconsumerappreciation.Thecanopyelectrictricyclesadoptautomotive-grademanufacturingprocessesinvehicledesignandproduction,offeringfunctionalityandstyle,furthersatisfyingconsumers'needsforcomfortandtravelundervariousweatherconditions.Thefreightelectrictricycles,whilebeingdurable,incorporatestylishelementstomeetthediverseneedsofconsumersacrossvariousapplicationscenarios.Inadditiontothemainproductsofelectrictwo-wheelersandtricycles,theCompanyalsoproduceslow-speedelectricfour-wheelers,bicycles,electric-assistedbicyclesandotherproducts.TheCompanyisalsocommittedtothedevelopmentofnewproductsandtheexplorationofnewbusinesses,focusingonthegreenshort-distancetravelecosystem.(III)OperationmodelTheCompanycentersitsbusinessaroundusers,continuouslydriveschangeandtransformation,andimplementscategoryinnovationandtechnologicalinnovation,strivingtobecomeaplatform-basedtechnologycompanythatprovidesgreenandconvenienttravelsolutions.Inrecentyears,theCompanyhascomprehensivelyupgradeditsproductlifecyclemanagementsystemthroughinformationtechnologyandadvancedmanagementtechniques,buildinganefficientdigitalproductimplementationchain,productdeliverychain,anduserservicechain,therebyenhancingtheCompany'soverallstrength.Intheproductdesignanddevelopmentsegment,theCompanysetsupvariousR&Dfunctionaldepartmentsorientedtowardsuserneeds.TheProductPlanningCenterisresponsibleforinsightintoconsumerdemandsandmarketresearch,deliveringproductconcepts;theTechnologyR&DHeadquarterscomprisesaProductManagementCenterandanEngineeringTechnologyDevelopmentCenter,theformertransformsproductconceptsintoproductstrategiesandmanagesproductsthroughouttheirlifecycletoensurecompetitivenessandachievebusinessgoals;Thelatteristhetechnicalimplementerofproductdevelopment,supportingthecommercialsuccessofproducts,andsimultaneouslyresponsiblefortheCompany'stechnologicalcapacitybuilding.Inrecentyears,theCompanyhasformedspecializedR&DteamsandestablishedanElectricalDevelopmentCenterundertheEngineeringTechnologyDevelopmentCenter,engagingintheR&Dandverificationofcoreandcutting-edgetechnologiesintheindustrysuchastriple-electricsystems,drivestheimplementationofR&Dprojectssuchastheupgradingandapplicationofintelligenttechnology,consumer-endsoftwareforvehiclenetworking,andnetworkedintelligenthardware.

Inthecomponentprocurementsegment,theCompanystrivestobuildanintegrated,adaptablesupplychainmanagementsystem.ItsetsupaSupplyChainManagementCenterandaBusinessUnitProcurementCenter,toselecthigh-qualitysuppliersandestablishcloseandfriendlylong-termsupplyrelationships.Inmanufacturingsegment,theCompanypossessesstrongcomprehensivemanufacturingandprocessdesigncapabilities.Currently,ithaseightproductionbaseslocatedinTianjin,Henan,Guangdong,Guangxi,Jiangsu,Chongqing,Zhejiang,andShandong,allofwhichhavesuccessivelyobtainedthe"WorldManufacturerIdentifier"certificatefromtheNationalDevelopmentandReformCommission.NewbasesinChongqing,Taizhou,Lishui,andGuigangareunderconstruction,andnewbasesinSoutheastAsiaareinpreparation.Thesenewbasesareplannedwithhighstartingpoints,withautomationandindustrialclusterconstructionasstandardconfigurations,whichareconducivetofurtherenhancingitscomprehensiveproductioncapacity.Buildinguponitsvehiclemanufacturingcapabilities,theCompanyalsopossessescapabilitiesforproducingand/ordevelopingseveralkeycomponents,includingchassis,spray-paintedparts,motors,andelectroniccontrols.Additionally,ithasestablisheditspresenceinfieldssuchasbatteries,handlebars,andfrontforks.Inthesalessegment,theCompanycarriesoutmarketingbasedonthedistributionmodel,underwhich,itinsistsonthevalueintegrationoffactoryanddealer.DealersarenotonlydirectcustomersoftheCompanybutalsoimportantwindowsthroughwhichtheCompanysellsproductstoconsumers,providesservices,andshowcasesitsbrandimage,makingthemimportantpartnersoftheCompany.TheCompanyhasestablishedacomprehensivedealermanagementsystem,empoweringdealersthroughoperationalsupport,trainingoutputs,specialservicesfromretailmanagers,precisepushofnewretailorderinformationandothers.Salestodealersgenerallyfollowapayment-before-deliverymodel.Inrecentyears,theCompanyhasactivelyexploredinnovativemanagementmodelfordealersandchannels,suchasimplementingtheoperatormodel,whereintheCompanydirectlymanagesitsretailoutlets.Next,theCompanyplanstopilotequitycooperationwithdealerstoenhancethemotivationeffectsondealers.Inthelogisticssegment,theCompanyhassetupadedicatedsmartlogisticscompany,focusingonimprovingdeliveryefficiency,logisticsquality,andservicequality.ThelogisticscompanyhascompletedtheintegrationoflogisticsresourcesfortheCompany'ssevenmajorproductionbasesandthreemajorcomponentindustryclusters,undertakingmostoftheCompany'svehicletransportationandcomponenttransportationservices,usingself-developedintelligentsystemstolinkthemainvaluechainsegmentsincludingsupply,manufacturing,sales,andservice.TheCompanyconnectsprocurement,manufacturing,andmarketingordersthroughitslogisticsmanagementsystem,establishingend-to-endvaluechainmanagementfromsupplierstofactoriestocustomers.Leveragingitsprimaryproductionbasesandthecomponentindustryclusters,theCompanyconstructsadomesticlogisticsnetworklayouttofurtherenhanceitscorecompetitiveness.

Intheservicesegment,tomeetthechangingneedsofuserstransitioningfromthe'eraofpurchasingvehicles'tothe'eraofusingvehicles',theCompanyhasestablishedadedicatedservicecompany,committedtocreatingafulllifecycleservicesystemincludingsales,maintenance,vehiclereplacement,inspection,leasing,andbatteryswapping.Relyingondistributionchannels,itsetsupstandardizedservicestores,providinguserswithefficientandhigh-qualityservices.Inthesharedoperationbusiness,theCompanyactivelyexploresandexpandsbusinessandoperatingmodelsrelatedtothegreenshort-to-mediumdistancetravelecosystem.Byleveragingitsstrengthsandresourcesinintegrateddesignandmanufacturing,informationsystems,channelnetworks,andoperationalplatforms,theCompanyhaslaunchedthedeploymentandoperationofsharedelectricbicycles,includingclosedandopenapplicationscenarios.

IV.AnalysisonCoreCompetitiveAdvantagesintheReportingPeriod

√Applicable?Notapplicable(I)Precisionproductdevelopmentandinnovationpositionedas"technologyandfashion"TheCompanyupholds"TechnologyandFashion"asitsbrandproposition,consideringtechnologicaladvancementandproductinnovationasthemainmeanstoenhanceitscorecompetitivenessandachievelong-termdevelopment.Intermsofproductdevelopment,centeringarounduserdemandsandprioritizingthecommercialvalueofproductsastheprimaryevaluationcriterion,theCompanyhasestablishedanintegratedproductdevelopmentprocesswithstrategicindividualproductsorproductlinesasprojectunits.Thisprocessinvolvesclosecollaborationandmutualinfluenceamongplanning,design,R&D,procurement,production,qualitymanagement,andmarketingfunctions.Itallowsforpreciseassessmentofuserdemandsandproductpositioning,andefficientlyandaccuratelycompletesproductrealization,deliveringmodelsthatpreciselymeetthetargetusergroup'sneedsunderthepredefinedquality,time,andcostconstraints.TheCompany'sindependentlydevelopedinnovativemodelshavewonseveralprestigiousawards,includingthe"AnnualInnovativeModel"and"AnnualFashionModel"fromtheChinaMotorcycleAnnualModelSelectionCommittee,andtheGoldMUSEAwardfromtheInternationalAwardsAssociate(IAA)intheUnitedStates.Intermsoftechnologyandcraftsmanship,theCompanyhasconsistentlyincreaseditsinvestmentinindependentR&Doffoundational,cutting-edge,andengineeringtechnologieswithintheindustry.Ithasbeencontinuouslyintroducingnewtechnologiesandmaterials,improvingexistingproductiontechnologiesandprocesses,therebyenhancingproductperformanceandaddedvalue.ThisstrategyservesasthecornerstonefortheCompanytomaintainitsleadingtechnologicalandproductcapabilities.Overtheyears,theCompanyhasdevelopedahighlyprofessionalandinfluentialR&Dteamwithintheindustry.AsofDecember31,2023,theCompanyhadover1,900patents,andseveralofitssubsidiarieshavebeencertifiedashigh-techenterprises.

Regardingfashionabledesign,theCompanyhasalwaysbeenatrendsetterintheindustryintermsofvehiclebodystyling,colorcoordination,andpainttexture.Itpossessesdiversecapabilitiesforfashiondesigninnovation,offeringawidevarietyofmodelsthatcatertodifferentconsumergroups'pursuitoffashionablelifestylesandpersonalexpression.Notably,theCompanyexcelsinfashioncolorinnovation;ithasestablishedanindustry-leadingelectrictwo-wheelerpopularcolorR&DbaseincollaborationwiththeauthoritativeChineseFashionColorAssociation,achievingvariousoriginaldesignresults.Italsohascollaboratedwithrenownedinternationalcolorinstitutionstostudyindustrycolortrendsandanalyzethecolorstoriesofitsproducts.Additionally,theCompanyactivelyassumesindustryresponsibilitiesandleveragesitsadvantagesinR&Dandtechnologytopromotethestandardizationofindustrytechnology.Ithaseitherledorparticipatedindraftingmorethanthirtynationalandindustrystandards,includingTechnicalRequirementsof“ChargerinElectricBicycle”,“MotorPerformanceTestingMethodsforElectricMotorcycleandElectricMoped”,“SafetyRequirementsofElectricMotorcycleandElectricMoped”and"TestMethodsforEnergyConsumptionRateandRangeofElectricMotorcyclesunderUserConditions”.Andithasbeenhonoredwiththe"AdvancedUnitinIndustryStandardizationWork"awardbytheNationalBicycleStandardizationTechnicalCommittee'sElectricBicycleSubcommittee.(II)AdvancedQualityControlSystemandSolidProductionTechnology,EnsuringStable,High-QualityProductOutputTheCompanyhasalwaysregardedtechnologicalresearchanddevelopmentandproductqualityasthecornerstone,continuouslyadvancingandoptimizingtheentirequalitycontrolsystem.Utilizingadvancedproductdevelopmentprocesses,theCompanyidentifiesqualityissuesandoptimizesdesignsthroughvirtualsimulationsanddatamodelingduringthedesignphase.Intheproductdevelopmentstage,theCompanyimplementsaclosed-loopqualitymanagementsystemfornewproducts,conductingstrictreviewsofeachqualitycheckpointaccordingtoitsstandards,andstrictlyprohibitsanymodelswithissuesfromenteringthemassproductionstage.TheCompanyenhancesreviewstandardsandrevisesandreplaytechniquestoimproveR&Defficiency.Inthecomponentconfigurationstage,theCompanyselectsleadingbrandsuppliersforcooperation,andconductsreasonablesupervisionofsupplierproductionprocessesthroughincomingmaterialinspection;throughprovidingtechnicalconsultationandmanagementassistance,theCompanycontinuouslyimprovesthequalitymanagementlevelsofitssuppliers.Intermsofmanufacturing,theCompanyimplementscomprehensive,real-timedynamicqualitymanagementthroughouttheentireprocess;italsoestablishesamarketqualitymanagementsystem,includingmechanismsforearlywarningofmarketfeedbackinformationandauditingofmarketqualityissues,whichallowsforpreciseandrapidfeedbackandimprovementofqualityissues.Forqualityinspections,theCompanyemploysa"five-inspectionsystem"consistingofinitialinspection,self-inspection,mutualinspection,spotinspection,andspecialinspectiononcompletevehicles;itcontinuouslyenhancestheself-testingcapabilitiesofcomponentsandthetestingcapabilitiesduringtheproductionprocess,implementingacombinationofpreventiveandinspectionmeasures.

TheCompany'sproductiontechnologyisrobust,inframeproduction,ithasintroducedadvancedCNCpipebendingmachines,fullyautomaticCNCmulti-functionallasercuttingequipment,andweldingrobots,enhancingproductionefficiency,framecuttingprecision,weldingquality,andproductquality.Intermsofpaintingtechnology,theCompanyhasestablishedadust-freepaintingworkshop;andutilizingtop-notchelectrophoretictechnologyandhigh-qualitypaintmaterials,andadoptinginternalandexternaldouble-layerpainting,theframestructurecanbeeffectivelycovered,enhancingitsresistancetoaging,corrosion,andotherpropertieswhileensuringproductaesthetics.Intermsofassemblyprocesses,theCompanyhasbeenutilizingfullyautomaticvisualpress-fitmachinesthatemployvisionrecognitiontechnologytocollectdataonthefirstprocedureonline,automaticallyrecognizingtheframenumbertobeusedasadatacarrierforonsitecirculationandtraceability.Atcriticalprocessesformotorsandcontrollers,datacollectionpointsandinformationdisplaypointshavebeenestablishedtoguidecorrecton-siteproductionoperationsstrictlyfollowingthe3Ccontrolstandards.Aftercompletevehiclespassthefinalinspectionpoints,barcodeinformationautomaticallycollectedbyindustrialbarcodereadersispushedtothecertificateprintingstation,triggeringtheautomaticprintingofcertificatesofconformity,consistencycertificates,andexternalboxcodes,reducinghumaninterventionandenhancingon-siteoperationalcapabilities.Drawinginspirationfromproductdevelopmenttestingmodelsintheautomotiveindustry,theCompanyhascreatedatestingprocessthathighlyalignswithitsproductdevelopmentflowandmanufacturingsystem,conductingcomprehensivetestingoncomponents,systems,andcompletevehiclestoensurethestableoutputofproductquality.TheCompanyhasestablishedwell-equippedtestingdepartmentsatvariousproductionbases,possessingover400typesoftestinginstrumentsandequipment,withover40technicianswhohaveundergoneISO/IECprofessionaltrainingandobtainedcertifications.Ninespecializeddepartmentshavebeensetup,includingageometricaldimensiontestingroom,completevehicleperformancetestlab,roaddurabilityroom,environmentaltestlab,materialsanalysisroom,electronicsandelectricaltestlab,mechanicalperformancetestlab,andcoretechnologytestlabsfor"fourelectrics"(battery,motor,electroniccontrol,andcharger)andanintelligenttestinglab.theCompanyhasthecapabilitiestotestelectrictwo-wheelers,three-wheelers,andsomelow-speedelectricfour-wheelers,andTestingTechnologyCenterofAimaTechnologyhasreceivedanaccreditationcertificatefromtheChinaNationalAccreditationServiceforConformityAssessment(CNAS).TheCompany’sproductshavebeensoldinthemarketforyears,continuouslyreceivingauthoritativerecognitionandhonorsforproductquality,includingthe"NationalQualityIntegrityBenchmarkEnterprise"awardedbytheChinaQualityInspectionAssociationandthe"AAAGradeEnterpriseCreditRatingCertificate"awardedbytheChinaUrbanTransportationAssociation.(III)BroadCoverageandHigh-EfficiencySalesChannelSystem

Intermsofofflinechannels,theCompanyactivelyimplementsaconsumerdemandorientedmarketingstrategy.Seizingthedevelopmentopportunitiesoftheelectrictwo-wheelermarketandleveragingthebrandinfluence,theCompanyhasvigorously

expandeditsdistributionchannels,forminganationwideofflinesalesnetworkthatachieveseconomiesofscaleandrapidexpansion.Adheringtothevalueintegrationofmanufactureranddealer,theCompanyhascontinuouslyrefineditsdistributormanagementsystemandframework,attractinghighlymarket-sharedandinfluentialdistributorsindistrict/countymarketstoestablishlong-termstrategicpartnerships.Throughyearsofongoingaccumulation,ithasbuiltaflatmarketingchannelsystembasedondistricts/counties,achievingbroadcoverageandhigh-efficiencyrelativecompetitiveadvantages.Intermsofonlinechannels,theCompanyhasdevelopedamulti-platformonlinechannelsystem,includingmajore-commerceplatformslikeTmall,JD.com,Douyin,Xiaohongshu,andKuaishou.Leveragingadigitalempowermentplatformandanationwideservicenetwork,theCompanyprovidescomprehensiveandconvenientshoppingexperiencesforonlineconsumersatalltimes.Additionally,incoordinationwithitsmarketingmeasures,onlinechannelsplayacriticalroleindrivingtrafficandacquiringnewcustomers.

(IV)High-Quality,High-Efficiency,andBroad-CoverageServiceNetwork

Afteryearsofoperationandaccumulation,theCompanyhasestablishedacomprehensiveservicenetworksystem,comprisingnationwideserviceoutlets,anefficientworkorderdispatchsystem,industry-leadingservicetimelinessandstandards,anefficientsparepartsstorageanddistributionsystem,aperformanceevaluationsystemquantifiedbyservicesatisfaction,andaprofessionalserviceteamwithclearlydefinedroles.Thehigh-qualityandefficientserviceiswell-receivedbyconsumersandhasalsogarneredhighrecognitionfromauthoritativeinstitutions,theNationalCommodityAfter-SalesServiceRatingCertificationReviewCommitteehasawardedtheCompanyafive-starratingforitstechnicalsupportandrepairservices”,andtheChinaCustomerContactCenterawardeditthe"CustomerWordofMouthAward”.Additionally,theCompanyparticipatedindraftingindustryself-regulatorynormssuchas"After-salesServiceSpecificationsforElectricBicycles"andledthedraftingof"After-salesServiceTimelinessSpecificationsforElectricBicycles",leadingthestandardizeddevelopmentofservicesintheindustry.

(V)YouthfulBrandingwithLeadingIndustryInfluence

With"TechnologyandFashion"asitsbrandproposition,basedonfashionable,tech-oriented,andhigh-qualityproducts,theCompanyconductsdeep-seatedbrandbuildingnationwide.Overyearsofoperation,accumulation,andinteraction,theAimabrandhasgainedwidespreadrecognitionandahighreputation,leadinginbrandinfluence.Inrecentyears,theCompanyhastakenaseriesofbrandactionstoaligntheAimabrandwiththeneeds,values,andlifestylesofyoungconsumers,creatingabrandimageandexperiencecloselyconnectedwiththem.Tomeettheconsumptiondemandsofyounggroupsforfashionable,innovativeproducts,theCompanyhaslaunchedvarioustrendymodelsandenhancedtheintelligentfunctionsofproducts.Ithasrefreshedthebrandinlinewithyoungpeople’saestheticandtastepreferences,includingbutnotlimitedtocollaboratingwiththeinternationallyrenowneddesignerRobJanoff(designeroftheApple

logo)forahigh-endupgradeofthebrandlogo,launchingthebrandslogan"FashionableAima,ComfortableTravel”,upgradingterminalstoreswithastylishtouchandopeningwomen-exclusivefashionstores,andworkingwithwell-knowninternationalcolorinstitutionsforcolorempowermentofproducts.TheCompanyrespectsthepopularculturebelovedbyyounggroupsandhasplanedbrandandmarketingactivitiesaroundthistheme:sponsoringpopularvarietyshows,signingyoungidolsasbrandfashionambassadors,collaboratingwithfashion-influentialmagazinesforbigshootsofAimamodels,andconductingcross-brandcollaborationswithpopularIPs,hotgames,andwell-knownbrands,creatinganAimapromotionalmatrixonsocialmediaplatformsfavoredbyyounguserslikeBilibiliandXiaohongshu.InteractivebrandactivitieshavebeenconductednotonlytomotivateyoungconsumergroupstoparticipateinpromotingtheAimabrandbutalsotointegratetheAimabrandintothelifestyleofyoungconsumers:

organizingtheAimaStar-ChasingMusicFestival,organizingeventsrelatedtoesportsandanimeinuniversities,holdingDIYcreativecontestsoncampuses,etc.TheCompanyhasbeenimplementingtheconceptofenvironmentalprotectionandsustainabledevelopment,demonstratingitsbrandresponsibilityandgainingtheapprovalandemotionalresonanceofyoungpeopleforcollectiveeffortstoprotectourplanet.ThequalificationsandhonorsobtainedbytheCompanyinbrandbuildingincludeChinaWell-knownTrademarkcertification,toppingtheChinaBrandPowerIndex(C-BPI)forelectricbicyclesformorethantenconsecutiveyearspublishedbyChnbrand.Inrecentyears,theCompany'seffortsinyouthfulbrandinghavebeenremarkablysuccessful,gainingwidespreadrecognitionandwinningseveralawardsforfashionbrandinnovation,suchastheFashionLeadershipEnterpriseAwardandtheFashionBrandInnovationAwardatthe2023InternationalScienceandInnovationFestival,multipleintegratedmarketingawardsatthe30thChinaInternationalAdvertisingFestival,andseveralawardsatthe13thand14thTigerRoaringFestivalforitsinnovativemarketingsolutions.(VI)LeanManagementforCostAdvantages

TheCompanyhasestablishedanend-to-endcostmanagementsystem,fullytappingintocost-savingandefficiency-enhancingopportunitiesacrossallaspectsofthebusinessoperations,includingresearch,supply,manufacturing,sales,andservices.Ithasbeenexecutingsystematic,detailedmanagementacrossallbusinessprocessesandextendingthisapproachintotheverticalindustrialchaintoachievecomprehensivevalueenhancement.Byimplementingaproduct-focusedstrategy,theCompanyhassuccessfullyreducedproductSKUsandresourceusagethroughprecisedevelopment,therebyboostingthereturnoninvestmentforvehiclemodelsandtheefficiencyofindividualproducts.Utilizingdigitaltools,theCompanyenablesinformationsharingthroughouttheindustrialchain,accuratelyassessescustomerdemandsandmarkettrendstoimprovethesuccessrateofproductdevelopmentandtheaccuracyofsalesplanning,whichoptimizesresourceallocationandminimizesthewasteofresourcescausedbyunsoldinventory.TheCompanyconsolidatesprocurementvolumesthroughintegratedproductionplanningandcentralizedprocurement,whilesimultaneouslyenhancingtheprocurementvolumeofstandardandcommonpartsthroughcomponentplatformizationandmodularization,thuselevatingsupplychainefficiencythroughscaling

andimprovingqualitywhilereducingcosts.Itguidestheentireindustrychaintoimplementautomationandinformatizationupgrades,applynewmaterials,newprocesses,oroperatenewsystems,forenhancingtheproductionefficiencyoftheentireindustrychain.Anefficientintelligentlogisticsplatformhasbeenestablished,integratingresourcesandeffectivelyreducingthetransportationcostsoftheCompany’scompletevehiclesandcomponentsprocurement.Throughfull-processclosed-loopleanmanagementinitsoperations,theCompanyhasdevelopedastrongcompetitiveadvantageintermsofcost.

(VII)Digitalandsmartmanagementsystemwithfullempowermentandefficiencyimprovement

TheCompanyhasimplementedthe"361DigitalizationProject"strategy,leadingtheCompany'sdigitaltransformationandconstructingadigitalmanagementsystemthathighlyalignswithitsorganizationalstructureandbusinessprocesses,therebyfullyempoweringallbusinessareas.TheCompanyhasdevelopedadigitalmarketingsystemcenteredaroundretailandcoveringtheentiremarketingworkflow,achievingseamlessintegrationfromtheenterprisemarketingsystemtothedealerstoreterminals,facilitatingcomprehensiveonlineoperationsfordealers,fosteringefficientcollaboration.Leveragingdata,models,andalgorithms,theCompanyhasenhancedpredictivecapabilities,guidingdealerorderingplansandinternalproductionschedules,significantlyimprovingefficiency.Additionally,theCompanyhasestablishedanAima-ownedtrafficpool,advancingauser-centricoperationalframework.Withplanningasaguidingprincipleandleveragingdatainsights,theCompanyhascomprehensivelybeenanalyzingbusinessexecution,drivingintegratedresearch,production,supply,marketing,andservices.Throughuseranalysisandresearch,preciseplanning,forwarddevelopment,leanmanufacturing,andintegratedlogistics,customerneedscouldbemetpromptly.Byrefiningoperations,integratingbusinessandfinance,andcontrollingbudgetscomprehensively,theCompanyhasestablishedcoreindicatorsandperformancesystemsacrossallareas,enablingtimelyandefficientoperationalreviewsanddata-drivendecision-making,reducingcostsandenhancingefficiency,whichmarksthepreliminaryrealizationoftheCompany'sglobalinformatization,operationaldigitization,executionautomation,andintelligentdecision-making.

(VIII)TalentTeamwithHighLoyaltyandProfessionalism

Upholdingthetalentmanagementphilosophyof"showingrespectforourstaff,improvingtheircompetenceandmakingthemhappy”,theCompanyhasestablishedahumanresourcesmanagementsystemcenteredontalentdevelopmentandtheenhancementofhumancapital.Thissystemincludesanattractivecompensationandincentivescheme,multifacetedcareeradvancementpathways,aprofessionaltalenttrainingsystem,comprehensiveemployeewelfareprograms,andaninclusiveandcreativecorporateculture,makingtheCompanyaplatformforthedevelopmentofmotivatedindividuals.Focusedonthetalentexperience,ithasbeencontinuouslyenhancingemployees'happiness,senseofbelonging,professionalskills,andcareerethics,creatingateamcharacterizedbyhighloyaltyandprofessionalism.

Adheringtothephilosophyof"effortandbenefitfromthesamesource”,basedonmedium-tolong-termstrategicobjectivesandanchoredonvaluecreation,theCompanyhassetperformanceevaluationindicators,valuedistributionmechanisms,promotionsystems,andtrainingframeworksthatalignwithvaluecreation,strengtheningtheroleoforganizationaldevelopmentandpersonalgrowthinperformanceassessmentsandvaluedistribution.Ithasbeencontinuallyrefiningtheshortterm,medium-and-longtermincentivemodelsandhonorsystemsforemployeesatalllevels.Forcoremanagement,technical,andbusinesstalents,ithasestablishedacompetitive,scientificallyrationalcompensationmanagementsystemandincentivemeasures,includingmulti-level,normalizedstockincentivemechanisms,maximallyaligningtheinterestsofshareholders,theCompany,andthecoreteam.Currently,therestrictedstockincentiveplanfor2021hascompletedthereleaseofrestrictionsfortheinitialphase,andthestockincentiveeffortsfor2023and2024areproceedingsmoothly.V.MajorOperationSituationDuringtheReportingPeriodInthereportingperiod,theCompanyrecordedrevenueofRMB21,036.1209million,representingayear-on-yearincreaseof1.12%,thenetprofitattributabletoshareholdersofthelistedcompanyofRMB1,881.1158million,representingayear-on-yearincreaseof

0.41%,andthenetprofitdeductingnon-recurringgainsorlossesattributabletoshareholdersofthelistedcompanyofRMB1,764.4680million,representingayear-on-yeardecreaseof1.83%.(I)Analysisonprincipalbusiness

1.Analysistableofchangesinprofitandlossstatementandcashflowstatementaccounts

Unit:Yuan(RMB)

ItemsAmountofthecurrentyearAmountoflastyearChange(%)
Revenue21,036,120,862.2920,802,212,994.461.12
Costofsales17,562,865,946.7317,398,502,632.360.94
Sellingexpenses641,208,788.04587,315,848.359.18
Administrativeexpenses474,276,849.74432,777,222.679.59
Financialexpenses-410,276,786.83-382,697,297.50N/A
R&Dexpenses589,467,221.52506,685,038.0116.34
Netcashflowsfromoperatingactivities1,864,276,233.905,051,454,116.94-63.09
Netcashflowsfrominvestingactivities-1,910,192,713.51-2,178,319,161.48N/A
Netcashflowsfromfinancingactivities544,548,901.86-182,243,777.55N/A

Reasonsforthechangesinrevenue:ThiswasprimarilyduetotheCompany'sfocusonitscorebusinessandcontinuousexploitationofitsbrandadvantages,whichledtoaslightincreaseinoperationalperformance.

Reasonsforthechangesincostofsales:Theincreasewasmainlyattributedtochangesinthescaleofsales,whichgrewintandem.Reasonsforthechangesinsellingexpenses:Thiswasprimarilyduetomarketcompetition,promptingtheCompanytoexpanditssalesteamandincreasemarketingandpromotionalinvestments.Reasonsforthechangesinadministrativeexpenses:Theincreasewasmainlyduetohigherexpendituresonprofessionalconsultingservicesandanincreaseintheamortizationofinformationsystemsduringthereportingperiod.Reasonsforthechangesinfinancialexpenses:ThiswasprimarilyduetoanincreaseintheaveragescaleoffundsmanagedbytheCompanyduringthereportingperiod,resultinginincreasedinterestincome.ReasonsforthechangesinR&Dexpenses:ThiswasmainlyduetotheexpansionoftheR&Dteam,increasedinvestmentinR&D,andhigherdepreciationandamortizationofR&Dequipment.Reasonsforthechangesinnetcashflowsfromoperatingactivities:Thechangewasmainlyduetotheeffectsofsettlementcyclesandmethods,withpaymentsforpurchasesfromthepreviousyearincreasingyear-on-yearduringthereportingperiod.Reasonsforthechangesinnetcashflowsfrominvestingactivities:Thechangewasprimarilyduetoayear-on-yeardecreaseinthenetamountoflow-riskfinancialproductspurchasedandredeemedduringthereportingperiod.Additionally,therewasanincreaseinthepurchaseoflandfortheconstructionofproductionbasesinTaizhou,Lishui,andChongqing,aswellasincreasedinvestmentintheconstructionoftheseproductionbases.Reasonsforthechangesinnetcashflowsfromfinancingactivities:ThechangewasprimarilyduetotheCompanyraisingfundsthroughtheissuanceofconvertiblebondsduringthereportingperiod.Therewasalsoanincreaseincashdividendpayoutsundertheequitydistributionforthefiscalyear2022andthefirsthalfof2023.Furthermore,theCompanyrepurchasedsharesusingcashasconsiderationthroughcentralizedcompetitivebidding.DetaileddescriptionofmajorchangesoftheCompanyinbusinesstype,profitmakeuporprofitsource?Applicable√Notapplicable

2.Analysisonrevenueandcostofsales

√Applicable?NotapplicableInthereportingperiod,theCompanyrecordedrevenueofRMB21,036.1209million,representingayear-on-yearincreaseof1.12%,andcostofsalesofRMB17,562.8659million,representingayear-on-yearincreaseof0.94%,astheCompanyachievedperformancegrowthbyfocusingonitscorebusiness,andcontinuallyleveragingitsbrandadvantages.

(1)Principleoperatingactivitiesbyindustry,product,regionandsalesmodel

Unit:Yuan(RMB)

Principaloperatingactivitiesbyindustry
ByindustryRevenueCostofsalesGrossprofitmargin(%)Revenueincreased/decreasedyoy(%)Costofsalesincreased/decreasedyoy(%)Grossprofitmarginincreased/decreasedyoy(%)
Railway,ship,aerospaceandothertransportequipmentmanufactureindustries20,873,852,542.7717,455,112,116.8716.381.010.82Increasedby0.16percentagepoints
Principaloperatingactivitiesbyproduct
ByProductRevenueCostofsalesGrossprofitmargin(%)Revenueincreased/decreasedyoy(%)Costofsalesincreased/decreasedyoy(%)Grossprofitmarginincreased/decreasedyoy(%)
Electricbicycles12,845,051,545.5110,716,325,781.1616.575.856.44Decreasedby0.46percentagepoints
Electrictwo-wheelmotorcycles5,805,939,521.094,949,033,049.2514.76-18.72-18.38Decreasedby0.35percentagepoints
Electrictricycles1,434,642,114.171,124,810,467.6921.679.969.12Increasedby5percentagepoints
Saleofparts647,500,389.13546,135,523.6915.6510.446.59Increasedby3.05percentagepoints
Others140,718,972.87118,807,295.0815.574,288.414,006.55/
Principaloperatingactivitiesbyregion
ByregionRevenueCostofsalesGrossprofitmargin(%)Revenueincreased/decreasedyoy(%)Costofsalesincreased/decreasedyoy(%)Grossprofitmarginincreased/decreasedyoy(%)
NortheastChina482,866,250.03402,386,119.4316.67-6.64-8.61Increasedby1.8percentagepoints
EastChina7,540,385,944.826,272,969,613.1916.81-9.66-9.3Decreasedby0.33percentagepoints
NorthChina2,419,855,674.032,053,560,786.8715.14-10.74-10.55Decreasedby0.17percentagepoints
CentralChina3,448,516,766.052,865,686,574.6916.915.6613.25Increasedby1.77percentagepoints
SouthChina3,322,441,009.232,836,707,004.7214.62-4.74-2.55Decreasedby1.92percentagepoints
SouthwestChina1,890,904,494.151,559,442,029.9917.5327.7523.6Increasedby2.77percentagepoints
NorthwestChina1,476,370,151.181,229,102,090.8616.7583.1581.4Increasedby0.81percentagepoints
Overseas226,073,213.37181,322,394.7019.792.213.85Decreasedby1.27percentagepoints
Undefinedregion66,439,039.9153,935,502.4218.84-41.43-48.67Increasedby11.45percentagepoints
Principaloperatingactivitiesbysalesmode
SalesmodelRevenueCostofsalesGrossprofitmargin(%)Changeofrevenuecomparedwithlastyear(%)Changeofcostofsalescomparedwithlastyear(%)Changeofgrossprofitmargincomparedwithlastyear(%)
Distribution20,193,471,412.4716,882,068,262.5316.41.251.2Increasedby0.04percentagepoints
Directsales680,381,130.30573,043,854.3415.78-5.58-9.13Increasedby3.30percentagepoints

Descriptionofprincipaloperationbyindustry,product,region,salesmodel

①Descriptionofrevenueandcostofsalesofprincipaloperationbyindustry:Duringthereportingperiod,theCompanyfocusedonitscorebusinessandcontinuouslyleverageditsbrandadvantages,resultinginaslightincreaseinoperationalperformance.

②Descriptionofprincipaloperationbyproduct:Duringthereportingperiod,salesoftheCompany'smainproduct,electricbicycles,experiencedaslightincrease;however,salesofelectrictwo-wheelmotorcyclesdeclinedyear-on-yearduetomarketcompetitionandconsumerhabits.Demandforelectrictricyclesshowedatrendofacceleratedgrowth;duetotheacquisitionofGelingNewEnergy,thecombinedrevenuefromtheothershort-distancetransportationproductssignificantlyincreased.

③Descriptionofprincipaloperationbyregion:TheCompanyactivelyexpandeditsbusinesschannelsandadjustedthebalanceofitsmaindomesticsalesregions.

④Descriptionofprincipaloperationbysalesmodel:TheCompanyprimarilyoperatesthroughadealershipmodel,whichhasledtoaslightincreaseinoperationalperformance.

(2)ProductionandSalesAnalysisTable

√Applicable?Notapplicable

MainproductUnitProductionvolumeSalesvolumeInventoryProductionvolumeincreased/decreasedyoy(%)Salesvolumeincreased/decreasedyoy(%)Inventoryincreased/decreasedyoy(%)
ElectricbicyclesSet7,529,1927,603,011206,4203.735.06-26.34
Electrictwo-wheelmotorcyclesSet2,673,1542,686,62363,499-17.86-17.83-17.5
ElectrictricyclesSet429,377426,72716,97462.9763.2218.5
OthersSet26,24225,1081,8031,178.85428.0329,950.00
TotalSet10,657,96510,741,469288,696-1.12-0.29-22.3

DescriptionofproductionandsalesvolumesDuringthereportingperiod,theCompanysawaslightyear-on-yearincreaseinelectricbicyclesales;electrictwo-wheelmotorcyclesexperiencedadeclineduetomarketcompetitionandconsumerhabits;electrictricyclessawstrongmarketdemandandgoodsales;duetotheacquisitionofGelingNewEnergy,therewasasignificantincreaseinthecombinedproduction,sales,andinventoryoftheothershort-distancetransportationproducts.TheCompanymaintainedstableproductionandinventorylevelsandadjustedamongdifferentproductcategoriesbasedonmarketorders.

(3)Performanceofmajorpurchasingcontracts,majorsalescontracts?Applicable√Notapplicable

(4)CostAnalysisTable

Unit:Yuan

Byindustry
ByindustryCostcomponentsCurrentperiodamountPercentageoftotalcoststhisperiod(%)AmountinsameperiodlastyearPercentageoftotalcostslastyear(%)Changeinamountcomparedtosameperiodlastyear(%)
Railway,ship,aerospaceandothertransportequipmentmanufactureindustriesDirectmaterials16,586,622,787.1395.0216,498,119,094.7095.30.54
Directlaborandmanufactureexpenses868,489,329.744.98814,505,577.874.76.63
Total17,455,112,116.8710017,312,624,672.571000.91
Byproduct
ByproductCostcomponentsCurrentperiodamountPercentageoftotalcoststhisperiod(%)AmountinsameperiodlastyearPercentageoftotalcostslastyear(%)Changeinamountcomparedtosameperiodlastyear(%)
ElectricbicycleDirectmaterials10,082,063,221.0657.769,482,221,123.1154.776.33
Directlaborandmanufactureexpenses634,262,560.113.63586,195,389.633.398.2
Sub-total10,716,325,781.1761.3910,068,416,512.7458.166.44
Electrictwo-wheelmotorcycleDirectmaterials4,817,702,122.3727.65,888,168,560.0334.01-18.18
Directlaborandmanufactureexpenses131,330,926.880.75175,662,117.651.01-25.24
Sub-total4,949,033,049.2528.356,063,830,677.6835.03-18.38
ElectrictricycleDirectmaterials1,032,422,131.345.91612,745,321.523.5468.49
Directlaborandmanufactureexpenses92,388,336.350.5352,362,529.150.376.44
Sub-total1,124,810,467.696.44665,107,850.673.8469.12
OthersDirectmaterials108,299,788.670.622,607,577.700.024,053.27
Directlaborandmanufactureexpenses10,507,506.400.06285,541.4503,579.85
Sub-total118,807,295.070.682,893,119.150.024,006.55
SaleofpartsDirectmaterials546,135,523.693.14512,376,512.332.966.59
Total17,455,112,116.8710017,312,624,672.571000.82

Descriptionofothersituationsincostanalysis

Duringthereportingperiod,theoverallcoststructureoftheCompany'smainproductsremainedstable,withnosignificantchanges.

(5)Changesinthescopeofconsolidationduetochangesinshareholdingsofmajorsubsidiariesduringthereportingperiod?Applicable√Notapplicable

(6)MajorchangesintheCompany'sbusiness,products,orservicesduringthereportingperiod,oranyrelevantadjustments?Applicable√Notapplicable

(7)MajorcustomersandmajorsuppliersA.MajorcustomersoftheCompany

√Applicable?NotapplicableThetotalsalesamounttothetopfivecustomerswasRMB1,399.6965million,accountingfor6.65%oftheannualsalesamount.Amongthesalestothetopfivecustomers,theamountofsalestotherelatedpartieswasnil,accountingfor0%oftheannualsalesamount.Inthereportingperiod,thecircumstancethatsalesratiotosinglecustomerexceeded50%oftotalamount,therewerenewcustomersintopfivecustomersoritseriouslyreliedonminoritycustomers?Applicable√NotapplicableB.MajorsuppliersoftheCompany

√Applicable?NotapplicableThetotalpurchasingamountfromthetopfivesupplierswasRMB6,124.1322million,accountingfor37.45%oftheannualpurchasingamount.Amongthepurchasefromthetopfivesuppliers,theamountofpurchasefromtherelatedpartieswasnil,accountingfor0%oftheannualpurchases.Inthereportingperiod,thecircumstancethatpurchasingratiofromsinglesupplierexceeded50%oftotalamount,therewerenewsuppliersintopfivesuppliersoritseriouslyreliedonminoritysuppliers?Applicable√Notapplicable

3.Expenses

√Applicable?Notapplicable

ExpenseitemCurrentyearPrioryearChange(%)Reasonsforchanges
Sellingexpenses641,208,788.04587,315,848.359.18Mainlyduetomarketcompetition,theCompanyexpandeditssalesteamandincreasedinvestmentinmarketingandpromotion.
Administrativeexpenses474,276,849.74432,777,222.679.59Mainlyduetoincreasesinprofessionalconsultingserviceexpensesandamortizationofinformationsystemsduringthereportingperiod.
Financialexpenses-410,276,786.83-382,697,297.50N/AMainlyduetotheincreaseintheaveragefundsizemanagedbytheCompanyduringthereportingperiod,resultinginhigherinterestincome.
R&Dexpenses589,467,221.52506,685,038.0116.34MainlybecausetheCompanyexpandeditsR&Dteam,increasedR&Dinvestments,andsawhigherdepreciationandamortizationofR&Dequipment

4.R&Dexpenditure

(1).TableofR&Dexpenditure

√Applicable?Notapplicable

Unit:Yuan

Researchanddevelopmentinputexpensedincurrentperiod589,467,221.52
Researchanddevelopmentinputcapitalizedincurrentperiod0
Totalofresearchanddevelopmentinput589,467,221.52
RatiooftotalR&Dinputinrevenue(%)2.8
RatioofcapitalizationofR&Dinput(%)0

(2).TableofR&DPersonnel

√Applicable?Notapplicable

QuantityofR&DpersonneloftheCompany1,089
RatioofR&DpersonnelinstaffoftheCompany(%)11.49
EducationalstructureofR&Dpersonnel
CategoryofeducationalstructurePeopleineducationalstructure
Doctorate3
Masterdegree21
University429
Juniorcollege364
Highschoolandbelow272
AgestructureofR&Dpersonnel
CategoryofagestructurePeopleinagestructure
Below30(exclusive)346
30-40(inclusive30,exclusive40)545
40-50(inclusive40,exclusive50)159
50-60(inclusive50,exclusive60)39
Above600

(3).Descriptionofsituation?Applicable√Notapplicable

(4).ReasonsofmajorchangeaboutR&DpersonnelstructureandimpactonfuturedevelopmentoftheCompany?Applicable√Notapplicable

5.Cashflows

√Applicable?Notapplicable

CashflowitemCurrentyearPrioryearChange(%)Descriptionofchangereasons
Netcashflowsfromoperatingactivities1,864,276,233.905,051,454,116.94-63.09Primarilyduetotheimpactofthesettlementcycleandmethod,paymentsforlastyear'sprocurementincreasedyear-on-yearduringthereportingperiod.
Netcashflowsfrominvestingactivities-1,910,192,713.51-2,178,319,161.48N/ADuringthereportingperiod,thedecreaseintheyear-on-yeardifferenceinpurchasingandredeeminglow-riskfinancialproductsandincreasedinvestmentsinlandandconstructionfortheTaizhou,Lishui,andChongqingproductionbasesweretheprimaryfactors.
Netcashflowsfromfinancingactivities544,548,901.86-182,243,777.55N/ADuringthereportingperiod,theCompanyraisedfundsbyissuingconvertiblebonds,increasedcashdividendpayoutsforthe2022annualand2023interimequitydistributions,andrepurchasedsharesthroughcentralizedbiddingusingcash.

(II)Descriptionofmajorchangesinprofitcausedbynon-principalbusinesses?Applicable√Notapplicable(III)Analysisonassetsandliabilities

√Applicable?Notapplicable

1.Assetsandliabilities

Unit:Yuan

ItemClosingbalanceofcurrentyearPercentageofclosingbalanceofcurrentyearintotalassets(%)ClosingbalanceoflastyearPercentageofclosingbalanceoflastyearintotalassets(%)Year-on-yearChange(%)Descriptionofchange
Prepayments36,627,883.960.1817,554,574.370.10108.65Theprimaryreasonwastheincreaseinprepaidadvertisingexpenses.
Otherreceivables15,687,906.270.0828,051,920.260.15-44.08Thiswasmainlyduetoadecreaseinreceivablesforsupplierwarrantiesandanincreaseinproceedsfromthedisposaloffixedassets.
Othercurrentassets119,888,220.690.6077,023,491.160.4255.65ThisstemmedfromanincreaseintheinputtaxcreditduetotheCompany'spurchaseoffixedassets.
Non-currentassetsduewithinoneyear1,628,460,684.938.193,524,708,328.7719.08-53.80Theprimaryreasonwastherecoveryoftimedepositsduetomaturewithinayearattheperiod'send.
Constructioninprogress992,205,279.914.9986,011,318.100.471,053.58ThiswasmainlyduetoincreasedinvestmentintheconstructionoftheTaizhou,Guangxi,Lishui,andChongqingproductionbasesduringthereportingperiod.
Intangibleassets715,925,849.183.60457,986,772.952.4856.32ThiswasprimarilyduetothepurchaseofconstructionlandfortheTaizhou,Lishui,andChongqingproductionbases.
Deferredtaxassets167,938,840.750.8484,023,263.650.4599.87Thiswasmainlybecausethetaxdiscrepancyfromtheearningsonfinancialproductsdecreasedattheendofthereportingperiod.
Othernon-currentassets5,762,625,958.5728.973,809,089,833.4320.6251.29ThisresultedfromtheCompany'sadditionalpurchasesofthree-yeartermdepositsduringthereportingperiod.
Short-termborrowings511,250,000.002.77-100Thiswasduetotherepaymentofmatureddiscountnoteloansduringthereportingperiod.
Non-currentliabilitiesduewithinoneyear17,568,122.600.095,682,224.670.03209.18Thiswasduetoanincreaseinbondspayableandleaseliabilitiesmaturingwithinayear.
Bonds1,644,658.27N/AThisstemmedfromthe
payable0,128.51issuanceofconvertiblebondsduringthereportingperiod.
Deferredincome292,432,400.561.47198,066,664.291.0747.64Thiswasduetoanincreaseingovernmentgrantsrelatedtoassetsreceivedduringthereportingperiod.
Equity861,925,007.004.33574,700,004.003.1149.98ThemainreasonwastheCompany'scapitalreservebeingconvertedtoincreasedsharecapitalduringthereportingperiod.
Otherequityinstruments432,645,369.562.17N/AThiswasbecauseofanincreaseintheequityportionofconvertiblebondsissuedduringthereportingperiod.
Treasurystock481,505,173.882.42134,953,200.000.73256.79ThisresultedfromtheCompany'ssharerepurchaseduringthereportingperiod.
Surplusreserves430,962,503.502.17290,784,296.911.5748.21Thiswasduetotheparentcompany'ssustainedprofitabilityandtheincreasedprovisionforsurplusreserves.
Othercomprehensiveincome268.340.000001N/AThiswasbecauseofincreasedforeigncurrencytranslationdifferencesforoverseassubsidiariesattheendofthereportingperiod.
Minorityshareholders'equity68,034,244.290.3413,145,608.020.07417.54ThiswasduetotheinclusionofGelingNewEnergywithintheconsolidationscope,increasingminorityinterestandprofitsofthesubsidiaryAimaLogistics.

2.Informationofoverseasassets

√Applicable?Notapplicable

(1)AssetScaleAmongthem,overseasassetsamountto57,463,879.61yuan(unit:RMB),accountingfor

0.29%ofthetotalassets.

(2)Explanationofhighproportionofoverseasassets

□Applicable√NotApplicable

3.Restrictionsonmajorassetsasoftheendofreportingperiod

√Applicable?Notapplicable

ItemClosingbookvalueRestrictionreason
Currencyfunds628,724,982.33Pledgedasbillguaranteedeposits
Othernon-currentassets4,831,970,833.33Pledgedforissuingbankacceptancebills
Non-currentassetsduewithinoneyear1,500,000,000.00Pledgedforissuingbankacceptancebills
Total6,960,695,815.66/

4.Otherdescriptions?Applicable√Notapplicable(IV)Analysisonindustrialoperationinformation?Applicable√Notapplicable(V)AnalysisoninvestmentstatusOverallanalysisonexternalequityinvestment

√Applicable?NotapplicableAsofDecember31,2023,thebalanceoftheCompany'slong-termequityinvestmentswas127,264,000RMB,withthebalanceatthebeginningofthisreportingperiodbeing128,152,100RMB,achangeratioof-0.69%duringthereportingperiod.Themainchangesinexternalequityinvestmentsduringthereportingperiodareasfollows:①TheCompanysubscribedtoaportionoftheequityofGuangxiNingfubycontributing51,785,700RMBasanincreaseincapital,owning1.97%ofGuangxiNingfu'sequityasoftheendofthereportingperiod.②TheCompanyinvested17,500,000RMBtogetherwithTianjinShengyuanInvestmentGroupCo.,Ltd.toestablishChongqingXintai,holdinga35.00%equitystake.③TheCompanypurchasedan11.00%equitystakeinGelingNewEnergyfromTaizhouYuanpingziElectromechanicalTechnologyCo.,Ltd.for9,554,800RMB.Aftertheacquisition,theCompanyhelda60.01%equitystake,andGelingNewEnergywasincludedintheconsolidationscope.

1.Majorequityinvestments?Applicable√Notapplicable

2.Majornon-equityinvestments

√Applicable?Notapplicable

(1)GuigangProductionBaseInJuly2022,theCompanyheldthe28thMeetingoftheFourthBoardofDirectors,whichapprovedtheproposaltosignanInvestmentAgreementwiththeGuigangMunicipalPeople'sGovernment.TheCompanyagreedtoatotalinvestmentofapproximately1.15

billionRMBfortheconstructionoftheAimaSmartTravelIndustrialParkinGuigang,implementedbythewholly-ownedsubsidiaryGuangxiVehicle.Asoftheendofthereportingperiod,GuangxiVehiclehadobtainedtheconstructionandbuildingpermits,andtheGuigangproductionbaseprojectisunderconstruction.

(2)LishuiProductionBaseInNovember2021,theCompanyheldtheSecondExtraordinaryGeneralMeetingof2021,whichapprovedtheproposaltosignanInvestmentAgreementwiththeQingtianCountyPeople'sGovernmentofLishuiCity.TheCompanyagreedtoatotalinvestmentofapproximately2billionRMBfortheconstructionoftheAimaNewEnergySmartTravelEco-IndustrialParkprojectinQingtianCounty,Lishui,implementedbythewholly-ownedsubsidiaryLishuiVehicle.LishuiVehiclehasobtainedthenecessaryconstructionandbuildingpermits,andtheLishuiproductionbaseprojectisunderconstruction.

(3)TaizhouProductionBaseInSeptember2021,theCompanyheldthe21stMeetingoftheFourthBoardofDirectors,whichapprovedtheproposaltosigntheTaizhouIntelligentElectricVehicleandHigh-SpeedElectricMotorcycleProjectInvestmentAgreement.TheCompanyagreedtoatotalinvestmentofapproximately1billionRMBfortheconstructionoftheTaizhouIntelligentElectricVehicleandHigh-SpeedElectricMotorcycleprojectinHuangyanDistrict,Taizhou,implementedbythewholly-ownedsubsidiaryTaizhouManufacture.Asoftheendofthereportingperiod,theTaizhouproductionbasehadobtainedallnecessaryconstructionpermits,andtheprojectisunderconstruction.

(4)ChongqingProductionBaseInAugust2021,theCompanyheldthe1stExtraordinaryGeneralMeetingof2021,whichapprovedtheproposaltosignaProjectAgreementwiththeManagementCommitteeoftheTongliangHigh-techIndustrialDevelopmentZoneinChongqing.TheCompanyagreedtoaninvestmentplanofapproximately2billionRMBtobuildtheAimaSouthwestManufacturingBaseintheTongliangDistrictofChongqing,implementedbythewholly-ownedsubsidiaryChongqingVehicle.ThefirstphaseoftheChongqingproductionbasehasofficiallycommencedproduction.Asoftheendofthereportingperiod,thesecondphaseoftheChongqingproductionbasehadobtainedtheconstructionandbuildingpermits,andtheprojectisunderconstruction.

3.Financialassetsmeasuredatfairvalue

√Applicable?Notapplicable

AssetcategoryBeginningbalanceFairvaluechangeduringtheperiodAccumulatedfairvaluechangerecognizedinequityImpairmentprovisionfortheperiodPurchasesduringtheperiodSales/redemptionsduringtheperiodotherChangesEndingbalance
Stocks7,348.00-1,764.005,584.00
OtherEquityInvestmentInstruments5,000.00-5,000.000
FinancialProducts6,918.8741.3342,702.62-37,642.6812,020.14
ReceivablesFinancing833.2856.05889.32
Total15,100.15-1,722.6747,702.62-42,586.6318,493.46

Duringthereportingperiod,theCompanysubscribedtoaportionoftheequityofGuangxiNingfubycontributingadditionalcapital.Sincetheshareholdingratiodidnotexceed5%,theCompanydidnothaveasignificantinfluenceoverGuangxiNingfuandaccountedforthisinvestmentasafinancialinstrumentmeasuredatfairvaluethroughothercomprehensiveincome.FollowingtheresolutionofGuangxiNingfu’sshareholders’meetingonJune30,2023,whichapprovedtheadditionoftheCompany'sChairmanZhangJianasadirectorofGuangxiNingfu,theCompanyobtainedsignificantinfluenceoverGuangxiNingfu.Therefore,duringthereportingperiod,itreclassifiedthisinvestmentasalong-termequityinvestmentaccountedforusingtheequitymethod,nolongermeasuredatfairvalue.Securitiesinvestment

√Applicable?Notapplicable

Unit:TenThousandYuan(RMB)

CategoryofsecurityCodeofsecurityAbbreviationInitialinvestmentcostSourceoffundingOpeningbookvalueGainsorlossesarisingfromchangesinfairvalueAccumulativechangesinfairvaluerecognizedinequityPurchasesduringtheperiodSoldamountduringtheperiodGainorlossoninvestmentsClosingbookvalueAccountingcategory
Stock688819.SHTiannengShare8,399.79Self-ownedfunds7,348.00-1,764.00-1,764.005,584.00Financialassetsheldfortrading

DescriptionofSecuritiesInvestmentSituation

√Applicable?NotapplicableOnDecember1,2020,theCompanyconvenedthe12thMeetingoftheFourthBoardofDirectors,whichapprovedtheproposalonSigningaStrategicPlacementSubscription

AgreementwithTiannengBatteryGroupCo.,Ltd.TheCompanyagreedtoparticipateasastrategicinvestorinthestrategicplacementofTiannengBatteryGroupCo.,Ltd.,usingitsownfundsnotexceeding100millionRMB.TheinvestmenttransactionwascompletedinJanuary2021.Asoftheendofthereportingperiod,theCompanyhadnotreduceditsholdingsintherelatedstocks.Privateequityinvestment?Applicable√NotapplicableDerivativesinvestment?Applicable√Notapplicable

4.Concreteprogressofrestructuringandintegrationofmajorassetsinthereportingperiod?Applicable√Notapplicable(VI)Saleofmajorassetsandequity?Applicable√Notapplicable(VII)AnalysisonmajorsubsidiariesandInvestees

√Applicable?Notapplicable

Unit:TenThousandYuan(RMB)

NameofcompanyControlrelationshipMainbusinessRegisteredcapitalTotalassetsNetassetsRevenueNetprofit
AimaChongqingWholly-ownedsubsidiaryDevelopment,manufactureandsaleofelectricbicycle,electricmoped,electricmotorcycle1,000499,075.24200,688.831,078,806.66150,593.67
TianjinVehicleWholly-ownedsubsidiaryDevelopment,manufactureandsaleofelectricbicycle,electricmoped,electricmotorcycle,electrictricycle10,000270,681.8560,890.74631,296.1044,327.41
JiangsuVehicleWholly-ownedsubsidiaryDevelopment,manufactureandsaleofelectricbicycle,electricmoped,electricmotorcycle44,000153,142.8240,832.01533,656.9522,227.47
GuangdongVehicleWholly-ownedsubsidiaryDevelopment,manufactureandsaleofelectricbicycle,electricmoped,electricmotorcycle10,00066,257.0535,034.02229,625.2820,117.35

Inthereportingperiod,netprofitrealizedbytheabovemajorwholly-fundedsubsidiariescamefromtheproductionandsalesofmajorproductsincludingelectrictwo-wheelers,electrictricycles.OthersubsidiariesandassociatesoftheCompanywereinnormaloperation,andtheirprofitandlosssituationhadlittleimpacttotheCompany.(VIII)StructuredentitiescontrolledbytheCompany?Applicable√NotapplicableVI.DiscussionandAnalysisoftheCompanyonItsFutureDevelopment(I)Industrialstructureandtrend

√Applicable?Notapplicable

1.Competitionsituationofindustry

Atthecurrentstage,asthe"NewNationalStandard"reachesitsendphase,consumerdemandisshowingtrendsofdiversification,High-end,smartintegration,andinternationalization.Theindustryparticipantsaretransitioningfromtheoriginal"manufactureandsell"modeltoa"productandserviceprovision"modelbasedonsatisfyingconsumerdemands.Alargenumberofcompanieslackingtheabilitytoperceiveconsumerneedsandtofulfillthem,withlowstandardization,smallscale,andpooroveralloperationalefficiency,havebeeneliminatedorshutdown,resultinginacontinuousincreaseinindustryconcentration.Fromtheperspectiveofcorporatecharacteristics,industryparticipantsmainlyincludetwotypesofenterprises:Thefirsttypeisinnovativebrandenterprises,whichfocusoncontinuousinnovationandR&D,andstrivetoleadindustrydevelopment.oftenbeingabletokeenlyperceivetrendsinuserdemandsandswiftlyintroduceinnovativeproductsbasedontheseinsights,therebygainingacompetitiveedgeinthemarket.Theyholdnumerouspatentsandinnovativeproducts,demonstratingarobustabilitytoadapttomarketchanges,whichallowsthemtoflexiblyrespondtochallengesfromcompetitors.Thesecondtypeofbusinessisthefollowerbrand,whichhasweakercapabilitiesininnovation.Thesecompaniesoftenfacetechnologicalbarriers,producthomogeneity,andapassivefollowingofmarkettrends,placingthematadisadvantageincompetition.

TableMarketcompetitionlandscapeofelectrictwo-wheelers

MarketparticipantOriginalresearchandinnovationcapabilityUserdemandinsightcapabilityUserdemandfulfillmentcapabilityComprehensiveoperationalefficiencyCompetitivecapability
InnovativebrandenterprisesStrongStrongStrongHighStrong
FollowerbrandenterprisesWeakWeakWeakLowWeak

2.IndustryDrivingFactors

(1)Policy

Policiesareincreasinglyrefiningtheregulatoryframework.Theimplementationofthe“NewNationalStandard”,alongwithotherindustrypolicies,hasstandardizedindustrydevelopmentandcreatedopportunitiesforleadingcompanies.

1)“NewNationalStandard”Implementationof“NewNationalStandard”bringschangesincompetitionorderandmarketvolume.TheinspectionrulesofOldNationalStandardaredividedintothreecategories,vetoitems,importantitemsandcommonitems.Theelectricbicycle,meetingallvetoitems,atleast15onesin18importantitemsandatleast9itemsin13commonitems,aredeemedasqualifiedininspectionconclusion.The“NewNationalStandard”doesnotdistinguishtheinspectionrulesofelectricbicycle,alltechnicalparametersaremandatoryandremphasizethenon-motorizedvehiclestatusofelectricbicycles,suchasamaximumspeedlimitof25km/h,andincludestechnologicalmeasuresagainsttamperingwithspeed.Withimplementationof“NewNationalStandard”,inordertofurtherstrengthentransportationsafetymanagement,theadministrativedepartmentsimplementtransitionperiodmanagementpolicyfortheexistingelectricbicyclesthatexceedthestandard,andeachlocalgovernmentsetthetransitionperiod.Afterthetransitionperiodexpires,theelectricbicyclesexceedingthestandardwillnotbeallowedtorunontheroadagain.Localgovernmentspromulgatedthemanagementpoliciesforelectricbicyclesthatexceedthestandard,andsetdifferenttransitionperiods(generally5years,i.e.closingbeforetheendof2024).Andalsotheystrictlyexecutedthe“NewNationalStandard”,andthedigitalandsmarttransportmonitoringequipmentandexecutiontoolsgreatlyreducedexecutiondifficulty,therefore,theimplementationeffectofthe“NewNationalStandard”wasgood,andthereplacementdemandincreasingeveryyearextendedtheindustry’smarketvolume.Afterimplementationofthe“NewNationalStandard”,thedemandforelectricmopedsandelectricmotorcyclessignificantlyincreased,manymanufacturershadtopassstrictentryexaminationinordertoobtainproductionandmanagementqualification.Inaddition,allelectrictwo-wheelersmustpass3Cauthenticationbeforesaleinthemarket,andtheauthenticationwouldgeneratecertainexpenses.Thesemeasureshavesignificantlyraisedindustrialentrybarrierandtheoperatingcostsofwholevehiclemanufacturers,acceleratedsurvivalofthefittestintheindustry,andhadactivepromotionactionforregulatingdevelopmentandcompetitionorderofelectrictwo-wheelervehicleindustry.Inviewofimplementationeffectof“NewNationalStandard”inrecenttwoyears,integrationshowedaccelerationtrendintheindustry,andthemarketsharewouldbeconcentratedtotheleadingenterprises.

2)OtherimportantindustrypoliciesTheindustrysupervisionandadministrationpoliciespromulgatedandimplementedinrecentyearsweremainlyrelatedtosafety(includingridingsafetyandfiresafety).Benefitingfromdigitalandsmarttransportationmonitoringequipmentandexecutiontools,

theexecutionstrengthandeffectivenesscontinuetoincrease,andthesafeuseofelectrictwo-wheelersandindustrialorderarestrictlyregulatedfromproduction,sales,anduserends.InJuly2021,theStateTaxationAdministration,MinistryofIndustryandInformationTechnology,andMinistryofPublicSecurityjointlyreleasedtheMeasuresforthe“UseofMotorVehicleInvoices”.Enterpriseswhichmanufactureandsellmotorvehiclesshallissueunifiedinvoicesforthemotorvehicleswhichtheyhavesoldaccordingtotheprincipleof“oneinvoiceforonevehicle”,andanyelectricmotorcyclesandelectricmopedsnotissuedwithinvoicescannotobtainlicenseplatesandrunontheroad.The'oneinvoiceforonevehicle'policyfacilitatesafter-saleclaimsbyconsumersandeffectivelyeliminatesasymmetricalcompetitionintheindustry.Inaddition,occurrenceofpublicsafetyaccidentsarisingfromelectrictwo-wheelersonfirecatchesmoresocialattentioninrecentyears.Executionoftherule“electricvehiclesshallnotbeupstairs”isstricter,safecharginghasbecomeafocalpointinconsumptionandanimportantissueaffectingthedevelopmentoftheindustry,andgeneratedahugepotentialdemandmarket,andalsoprovidedroomforbusinessexpansionandperformancegrowth.

(2)SocietyThecommonviewof“lowcarbonemissionandgreentransport”andworsetrafficjamtocommutehabitmademoreuserstoacceptelectrictwo-wheelers.Inrecentyears,environmentalprotectionhasbecomeaglobalconsensus.Inresponsetotheincreasinglyevidentclimaterisksandtheseriesofissuestheyprecipitate,governmentsworldwidehavetakenaction.Chinahassetforththe"DualCarbon"goals(carbonpeakby2030andcarbonneutralityby2060)andcontinuouslyrefineditslegalandregulatoryframeworkforlow-carbonemissionsreduction,activelyadvocatingforgreen,environmentallyfriendlyconcepts.Undersuchcircumstances,thenotionof"low-carbongreentravel"hasgraduallybecomeasocialconsensus.Electrictwo-wheelers,withtheirenvironmentallyfriendlyandeconomicalcharacteristics,alignperfectlywiththeconsumerdemandsofgreentravel.Concurrently,asurbantrafficcongestionworsens,manyfamiliesandindividuals,despiteowningcars,areoptingforelectrictwo-wheelersasaflexibleandconvenientmodeoftransportationforshortandmediumdistancesduetotheirmaneuverabilityandeaseofparking.

(3)EconomyThemediumandshort-distancetraveldemandofresidentsisbasic,transportcostadvantagemakeselectrictwo-wheelerasmajorselectionformediumandshort-distancetravel;theriseoftake-outdistributionandotheremergingbusinessesremarkablyextendtheusescenariosofelectrictwo-wheelers.Witheconomicdevelopmentandurbanizationprogress,thetravelradiusofresidents(includingurbanandruralresidents)continuallyincreases,andthemediumandshort-distancetraveldemandisincreasing.Comparedwithothermediumandshort-distancevehicles,electrictwo-wheelerhasthefollowingadvantages:economical,convenient,time-savingandlabor-saving,andthetransportationcostadvantageiseven

moreobvious,thishighlymeetsthedemandofresidentsanditbecomesthemajorselectionofresidentsformediumandshort-distancetravel.Thisisthebasicdrivefactorofindustrydevelopment.Furthermore,whenconsumptionawarenessofresidentsimprovesandthe“Internet+”servicemodelisbecomingmatureinChina,variousdoor-to-doorserviceshavebecomemainstreamofnewconsumption,take-outservicesdrivenunderO2O(online/offline)modelandexpressservicesdrivenundere-commercehavebecomethenewconsumptionscenariosofelectrictwo-wheeler,whichbenefitstheexpansionofindustrycapacity.

(4)TechnologyIn-depthresearchonthedesign,technology,andprocessesofelectrictwo-wheelers,alongwiththeongoingintegrationofnetworkingandintelligence,drivestheindustry'stechnologicaldevelopment.Industrytechnologiesaredevelopedmainlyintwopaths,oneisinnovationandimprovementoftheinherenttechnologysystemoftheindustry(includingmaterial,processandstructure),includingperformanceimprovementofcorehardwaresuchasbattery,applicationofnewenvironment-friendlymaterialsandnewtechnologies,improvementofvehiclebodystructure.Theotheristechnicalapplicationcrossingindustries,networkingandsmarttechnicalapplicationistheR&Dfieldofcurrentimportantcross-industrytechnicalapplication.Bothofthemjointlypromotetechnologydevelopmentoftheindustry,improvementofproductperformanceandfunctionexpansion,anditisbeneficialthattheproductsintheindustryobtainwidermarketrecognition.AftertheleadingenterpriseswithstrengthinR&Dinvestmentacquireeconomicinterestfromresearchanddevelopment,theywillfurtherincreaseinputinR&Danddesign,sothatitcangenerategoodcycleofR&D-design-manufacture-sale,andpromoteimprovementofindustryconcentrationandwholeupgradingofindustry.

(5)InternationaldemandCarbonemissionreductionisanimportantstrategicconsensusformedonaglobalscale.Againstthebackdropofcontinuousimplementationofcarbonreductionpoliciesworldwide,theinternationalmarketforelectrictwo-wheelersisshowingagrowingtrend.Sinceelectrictwo-wheelersemerged,thedomesticmarkethasbeentheprimaryconsumptionmarket,whiledemandforelectrictwo-wheelersintheinternationalmarkethasbeenlow.Comparedwithelectrictwo-wheelers,motorcyclesandelectricassistanceproductswithleisureandfitnessfunctionsaregreatlyacceptedbyoverseascustomers.Whileenvironmentalprotectionawarenessisbeingstrengthenedintheworld,manycountriespromulgaterelevantpoliciesfor“prohibitingmotorcycle”orencouraging“replacingoilwithelectricity”,andthedemandforelectrictwo-wheelersintheinternationalmarketshowsincreasingtrend,andthisprovidesanotherhugedevelopmentspacefortheindustry.

3.Industrydevelopmenttrend

Economictransformationandconsumptionupgrading,applicationofnetworkingandsmarttechnologies,alongwiththeriseininternationaldemandduetocarbonpeakingandcarbonneutralitygoals,willdrivetheelectrictwo-wheelerindustrytowardsdifferentiation,high-end,smart,andinternationaldirections.

(1)DifferentiationElectrictwo-wheelersinearlydaysmainlymettheshort-distancetraveldemandofthepublic,andtheproductsfocusedatridingfunctionandcostperformance,theyhadsimplefunctionsandarehomogeneous.Withtheimprovementofresidents'livingstandardsandthetrendtowardsconsumptionupgrading,theconsumptiondemandforelectrictwo-wheelerschangestothedirectionofquality,function,personalityandexperience,includingcolor,vehiclemodelandstyle(suchasbusiness,fashionandsports),drivingmileage,smartinteraction,ridingcomfort,brakesafety,stability,etc.Inthetrendofconsumptiondemandtransformationandconsumptionupgrading,electrictwo-wheelerswillshowdifferentialtrend,namely,manufacturerscarryoutpreciseidentificationanddeepresearchtosegmentingconsumptiondemand,andorganizecustomizedproductionaccordingtodifferentpersonaldemands.

(2)High-endWithmoreintensivecompetitionintheindustry,restructuringofindustryorderandchangeofconsumptiondemand,high-endwillbethenecessaryoptionofelectrictwo-wheelerindustry,andisalsoonlywayofbrandenterprises.High-endtrendoftheindustryincludesthreeaspects:first,productfunctionupgradingandexpansion,second,brandre-positioningandextension,third,overallhigh-endtransformation.Overallhigh-endtransformationmainlyreferstoinnovation,evolutionandupgradingoftheexistingindustrialpatternunderthenetworking,smartanddigitaltrend.

(3)SmartnessConsumptionupgradingandcross-industrytechnicalapplicationprovideopportunitiesforsmartdevelopmentoftheindustry,includingdevelopmentandapplicationofautomaticdriving,automaticparking,smartnavigation,automaticunlocking,healthtesting,remotefailurediagnosis,anti-theftwarningandothersmartmodules.Especially,GenZpeople,whohavebeenoneofthemajorconsumptiongroups,paymoreattentiontosmartunlocking,human-vehicleinterconnectionandothersmartfunctions.WithcontinualdevelopmentofInternetofvehicles,smartfunctionishopefultobethestandardfunctionconfiguration.Atthattime,electrictwo-wheelerswillnotbelimitedtobeshort-distancetransportvehicle,andtheywillbecomeanimportantpartofresidents'smartnetworkingmediasystemsandasignificantsourceofsocialnetworkingdata.

(4)InternationalizationWithformationofinternationalcommonviewoncarbonemissionreductionandunderstandingofoverseasusersaboutgreenandconvenientcharacteristicsofelectrictwo-wheeler,internationalmarketfacesdevelopmentopportunity,electrictwo-wheelerindustrywillgraduallymovefromdomesticmarkettoglobalmarket.Atpresent,many

domesticmanufacturersinChinaareintensifyingtheireffortstoexpandintotheinternationalmarket.Despitetheobstaclesposedbytradeprotectionismduringinternationalization,theuniqueadvantagesoftheelectrictwo-wheelerindustryandtheinternationalstrategiesofleadingenterpriseswillhelpelectrictwo-wheelersentertheoverseasmarket,andthiswillbecometheimportantdevelopmenttrendofthisindustry.(II)DevelopmentstrategyoftheCompany

√Applicable?NotapplicableTheCompanyconsistentlyadherestothestrategicdevelopmentaxisof"UsersFirst,ExcellentProducts,In-depthDevelopmentintheMarket,RefinedOperation"continuouslyfocusingonthefieldofconvenientshort-distancetransportation.Specializingintheinnovation,researchanddevelopment,andmanufacturingofelectrictwo-wheelers,theCompanyhasbuiltanend-to-endqualitymanagementsystemtoprovideconsumerswithcompetitiveproductsandtravelsolutions.Facingfuturemarketdevelopmenttrendstowardyouthfulness,fashion,intelligence,andlowcarbon,theCompanymaintainsandpromotesthetransformationfromasinglevehiclesellertoatravelsolutionsprovider,fromaleaderintravelproductstoaleaderinthetravelecosystem,fromadomesticbrandtoaninternationalbrand,andfromamanufacturing-basedcompanytoatechnology-basedcompany.Committedtobecomingaplatform-basedtechnologyfashioncompanythatprovidesgreenandconvenienttravelsolutions,theCompanycontinuestocreatevalueforshareholders,society,customers,andpartners.(III)Businessplan

√Applicable?Notapplicable

1.ProductdevelopmentandqualitymanagementCenteringonuserneeds,theCompanyadvancestheintegrateddevelopmentprocessofproductsandthestrategicprojectofcreatingmajorproducts,achievingboththedevelopmentoftherightproductsandtheircorrectdevelopment.Simultaneously,bypreciselyjudginguserneedsandmarkettrends,theCompanycontinuestoinvestincoreindustrytechnologies,implementationofintelligentfunctions,andtheapplicationofnewtechnologiesandprocesses,constantlyenhancingthefull-processqualitycontrolsystemtoensurethecontinuousdeliveryofadvancedperformanceandstablequalityproductsthatpreciselymeetthetargetusergroup'sdemands.

2.ChannelsandservicesTheCompanyfirmlyadherestothedirectionofintegratedmanufacturerandvendorvalue,continuouslyadvancingchannelexpansion.Byutilizinganefficientinformationsystem,theCompanyrefineschannelmanagementandempowersdealers,enhancingtheoperationalcapabilitiesandoutputofindividualstores.Simultaneously,itactivelyexploresinnovativechannelmodelstoimprovechanneloperationalefficiencyandeffectiveness.Relyingondealerchannels,theCompanypromotestheexpansionofspecializedservicestorestobuildaservicesystemthatcoverstheentireproductlifecycle,providinguserswithefficientandhigh-qualityservices.TheCompanyintensifiesexplorationofonline

channelstoattracttrafficandacquirenewcustomers,promotingthecoordinateddevelopmentofofflineandonlinechannels.

3.SupplychainTobuildasupplychainthatensuressupplysecurity,stablequality,andcost-effectiveness,theCompanyfocuseson"improvingquality,concentratingvolume,andreducingcosts”.Itcontinuouslyadvancessuppliertiermanagementandpreciseempowerment,creatingahigh-qualitysupplierbase.CollaborativelyadvancingR&D,qualitymanagement,andproduction,theCompanydeeplyinvolveskeysuppliersintheR&Dandproductionprocesses,advocatingtheuseofnewmaterials,technologies,andprocessestoachievecostreductionswhileensuringcomponentquality.TheCompanycontinuouslystrengthensthelocalizationofthesupplychaintoenhancesupplysecurityandspeed.

4.BrandbuildingandmarketingCenteringontherejuvenationandfashionrenewalofthebrand,theCompanyplansandconductscorrespondingbrandandmarketingactivities.Simultaneously,adjustingtheproductstructureasamarketingfocus,theCompanyintensifiesmarketingeffortsonpopularmodels.

5.ProductionFocusingonachievinggoalsinquality(Quality),cost(Cost),anddeliverytime(Delivery),theCompanyundertakesrelevantworkinautomation,informatizationconstruction,leanproduction,andtheapplicationofnewtechnologiesandprocesses.

6.DigitalintelligenceengineeringTheCompanycontinuouslypromotestheconstructionofdigitalintelligenceengineering,empoweringvariousbusinessunits,andcontinuallyenhancingtheCompany’scapabilitiesin"datanurturing,datamanagement,anddatautilization”,establishingadata-drivenmanagementcapability.

7.InternationalmarketexpansionIncreasinginvestment,theCompanysteadfastlyadoptsalocalizationstrategytoexpandintointernationalmarkets,focusingonkeymarketstoachievesynergisticdevelopmentofOEMlargecustomersandindependentbrandbusiness;buildingcorecompetitivenessfortheglobalmarket.

8.HumanresourcesFurtheroptimizingorganizationallevels,clarifyingfunctionalresponsibilities,andcomprehensivelyimplementingperformanceoutcomesintalentcultivation,selection,andincentivemechanisms;enhancingthecultivationofskilledtalents,improvingthetraininganddevelopmentsystemforskilledtalents,andestablishingaprofessionaldevelopmentchannelforskilledtalentslinkedwithsalarydistribution;intensifyingtheintroductionofstrategictalentstoprovidelong-termstablegrowthfortheCompany.(IV)Potentialrisks

√Applicable?Notapplicable

1.MoreintensivecompetitionintheindustryCompetitionintheelectrictwo-wheelerindustryisincreasinglyintensive.Inrecentyears,withregulatorydevelopmentofindustryandoptimizationofcompetitionorder,manysmallenterpriseswithdrawfromthemarket,andindustrycompetitionmainlyexistsbetweenleadingenterprises.Thisnewsituationseestheseenterprisescontinuallyreducingsalespriceswhileimprovingproductperformanceandexpandingservicecoverage,whichsignificantlyincreasesthedifficultyofcompetition.Ifamanufacturerfailstopromptlylaunchhigh-costperformanceproductsandofferhigh-qualityservicesaccordingtomarketdemand,itmayloseoriginalcompetitionadvantageandindustrialposition.Atpresent,theCompanyhasmaintainedaleadingpositionintheindustrybyvirtueofitscapabilitiesofstrongproductdevelopment,technologicalinnovation,excellentcostcontrolandqualitymanagement,goodbrandimageanduserreputation,nationwidemarketingchannelsandservicenetworksandothercompetitiveadvantages.TheCompanywillcontinuallyfocusonusers’demand,carryoutdifferentialcompetition,realizesmartandhigh-endproductsbyapplicationofInternetofvehiclestechnologies,developmentofindustrialcorehardware,improveproductionefficiencyanddefinedoperationthroughdigitalandsmartupgrading,developmentandcostreductionandraiseitscostcompetitionadvantage.

2.ProductR&DrisksWiththeimprovementofconsumers'consumptionawarenessandthetrendofconsumptionupgradingbecomingmoreandmoreobvious,consumers'demandforelectrictwo-wheeledvehiclespresentsthecharacteristicsoffashion,intelligenceandnetworking,whichrequireselectrictwo-wheeledvehiclemanufacturerstocontinuouslyresearchandpredictthetrendofconsumerdemand,continuetocarryoutproductinnovationandtechnologyresearchanddevelopment,andlaunchnewmodelswithnewshapesandnewfunctionstomeettheconstantlyupgradedconsumerneedsofusers.Failuretomeetconsumptionexpectationswillhaveanegativeimpactonperformance.Inaddition,theR&Dofnewmodelsrequiresacertainperiodoftime.Ifamanufacturertakestheleadindevelopingsimilarproductsandlockstherelevantpatents,itmayputpressureontheR&Dofothermanufacturers.TheCompanyalwaysregardsR&Dandproductinnovationasthemainmeanstoenhanceitsproductcompetitivenessandachievelong-termdevelopment.Startingfromtheneedsofusers,afteryearsofcontinuousR&Dinvestmentandexploration,ithasacquiredtherelevantcapabilitiesofaccurateuserdemandpositioning,excellenttechnologyandinnovation,whichmakesitsproductspopularamongconsumers.TheCompanywillcontinuetoimprovetheAPDSprocesswithauser-centeredR&Dstrategy,andenhancetheCompany'stechnologicalcapabilitiestoreduceR&Drisks.

3.ManagementriskstodealersThemainsalesmodeloftheCompany'sproductsisdistribution.DealersarenotonlytheCompany'sdirectcustomers,butalsoimportantwindowsfortheCompanytoshowits

brandimageandenhanceitsbrandreputationtoconsumersinitsdistributionareas.Theoperatingcapabilities,riskappetiteandwillingnesstoworkhardofthedealershaveagreaterimpactonthesalesoftheCompany'sproductsintherelevantdistributionareas.Ifthedealer'soperationmethodandservicequalityarecontrarytotheCompany'sbusinesspurposeorthedealer'sunderstandingoftheCompany'smanagementphilosophydeviates,itmayhaveanadverseimpactontheCompany'sbusinessperformanceandbrandimage.Inthisregard,theCompanycontinuouslyimprovesthedealermanagementsystem,strictlyimplementsthemanagementstandardsfordealeraccess,training,assessmentandexit,etc.,andestablishesascorecardsanddynamicchannelmanagementsystemto“retainwinnersandphaseoutlosers”,tostimulatethedealer’workingenthusiasm,improvetheiroperationcapabilitiesandensurethevitalityandhealthydevelopmentoftheCompany'schannelsystem.

4.MaterialpricefluctuationrisksThepurchasepriceofrawmaterialsintheindustryisaffectedbyfactorssuchasmacrotrendsandindustrialpolicies,andthereisthepossibilityoffluctuations,whichincreasesthedifficultyofcontrollingpurchasecostsandmayhaveacertainimpactontheoperatingperformanceofproductionenterprises.Inthisregard,theCompanyhasbuiltandwillcontinuetoimproveahigh-qualityandefficientsupplychainsystem,andhassetupanSQE(SupplierQualityEngineer)department,andselectandintegrateglobalsupplychainresources.TheCompanyinvestedinkeypartssupplierstoensurethesafetyofthesupplyofkeyparts;atthesametime,forproductswithaclearpriceincrease,theCompanyadoptsthemethodoflockingthepriceinadvanceandlockingthepurchasevolumetoavoidoperatingriskscausedbysharppriceincreases.TheCompanyhasestablishedclosestrategiccooperativerelationswithmajorpartssuppliers,whichisconducivetoachievingsufficientsupplyofrawmaterialsandstableprices.Atthesametime,theCompanyupgradesandoptimizesthesupplychainplatformthroughtheconstructionofdigitalintelligence,realizesthedeepsynergybetweentheCompany'smanufacturingprocessandthesupplychainsystem,andhedgesthecostcontrolpressurecausedbyrisingrawmaterialswiththeimprovementofproductionefficiency.

5.RisksofnewprojectsfallingshortofexpectationsInrecentyears,astheindustry'smarketcapacitycontinuouslyexpandsandtheCompany'sproductsalesgraduallyincrease,theCompanyhasdecidedtobuildnewproductionbasestoexpandcapacityandenhanceoverallproductioncapabilitiesafterthoroughresearchandvalidation.ThesenewprojectsincludetheTaizhouIntelligentElectricVehicleandHigh-SpeedElectricMotorcycleprojectinZhejiang,theAimaNewEnergyIntelligentTravelEcologicalIndustrialParkprojectinZhejiangLishui,theAimaIntelligentTravelIndustrialParkprojectinGuangxiGuigang,thesecondphaseoftheAimaSouthwestManufacturingBaseinChongqing,andanoverseasproductionbaseinSoutheastAsia.Theconstructionofnewbasesgenerallytakesalongtime,andcoupledwithchangesinpolicies,constructionconditions,andotherfactors,thereisariskthattheconstructionandproductionofnewprojectsmaynotprogressasexpected.AlthoughtheseprojectshavebeenthoroughlyvalidatedbytheCompanybasedonscientific

predictionsofnationalindustrialpolicies,industrytrends,andmarketdemands,significantadversechangesinpolicies,industrytrends,ormarketenvironmentsafterthenewbasesstartproductioncouldimpacttheprofitabilityoftheprojects.Additionally,theimplementationofnewprojectswillleadtoanincreaseintheCompany'sfixedassetdepreciationexpenses,whichmayadverselyaffectshort-termperformance.Inresponse,theCompanywillcloselymonitorpolicyandmarketenvironmentchanges,accelerateprojectconstructionandproductionramp-up,andcontinuouslyenhanceitstechnologicalstrengthandproductcompetitivenesstoaccuratelymeetconsumerdemands,therebyincreasingthemarketshareofitsproductsandtheprofitabilityofnewprojects.(VI)Others?Applicable√NotapplicableVII.ExplanationforNon-disclosureinAccordancewithTheAccountingStandardduetoBeingNotApplicabletoTheProvisionsoftheStandardorStateSecretandBusinessSecreteandOtherSpecialReasons?Applicable√Notapplicable

Section4CorporateGovernanceI.RelatedInformationaboutCorporateGovernance

√Applicable?NotapplicableInaccordancewiththeCompanyLaw,SecuritiesLaw,CodeofCorporateGovernanceforListedCompanies,RulesGoverningtheListingofStocksonShanghaiStockExchangeandotherlawsandregulations,andbasedonitsactualsituation,theCompanyhasconstantlyimproveditscorporategovernancestructureandinternalcontrolsystemtofurtherenhanceitsgovernancelevel.TheGeneralMeetingofShareholders,BoardofDirectors,BoardofSupervisorsandmanagershavetheirrespectiveclearrightsandresponsibilities,andtheyoperateinaregulatedmanner.FourspecializedcommitteesincludingtheStrategyandESGCommittee,AuditCommittee,NominationCommittee,RemunerationandAppraisalCommitteehavebeensetupundertheBoardofDirectors,andeachspecificcommitteedoesitsworkaccordingtoitsduties.In2023,theCompanyheld4generalmeetingsofShareholders,13meetingsofboardofdirectorsand10meetingsofboardofsupervisors,reviewingtheimportantmatterssuchasexternalguarantees,relatedpartytransactions,convertiblebonds,stockoptions,sharebuy-backs.TheCompanyhasupdatedtheindependentdirectorsysteminaccordancewiththelatestlegalandregulatoryrequirements.Theindependentdirectorsrigorouslyfulfilltheirresponsibilitiesasmandatedbyrelevantlaws,regulations,andtheCompany’sArticlesofAssociation,expressindependentopinionsonrelatedmatters,convenespecialmeetingsfordeliberation,andeffectivelysafeguardthelegalrightsandinterestsofallshareholders.Concurrently,theCompanycontinuestoamendandimproverelevantregulations,whichareeffectivelyexecuted;TheCompanyhasestablishedimpartial,transparentperformanceevaluationstandardandincentiveandrestrictionmechanismsforseniormanagement,andhasmadecomprehensiveevaluationwithreferencetotheoperationtargetsoftheCompanyanditsbusinessunits,individualabilityandperformanceexamination.TheCompanyccontinuouslyenhancesthequalityofitsinformationdisclosuresaccordingtotheprovisionsoftheArticlesofAssociation,ManagementMethodonInformationDisclosureandotherrules.TheCompanyinsistsoncombinationofstatutoryinformationdisclosureandvoluntaryinformationdisclosureandensurethatallshareholdersandotherstakeholderscouldobtaintheCompany’sinformationequally.Duringthereportingperiod,theCompanydisclosed107temporaryreportsand4regularreports,allannouncementsandfilingdocumentsarestoredintheCompany'ssecuritiesaffairsmanagementdepartmentforinvestorstoaccess.TheCompanyalsostrictlyexecutedtheInsiderRegistrationandFilingSystemtoenhancetheconfidentialityofinsiderinformation,maintaintheopenness,fairnessandjustnessofinformationdisclosureandprotectthelegitimaterightsandinterestsofinvestors.

TheCompanyplaceshighimportanceoninvestorrelationsmanagement.ThroughvariouschannelssuchastheShanghaiStockExchange"e-Interaction"platform,dedicatedinvestorhotline,email,websitecolumn,onlinemeetings,andon-sitereception,theCompanymaintainscontinuouscontactwithalltypesofinvestorsandindustryresearchers.Thisfacilitatestimelyaccesstocorporateinformationforinvestorsandbuildsaneffectivecommunicationbridgebetweeninvestorsandthelistedcompany.ItalsoallowstheCompanytounderstandthedemandsandexpectationsofinvestors,guidingandstandardizingfurtherimprovementsininvestorrelationsmanagementtoenhancecorporatequality.Duringthereportingperiod,theCompanyorganizedmultipleperformancebriefingsandinvestorresearchactivities,andactivelyparticipatedinbrokeragestrategymeetings,conductingavarietyofinvestorcommunicationactivitiesinaccordancewithlawsandregulations.Indicatewhethertherewasanymaterialincompliancewiththeapplicablelawsandregulations,aswellastheCSRC’srequirementsincorporategovernance.Ifyes,pleaseexplain

√Applicable?NotapplicableII.SpecificMeasuresTakenbytheControllingShareholderandActualControllertoGuaranteetheAsset,Personnel,Financial,OrganizationalandBusinessIndependenceoftheCompany,aswellasSolutions,ProgressandSubsequentPlanswhentheCompany’sIndependenceIsIntervened

√Applicable?NotapplicableTheCompanyhasbeenoperatingstrictlyinaccordancewiththeCompanyLaw,ArticlesofAssociationandotherrelevantregulations.TheCompanymaintainsindependencefromitscontrollingshareholder,theactualcontrollerandotherenterprisesunderitscontrolinassets,personnel,finance,organization,business,etc.TheCompanyhasacompletebusinesssystemandtheabilitytooperateindependentlyinthemarket.Theconcretesituationisasfollows:

(I)IndependentassetsTheCompanyhasanindependentandcompleteproduction,procurementandsalessystemandsupportingfacilitiesforproductionandoperation,andlegallyownsfixedassets(e.g.,plantsandequipment)andintangibleassets(e.g.,landuserights,trademarksandpatents)relatedtoproductionandoperation.TherearenoinstancesofillegaluseoftheCompany’sfunds,assets,orotherresourcesbythecontrollingshareholderoritsaffiliates,andtherearenounclearpropertyrightsinthebusinesssystemsandmajorassetsrelatedtooperation.(II)IndependentpersonnelTheCompanyhassetupanindependenthumanresourcedepartment,andhasformulatedtherulesrelatedtolabor,personnelandsalary.AlloftheCompany’sseniormanagement,holdfull-timepositionsinandreceiveremunerationsfromtheCompany,andnoneofthemholdapositionotherthandirectorandsupervisorinthecontrolling

shareholderoractualcontrolleroftheCompanyoranyotherenterpriseundercontrolthereof.TheCompanyisabsolutelyindependentfromitscontrollingshareholderandactualcontroller,andotherenterprisesundertheircontrolintermsoflabor,personnelandsalarymanagement.(III)IndependentfinanceTheCompanyhassetupanindependentfinancedepartment,andestablishedasetofindependent,completeandnormativefinancialaccountingsystem,accountingmanagementsystemandinternalcontrolsystem.TheCompanyindependentlyopensbankingaccounts,paystaxinaccordancewiththelaw,anddoesnotuseanyjointaccountwiththecontrollingshareholder,actualcontrollerandotherenterprisesundercontrolthereof.(IV)IndependentorganizationTheCompanyhasindependentproduction,operationandofficeplaces.Accordingtolaw,theCompanyhassetthegeneralmeetingofshareholdersasthehighestauthority,theboardofdirectorsasthedecision-makingbodyandtheboardofsupervisorsasthesupervisorybody,builtanindependentorganizationalstructuresuitableforitsowndevelopment,andformulatedreasonableandcompletepositiondutiesandinternalmanagementrules.Eachdepartmentindependentlyoperatesaccordingtothestatedresponsibilities.ThereisnoshareholderentityoranyotherentityorindividualthatinterfereswiththeestablishmentoftheCompany’sorganization,andtheCompanyiscompletelyindependentofthecontrollingshareholder,actualcontrollerandotherenterprisesundercontrolthereof.(V)IndependentbusinessTheCompanyownsindependentandcompletepurchasing,production,salesandbusinesssystems,andhasindependentmanagementdecision-makingrights,independentlyorganizesitsproductionandmanagementaccordingtooperationplans,independentlycarriesoutbusiness,whichisindependentwiththecontrollingshareholder,actualcontrollerandotherenterprisesundercontrolthereof.TheCompanydoesnothavepeercompetitionorunconscionablerelatedtransactionwiththecontrollingshareholder,actualcontrollerandotherenterprisesundercontrolthereof.Indicatewhetherthecontrollingshareholder,theactualcontroller,oranyentityundertheircontrolisengagedinthesameorsimilarbusinesswiththeCompany.ExplaintheimpactofpeercompetitionoranysignificantchangetopeercompetitionontheCompany,solutionstaken,progressandsubsequentplans.?Applicable√NotapplicableIII.IntroductiontoGeneralMeetingsofShareholders

MeetingsessionDateofmeetiIndexforresolutionsearchonthedesignatedDateofdisclosureofMeetingresolutions
ngwebsiteresolution
The1stExtraordinaryGeneralMeetingofShareholdersin2023April14,2023www.sse.com.cnApril15,2023Reviewedandadoptedthe<2023StockOptionIncentivePlan(Draft)>anditssummary,theProposalonthe<2023StockOptionIncentivePlanImplementationAssessmentManagementMeasures>,andtheProposalonSubmittingtotheGeneralMeetingofShareholderstheAuthorizationfortheBoardofDirectorstoHandleMattersRelatedtoEquityIncentives.
TheAnnualGeneralMeetingofShareholdersin2022May5,2023www.sse.com.cnMay6,2023ReviewedandadoptedtheProposalonthe2022WorkReportoftheBoardofDirectors,theProposalontheWorkReportoftheBoardofSupervisorsin2022,theProposalontheFinalFinancialReportof2022,theProposalonthePlanforProfitDistributionandCapitalizationofCapitalReservesin2022,theProposalontheAnnualReportof2022anditsSummary,theProposalonProvidingCreditGuaranteesforCertainSubsidiaries,theProposalonApplyingforComprehensiveCreditLinetoBankin2023,theProposalontheWorkReportofIndependentDirectorsin2022,theProposalRegardingDirectorCompensationfortheFifthBoardofDirectorsMeeting,theProposalRegardingSupervisorCompensationfortheFifthBoardofSupervisorsMeeting,theProposalfortheReappointmentoftheFinancialAuditFirmandInternalControlAuditFirmfortheFiscalYear2023,theProposalforPurchasingLiabilityInsurancefortheCompanyandDirectors,Supervisors,andSeniorManagementPersonnel.
The2ndExtraordinaryGeneralMeetingofShareholdersin2023June5,2023www.sse.com.cnJune6,2023ReviewedandadoptedtheProposalRegardingChangingtheCompany'sRegisteredCapitalandAmendingthe<CompanyArticlesofAssociation>.
The3rdExtraordinaryGeneralMeetingofShareholdersSeptember7,2023www.sse.com.cnSeptember8,2023ReviewedandadoptedtheProposalRegardingthe<2023InterimProfitDistributionPlan>.

Extraordinarygeneralmeetingsofshareholdersconvenedattherequestofpreferenceshareholderswithresumedvotingrights:

Applicable√NotapplicableDescriptionofgeneralmeetingsofshareholdersApplicable√Notapplicable

IV.SituationofDirectors,SupervisorsandSeniorManagement(I)Shareholdingchangesandremunerationsofincumbentdirectors,supervisorsandseniormanagementandthosewhoresignedbeforetheendoftheirtenuresduringthereportingperiod

√Applicable?Notapplicable

NameOfficetitleGenderAgeStartoftenureEndoftenureBeginningofyearshareholdingEndofyearshareholdingChangeinshareholdinginthereportingperiodReasonforchangePre-taxcompensationreceivedfromtheCompanyduringthereportingperiod(intenthousandRMB)WhetheracquiringremunerationfromrelatedpartiesoftheCompany
ZhangJianChairmanoftheBoard,GMM54September27,1999September8,2025395,243,800592,865,700197,621,900Capitalizationofcapitalreserves321.37No
DuanHuaViceChairmanoftheBoard,viceGMF55September13,2013September8,2025308.23No
ZhangGegeDirectorF30September13,2013September8,202550.72No
PengWeiDirectorM53August26,2009September8,20254,147,8406,221,7602,073,920Capitalizationofcapitalreserves67.42No
GaoHuiDirector,viceGMM45September9,2022September8,20251,680,0002,520,000840,000Capitalizationofcapitalreserves283.71No
WangChunyanDirector,viceGM,secretaryofboardofdirectorM44January24,2018September8,2025151.29No
SunMingguiIndependentdirectorM60September9,2022September8,202510.67No
LiuJunfengIndependentdirectorM55September9,2022September8,202510.67No
MaJunshengIndependentdirectorM48September9,2022September8,202510.67No
XuPengChairmanofboardofsupervisorsM34September13,2016September8,202530.37No
LiYanEmployeesupervisorF40May7,2018September8,202569.02No
LiuTingxuSupervisorF42September9,2022September8,202592.60No
LiYubaoViceGMM48January24,2018September8,2025313.08No
ZhengViceGM,F42July21,Septembe560,000840,000280,000Capitalization222.80No
HuiChiefFinancialOfficer2021r8,2025ofcapitalreserves
LuoQingyiViceGMM44September9,2022September8,2025840,0001,260,000420,000Capitalizationofcapitalreserves326.92No
NameMainworkingexperience
ZhangJianFormerExecutiveDirectorofTianjinQiyuInteractiveTechnologyCo.,Ltd.,andDirectorofTianjinSanshangInvestmentManagementCo.,Ltd.CurrentlyservesastheChairmanandGeneralManageroftheCompany.
DuanHuaFormerViceGeneralManageratAimaTechnology.CurrentlytheViceChairmanandViceGeneralManageroftheCompany.
ZhangGegeFormerAssistantGeneralManagerandSecretarytotheChairmanattheCompany.CurrentlyaDirectorattheCompany,ExecutiveDirectorandGeneralManageratSuiwanwan,andExecutivePartneratYanchengDingai.
PengWeiFormerGeneralManagerofTianjinBondFushidaElectricVehicleCo.,Ltd.,andGeneralManageratTianjinSports.CurrentlyaDirectoroftheCompany.
GaoHuiFormerPresidentofthespecialandinternationalbusinessdivisionattheCompany.CurrentlyaDirector,ViceGeneralManager,Presidentoftheelectricvehicledivision,andGeneralManagerofdomesticbusinessattheCompany.
WangChunyanFormerChairmanandPresidentofTianjinSanshangInvestmentManagementCo.,Ltd.CurrentlyaDirector,ViceGeneralManager,andSecretaryoftheBoardofDirectorsattheCompany.
SunMingguiFormerteachingassistant,lecturer,associateprofessorandprofessorofLanzhouUniversity.CurrentlyanIndependentDirectoroftheCompany,andprofessoranddoctoralsupervisorofGloriousSunSchoolofBusinessandManagementatDonghuaUniversity.
LiuJunfengFormerViceGeneralManagerandSecretaryoftheBoardofTaslyPharmaceuticalGroupCo.,Ltd.,ViceGeneralManagerandSecretaryoftheBoardatTianjinChangrongTechnologyGroupCo.,Ltd.,andFull-timeViceChairmanandSecretary-GeneraloftheTianjinAssociationforPublicCompanies.CurrentlyanIndependentDirectoroftheCompanyandaConsultantatStock(Tianjin)EngineeringTechnologyCo.,Ltd.
MaJunshengFormertrainingpartneratShandongParamountAccountingFirm.CurrentlyanIndependentDirectoroftheCompany,directoroftheFinancialResearchInstituteattheShanghaiPudongFinancialPromotionAssociation,researcherattheIntelligentFinanceResearchInstituteofthe
ShanghaiNationalAccountingInstitute,IndependentDirectoratShanghaiGuohuiEnvironmentalTechnologyCo.,Ltd.,IndependentDirectoratShanghaiCNScienceandTechnologyCo.,Ltd.,ExternalDirectoratShanghaiYangpuTrading(Group)Co.,Ltd.,andIndependentDirectoratHuarongTechnologyCo.,Ltd.
XuPengFormerChairmanoftheBoardatTianjinBondFushidaElectricVehicleCo.,Ltd.,andassistantgeneralmanageratTianjinSanshangInvestmentManagementCo.,Ltd.CurrentlytheChairmanoftheBoardofSupervisorsoftheCompany.
LiYanFormersectionchiefofsuppliermanagementattheCompany'sprocurementdepartment,secretarytotheViceChairman,directoroftheimprovementofficeatthebrandmanagementventer,anddirectoroftheOfficeoftheViceChairman.CurrentlyanEmployeeSupervisorandproductmanageroftheR&DdepartmentattheCompany.
LiuTingxuFormersectionchiefoftheprocurementdepartmentanddeputydirectorofthebrandcenterattheCompany.CurrentlyaSupervisorandSecretarytotheDeputyChairmanattheCompany.
LiYubaoFormerdirectoroftheprocurementdepartmentatTianjinNewTimesVehicleIndustryCo.,Ltd.,directoroftheprocurementdepartmentatTianjinTaimeiBicycleCo.,Ltd.,anddirectorofprocurementattheCompany.CurrentlytheViceGeneralManageroftheCompany.
ZhengHuiFormerFinancialManageratMideaGroupCo.,Ltd.ProductCompany,ViceGeneralManagerandChiefFinancialOfficeratMeizhiOptoelectronicsTechnologyCo.,Ltd.,ViceGeneralManageratFoshanHangeE-commerceTechnologyCo.,Ltd.,SeniorFinancialDirectoratFoshanYunmiElectricTechnologyCo.,Ltd.,andSeniorFinancialDirectorattheCompany.CurrentlytheViceGeneralManagerandChiefFinancialOfficeroftheCompany.
LuoQingyiFormerAdministrativeViceGeneralManageratNingboGeelyRoyalEngineComponentsCo.,Ltd.CurrentlytheViceGeneralManageroftheCompany.

DescriptionofothersituationApplicable√Notapplicable

(II)Incumbencyofcurrentandresigneddirectors,supervisorsandseniormanagementduringthereportingperiod

1.Positionattheshareholderentity?Applicable√Notapplicable

2.Statementofthepositionheldinotherentities

√Applicable?Notapplicable

Nameofin-servicestaffNameofotherentitiesPositionheldinotherentitiesStartingdateoftenureEndingdateoftenure
ZhangJianTianjinJiemaElectricTechnologyCo.,Ltd.DirectorJanuary2019
ZhangJianZhejiangTodaySunshineNewEnergyVehicleCo.,Ltd.DirectorMay2022
ZhangJianNanjingZhidouNewEnergyVehicleCo.,Ltd.DirectorMay2023
ZhangJianGuangxiNingfuNewEnergyTechnologyCo.,LtdDirectorJune2023
ZhangGegeYanchengDingaiVentureCapitalPartnership(LimitedPartnership)ManagingpartnerDecember2017
GaoHuiWuxiLyulingElectricTechnologyCo.,Ltd.ExecutivedirectorMay2015
LiuJunfengTianjinAssociationforPublicCompaniesFull-timevicepresidentandsecretarygeneralAugust2021June2023
SunMingguiGloriousSunSchoolofBusinessandManagement,DonghuaUniversityProfessor,doctoralsupervisorFebruary2004
MaJunshengShanghaiZhongyinCultureCommunicationCo.,LtdIndependentdirectorSeptember2022August2023
MaJunshengShanghaiGuohuiEnvironmentalTechnologyCo.,Ltd.IndependentdirectorOctober2020
MaJunshengShanghaiXienTechnologyCo.,Ltd.IndependentdirectorFebruary2022
MaJunshengShanghaiYangpuCommerce&Trade(Group)Co.,Ltd.ExternaldirectorJanuary2022
MaJunshengHuarongTechnologyCo.,Ltd.IndependentdirectorSeptember2022
LuoQingyiNingboHengaiEnterpriseManagementPartnership(LimitedPartnership)ExecutivepartnerDecember2021May2023
DescriptionoftakingofficeinotherorganizationsAsoftheendofthereportingperiod,MaJunshengservedasanindependentdirectorinnomorethanthreedomesticlistedcompanies,incompliancewiththerelevantprovisionsoftheGuidelinesforIndependentDirectorsofListedCompanies.

(III)Remunerationsofdirectors,supervisorsandseniormanagement

√Applicable?Notapplicable

Decision-makingprocessfortheremunerationofdirectors,supervisorsandseniormanagementTheboardofdirectorsdecidesontheremunerationofseniormanagement,whilethegeneralmeetingofshareholdersdecidesontheremunerationofdirectorsandsupervisors.
DirectorsabstainfromdiscussionsontheirremunerationattheBoardofDirectorsYes.
TheRemunerationandAssessmentCommitteeorspecialmeetingofindependentdirectorsprovidedReferringtoindustryandregionalstandards,andconsideringtheactualsituationoftheCompany,theremunerationfordirectors,supervisors,andseniormanagementisdetermined.
recommendationoncompensationofDirectors,SupervisorsandSeniorManagement
Basisfordecidingtheremunerationofdirectors,supervisorsandseniormanagementTheremunerationoftheCompany'sdirectors,supervisors,andseniormanagementisdeterminedbasedontheCompany'scompensationdistributionsystemandassessmentmethods.TheremunerationofindependentdirectorsisdeterminedaccordingtotheactualworktheyperformfortheCompany.
Actualpaymentofremunerationfordirectors,supervisorsandseniormanagementFordetails,pleaserefertoSectionIV,(I)Shareholdingchangesandremunerationsofincumbentdirectors,supervisorsandseniormanagementandthosewhoresignedduringthereportingperiod.
Totalremunerationactuallyobtainedbyalldirectors,supervisorsandseniormanagementattheendofreportingperiodRMB22.6954million.

(IV)Changesindirectors,supervisorsandseniormanagement?Applicable√Notapplicable

(V)Punishmentsimposedbysecuritiesregulatorsinthepastthreeyears?Applicable√Notapplicable

(VI)Others?Applicable√NotapplicableV.BoardMeetingsConvenedduringtheReportingPeriod

MeetingsessionDateofMeetingMeetingResolutions
The4thMeetingoftheFifthBoardofDirectorsFebruary20,2023ReviewedandadoptedtheProposalonClarifyingthePublicIssuancePlanofConvertibleCorporateBonds,ProposalonthePublicIssuanceandListingofConvertibleCorporateBonds,ProposalonEstablishingSpecialAccountsforRaisedFundsandSigningSupervisionAgreements.
The5thMeetingoftheFifthBoardofDirectorsMarch20,2023ReviewedandadoptedtheProposalonUsingPartialFundsRaisedthroughConvertibleCorporateBondstoProvideLoanstoaWholly-OwnedSubsidiaryforImplementationofFund-raisingProjects,theProposalonthe<2023StockOptionIncentivePlan(Draft)>andItsSummary,theProposalonthe<2023StockOptionIncentivePlanImplementationandAssessmentManagementMethods,theProposaltoRequesttheGeneralMeetingofShareholderstoAuthorizetheBoardofDirectorstoHandleMattersRelatedtoStockIncentives,theProposalonConveningtheFirstExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2023.
The6thMeetingoftheFifthBoardofDirectorsApril14,2023ReviewedandadoptedtheProposalonthe2022WorkReportoftheBoardofDirectors,theProposalontheWorkReportoftheGeneralManagerin2022,theProposalontheFinalFinancialReportof2022,theProposalonthePlanforProfitDistributionandCapitalizationofCapitalReservesin2022,theProposalontheAnnualReportof2022anditsSummary,theProposalon2022EnvironmentalSocialandGovernance(ESG)Report,theProposalontheSpecialReportonDepositandUseofRaisedFundsin2022,theProposalon2022AnnualInternalControlEvaluationReport,theProposalonUseofIdleSelf-ownedFundforCashManagement,theProposalonProvidingCreditGuaranteesforCertainSubsidiaries,theProposalonApplyingforComprehensiveCreditLinetoBankin2023,theProposalontheWorkReportofIndependentDirectorsin2022,theProposalon
thePerformanceReportoftheAuditCommitteeoftheBoardofDirectorsfor2022,theProposalonAllowancefortheDirectorsoftheFifthBoardofDirectors,theProposalontheRemunerationofSeniorManagementin2022andRemunerationProgramfor2023,theProposalontheReappointmentoftheAccountingFirm,theProposalontheDepositofPartoftheRaisedFundsthroughDemandDeposits,NegotiableDeposits,andOtherFormsofCurrentAccountDeposits,theProposalonPurchasingLiabilityInsurancefortheCompanyanditsDirectors,SupervisorsandSeniorManagement,theProposalonAdjustingtheListofIncentiveRecipientsandtheNumberofSharesGrantedunderthe2023StockOptionIncentivePlan,theProposalonGrantingStockOptionstoIncentiveRecipients,theProposalonConveningtheAnnualGeneralMeetingofShareholdersin2022.
The7thMeetingoftheFifthBoardofDirectorsApril26,2023ReviewedandadoptedtheProposalontheFirstQuarterReportof2023,theProposalonUsingBank-AcceptedBillstoPayforFundraisingInvestmentProjectsandReplacingwithanEquivalentAmountofRaisedFunds
The8thMeetingoftheFifthBoardofDirectorsMay19,2023ReviewedandadoptedtheProposalonAdjustingtheNumberofSharesGrantedandtheRepurchasePriceunderthe2021RestrictedStockIncentivePlan,theProposalontheRepurchaseandCancellationoftheFirstGrantofRestrictedSharesunderthe2021RestrictedStockIncentivePlan,theProposalontheAchievementoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheFirstGrantunderthe2021RestrictedStockIncentivePlan,theProposalonRenamingtheBoardofDirectors'StrategicCommittee,theProposalonChangingtheCompany’sRegisteredCapitalandAmendingtheArticlesofAssociation,andtheProposalonConveningtheSecondExtraordinaryGeneralMeetingofShareholdersin2023.
The9thMeetingoftheFifthBoardofDirectorsJune15,2023ReviewedandadoptedtheProposalonUsingFundsRaisedthroughConvertibleCorporateBondstoReplaceSelf-raisedFundsPre-investedinFundraisingProjectsandPaidIssuanceExpenses,theProposalonFormulatingtheWorkingRulesfortheBoardofDirectors'StrategicandESGCommittee,andtheProposalonAddingMemberstotheBoardofDirectors'StrategicandESGCommittee.
The10thMeetingoftheFifthBoardofDirectorsJune30,2023ReviewedandadoptedtheProposalonTemporarilyNotAdjustingtheConversionPriceoftheAimaCBintoShares.
The11thMeetingoftheFifthBoardofDirectorsAugust11,2023ReviewedandadoptedtheProposalonExtendingtheInvestmentPeriodforCertainProjectsFundedbytheInitialPublicOfferingProceeds.
The12thMeetingoftheFifthBoardofDirectorsAugust21,2023ReviewedandadoptedtheProposalontheSemi-annualReportof2023anditsSummary,theProposalontheSpecialReportonDepositandUseofRaisedFundsintheFirstHalfof2023,theProposalontheProfitDistributionPlanfortheFirstHalfof2023,theProposalonAdjustingtheNumberofSharesGrantedandtheExercisePriceunderthe2023StockOptionIncentivePlan,theProposalontheAchievementoftheConditionsforLiftingtheFirstRestrictionPeriodforReservedSharesunderthe2021RestrictedStockIncentivePlan,andtheProposalonConveningtheThirdExtraordinaryGeneralMeetingofShareholdersin2023.
The13thMeetingoftheFifthBoardofDirectorsAugust28,2023ReviewedandadoptedtheProposalonRepurchasingCompanySharesthroughCentralizedBidding.
The14thMeetingoftheFifthBoardofDirectorsOctober23,2023ReviewedandadoptedtheProposalontheThirdQuarterReportof2023.
The15thMeetingoftheFifthBoardofDirectorsOctober27,2023ReviewedandadoptedtheProposalonTemporarilyNotAdjustingtheConversionPriceoftheAimaCBintoShares.
The16thMeetingoftheDecemberReviewedandadoptedtheProposalonEstimatedDailyRelated
FifthBoardofDirectors27,2023TransactionsoftheCompanyanditsSubsidiariesin2023,theProposalonAmendingtheWorkingRulesforIndependentDirectorsandtheProposalonAdjustingtheMembersoftheBoardofDirectors'AuditCommittee.

VI.PerformanceofDutybyDirectors(I)Attendanceofboardmeetingsandgeneralmeetingsbydirectors

NameofdirectorIndependentdirectorornotAttendanceatboardmeetingsAttendancesatGeneralmeetings
RequiredattendancesofBoardmeetingsAttendanceinpersonAttendancebytelecommunicationAttendancebyproxyAbsenceAbsencefromtwoconsecutivemeetingsinpersonornotNumberofattendanceofgeneralmeetings
ZhangJianNo13131100No4
DuanHuaNo13131100No4
ZhangGegeNo13131100No4
PengWeiNo13131100No4
GaoHuiNo13131100No4
WangChunyanNo13131100No4
SunMingguiYes13131300No4
MaJunshengYes13131300No4
LiuJunfengYes13131200No4

ExplanationforabsencefromtwoconsecutiveBoardmeetingsinperson.?Applicable√Notapplicable

NumberofBoardmeetingsheldintheyear13
Ofwhich:Numberofon-sitemeetings0
Numberofmeetingsheldbytelecommunication11
Numberofmeetingsheldbothonsiteandbytelecommunication2

(II)ObjectionsraisedbydirectorsonmattersoftheCompany?Applicable√Notapplicable(III)Others?Applicable√NotapplicableVII.SpecializedCommitteesundertheBoardofDirectors?Applicable√Notapplicable

(1)Membersofthespecializedcommittees

SpecializedcommitteesMembers
AuditCommitteeMaJunsheng,SunMinggui,LiuJunfeng
NominationCommitteeLiuJunfeng,ZhangJian,MaJunsheng
RemunerationandAppraisalCommitteeSunMinggui,DuanHua,LiuJunfeng
StrategyandESGCommitteeZhangJian,SunMinggui,LiuJunfeng,MaJunsheng,WangChunyan

(2)TheAuditCommitteeheldfourmeetingsduringthereportingperiod.

ConveningdateContentofmeetingImportantcommentsandsuggestionsOtherperformanceofduties
April7,2023ReviewedtheProposalontheAnnualReportof2022AgreedtosubmitforNil
anditsSummary,theProposalonthePlanforProfitDistributionandCapitalizationofCapitalReservesin2022,theProposalontheFinalFinancialReportof2022,theProposalontheSpecialReportonDepositandUseofRaisedFundsin2022,theProposalonthe2022InternalControlEvaluationReport,theProposalonReappointingtheFinancialAuditFirmandInternalControlAuditFirmfor2023.BoardofDirectors'review
April26,2023ReviewedtheProposalontheFirstQuarterReportof2023.AgreedtosubmitforBoardofDirectors'reviewNil
August21,2023

ReviewedtheProposalontheSemi-annualReportof2023anditsSummary,andtheProposalontheSpecialReportonDepositandUseofRaisedFundsintheFirstHalfof2023.

AgreedtosubmitforBoardofDirectors'reviewNil
October23,2023ReviewedtheProposalontheThirdQuarterReportof2023.AgreedtosubmitforBoardofDirectors'reviewNil

(3)TheRemunerationandAppraisalCommitteeheldfourmeetingduringthereportingperiod

ConveningdateContentofmeetingImportantcommentsandsuggestionsOtherperformanceofduties
March20,2023ReviewedtheProposalonthe2023StockOptionIncentivePlan(Draft)andItsSummary,andtheProposalontheAssessmentandManagementMeasuresfortheImplementationofthe2023StockOptionIncentivePlan.AgreedtosubmitforBoardofDirectors'reviewNil
April14,2023ReviewedtheProposalontheRemunerationofSeniorManagementin2022andRemunerationProgramfor2023,theProposalontheAllowancefortheDirectorsoftheFifthBoardofDirectors,theProposalonAdjustingtheListofIncentiveRecipientsandtheNumberofSharesGrantedunderthe2023StockOptionIncentivePlan,andtheProposalonGrantingStockOptionstoIncentiveRecipients.AgreedtosubmitforBoardofDirectors'reviewNil
May19,2023ReviewedtheProposalonAdjustingtheNumberofSharesGrantedandtheRepurchasePriceunderthe2021RestrictedStockIncentivePlan,theProposalontheRepurchaseandCancellationoftheFirstGrantofRestrictedSharesunderthe2021RestrictedStockIncentivePlan,andtheProposalontheAchievementoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheFirstGrantunderthe2021RestrictedStockIncentivePlan.AgreedtosubmitforBoardofDirectors'reviewNil
August21,2023ReviewedtheProposalonAdjustingtheNumberofSharesGrantedandtheExercisePriceunderthe2023StockOptionIncentivePlan,andtheProposalontheAchievementoftheConditionsforLiftingtheFirstRestrictionPeriodforReservedSharesunderthe2021RestrictedStockIncentivePlan.AgreedtosubmitforBoardofDirectors'reviewNil

(4)StrategyandESGCommitteeheldtwomeetingsduringthereportingperiod.

ConveningdateContentofmeetingImportantcommentsandsuggestionsOtherperformanceofduties
February20,2023ReviewedtheProposalonFinalizingthePublicIssuancePlanforConvertibleCorporateBonds,theProposalonListingConvertibleCorporateBonds,andAgreedtosubmitforBoardofDirectors'reviewNil
theProposalonOpeningSpecialAccountsforRaisedFundsandSigningSupervisoryAgreements.
April14,2023ReviewedtheProposalontheCompany’sStrategyandDevelopmentPlanning.AgreedtosubmitforBoardofDirectors'reviewNil

(5)SpecificationofObjections?Applicable√NotapplicableVIII.RisksDetectedbytheBoardofSupervisors?Applicable√NotapplicableIX.EmployeesoftheCompanyastheParentandItsPrincipalSubsidiariesatthePeriod-end(I)Employees

Numberofin-serviceemployeesoftheCompanyastheparent1,671
Numberofin-serviceemployeesofprincipalsubsidiaries7,808
Totalnumberofin-serviceemployees9,479
NumberofretireestowhomtheCompanyastheparentoritsprincipalsubsidiariesneedtopayretirementpensions0
BreakdownbyFunction
FunctionNumber
Production5,537
Sales1,352
Technical1,089
Financial185
Administrative1,316
Total9,479
BreakdownbyEducationBackground
EducationNumber(person)
Doctor5
Master79
Undergraduate1,487
JuniorCollegeandTechnicalsecondaryschool1,789
Highschoolandbelow6,119
Total9,479

(II)Remunerationpolicy

√Applicable?NotapplicableTheCompanyhasestablishedanassessmentmechanismorientedtowardsresponsibilityoutcomesandacontribution-basedcompensationandbenefitssystem,implementingarelativelyfairinternalandcompetitiveexternalcompensationpolicy.TheformsofvaluedistributionwithintheCompanyincludeopportunities,authority,honors,salaries,bonuses,medicalinsurance,equity,dividends,andotherbenefits.(III)Trainingplans

√Applicable?NotapplicableTheCompanyprioritizestheappreciationofhumancapital,continuouslyconductingcustomizedprofessionalempowermenttrainingandimprovingtheorganizationalmechanismofprofessionalstudygroups,therebyadvancingthedevelopmentofaninternaltrainerteam.Inalignmentwithstrategicgoals,jobrequirements,andoperationalchallenges,theCompanyhasdevelopedtrainingprogramsthatmeetstrategicandbusinessneedsandconsistentlytracks

thepracticalapplicationoftheoreticalknowledge.TheCompanyhasestablishedathree-tiertrainingsystem,providingcomprehensiveprofessionalsupporttailoredtodifferentfunctionalareassuchasleadership,innovation,newretail,andservices.In2023,theCompanyconductedover700internalandexternaltrainingsessions,enhancingtheprofessionalskillsofmorethan500employees.(IV)Laboroutsourcing

√Applicable?Notapplicable

TotalremunerationpaidforlaboroutsourcingRMB149,292,977

X.PlanonProfitDistributionorConversionofCapitalReserve(I)Formulation,implementationoradjustmentofthecashdividendpolicy

√Applicable?Notapplicable

1、FormulationoftheCashDividendPolicyTheCompanyhasclearlystipulatedtheprinciples,decision-makingmechanisms,distributionstandards,andratiosforprofitdistributionintheArticlesofAssociationandtheShareholderReturnPlan.Theseprovisionscomplywithrelevantregulatorydocuments,includingtheGuidelinesfortheSupervisionofListedCompaniesNo.3-CashDividendsofListedCompanies(revisedin2023)andtheSelf-RegulatorySupervisionGuidelinesforListedCompaniesNo.5-EquityDistribution(revisedinFebruary2023).

2、ImplementationoftheCashDividendPolicy

(1)TheCompany's2023Semi-AnnualProfitDistributionPlanwasreviewedandapprovedatthe12thmeetingoftheFifthBoardofDirectors.Inthefirsthalfof2023,basedonthetotalsharecapitalof861,924,656sharesbeforetheimplementationoftheplan,theCompanydistributedacashdividendof3.48yuan(inclusiveoftax)per10sharestoallshareholders,totaling299,949,780.29yuanincashdividends.

(2)Duringthereportingperiod,theCompanyrepurchasedsharesusingitsownfundsthroughcentralizedbidding,withthetotalamountreaching399,920,800.87yuan(excludingtransactioncommissionsandotherfees).

(3)TheCompany's2023AnnualProfitDistributionPlanwasreviewedandapprovedatthe21stmeetingoftheFifthBoardofDirectors.In2023,theCompanyplanstodistributeacashdividendof5.34yuan(inclusiveoftax)per10sharestoallshareholders.AsofDecember31,2023,theCompany’stotalsharecapitalis861,925,007shares.Afterdeductingthe14,130,524sharesintheCompany’ssharerepurchaseaccount,thebasisfordistributionis847,794,483shares,resultinginatotalproposedcashdividendof452,722,253.92yuan(inclusiveoftax).Fortheyear,theCompany’scashdividend(including299,949,780.29yuancashdividendalreadydistributedforthefirsthalfof2023)accountsfor40.01%ofthetotal.FromthedateofdisclosureofthisReporttotheequityregistrationdatefortheimplementationofequitydistribution,Duetochangesinthetotalsharecapitalorthenumberofsharesinthesharerepurchaseaccountresultingfromtheconversionofconvertiblebonds,sharerepurchases,theuseofrepurchasedsharesforgrantingrestrictedstockunderequityincentives,therepurchaseandcancellationofsharesgrantedunderequityincentives,andtherepurchaseandcancellationofsharesrelatedtosignificantassetrestructurings,theCompanyintendstomaintaintheratioofdistributionandconversionunchanged,andcorrespondinglyadjusttheamountofprofitdistributionandcapitalreservecapitalization.Thismatterneedstobesubmittedtothe2023annualgeneralmeetingoftheCompanyforconsideration.(II)Specialdescriptionofcashdividendpolicy

√Applicable?Notapplicable

WhetherincompliancewithregulationsoftheArticlesofAssociationand√Yes□No
requirementsoftheresolutionsofthegeneralmeeting
Whetherthestandardandratioofdividendswereclear√Yes□No
Whetherrelevantproceduresandmechanismsfordecision-makingwereCompleteandcomprehensive√Yes□No
Whetherindependentdirectorsperformedtheirdutiesandresponsibilities√Yes□No

Whetherminorityshareholdersweregiventheopportunitytofullyexpresstheirviewsanddemands,andwhethertheirlegitimateinterestswereadequatelyprotected

(III)If,duringthereportingperiod,theCompanywasprofitableandtheparentCompany'sprofitsavailablefordistributiontoshareholderswerepositive,butnocashdividenddistributionplanwasproposed,theCompanyshouldprovideadetaileddisclosureofthereasonsandtheintendedusesandplansfortheundistributedprofits.?Applicable√Notapplicable(IV)ProfitDistributionandCapitalizationofCapitalReservesduringthereportingperiod

√Applicable?Notapplicable

√Yes□NoNumberofbonussharesforevery10shares

Numberofbonussharesforevery10shares0
Dividendsforevery10shares(RMB)(tax-inclusive)8.82
Numberofsharesconvertedfromcapitalreservesforevery10shares0
Amountofcashdividends(tax-inclusive)752,672,034.21
NetprofitattributabletocommonshareholdersoftheCompanyintheannualconsolidatedstatementofdividends1,881,115,782.35
PercentageofthenetprofitattributabletocommonshareholdersoftheCompanyintheconsolidatedstatements(%)40.01
Sharesrepurchasedincashwhicharerecognizedascashdividends399,920,800.87
Totalamountofdividends(tax-inclusive)1,152,592,835.08
PercentageoftotaldividendsinthenetprofitattributabletocommonshareholdersoftheCompanyintheconsolidatedstatements(%)61.27

XI.StatusandImpactofShareIncentiveSchemes,EmployeeShareholdingPlanorOtherIncentiveMeasuresforEmployees(I)Relevantincentivemattersdisclosedintemporaryannouncementwithnosubsequentprogressorchange

√Applicable?Notapplicable

OverviewIndextothedisclosedinformation
2023StockOptionIncentivePlanOnMarch20,2023,the5thMeetingoftheFifthBoardofDirectorsdecidedtoimplementthe2023StockOptionIncentivePlan,proposingtogrant4.812millionstockoptionstoincentiverecipientsatagrantpriceof48.07yuanperoption.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonMarch21,2023fordetails.
OnApril3,2023,afterthepublicannouncementperiodforthelistofincentiverecipients,2proposedincentiverecipientsresigned,reducingthenumberofincentiverecipientsfrom328to326.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonApril7,2023fordetails.
OnApril14,2023,theFirstExtraordinaryGeneralMeetingofShareholdersin2023approvedtheimplementationofthe2023StockOptionIncentivePlanandauthorizedtheboardofdirectorstohandlerelatedmatters.The6thMeetingoftheFifthBoardofDirectorsapprovedtheadjustmentofthelistofincentiverecipientsandthenumberofstockoptionsgrantedunderthe2023StockOptionIncentivePlan,anddecidedtogrant4.776SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonApril15,2023fordetails.
millionstockoptionsto324incentiverecipients,withthegrantdatesetasApril14,2023.
OnApril19,2023,theCompanycompletedthestockoptionincentiveplanof2023withChinaSecuritiesDepositoryandClearingCorporationLimitedShanghaiBranch.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonApril21,2023fordetails.
OnAugust21,2023,the12thMeetingoftheFifthBoardofDirectorsapprovedtheadjustmentofthenumberofstockoptionsgrantedandtheexercisepriceunderthe2023StockOptionIncentivePlanduetotheimplementationofequitydistribution.Theadjustednumberofstockoptionsgrantedis7.164million,andtheexercisepriceis31.18yuanperoption.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonAugust22,2023fordetails.
2021RestrictedStockIncentivePlanOnMay19,2023,the8thMeetingoftheFifthBoardofDirectorsapprovedtheadjustmentofthenumberofsharesgrantedandtherepurchasepriceunderthe2021RestrictedStockIncentivePlanduetotheimplementationofequitydistribution.Theadjustednumberofsharesgrantedis14.364million,andtherepurchasepriceis8.53yuanpershare.Additionally,themeetingapprovedtherepurchaseandcancellationof126,000restrictedsharesheldby4incentiverecipientswhonolongerqualifyduetoresignation.Themeetingalsoconfirmedtheachievementoftheconditionsforliftingtherestrictionsonthefirstbatchofrestrictedsharesgrantedunderthe2021RestrictedStockIncentivePlan,allowing97incentiverecipientstounlockatotalof4.158millionshares.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonMay20,2023fordetails.
OnJune1,2023,thefirstbatchof4.158millionsharesgrantedunderthe2021RestrictedStockIncentivePlanwereunlockedandmadeavailablefortrading.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonMay26,2023fordetails.
OnJuly27,2023,theCompanycompletedtherepurchaseandcancellationof126,000restrictedsharesheldby4incentiverecipientswhonolongerqualifiedduetoresignation.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonJuly25,2023fordetails.
OnAugust21,2023,the12thMeetingoftheFifthBoardofDirectorsapprovedtheachievementoftheconditionsforliftingtherestrictionsonthefirstbatchofreservedsharesgrantedunderthe2021RestrictedStockIncentivePlan,allowing14incentiverecipientstounlockatotalof113,400shares.TheshareswillbeavailablefortradingonAugust28,2023.SeetherelevantannouncementsdisclosedonthewebsiteofShanghaiStockExchangeonAugust22,2023fordetails.

(II)IncentivesnotdisclosedintemporaryannouncementorwithsubsequentprogressEquityincentivesituation?Applicable√NotapplicableOtherdescription?Applicable√NotapplicableEmployeestockownershipplan?Applicable√NotapplicableOtherincentivemeasures?Applicable√Notapplicable

(III)Equityincentivesgrantedtodirectorsandseniormanagementduringthereportingperiod?Applicable√Notapplicable

√Applicable?NotapplicableIn:Share

NamePositionRestrictedSharesheldattheperiod-beginRestrictedSharesgrantedinthereportingperiodGrantprice(Yuan)UnlockedsharesSharesstillinlockupRestrictedsharesheldattheperiod-endMarketvalueattheendofreportingperiod(Yuan)
GaoHuiDirector,ViceGM1,680,0000/756,0001,764,0001,764,00025.04
LuoQingyiViceGM840,0000/378,000882,000882,00025.04
ZhengHuiViceGM,ChiefFinancialOfficer560,0000/252,000588,000588,00025.04
Total/3,080,0000/1,386,0003,234,0003,234,000/

Note:InMay2023,theCompanyimplementedthe2022annualequitydistribution,issuing5additionalsharesforevery10sharestoallshareholdersfromthecapitalreserve.Thenumberofrestrictedsharesheldbyincentiverecipientsincreasedproportionally.(IV)Formulationandimplementationofappraisalandincentivemechanismsforseniormanagementduringthereportingperiod

√Applicable?NotapplicableTheCompany'sappraisalandincentivemechanismsforseniormanagementarebasedon"developingalongsidetheorganizationandachievingorganizationalgoals".Suitableperformanceindicatorsareselectedaccordingtobusinesscharacteristics,includingfinancial,operational,qualitymetrics,keyevents,andvetoitems.TheCompanysetsreasonableshort-termandlong-termperformancetargetsforthedepartmentsorbusinessunitstheyoversee,regularlymonitorsandensurestheachievementofthesetargets,andimplementsshort-termandlong-termincentivesbasedontheassessmentoutcomesandtheachievementoforganizationalgoals.XII.EstablishmentandImplementationofInternalControlSystemintheReportingPeriod

√Applicable?NotapplicableTheCompanyhasestablishedaninternalcontrolmanagementsysteminstrictcompliancewiththeregulatoryrequirementsoftheChinaSecuritiesRegulatoryCommissionandtheShanghaiStockExchange,andhascontinuouslyrefineditinalignmentwithitsoperationalrealities.In2023,theCompanymaintainedeffectiveinternalcontrolsoverfinancialreportinginallsignificantaspectsasmandatedbythecorporateinternalcontrolstandardsandrelatedregulations,withnomajordeficienciesidentified.Fordetailedinformation,pleaserefertothe2023AnnualInternalControlEvaluationReportdisclosedonthewebsiteoftheShanghaiStockExchange.Descriptionofmajordefectsexistingininternalcontrolinthereportingperiod.?Applicable√NotapplicableXIII.ManagementandControlofSubsidiariesduringtheReportingPeriod

√Applicable?Notapplicable

TheCompanyrigorouslyadherestolaws,regulations,andnormativedocumentsfromregulatoryauthorities,usingtheSubsidiaryManagementSystemapprovedbytheBoardofDirectorsasafoundation.Iteffectivelymanagesandsupervisespersonnel,finance,operations,investmentdecisions,informationdisclosure,auditoversight,andthemanagementofarchivesandsealsacrossitssubsidiaries.Thisensuresstandardizedmanagementandriskcontrolofsubsidiaries.InlinewiththeCompany’soverallstrategicplanning,subsidiariesarerequiredtodeveloprelevantbusinessoperationplans,riskmanagementprocedures,andinternalcontrolsystems,continuallyenhancingthestandardizationoftheiroperations.XIV.InformationabouttheInternalControlAuditReport

√Applicable?NotapplicableTheCompanyengagedErnst&YoungHuaMingLLP(aspecialgeneralpartnership)toaudittheimplementationofinternalcontrolsfortheyear2023andissuedastandardunqualifiedInternalControlAuditReport.Fordetails,seetheInternalControlAuditReport2023disclosedonthesamedayastheAnnualReport.Disclosureoftheinternalcontrolauditreport:YesOpiniontypeoftheinternalcontrolauditreport:standardunqualifiedopinionsXV.RectificationofIssuesinSelf-inspectionofSpecialActionsforGovernanceoftheListedCompanyNotapplicableXVI.Others?Applicable√Notapplicable

Section5EnvironmentalandSocialResponsibilities

I.EnvironmentalInformation

WhetherthereisanenvironmentalprotectionmechanisminplaceYes
Investmentinenvironmentalprotectionduringthereportingperiod(intenthousandyuan)1,819.85

(I)EnvironmentalprotectionstatusoftheCompanyanditsmainsubsidiariesaskeypollutantdischargingentitiespublishedbytheenvironmentalprotectiondepartment

1.Informationonpollutantdischarging

√Applicable?NotapplicableAccordingtothe“AnnouncementontheListofKeyEnvironmentalSupervisionUnitsinTianjinfor2023”issuedbytheTianjinMunicipalBureauofEcologyandEnvironment,theGroup'ssubsidiaryTianjinVehiclewasdesignatedinMarch2023asakeyairpollutantemissionunit,akeywaterpollutantemissionunit,andakeyenvironmentalriskmanagementunitinTianjin.Accordingtothe“NoticeonIssuingtheListofKeyEnvironmentalSupervisionUnitsfor2023”bytheShangqiuMunicipalBureauofEcologyandEnvironment,theCompany'ssubsidiary,HenanVehicle,wasdesignatedinApril2023asakeyenvironmentalriskmanagementunitinShangqiu.TianjinVehicleandHenanVehiclecomplywiththerelevantrequirementsoflaws,regulations,andemissionpermits.TheydiscloserelevantinformationthroughtheNationalEmissionPermitManagementInformationPlatform,includingthenamesofmajorpollutants,emissionmethods,emissionconcentrations,andtotalemissions,aswellastheconstructionandoperationofpollutioncontrolfacilities,therebyallowingforpublicsupervision.

2.Constructionandoperationsituationofpollutionpreventionandcontrolfacilities

√Applicable?NotapplicableTianjinVehicleandHenanVehiclehaveconstructedvariouspollutanttreatmentfacilitiesstrictlyaccordingtoregulations,standards,environmentalimpactassessmentandapprovalrequirements,andthesepollutanttreatmentfacilitiesareoperatingwell.Theyhavestrictlyexecutednational,localdischargingstandardstoensurethatthepollutantdischargingconcentrationmeetthestandards,andthesolidwastehasbeenproperlydisposed.Detailsareasfollows:

(1)TianjinVehicleThemainairpollutantsformTianjinVehicleincludepaintsprayinganddryingexhaust,powdersprayingexhaust,powdercuringexhaust,andgascombustionexhaust.Theprimarypollutantfactorsaredust,toluene,xylene,VOCs,soot,SO2,andNOx.Allpaintingbooths,levelingrooms,anddryingroomsofeachproductionlinearesealed.Theorganicexhaustgasisprimarilypurifiedthrougha"dryfiltercotton+zeoliterotoradsorption+RTO"systemandthendischargedthroughexhauststacks.Themainexhaustoutletsofthecoatingworkshopareequippedwithonlinemonitoringinstruments,whichareconnectedtotheTianjinMunicipalBureauofEcologyandEnvironment,enablingreal-timemonitoringofairpollutantemissions.TheCompany'sexhaustgastreatmentfacilitiesareoperatingwell,andtheemissionlevelsoftoluene,xylene,VOCs,particulatematter,soot,SO2,andNOxmeettheemissionstandards.ThewastewaterdischargedbyTianjinVehicleincludesproductionwastewateranddomesticsewage,withafocusonmonitoringpaintingwastewater.ThemainpollutantfactorsincludepH,COD,BOD5,SS,ammonianitrogen,totalphosphorus,totalnitrogen,andpetroleumsubstances.Theplanthasasewagetreatmentstationwithacapacityof500m?/d,whichtreatsproductionwastewater,includingpaintingwastewater.Thetreatmentprocessinvolves"flocculationsedimentation+micro-electrolysis+Fenton+biologicalcontactoxidation".The

treatedwatermeetstheClassIIIstandardofthe"IntegratedWastewaterDischargeStandard"(DB12/356-2018)andisthendischargedintotheTianyuSewageTreatmentPlantoftheZiyaEconomicandTechnologicalDevelopmentZoneHigh-TechIndustrialParkthroughthepark'ssewagepipelinenetworkforfurthertreatment.Additionally,theplantimplementsaseparationsystemforrainwaterandsewage,withflowdirectionsmarkedonthesewageandrainwaterpipelines.Productionwastewater,domesticsewage,andrainwateraredischargedseparately.Thetreatedwastewaterflowsthroughthemunicipalpipelinenetworktoaspecializedsewagetreatmentplant.Theplant'ssewagetreatmentfacilitiesareoperatingwell,andthedischargelevelsofvariouspollutantfactorsmeetthestandards.Themainsewagedischargeoutletoftheplantisequippedwithonlinemonitoringinstruments,whichareconnectedtotheTianjinMunicipalBureauofEcologyandEnvironment,enablingreal-timemonitoringofthecomplianceofexternalwastewaterdischarge.TianjinVehiclehasfacilitiessuchasahazardouswastetemporarystorageroomandageneralsolidwasterecyclingarea.Theconstructionofthehazardouswastetemporarystorageroomcomplieswiththestandardsofthe“PollutionControlStandardforHazardousWasteStorage”.Generalindustrialsolidwasteissorted,withrecyclablematerialshandedovertothird-partyprofessionalagenciesforrecycling.Productionanddomesticwastearecollectedandperiodicallyremovedbysanitationdepartments,whilehazardouswasteissafelydisposedofbyqualifiedprofessionalcompanies.In2023,allhazardouswastegeneratedbyTianjinVehiclewastransferredanddisposedofincompliancewithlegalrequirements.Inadditiontotheaforementionedenvironmentalprotectionmeasures,TianjinVehiclehasalsoimplementedcorrespondingmeasurestocontrolnoise,ensuringcompliancewithnationalandlocalenvironmentalprotectionrequirements.

(2)HenanVehicleThemainpollutantfactorsinthewastewaterdischargedbyHenanVehicleincludepH,COD,ammonianitrogen,SS,andtotalphosphorus.Theplanthasawastewatertreatmentstationwithacapacityof100m?/dtotreatproductionwastewater,usingaprocessof"pretreatment+physicochemicalreaction+filtration+biochemicaltreatment".Thetreatedproductionanddomesticwastewateraredischargedintoaspecializedmunicipalsewagetreatmentplant.Theplant'ssewagetreatmentfacilitiesareoperatingwell,andthedischargelevelsofvariouspollutantfactorsmeetthestandards;HenanVehiclehasfacilitiessuchasahazardouswastetemporarystorageroomandageneralsolidwasterecyclingarea.Theconstructionofthehazardouswastetemporarystorageroomcomplieswiththestandardsofthe"PollutionControlStandardforHazardousWasteStorage”.Generalindustrialsolidwasteissorted,withrecyclablematerialshandedovertoqualifiedunitsforrecycling.Productionanddomesticwasteiscollectedandperiodicallyremovedbysanitationdepartments,whilehazardouswasteissafelydisposedofbyqualifiedprofessionalcompanies.In2023,allhazardouswastegeneratedbyHenanVehiclewastransferredanddisposedofincompliancewithlegalrequirements.Inadditiontotheaforementionedenvironmentalprotectionmeasures,HenanVehiclehasalsoimplementedcorrespondingmeasurestocontrolexhaustgasandnoise,ensuringcompliancewithnationalandlocalenvironmentalprotectionrequirements.

3.Environmentalimpactassessmentofconstructionprojectandotheradministrativelicensesforenvironmentalprotection

√Applicable?NotapplicableStrictlyaccordingtotherequirementsoflawsandregulations,theCompanypreparesenvironmentalimpactassessment(EIA)documentsandobtainsEIAapprovalfornewandexpandingprojectsrequiringenvironmentalprotocols,constructingstrictlyinaccordancewithlegalandregulatoryrequirements.TheCompanyperformsthecompletionandacceptanceproceduresofenvironmentalprotectionaccordingtolawsandregulationsafterthecompletionoftheconstruction.

4.Emergencyplanforenvironmentalaccident

√Applicable?NotapplicableTianjinVehicleandHenanVehiclefiledtheircontingencyplansforenvironmentalemergenciesinlocalenvironmentalprotectionadministrationsinAugust2021andAugust2022respectivelyandreceivedthecorrespondingfilingreceipt.Theyfurtherinspectedrisksourcesandtookrelevantcorrectivemeasurestoimproveenvironmentalriskpreventionmechanism,andreducethepossibilityofenvironmentalriskaccidents.TianjinVehicleandHenanVehiclehaveorganizedrelevantpersonneleveryyeartocarryoutemergencydrillsforenvironmentalriskaccidentsinordertoimproveemergencyresponsecapacities.

5.Environmentalself-monitoringprogram

√Applicable?NotapplicableTianjinVehicleandHenanVehiclehaveonlinemonitoringsystemsinstalledatthemainwastegasandwastewaterdischargingportsforreal-timemonitoringofprincipalpollutants,andmonitoringdataisdirectlyuploadedtoenvironmentalprotectiondataplatform,variouspollutantsaredischargedinconformitywithrelevantstandards.TianjinVehicleandHenanVehiclemaintainoperationandmaintenancerecordsforwastegasandwastewatertreatmentfacilities,aswellassolidandhazardouswaste,indailyproduction.TianjinVehicleandHenanVehicleentrustsqualifiedtestinginstitutionstoregularlymonitorwastewater,wastegasandnoisestrictlyinaccordancewith“Self-MonitoringTechnicalGuidanceforPollutantDischargingEntities”andotherstandards,aswellasmonitoringfrequencyrequirementofenvironmentalimpactevaluationdocumentsandpollutantdischarginglicense.Thetestingreportisuploadedtothepollutionsourcemonitoringdatamanagementandinformationsharingplatform.

6.Administrativepenaltyduetoenvironmentalissuesinthereportingperiod?Applicable√Notapplicable

7.Otherenvironmentalinformationthatshouldbedisclosed?Applicable√Notapplicable(II)Descriptionofenvironmentalprotectionsituationofcompaniesotherthanthosedefinedaskeypollutant-dischargingentities

√Applicable?Notapplicable

1.Administrativepenaltyduetoenvironmentalissues?Applicable√Notapplicable

2.Otherenvironmentalinformationdisclosedwithreferencetokeypollutant-dischargingentities

√Applicable?NotapplicableTheCompanyupholdstheconceptofgreenandhigh-qualitydevelopment,prioritizinggreenproduction.Itthoroughlyimplementstheprinciplesofsustainabledevelopment,environmentalprotection,andgreenlow-carbonpracticesinallbusinessactivities.TheCompanyhasestablishedacomprehensivegreenmanagementsystem,integratingitintoallaspectsofproductionoperationsandenvironmentaldevelopment.Thisapproachaimstocreateamodernproductionenterprisecharacterizedbygreenproducts,cleanproduction,beautifulenvironment,andscientificmanagement.TheCompanyanditssubsidiariescontinuouslyimprovetheenvironmentalmanagementsystemtopromotehigh-qualitydevelopment.Severalsubsidiarieshavealreadyobtainedenvironmentalmanagementsystemcertification.TheCompanyanditssubsidiariesstrictlyabidebyrelevantlaws,regulationsandstandards.Allnew,reconstructionandexpansionprojectshavegonethroughtheEIAprocedures,withtheirconstructioncontentsconsistentwiththeEIAapproval,andhavepassedthecompletionacceptanceofenvironmentalprotection.Relevantsubsidiariesactivelymanagetheoperationofpollutantpreventionandcontrolfacilitiestoensuresatisfactorytreatmentcapacityofthe

facilities,strictlyimplementthemanagementregulationsofpollutantdischargelicenses,carryoutdailyandregularmonitoringofpollutants,andrealizeup-to-standarddischargeofwastegas,wastewaterandnoiseandcompliantdisposalofsolidwaste.Allrelevantsubsidiarieshavedevelopedemergencyplansforsuddenenvironmentalincidentsasrequired,andorganizedregulardrills.

3.Reasonsofnotdisclosingotherenvironmentalinformation?Applicable√Notapplicable(III)Relevantinformationfavorabletoecologicalprotection,pollutionpreventionandcontrolandenvironmentalresponsibilityfulfillment

√Applicable?NotapplicableTheCompanyintegratestheconceptofsustainabledevelopmentintoitsproductionandoperation,strengthensthegreenmanagementthroughouttheproductlifecyclebyestablishingandimprovingtheenvironmentalmanagementsystem,constantlyimprovestheutilizationefficiencyofresourcesandenergy,andactivelycreatesanefficient,clean,low-carbonandrecyclinggreenmanufacturingsystem.TheCompanyanditssubsidiariesregularlyinspectandimprovehigh-energy-consumingequipment,enhancetheanalysisofenergyconsumptionandimprovetheenergyutilizationrate;activelyselectsenergy-savingandwater-savingproducts,extensivelyusesrecyclablepackaging,andworkstoextendthelifespanofturnoverboxes,inanefforttoreducetheconsumptionofresourcesandenergy.(IV)Measurestakenduringthereportingperiodtoreducecarbonemissionandtheireffectiveness

WhethercarbonemissionreductionmeasuresweretakenYes
ReductioninCO2equivalentemissions(Unit:Ton)84.42
Carbonreductionmeasures(e.g.,usingcleanenergyinpowergeneration,usingcarbonreductiontechnologiesinproduction,developingandproducingnewproductsforcarbonreduction)TianjinVehiclehasaddedanewvacuumpaintsludgedryingmachine.Thismachinecanremovemorethan75%ofthewatercontentfromsolidwastepaintsludgethroughthedryingprocess.Withadailyprocessingcapacityof4,000kg,thedriedpaintsludgeisreducedtolessthan1,000kg.Thiseffectivelyreducesenergyconsumptioninsubsequentsolidwastetreatmentprocesses,significantlyloweringcarbonemissionsinthesolidwastetreatmentphase.Additionally,theentiredryingprocessforthepaintsludgeisconductedinasealedvacuumstate,andtheresultinggasesaretreatedwithspecializedequipmenttopreventenvironmentalpollution.

Detaileddescription?Applicable√NotapplicableII.PerformanceofSocialResponsibilities(I)Whetherasocialresponsibilityreport,sustainabledevelopmentreportorESGreportwasdisclosedseparately

√Applicable?NotapplicableFordetailsabouttheCompany’sperformanceofitssocialresponsibilities,pleaserefertotheEnvironmental,SocialandGovernance(ESG)Report2023publishedonthesamedayastheAnnualReportof2023.(II)Detailsofsocialresponsibilityworks

√Applicable?Notapplicable

DonationandpublicwelfareprojectsQuantity/ContentDescriptions
Totalinvestment(inTenThousandYuan)612.11Mainlyforcharitabledonations,educationdonation,etc.

Detaileddescription?Applicable√NotapplicableIII.ParticularsontheEffortstoConsolidateandExpandItsAchievementsinPovertyAlleviationandRuralAreaInvigoration

√Applicable?Notapplicable

PovertyalleviationandruralrevitalizationprojectsQuantity/Content
Totalinvestment(inTenThousandYuan)3.00
Including:funds(inTenThousandYuan)3.00
Formsofassistance(e.g.,povertyalleviationthroughindustrialdevelopment,povertyalleviationthroughemployment,povertyalleviationthrougheducation,etc.)TheCompanyactivelyfulfillsitscorporatesocialresponsibility,engaginginpublicwelfareactivitiesandfocusingonruralrevitalizationandeducationaldevelopment.InAugust2023,theCompanymadeaspecialdonationthroughtheGuigangCityGangbeiCommunistYouthLeaguetosupportstudentsfromfinanciallydisadvantagedfamiliesinWuleTown,GangbeiDistrict.Thisdonationwasusedtocovertuitionfeesandlivingexpenses,contributingtotheruralrevitalizationandeducationaldevelopmentofWuleTown.InJuly2023,theCompanydonatedtothe"6.30SupportRuralRevitalization"charityeventinDongguanCity.

Detaileddescription?Applicable√Notapplicable

Section6SignificantEvents

I.FulfillmentofCommitments(I)CommitmentsoftheCompany’sactualcontroller,shareholders,relatedparties,acquirer,aswellastheCompanyandotherrelevantentitiesduringoruptothereportingperiod

√Applicable?Notapplicable

CommitmentBackgroundCommitmentCategoryPromisorCommitmentDescriptionCommitmentDurationWhetherthereisadeadlineforimplementationWhetheritistimelyandstrictlyperformedIfitisnottimelyperformed,thespecificreasonsshouldbestatedIfitisnottimelyperformed,theplanforthefurtherstepshouldbestated
CommitmentsrelatedtoIPORestrictedsharesZhangJianandZhangGegeNote1June15,2021toJune14,2024YesYesN/AN/A
RestrictedsharesYanchengDingaianditspartnersNote2June15,2021toJune14,2024YesYesN/AN/A
OthersZhangJian,ZhangGege,YanchengDingaianditspartners,LiuJianxin,PengWeiNote3LongtermNoYesN/AN/A
OthersTheCompany,ZhangJian,ZhangGege,DuanHua,LiuJianxin,PengWei,FangHao,WangQuanzhang,LiYubao,HaoHong,WangChunyan,RenYong,HuYupengNote4June15,2021toJune14,2024YesYesN/AN/A
SolutiontopeercompetitionZhangJianandZhangGegeNote5LongtermNoYesN/AN/A
SolutiontorelatedpartytransactionsZhangJianandZhangGegeNote6LongtermNoYesN/AN/A
CommitmentsrelatedtorefinancingRestrictedsharesZhangJian,ZhangGege,GaoHui,PengWei,WangChunyan,ZhengHui,LiYubao,LuoQingyi,DuanHua,LiuTingxuNote7February23,2023toSeptember3,2023YesYesN/AN/A
OthersSunMinggui,LiuJunfeng,MaJunsheng,XuPeng,LiYanNote8February23,2023toSeptember3,2023YesYesN/AN/A
OthersZhangJian,DuanHua,ZhangGege,GaoHui,PengWei,WangChunyan,SunMinggui,LiuJunfeng,MaJunsheng,ZhengHui,LiYubao,LuoQingyiNote9LongtermNoYesN/AN/A

Note1:Commitmenttolock-upofsharesforIPOTheCompany'scontrollingshareholdersandactualcontrollers,ZhangJianandZhangGege,havemadethefollowingcommitment:

FromthedateoftheCompany'sstocklisting,IshallnottransfernorentrustthemanagementofthesharesIdirectlyorindirectlyholdthatwereissuedpriortothepublicoffering,norshallIpermittheCompanytorepurchasethosesharesheldbyme,eitherdirectlyorindirectly,foraperiodofthirty-sixmonths.Upontheexpirationofthestatedlock-upperiod,Iwillestablishsubsequentshareholdingplansbasedoncommercialinvestmentprinciples,whilestrictlyadheringtotheregulationsoftheChinaSecuritiesRegulatoryCommissionandthestockexchanges.Shouldtherebeanintendedsaleoftheissuer'sstock,Iwillnotifytheissuerandmakeanannouncementthreetradingdaysinadvance,andwillproceedinaccordancewiththe"CompanyLawofthePeople'sRepublicofChina”,the"SecuritiesLawofthePeople'sRepublicofChina”,andotherrelevantregulationsoftheCSRCandstockexchanges.Ifthesaleistobeconductedthroughcentralizedcompetitivebiddingtransactions,Iwillreportandfilethereductionplanwiththestockexchanges15tradingdaysbeforetheinitialsaleofthesharesandmakeanannouncementaccordingly.Note2:Commitmenttolock-upofsharesforIPOTheCompany'sshareholderYanchengDingaianditspartnershavemadethefollowingcommitment:

FromthedateoftheCompany'sstocklisting,foraperiodofthirty-sixmonths,Iwillnottransferorentrustthemanagementofthesharesdirectlyorindirectlyheldbymyself/ourenterprisethatwereissuedpriortothepublicoffering,norwillIallowtheCompanytorepurchasethosesharesheldbymyself/ourenterprise,eitherdirectlyorindirectly.Note3:CommitmentregardingIntentionstoholdandreducesharesafterinitialpublicofferingTheCompany'scontrollingshareholdersandactualcontrollers,ZhangJian,ZhangGege,YanchengDingaianditspartners,LiuJianxin,andPengWei,madethefollowingcommitments:

(1)WhileservingasadirectororseniormanagementoftheCompany,Iwillnottransfermorethan25%ofthesharesIdirectlyorindirectlyholdintheCompanyannually;andIwillnottransferanysharesIdirectlyorindirectlyholdintheCompanywithinsixmonthsofresignation.

(2)Icommitthatifsharesarereducedwithintwoyearsaftertheexpirationofthelock-upperiod,thereductionpricewillnotbelowerthantheissuanceprice.Shouldtherebedividends,bonusshares,capitalreservetransferstoincreasesharecapital,rightsissues,etc.,thepricewillbeadjustedaccordinglybasedontheex-dividendandex-rightsstatus.

(3)Theabovecommitmentswillnotbewaivedduetochangesinposition,resignation,orsimilarreasons.Shouldnon-compliancewiththesecommitmentsresultinlossestotheCompanyorotherinvestors,IshallbearthelegalliabilitytocompensatetheCompanyorotherinvestorsasrequiredbylaw.Note4:CommitmenttostabilizetheCompany'sstockpriceandsharerepurchase

(1)TheCompanyhasmadethefollowingcommitment:

①WithinthreeyearsfromthedateofIPO,iftheclosingpriceoftheCompany'sstocksisconsistentlybelowthenetassetvaluepershareasperthemostrecentauditedfinancialstatementfor20consecutivetradingdays(adjustedaccordinglyifex-rightsandex-dividendsareduetocashdividends,bonusshares,capitalincreases,ornewshareissuance,thesamebelow),theCompanywillinitiatestockpricestabilizationmeasures—repurchasingCompanyshares—subjecttorelevantlaws,regulations,andprovisionswithoutcausingthesharedistributiontofalloutofcompliancewithlistingrequirements.

②TheCompany'sBoardofDirectorsshallconvenewithinfivetradingdaysfromthedaytheconditionsforinitiatingstockpricestabilizationmeasuresaremettodeliberatethesharerepurchaseplan,whichshallthenbesubmittedforshareholdermeetingapproval.TheCompanyshallcommencetherepurchaseonthetradingdayfollowingtheshareholdermeeting’sapprovalofsuchplan.③Thesharerepurchasepriceshallnotexceedthenetassetvaluepershareasperthemostrecentauditedfinancialstatement.Themethodsofrepurchasemayincludecentralizedcompetitivebidding,tenderoffers,orothermethodsapprovedbythesecuritiesregulatoryauthority.UnderthepremisethatitdoesnotcausetheCompany’ssharedistributiontofailtomeetthelistingrequirements,thefundsusedforeachsharerepurchasebytheCompanyshallnotbelessthanRMB10million,andthetotalfundsusedforpricestabilizationrepurchasesinasinglefiscalyearshallnotexceed

50%ofthenetprofitattributedtotheparentcompanyshareholdersasperthemostrecentauditedfinancialstatement.ThecumulativetotalfundsusedforsharerepurchasesshallnotexceedthetotalfundsraisedintheCompany’sinitialpublicoffering.

④Ifanyconditionspecifiedinthe"AimaTechnologyGroupCo.,Ltd.Three-YearPost-IPOStockPriceStabilizationPlan"thatterminatestheimplementationofstockpricestabilizationmeasuresistriggeredbetweenthetimethestockpricestabilizationplanisinitiatedandbeforetheformalimplementationofthestabilizationmeasuresorduringtheirimplementation,theabove-mentionedstockpricestabilizationplanshallbeterminated.⑤WithinthreeyearsfromthedatetheCompany’sstocksarelisted,ifnewdirectors(excludingindependentdirectors)orseniormanagementareappointed,theCompanywillrequirethesenewlyappointeddirectorsandseniormanagementtoadheretothecommitmentsmadebydirectorsandseniormanagementatthetimeoftheCompany’slisting.

(2)TheCompany’scontrollingshareholdersandactualcontrollers,ZhangJianandZhangGege,havemadethefollowingcommitment:

①WithinthreeyearsfromthedateofIPO,iftheclosingpriceoftheCompany'sstocksisconsistentlybelowthenetassetvaluepershareasperthemostrecentauditedfinancialstatementfor20consecutivetradingdays(adjustedaccordinglyifex-rightsandex-dividendsareduetocashdividends,bonusshares,capitalincreases,ornewshareissuance,thesamebelow),Iwill,accordingtorelevantlaws,regulations,andprovisions,initiatestockpricestabilizationmeasures—acquiringadditionalCompanyshares—ensuringitdoesnotcausetheCompany'ssharedistributiontofalloutofcompliancewithlistingrequirements.

②If,followingthecompletionoftheCompany’sstockpricestabilizationmeasures(asofficiallyannounced),theclosingpriceoftheCompany'sstocksremainsbelowthenetassetvaluepersharefor10consecutivetradingdaysoriftheclosingpriceisconsistentlybelowthenetassetvaluepersharefor20consecutivetradingdayswithinthreemonthsthereafter,Iwillinitiatestockpricestabilizationmeasures.③Withinfivetradingdaysfromthedaytheconditionsforinitiatingstockpricestabilizationmeasuresaremet,IwillproposeaplantoacquireadditionalCompanyshares(includingthenumberofsharestobeacquired,pricerange,andcompletiondeadline)andnotifytheCompany.TheCompanyshallannouncetheacquisitionplanaccordingtotherelevantregulations,andIwillbeginacquiringsharesonthetradingdayfollowingtheannouncement.

④ThepriceatwhichIacquiresharesshallnotexceedthenetassetvaluepershareattheendofthelastfiscalyearasaudited.ThenumberofsharesIacquireinatwelve-monthperiodfromthedatetheconditionsforinitiatingstockpricestabilizationmeasuresaretriggeredshallnotexceed1%ofthetotalnumberofCompanyshares,andthefundsIuseforacquiringsharesshallbeatleast30%ofthetotalamountofdirectorindirectafter-taxcashdividendsandafter-taxsalariesorallowancesIreceivedfromtheCompanyinthepreviousyear.

⑤Ifanyconditionspecifiedinthe"AimaTechnologyGroupCo.,Ltd.Three-YearPost-IPOStockPriceStabilizationPlan"thatterminatestheimplementationofstockpricestabilizationmeasuresistriggeredbetweenthetimethestockpricestabilizationplanisinitiatedandbeforetheformalimplementationofthestabilizationmeasuresorduringtheirimplementation,theabove-mentionedstockpricestabilizationplanshallbeterminated.

⑥IassurethatduringtheimplementationoftheCompany'sstockpricestabilizationplan,Iwillvoteinfavorofresolutionsrelatedtotherepurchaseofshares.

(3)ThedirectorsoftheCompany—ZhangJian,ZhangGege,DuanHua,LiuJianxin,PengWei,FangHao—andseniormanagementpersonnel—WangQuanzhang,LiYubao,HaoHong,WangChunyan,RenYong,HuYupeng—havemadethefollowingcommitments:

①ForthreeyearsfromthedateoftheCompany'slisting,shouldtheclosingpriceoftheCompany'sstockfallbelowthenetassetvaluepershareasdeterminedbythemostrecentauditedfinancialstatementsfor20consecutivetradingdays(withadjustmentsmadeforex-rightsandex-dividendsduetocashdividends,bonusshares,capitalincreases,ornewshareissuance,thesamebelow),IwillinitiatemeasurestostabilizethestockpricebyacquiringadditionalsharesoftheCompany,ensuringthesemeasuresdonotcausetheCompany'sequitydistributiontofalloutofcompliancewithlistingstandards.

②If,followingthecompletionoftheCompany'sstockpricestabilizationmeasures(asofficiallyannounced),theclosingpriceoftheCompany'sstocksremainsbelowthenetassetvaluepersharefor10consecutivetradingdaysoriftheclosingpriceisconsistentlybelowthenetassetvaluepersharefor20consecutivetradingdayswithinthreemonthsthereafter,Iwillinitiatefurtherstockpricestabilizationmeasures.③Withinfivetradingdaysfromthedaytheconditionsforinitiatingstockpricestabilizationmeasuresaremet,IwillproposeaplantoacquireadditionalCompanyshares(includingthenumberofsharestobeacquired,pricerange,andcompletiondeadline)andnotifytheCompany.TheCompanyshallannouncetheacquisitionplaninaccordancewiththerelevantregulations,andIwillcommencetheacquisitiononthetradingdayfollowingtheannouncement.④ThepriceatwhichIacquiresharesshallnotexceedthenetassetvaluepershareasdeterminedattheendofthelastfiscalyearaudited.ThenumberofsharesIacquireinatwelve-monthperiodfromthedatetheconditionsforinitiatingstockpricestabilizationmeasuresaretriggeredshallnotexceed1%ofthetotalnumberofCompanyshares,andthefundsIuseforacquiringsharesshallbeatleast30%ofthetotalamountofdirectorindirectafter-taxcashdividendsandafter-taxsalariesorallowancesIreceivedfromtheCompanyinthepreviousyear.⑤Shouldanyconditionspecifiedinthe"AimaTechnologyGroupCo.,Ltd.Three-YearPost-IPOStockPriceStabilizationPlan"thatterminatestheimplementationofstockpricestabilizationmeasuresbetriggeredeitherbeforetheformalimplementationofthestabilizationmeasuresorduringtheirimplementation,theaforementionedstockpricestabilizationplanshallbeterminated.

⑥IassurethatduringtheimplementationoftheCompany'sstockpricestabilizationplan,Iwillvoteinfavorofresolutionsrelatedtotherepurchaseofshares.Note5:CommitmentregardingtheresolutionandavoidanceofpeercompetitionTheCompany'scontrollingshareholdersandactualcontrollers,ZhangJianandZhangGege,havemadethefollowingcommitments:

(1)ToprevententerprisesthatIcontrolorhavesignificantinfluenceoverfromenteringintopeercompetitionwithAimaTechnologyfollowingitspubliclisting,Iherebycommit:WhileIserveasacontrollingshareholderandactualcontrollerofAimaTechnology,enterprisesundermycontrolorsignificantinfluencewillnot,eitherdirectlyorindirectly,engageinanybusinessoractivitiesthatcompetewithAimaTechnology,withinoroutsideofChina,inanymanner(includingbutnotlimitedtosoleproprietorship,throughjointventures,orbyowningsharesorotherinterestsinanothercompanyorenterprise).Furthermore,IshallnotholdanysubstantialmanagementrolesinanyeconomicorganizationthatisinpeercompetitionwithAimaTechnology.ShouldAimaTechnologyexpanditsbusinessscope,IcommittoensuringthatenterprisesIcontrolorsignificantlyinfluencewillnotcompetewithAimaTechnology’sexpandedbusiness.IfIoranyenterprisesIcontrolorsignificantlyinfluenceencounterbusinessopportunitiesthatcouldpotentiallycompetewiththecurrentorfutureoperationsofAimaTechnology,IwilltakeallpossibleandreasonablestepstooffersuchopportunitiestoAimaTechnologyfirst.IfAimaTechnologydecidesnottopursuetheseopportunities,IandtheenterprisesIcontrolorsignificantlyinfluencewilltakefeasiblestepstotransfertheseopportunitiestounrelatedthirdpartiesbeforetheseopportunitiesmovetotheimplementationphase,orwewillwithdrawfromsuchbusinessopportunitiesortakeotherfavorableactionstosafeguardAimaTechnology'sinterestsandavoidpeercompetition.Iwillensurethatenterprisesundermycontrolorsignificantinfluencefulfilltheobligationsstatedinthiscommitmentletterbydeployingappropriateinstitutionalmechanismsandpersonnel(includingbutnotlimitedtodirectors,managers)andbymaintainingacontrollingposition.

(2)IassurethatIwillnotusemystatusasacontrollingshareholderandactualcontrollerofAimaTechnologytothedetrimentofthelegitimateinterestsofAimaTechnologyanditsminorityshareholders,norwillIleveragemypositiontogainundueadditionalbenefits.

(3)Iconfirmthateachcommitmentinthisletterisindependentlyactionable.IfIbreachanyofthesecommitments,AimaTechnologyhastherighttodemandthatIandtheenterprisesIcontrolorsignificantlyinfluenceimmediatelyceaseanycompetingactions,andmayrequiremeortheenterprisesIcontrolorsignificantlyinfluencetocompensateAimaTechnologyforanydirectorindirectfinanciallosses,claimsliabilities,andassociatedcostsincurred.

(4)IensurethatthesecommitmentswillremaineffectiveandareirrevocableduringtheperiodwhileAimaTechnologyislistedonthedomesticsecuritiesexchangeandwhileIamacontrollingshareholderandactualcontroller.Shouldtherebeanychangesinrelevantlaws,regulations,orregulatoryguidelinesduringthisperiod,Iwillupdateorsupplementthesecommitmentsaccordingly.ZhangJian,astheactualcontrolleroftheCompany,additionallycommits:

WhileIserveastheactualcontrollerofAimaTechnology,IwillensureandguaranteethatAimaTechnologyanditssubsidiarieswillnothaveanyfinancialorbusinessdealingswithenterprisescontrolledbyorsignificantlyinfluencedbytheZhangHongfamilyorZhangRufamily,norwilltheyactthroughtheseenterprisestothedetrimentofAimaTechnologyanditsshareholders(includingminorityshareholders).ShouldIviolatethiscommitment,Iamwillingtocompensatefortheresultinglosses.Note6:MeasurestakenbytheCompanytominimizerelated-partytransactionsTheCompany'scontrollingshareholdersandactualcontrollers,ZhangJianandZhangGege,havemadethefollowingcommitments:

(1)I,alongwithmycloserelativesandanyothereconomicorganizationscontrolledbymyselformycloserelatives,willendeavortoavoidorminimizerelated-partytransactionswithAimaTechnology(includingitsconsolidatedsubsidiaries).TransactionsthatAimaTechnologycanconductwithindependentthirdpartiesthroughthemarketwillbecarriedoutbetweenAimaTechnologyandsuchthirdparties.I,mycloserelatives,andtheeconomicorganizationscontrolledbyuswillstrictlyavoidlendingto,usingthefundsof,orengaginginanyactswhereAimaTechnology'sfundsareusedforadvancepaymentsordebtrepaymentsonourbehalf.

(2)Allnecessarytransactionsbetweenmyself,mycloserelatives,theeconomicorganizationscontrolledbyus,andAimaTechnologyshallstrictlyadheretomarketprinciples.Thesetransactionswillbeconductedfairlyandreasonablyonanequalandmutuallybeneficialbasis,withcompensationequivalenttovalue.Wheregovernmentpricingexists,itwillbeadheredto;wherethereisnogovernmentpricing,marketfairpriceshallapply;andintheabsenceofboth,priceswillbedeterminedbasedoncostplusareasonableprofitmargincomparabletosimilartransactions.

(3)Allrelated-partytransactionsbetweenmyself,mycloserelatives,theeconomicorganizationscontrolledbyus,andAimaTechnologywillbeclearlystipulatedthroughwrittencontractsoragreements.ThesetransactionswillstrictlyadheretothestatutesofAimaTechnology,therelated-partytransactionmanagementsystem,andotherrelevantregulations.Theywillundergothenecessarylegalprocedures,andIwillvoluntarilycomplywithlegalrecusalobligationsduringdeliberationsofrelated-partytransactionsbyAimaTechnology'sgoverningbodies.Transactionsthatrequireapprovalfromcompetentauthoritieswillonlybeexecutedaftersuchapprovalhasbeenobtained.

(4)IassurethatIwillnotobtainanyimproperbenefitsthroughrelated-partytransactionsnorimposeanyundueobligationsonAimaTechnology.ShouldanyviolationofthesecommitmentsresultinlossestoAimaTechnologyorifbenefitstoAimaTechnologyareencroacheduponthroughrelated-partytransactions,AimaTechnologyreservestherighttounilaterallyterminatesuchtransactions,withanylossesincurredtobebornebyme.

(5)Forunavoidablerelated-partytransactions,IwillensurethatAimaTechnologystrictlyfollowsthedecision-makingproceduresforrelated-partytransactions,theconflictofinterestrecusalrules,anddisclosurerequirementsassetoutintheCompany’sbylaws,toensurethatsuchtransactionsarefair,just,andequitable,therebypreventinganyharmtotheinterestsofAimaTechnologyanditsshareholders.

(6)ThesecommitmentswillremaineffectiveforaslongasIamarelatedpartytoAimaTechnology.Note7:Commitmenttosubscribeforthepublicissuanceofconvertiblecorporatebonds

(1)TheCompany'scontrollingshareholdersandactualcontrollers,ZhangJian,hasmadethefollowingcommitments:

IwillsubscribefortheconvertiblebondstobeissuedbytheCompanythistimewithmyself-ownedorself-raisedfunds.Theamountofsubscriptionwillbedeterminedaccordingtotherelevantlaws,regulationsandnormativedocuments,theplanforissuanceofconvertiblebondsandmyfinancialconditionatthattime.IfIormyspouse,parentsorchildrenreduceoursharesintheCompanywithinsixmonthsbeforethefirstdayofthisissue,Ishallnotpersonallyparticipateinthesubscriptionoftheconvertiblebondsnorentrustotherstodosoonmybehalf.

IfIsuccessfullysubscribefortheconvertiblebonds,bothIandmyspouse,parentsandchildrenshallstrictlyabidebythelegalrequirementsonshort-termtrading,thatis,wecommitnottoreduceoursharesintheCompanyandtheseconvertiblebondsfromthefirstdayofthisissuetosixmonthsafterthecompletionofthisissue.

Ivoluntarilymaketheaforesaidcommitment,andagreetobeboundbytheaforesaidcommitmentandtostrictlyabidebyrelevantlaws,regulationsandnormativedocuments.IfIormyspouse,parentsorchildrenviolatetheaforesaidcommitment,allgainsderivedfromsuchviolationshallbeforfeitedtotheCompany,andIormyspouse,parentsorchildrenshallbearthelegalliabilitiesarisingtherefromaccordingtolaw.

(2)DirectorsZhangGege,GaoHui,PengWei,WangChunyan,andseniormanagementpersonnelZhengHui,LiYubao,LuoQingyihavemadethefollowingcommitment:

IfIormyspouse,parentsorchildrenreduceoursharesintheCompanywithinsixmonthsbeforethefirstdayofthisissue,Ishallnotpersonallyparticipateinthesubscriptionoftheconvertiblebondsnorentrustotherstodosoonmybehalf.IfneitherI,myspouse,parents,norchildrenreduceoursharesintheCompanywithinsixmonthsbeforethefirstdayofthisissue,Iwilldecidewhethertoparticipateinthesubscriptionoftheconvertiblebondsaccordingtothemarketconditionsandmycapitalarrangements.IfIsuccessfullysubscribefortheconvertiblebonds,bothIandmyspouse,parentsandchildrenshallstrictlyabidebythelegalrequirementsonshort-termtrading,thatis,pledgenottosellorotherwisedisposeofoursharesintheCompanyandtheseconvertiblebondsfromthefirstdayofthisissuetosixmonthsafterthecompletionofthisissue.IfIormyspouse,parentsorchildrenreduceoursharesintheCompanyorthesubscribedconvertiblebondsinviolationoftheaforesaidcommitment,allearningsfromsuchviolationshallbelongtotheCompany,andIormyspouse,parentsorchildrenshallbearthelegalliabilitiesarisingtherefromaccordingtolaw.

(3)DirectorsDuanHuaandsupervisorLiuTingxuhavemadethefollowingcommitment:

InthisissuanceoftheCompany’sconvertiblebonds,Iwillnotparticipateinthesubscription.Ifmyspouse,parentsand/orchildrenhavethepreemptiverighttotheconvertiblebondsduetoshareholdingintheCompany,he/she/theywilldecidewhethertoparticipateinthesubscriptionoftheconvertiblebondsaccordingtothemarketconditionsandcapitalarrangements.Incaseofsuccessfulsubscriptionoftheconvertiblebonds,bothIandmyspouse,parentsand/orchildrenshallstrictlyabidebythelegalrequirementsonshort-termtrading,thatis,commitnottoreducehis/her/theirsharesintheCompany(ifany)fromthefirstdayofthisissuetosixmonthsafterthecompletionofthisissue.Exceptfortheabovecircumstances,Icommitnottoentrustotherentitiestoparticipateinthesubscriptionoftheconvertiblebonds,andnottoparticipateinthesubscriptionoftheconvertiblebondsbyusingtheaccountofmyspouse,parentsorchildrenoranyotherperson.Theabovecommitmentrevealsmygenuineintention.IfIormyspouse,parentsorchildrenviolatetheaforesaidcommitment,allearningsfromsuchviolationshallbelongtotheCompany,andIormyspouse,parentsorchildrenshallbearthelegalliabilitiesarisingtherefromaccordingtolaw.Note8:CommitmentnottoparticipateinthepublicissuanceofconvertiblecorporatebondssubscriptionDirectorsSunMinggui,LiuJunfeng,MaJunsheng,andsupervisorsXuPengandLiYanhavemadethefollowingcommitment:

IwillnotparticipateinthesubscriptionoftheconvertiblebondstobeissuedbytheCompanythistimeonmyown,orthroughmyspouse,parentsorchildrenoranyotherperson.Theabovecommitmentrevealsmygenuineintention.IfIparticipateinthesubscriptionoftheconvertiblebondsinviolationoftheabovecommitment,allearningsfromsuchviolationshallbelongtotheCompany,andIshallbearthelegalliabilitiesarisingtherefromaccordingtolaw.Note9:Commitmenttomeasurestocompensatefortheimmediatedilutionofreturnsfromthepublicissuanceofconvertiblecorporatebonds

(1)TheCompany'scontrollingshareholdersandactualcontrollers,ZhangJianandZhangGege,havemadethefollowingcommitments:

①IpledgenottooverstepmyauthorityinthemanagementoftheCompanynorencroachupontheCompany’sinterests.

②FromthedatethiscommitmentismadeuntilthecompletionofthispublicissuanceofconvertiblecorporatebondsbyAimaTechnology,shouldtherebenewregulatoryprovisionsfromtheChinaSecuritiesRegulatoryCommission(CSRC),theShanghaiStockExchange,orotherregulatorybodiesconcerningcompensationmeasuresandcommitments,andiftheexistingcommitmentsdonotmeetthesenewprovisions,Ipledgetoissuesupplementarycommitmentsinaccordancewiththelatestregulations.Asaresponsiblepartyforthecompensationmeasures,ifIviolatetheabovecommitmentsorrefusetofulfillthem,IacceptthattheCSRC,theShanghaiStockExchange,andothersecuritiesregulatoryauthoritiesmayimposerelevantpenaltiesortakemanagementmeasuresaspertheirregulationsandrules,andIamwillingtobearthecorrespondinglegalresponsibilities.

(2)DirectorsZhangJian,DuanHua,ZhangGege,GaoHui,PengWei,WangChunyan,SunMinggui,LiuJunfeng,MaJunsheng,andseniormanagementpersonnelZhengHui,LiYubao,LuoQingyihavemadethefollowingcommitments:

①Ipledgenottotransferbenefitsgratuitouslyorunderunfairconditionstootherunitsorindividuals,nortouseothermethodstoharmtheinterestsoftheCompany.

②Icommittorestrainingmyofficialexpenditures.

③IpledgenottousetheCompany’sassetsforinvestmentsorconsumptionactivitiesunrelatedtomyresponsibilities.

④IcommitthattheremunerationsystemdevelopedbytheBoardofDirectorsortheCompensationandEvaluationCommitteewillbelinkedtotheimplementationoftheCompany’scompensationmeasures.

⑤ShouldAimaTechnologylaterintroduceacompanyequityincentivepolicy,IpledgethattheproposedconditionsforexercisingequityincentiveswillbelinkedtotheimplementationoftheCompany’scompensationmeasures.

⑥Fromthedatethiscommitmentismadeuntilthecompletionofthispublicissuanceofconvertiblecorporatebonds,shouldtheCSRC,theShanghaiStockExchange,orotherregulatorybodiesissuenewregulatoryprovisionsregardingcompensationmeasuresandcommitments,andiftheexistingcommitmentsdonotmeettheseprovisions,Ipledgetoissuesupplementarycommitmentsinaccordancewiththelatestregulations.Asaresponsiblepartyforthecompensationmeasures,ifIviolatetheabovecommitmentsorrefusetofulfillthem,IacceptthattheCSRC,theShanghaiStockExchange,andothersecuritiesregulatoryauthoritiesmayimposerelevantpenaltiesortakemanagementmeasuresaspertheirregulationsandrules,andIamwillingtobearthecorrespondinglegalresponsibilities.

(II)IfthereareearningsforecastfortheassetsorprojectsoftheCompanyandthereportingperiodisstillintheearningsforecastperiod,theCompanyshouldexplainwhethertheassetorprojectreachestheoriginalearningsforecastandgivethereasons

□Alreadyreached□Notreached√Notapplicable(III)Fulfillmentofcommitmentsontheperformanceanditsimpactsongoodwillimpairmenttest

□Applicable√NotapplicableII.Non-OperationalOccupancyoftheCompany’sFundsbytheControllingShareholderanditsRelatedPartiesduringtheReportingPeriod

□Applicable√NotapplicableIII.InformationonNon-ComplianceGuarantees

□Applicable√NotapplicableIV.ExplanationoftheBoardofDirectorsinCompanyonthe“Non-standardOpinionAuditReport”IssuedbytheAccountingFirm

□Applicable√NotapplicableV.AnalysisandExplanationontheCausesandInfluencesoftheChangesintheCompany’sAccountingPolicies,AccountingEstimatesorCorrectionofMajorAccountingErrors(I)AnalysisandexplanationoftheCompanyonthecausesandinfluencesofthechangesintheaccountingpoliciesandaccountingestimates

√Applicable□Notapplicable

TheInterpretation“No.16ofAccountingStandardsforBusinessEnterprises”,issuedin2022,stipulatesthatfortransactionsthatarenotbusinesscombinations,donotaffectaccountingprofitortaxableincome(ordeductiblelosses)atthetimeofthetransaction,andresultinequaltaxabletemporarydifferencesanddeductibletemporarydifferencesduetotheinitialrecognitionofassetsandliabilities,theexemptionfrominitialrecognitionofdeferredincometaxdoesnotapply.StartingfromJanuary1,2023,theCompanyhasimplementedthisstandard.Forleasetransactionswhereleaseliabilitiesareinitiallyrecognizedandincludedinright-of-useassetsatthecommencementdateoftheleaseterm,thetaxabletemporarydifferencesanddeductibletemporarydifferencesarisingfromtheinitialrecognitionofassetsandliabilitieswillnowresultintherespectiverecognitionofdeferredincometaxliabilitiesanddeferredincometaxassets,insteadofthepreviouspracticeofnotrecognizingdeferredincometax.Accordingtothetransitionprovisions,forthetransactionsoccurringbetweenthebeginningoftheearliestperiodpresentedinthefinancialstatementsinwhichthisinterpretationisfirstappliedandthedateoftheaccountingpolicychange,theCompanyhasmadeadjustments.TheInterpretation“No.16ofAccountingStandardsforBusinessEnterprises”doesnothaveasignificantimpactonthedeferredincometaxassetsandliabilitiespresentednetintheCompany'sconsolidatedbalancesheet.

(II)AnalysisandexplanationoftheCompany’sanalysisonreasonsandeffectsofthecorrectionofmajoraccountingerrors

□Applicable√Notapplicable(III)Communicationwithformeraccountingfirm

□Applicable√Notapplicable(IV)Approvalproceduresandothernotes

□Applicable√Notapplicable

VI.Engagement/DisengagementoftheCPAs

Unit:TenThousandYuan(RMB)

Currentappointment
NameofthedomesticCPAsErnst&YoungHuaMingLLP
RemunerationtothedomesticCPAs320
YearsofthedomesticCPAsofferingauditingservices11
NameofCPAsofthedomesticaccountingfirmGuoJingandZhaoRuiqing
YearsofCPAsofthedomesticaccountingfirmofferingauditingservices2year(GuoJing)and1year(ZhaoRuiqing)

Name

NameRemuneration
AccountingfirmforinternalcontrolauditErnst&YoungHuaMingLLP50
SponsorHuataiUnitedSecuritiesCo.,Ltd.144

Notetoengagement/disengagementoftheCPAs

√Applicable□Notapplicable

OnMay5,2023,theProposalonContinuingtheEmploymentoftheFinancialAuditBodyandInternalControlAuditBodyfor2023wasreviewedandadoptedatthe2022annualgeneralmeetingofshareholders.Accordingly,Ernst&YoungHuaMingLLPcontinuedtobeappointedastheCompany’sfinancialauditbodyandinternalcontrolauditbodyfor2023.NotetothereplacementoftheCPAsduringtheauditing

□Applicable√Notapplicable

Notetoauditfeesfallingbymorethan20%(inclusive)comparedwiththepreviousyear

□Applicable√NotapplicableVII.DelistingRisk

(I)Reasonsforthedelistingriskswarning

□Applicable√Notapplicable(II)SolutiontobeadoptedbytheCompany

□Applicable√Notapplicable

(III)Terminationofthelistinganditsreasons

□Applicable√NotapplicableVIII.EventsRelatedtoBankruptcyandReorganization

□Applicable√NotapplicableIX.MajorLawsuitandArbitrationIssues

□Significantlawsuitsandarbitrationsinthereportingperiod

√NosignificantlawsuitorarbitrationinthereportingperiodX.PunishmentandCorrectionontheListedCompanyaswellasitsDirectors,Supervisors,SeniorManagement,ControllingShareholdersandActualControllerduetoSuspectofLawViolations

□Applicable√Notapplicable

XI.IntegrityStatusoftheCompany,itsControllingShareholderandActualControllerduringtheReportingPeriod

√Applicable□NotapplicableDuringthereportingperiod,theCompany,itscontrollingshareholderandactualcontrollerwereallenjoyinggoodreputationinintegrity,andtherewasnofailuretoperformanyeffectivejudgmentofthecourt,orlargeamountofoutstandingduedebtsremainingunpaid.XII.SignificantRelated-PartyTransactions(I)Related-partytransactionsfromdailyoperation

1.Mattersalreadydisclosedinthetemporaryannouncementsandwithnoprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

2.Mattersalreadydisclosedinthetemporaryannouncementsandwithprogressorchangeinsubsequentimplementation

√Applicable□NotapplicableOnDecember29,2022,thethirdmeetingoftheFifthBoardofDirectorsoftheCompanypassedaresolutionwithsixvotesinfavor,noneagainst,andnoabstentions,approvingtheProposalonAnticipatedDailyRelated-partyTransactionsfortheCompanyandItsSubsidiariesfortheYear2023.RelatedDirectorsZhangJian,DuanHua,andZhangGegeabstainedfromthevote.Formoredetails,pleaseseetheannouncementpublishedontheShanghaiStockExchangewebsiteonDecember30,2022.Forthefiscalyear2023,theanticipatedandexecuteddailyrelated-partytransactionsbetweentheCompanyandrelatedpartiesareasfollows:

Unit:TenThousandYuan

3.Mattersnotdisclosedinthetemporaryannouncements

□Applicable√Notapplicable(II)Related-partytransactionsconcerningacquisitionandsalesofassetsorequity

1.Mattersdisclosedintemporaryannouncementsandwithnoprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

2.Mattersdisclosedintemporaryannouncementsandwithprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

TradingpartyTypesofrelated-partytransactionsRelatedpartiesAnticipatedamountin2023Actualamountin2023
TheCompanyanditssubsidiariesPurchasinggoodsfromtherelatedpartyTianjinJiemaElectricTechnologyCo.,Ltd.3,000.00793.07
Providingservicestotherelatedparty15.0089.73
Leasingahousetotherelatedparty1,200.00899.40
Otherdailyrelated-partytransactions100.000.00
Subtotal4,315.001,782.20
TheCompanyRentingahousefromtherelatedpartyDuanHua500.00476.19
AcceptingtheservicesandgoodsprovidedbytherelatedpartyShangqiuYichongTradingCo.,Ltd.4,500.003,725.63
Total9,315.005,984.02

3.Mattersnotdisclosedinthetemporaryannouncements

√Applicable□Notapplicable

Unit:TenThousandYuan(RMB)

RelatedpartiesRelationshipTypesofrelated-partytransactionsContentofrelated-partytransactionsPricingprinciplesforrelated-partytransactionsBookvalueoftransferredassetAssessedvalueoftransferredassetTransferpriceSettlementmethodsforrelated-partytransactionsGainsfromtheassettransferImpactoftransactionontheCompany'soperatingresultsandfinancialconditionReasonforsignificantdifferencebetweentransactionpriceandbookvalueorassessedvalue,marketfairvalue
TianjinJiemaElectricTechnologyCo.,Ltd.AssociateCompanyPurchaseofassetsotherthangoodsPurchaseofCNCpipebendingmachineMarketpriceNotapplicableNotapplicable37.27BanktransferNotapplicableNosignificantimpactNotapplicable
TianjinJiemaElectricTechnologyCo.,Ltd.AssociateCompanySaleofassetsotherthangoodsSaleofsemi-automaticpipeshrinkingmachineMarketprice3.13Notapplicable2.65Banktransfer-0.48NosignificantimpactNotapplicable

Explanationofrelated-partytransactionsinvolvingassetacquisitionandsaleDuringthereportingperiod,theCompanypurchasedandsoldtheaforementionedassetstoandfromTianjinJiemaElectricTechnologyCo.,Ltd.,anassociatecompanywherethecontrollingshareholderservesasadirector,tomeetitsproductionandoperationalneeds.Sincetheamountsinvolvedintheserelated-partytransactionsweresmallanddidnotmeetthethresholdsforboardreviewandtemporaryannouncements,thetransactionsfollowedtheprinciplesoffairness,equity,andvoluntariness,anddidnotharmtheinterestsoftheCompanyoritsminorityinvestors.

4.Ifaperformanceagreementisinvolved,theachievementofperformanceduringthereportingperiodshouldbedisclosed

□Applicable√Notapplicable(III)Significantrelated-partytransactionsofjointexternalinvestment

1.Mattersdisclosedintemporaryannouncementsandwithnoprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

2.Mattersdisclosedintemporaryannouncementsandwithprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

3.Mattersnotdisclosedinthetemporaryannouncements

□Applicable√Notapplicable(IV)Creditsanddebtswithrelatedparties

1.Mattersdisclosedintemporaryannouncementsandwithnoprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

2.Mattersdisclosedintemporaryannouncementsandwithprogressorchangeinsubsequentimplementation

□Applicable√Notapplicable

3.Mattersnotdisclosedinthetemporaryannouncements

□Applicable√Notapplicable(V)FinancialtransactionsbetweentheCompanyanditsrelatedfinancecompanies,betweentheCompany'sholdingfinancecompanyandtherelatedparties

□Applicable√Notapplicable(VI)Others

□Applicable√NotapplicableXIII.SignificantContractsandTheirExecution(I)Custody,contactingandleases

1.Custody

□Applicable√Notapplicable

2.Contracting

□Applicable√Notapplicable

3.Leases

□Applicable√Notapplicable

(II)Guarantee

√Applicable□Notapplicable

Unit:Yuan(RMB)

ExternalguaranteesprovidedbytheCompany(excludingguaranteestosubsidiaries)
GuarantorRelationshipbetweentheguarantorandtheCompanyGuaranteedpartyAmountguaranteedDateofoccurrenceoftheguarantee(dateofagreement)GuaranteestartdateGuaranteeexpirydateTypeofguaranteeCollateral(ifany)IstheguaranteefinishedHastheguaranteebeenoverdueOverdueamountCounterguaranteedetailsGuaranteetorelatedparty?Relationship
Totalamountofguaranteeoccurredduringthereportingperiod(excludingguaranteestosubsidiaries)0
Totalbalanceofguaranteeattheendofthereportingperiod(A)(excludingguaranteestosubsidiaries)0
GuaranteetothesubsidiariesprovidedbytheCompanyanditssubsidiaries
Totalamountofguaranteesforsubsidiariesoccurredduringthereportingperiod453,736,711.02
Totalbalanceofguaranteesforsubsidiariesattheendofthereportingperiod(B)216,443,547.17
TotalamountofguaranteesprovidedbytheCompany(includingguaranteestosubsidiaries)
Totalamountofguarantees(A+B)216,443,547.17
oftotalamountofguaranteestonetassetsoftheCompany(%)2.81
Including:
Amountofguaranteesofferedtotheshareholders,actualcontrolleranditsrelatedparties(C)0
AmountofguaranteeforliabilitiesdirectlyorindirectlyofferedtotheGuaranteedpartieswiththeasset-liabilityratioexceeding70%(D)167,008,664.86
Amountoftotalguaranteesexceeding50%ofthenetassets(E)0
Totalamountoftheaforesaidthreeguarantees(C+D+E)167,008,664.86
Notetopotentialjointandseveralliabilitiesforguaranteesnotyetmatured”.N/A
NotetotheguaranteesThe2022AnnualGeneralMeetingheldonMay5,2023reviewedandapprovedtheProposalonProvidingCreditGuaranteesforCertainSubsidiaries,andtheabove-mentionedguaranteeshavebeenreviewedandapprovedbytheCompany'sGeneralMeeting.

(III)Entrustingotherstomanagethecashassets

1.Entrustedwealthmanagement

(1)Overallentrustedwealthmanagement

√Applicable□Notapplicable

Unit:TenThousandYuan(RMB)

TypeSourcesoffundsAmountincurredOutstandingbalanceOverdueamountunrecovered
BankfinancialproductSelf-ownedfunds32,780.0011,928.660

Others

√Applicable□NotapplicableTheamountofentrustedwealthmanagementintheabovetablewasthehighestsingle-daypurchasebalanceofthistypeofwealthmanagementproduct.;Theoutstandingbalancedidnotincludeinvestmentincome.

(2)Singleentrustedwealthmanagement

□Applicable√NotapplicableOthers

√Applicable□NotapplicableDuringthereportingperiod,theCompanydidnotpurchasefixed-termwealthmanagementproductssuchassignificantsingle-amountstructureddeposits.Otheropen-endedwealthmanagementproductsarenotapplicable.

(3)Provisionsforimpairmentofentrustedwealthmanagement

□Applicable√Notapplicable

2.Entrustedloans

(1)Overallentrustedloans

□Applicable√NotapplicableOthers

□Applicable√Notapplicable

(2)Singleentrustedloans

□Applicable√NotapplicableOthers

□Applicable√Notapplicable

(3)Provisionsforimpairmentofentrustedloans

□Applicable√Notapplicable

3.Others

□Applicable√Notapplicable(IV)Otherimportantcontracts

□Applicable√NotapplicableXIV.ExplanationoftheProgressinUseofRaisedFunds

√Applicable□Notapplicable(I)Overallusageofraisedfunds

√Applicable□Notapplicable

Unit:TenThousandYuan

SourceofraisedfundsTimeoffundarrivalTotalamountofraisedfundsIncluding:Amountofover-raisedfundsNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeductingNetamountofraisedfundsafterdeducting
issuanceexpensesissuanceexpensesissuanceexpensesissuanceexpensesissuanceexpensesissuanceexpensesissuanceexpensesissuanceexpenses
IPOJune9,2021181,0900168,086.38168,086.38168,257.49167,712.2799.6828,826.0417.137,462.35
IssuanceofConvertibleBondsMarch1,2023.200,0000199,379.74199,379.74199,379.7474,974.0937.6074,974.0937.600

(II)Detailsofprojectsfundedbyraisedfunds

√Applicable□Notapplicable

Unit:TenThousandYuan

ProjectNameProjectNatureWhetherchangedinvestmentdirectionornotSourceofraisedfundsTimeoffundarrivalUseofover-raisedfundsTotalcommittedinvestmentfromraisedfundsAdjustedtotalinvestmentfromraisedfunds(1)AmountinvestedthisyearTotalamountofraisedfundsinvestedbyendofreportingperiod(2)Investmentprogressbyendofreportingperiod(%)(3)=(2)/(1)DateofprojectreachingitsplannedusablestateWhethercompletedWhethertheinputconformedtotheplannedprogressSpecificreasonsfornotmeetingtheplannedprogressBenefitsrealizedthisyearBenefitsorR&DoutcomesachievedbytheprojectSignificantchangesinprojectfeasibility(specifyifapplicable)Remainingfunds
TianjinVehicleElectricBicycleCompleteVehicleandAccessoriesManufacturingPhaseIProjectProductionconstructionNoIPOJune9,2021No8,000.008,000.008,000.00100.00%August2021YesYes8,708.57/No0.6
TianjinVehicleElectricBicycleCompleteVehicleProductionconstructiNoIPOJune9,2021No8,000.008,000.008,000.00100.00%August2021YesYes
andAccessoriesManufacturingPhaseIIProjecton
TianjinVehicleElectricBicycleCompleteVehicleandAccessoriesManufacturingPhaseIIIProjectProductionconstructionNoIPOJune9,2021No8,000.008,000.008,000.00100.00%August2021YesYes
TianjinVehicleElectricBicycleCompleteVehicleandAccessoriesManufacturingPhaseIVProjectProductionconstructionNoIPOJune9,2021No8,000.008,000.008,000.00100.00%August2021YesYes
TianjinVehicleElectricBicycleCompleteVehicleandAccessoriesManufacturingPhaseVProjectProductionconstructionNoIPOJune9,2021No8,000.008,000.008,147.90101.85%August2021YesYes
TianjinVehicleElectricBicycleCompleteVehicleandAccessoriesManufacturingPhaseVIProjectProductionconstructionNoIPOJune9,2021No8,000.008,000.008,000.00100.00%August2021YesYes
TianjinVehicleElectricBicycleProductionLineTechnologicalRenovationProjectProductionconstructionNoIPOJune9,2021No19,341.0819,341.082,086.1217,016.7187.98%June2024NoNoNote1N/A/No2,579.43
JiangsuVehiclePlasticPartsPaintingProductionLineProductionconstructionYesIPOJune9,2021No7,462.35N/AYesYesNote2N/A/YesN/A
TechnologicalRenovationProject
TianjinVehicleR&DCenterConstructionProjectR&DNoIPOJune9,2021No5,053.595,053.594,358.385,200.21102.90%June2024YesYesNote1N/A/No72.01
JiangsuVehicleR&DCenterConstructionProjectR&DNoIPOJune9,2021No5,047.585,047.583,231.855,288.22104.77%June2024YesYesNote1N/A/No9.01
AimaTechnologyITUpgradeandBigDataPlatformConstructionProjectOperationsmanagementNoIPOJune9,2021No8,341.038,341.03-8,377.92100.44%November2022YesYesN/A/No0.20
AimaTechnologyRetailMarketingNetworkUpgradeProjectOperationsmanagementNoIPOJune9,2021No48,840.7548,840.7519,149.6950,047.87102.47%July2023YesYesN/A/No5.39
SupplementaryWorkingCapitalProjectSupplementingworkingcapitalandrepayingloansNoIPOJune9,2021No26,000.0026,000.00-26,000.00100.00%N/AYesYesN/A/No
JiangsuVehicleSupplementaryWorkingCapitalProjectSupplementingworkingcapitalandrepayingloansNoIPOJune9,2021No7,633.467,633.44100.00%N/AYesYesN/A/N/A38.90
LishuiVehicleNewEnergySmartMobilityProductionconstructiNoIssuingconvertibleMarch1,2023No149,392.96149,392.9624,745.4524,745.4516.56%March2025NoNoN/A/No127,476.5
Project(PhaseI)onbonds5
AimaTechnologyMarketingNetworkUpgradeProjectOperationsmanagementNoIssuingconvertiblebondsMarch1,2023No49,986.7849,986.7850,228.6450,228.64100.48%December2023YesYesN/A/No0

Note1:The"TianjinVehicleElectricBicycleProductionLineTechnologicalRenovationProject”,"TianjinVehicleR&DCenterConstructionProject”,and"JiangsuVehicleR&DCenterConstructionProject"experiencedslightdelaysintheirconstructionprogressduetoexternalenvironmentalfactorsandtheCompany'sactualoperationalsituation.Consideringtheactualinvestmentinthecapital-raisingprojectsandfutureinvestmentplans,onAugust11,2023,the11thmeetingofthefifthBoardofDirectorsandthe10thmeetingofthefifthSupervisoryBoardreviewedandapprovedthe"ProposalontheDelayofSomeInitialPublicOfferingCapitalInvestmentProjects”,decidingtopostponetheexpecteddatefortheseprojectstoreachoperationalstatustoJune2024.Note2:Duetosignificantchangesinlocalenvironmentalprotectionpolicies,the"JiangsuVehiclePlasticPartsPaintingProductionLineTechnologicalRenovationProject"adjusteditsoperationstoentrustthepaintingofplasticpartstoenterpriseswithinacentralizedpaintingcenterinthearea.ThisentrustedpaintingmeetstheCompany'sdailyoperationalneeds.Withthegradualpromotionofpaint-freetechnologyforplasticparts,thenecessitytocontinuetheoriginalprojecthassignificantlydecreased.Followingthedeliberationatthe2021annualgeneralmeetingheldonMay6,2022,theCompanydecidedtoterminatetheprojectandhastransferredtheunusedraisedfundstoJiangsuVehicle'sproprietarycapitalaccountforpermanentsupplementationofworkingcapital.

(III)Changesorterminationsoffund-raisinginvestmentprojectsduringthereportingperiod

□Applicable√Notapplicable(IV)Othersituationsregardingtheuseofraisedfundsduringthereportingperiod

1.Advanceinvestmentandreplacementoffundraisinginvestmentprojects

√Applicable□Notapplicable

(1)InitialPublicOfferingin2021OnJuly21,2021,the18thMeetingoftheFourthBoardofDirectorsandthe8thMeetingoftheFourthSupervisoryBoardreviewedandapprovedtheProposalonUsingRaisedFundstoReplaceSelf-RaisedFundsPre-investedinFundraisingProjectsandPaidIssuanceExpenses.TheCompanyagreedtouse820.1358millionRMBofthefundsraisedfromtheinitialpublicofferingtoreplacetheself-raisedfundspre-investedinfundraisingprojects,and38.9487millionRMB(excludingVAT)toreplacetheself-raisedfundsusedforpaidissuanceexpenses,totaling

859.0845millionRMB.ThereplacementamountwasreviewedandverifiedbyErnst&YoungHuaMingLLP,whoissueda"SpecialVerificationReportonthePre-investmentofRaisedFundsbyAimaTechnologyGroupCo.,Ltd.usingSelf-RaisedFunds"(Ernst&YoungHuaMing(2021)No.60968971_B09).TheCompany’sindependentdirectorsandthethen-sponsorinstitution,CITICSecuritiesCo.,Ltd.,expressedtheirindependentopinionsandverificationopinions,respectively.OnJuly30,2021,theCompanyreplacedthetotalof859.0845millionRMBofself-raisedfundspre-investedinthefundraisingprojectswiththefundsraisedfromtheinitialpublicoffering.

(2)PublicIssuanceofConvertibleCorporateBondsin2023OnJune15,2023,the9thMeetingoftheFifthBoardofDirectorsandthe9thMeetingoftheFifthSupervisoryBoardreviewedandapprovedtheProposalonUsingRaisedFundsfromConvertibleCorporateBondstoReplaceSelf-RaisedFundsPre-InvestedinFundraisingProjectsandPaidIssuanceExpenses.TheCompanyagreedtouseatotalof527.315millionRMBfromtheraisedfundsoftheconvertiblecorporatebondstoreplacetheself-raisedfundspre-investedinfundraisingprojectsandpaidissuanceexpenses.ThereplacementamountwasreviewedandverifiedbyErnst&YoungHuaMingLLP,whoissuedaVerificationReportonthePre-InvestmentofRaisedFundsbyAimaTechnologyGroupCo.,Ltd.usingSelf-RaisedFunds(Ernst&YoungHuaMing(2023)No.60968971_L10).TheCompany’sindependentdirectorsandthesponsorinstitution,HuataiUnitedSecurities,expressedtheirindependentopinionsandverificationopinions,respectively.OnJune26,2023,theCompanyreplacedthetotalof

527.315millionRMBofself-raisedfundspre-investedinthefundraisingprojectsandpaidissuanceexpenseswiththefundsraisedfromtheconvertiblecorporatebonds.

(3)UsingBankers'AcceptancesandOtherMethodstoPayFundsforFundraisingProjectsOnApril26,2023,the7thMeetingoftheFifthBoardofDirectorsandthe7thMeetingoftheFifthSupervisoryBoardreviewedandapprovedtheProposalonUsingBankers'AcceptancesandOtherMethodstoPayFundsforFundraisingProjectsandReplacingwithanEquivalentAmountofRaisedFunds.TheCompanyagreedtousebankers'acceptancesandothermethodstopayvariousexpensesinfundraisingprojects(includingthosefromtheinitialpublicofferingandthepublicissuanceofconvertiblecorporatebonds)duringtheimplementationperiod,accordingtoactualconditions,andtransferanequivalentamountoffundsfromthededicatedfundraisingaccounttotheCompany’sownaccount.TheCompany’sindependentdirectorsandthesponsorinstitution,HuataiUnitedSecurities,expressedtheirindependentopinionsandverificationopinions,respectively.

2.Temporarysupplementationofworkingcapitalwithidleraisedfunds

□Applicable√Notapplicable

3.Cashmanagementofidleraisedfundsandinvestmentinrelatedproducts

√Applicable□Notapplicable

Unit:TenThousandYuan(RMB)

DateofBoardreviewApprovedamountforcashmanagementStartdateEnddateCashmanagementbalanceatendofreportingperiodWhethermaximumbalanceduringperiodexceededauthorizedlimit
June21,202250,000June21,2022June20,2023No
April14,2023232,100April14,2023April13,2024130,137.21No

OthersOnJune21,2022,theCompanyheldthe27thmeetingofthefourthBoardofDirectorsandthe15thmeetingofthefourthSupervisoryBoard,atwhichthe"ProposalonContinuingtoUsePartoftheTemporarilyIdleRaisedFundsforCashManagement"wasreviewedandapproved.TheCompanyagreedtouseuptoRMB500millionoftemporarilyidlefundsraisedfromtheinitialpublicoffering(IPO)forcashmanagement,topurchasehigh-securityandhigh-liquidityinvestmentproducts.Thisauthorizationisvalidfor12monthsfromthedateofapprovalbytheBoardofDirectorsandSupervisoryBoardandcanbeusedonarollingbasiswithintheauthorizedamountandvalidityperiod.TheCompany’sindependentdirectorsandthethensponsor,CiticSecuritiesCo.,Ltd.,bothexpressedtheiragreementwiththismatter.OnApril14,2023,theCompanyheldthe6thmeetingofthefifthBoardofDirectorsandthe6thmeetingofthefifthSupervisoryBoard,atwhichthe"ProposalonDepositingPartoftheRaisedFundsinCurrentDepositFormssuchasAgreementDepositsandNoticeDeposits"wasreviewedandapproved.TheCompanyagreedtouseuptoRMB2,321millionofraisedfundstobedepositedincurrentdepositformssuchasagreementdepositsandnoticedeposits.Amongthem,theauthorizedlimitforfundsraisedfromtheIPOisuptoRMB275million,andtheauthorizedlimitforfundsraisedfromtheissuanceofconvertiblebondsisuptoRMB2,046million.Thisauthorizationisvalidfor12monthsfromthedateofapprovalbytheBoardofDirectorsandSupervisoryBoardandcanbeusedonarollingbasiswithintheauthorizedamountandvalidityperiod.TheCompany’sindependentdirectorsandthesponsor,HuataiUnitedSecurities,bothexpressedtheiragreementwiththismatter.Duringthereportingperiod,theCompanyusedtemporarilyidleraisedfundstopurchasevalue-addedservicecurrentdeposits.AsofDecember31,2023,thebalanceofcurrentdepositspurchasedwithpartoftheidleraisedfundswasRMB1,301.37million.Allthesefundsweredepositedinthededicatedraisedfundsaccounts,andtherewasnocaseofmanagingfundsoutsideofthededicatedraisedfundsaccounts.

4.Useofover-raisedfundsforpermanentsupplementationofworkingcapitalorrepaymentofbankloans

□Applicable√Notapplicable

5.Others

□Applicable√NotapplicableXV.NotetoOtherMajorEventsthatHaveSignificantImpactonInvestors'ValueJudgmentsandInvestmentDecisions

□Applicable√Notapplicable

Section7ChangesinSharesandInformationaboutShareholders

I.ChangesinSharesCapital(I)Tableofchangesinshares

1.Tableofchangesinshares

Unit:Shares

BeforethechangeIncreaseordecreaseofthechange(+,-)Afterthechange
QuantityPercentage(%)NewsharesissuedBonussharesSharesconvertedfromcapitalreservesOthersSubtotalQuantityPercentage(%)
I.Restrictedshares428,526,00074.57214,263,000-4,397,400209,865,600638,391,60074.07
1.Sharesheldbythestate
2.Sharesheldbythestate-ownedlegalentities
3.Otherdomesticshares428,526,00074.57214,263,000-4,397,400209,865,600638,391,60074.07
Including:sharesheldbydomesticnon-state-ownedlegalentities
Sharesheldbydomesticnon-corporateentities23,706,2004.1311,853,10011,853,10035,559,3004.13
Sharesheldbydomesticindividuals404,819,80070.44202,409,900-4,397,400198,012,500602,832,30069.94
4.Sharesheldbyforeigninvestors
Including:sharesheldbyforeignlegalentities
Sharesheldbyforeignindividuals
II.Tradableshareswithoutsellingrestrictions146,174,00425.4373,087,0024,272,40177,359,403223,533,40725.93
1.RMBcommonshares146,174,00425.4373,087,0024,272,40177,359,403223,533,40725.93
2.Domesticlistedforeignshares
3.Overseaslistedforeignshares
4.Others
III.Totalshares574,700,004100287,350,002-124,999287,225,003861,925,007100

2.Statementonthechangeinshares

√Applicable□Notapplicable

(1)OnMay19,2023,theCompanycompletedtheequitydistributionforthefiscalyear2022.Theprofitdistributionandcapitalincreasewerebasedonthetotalissuedcapitalof574,700,004shares,withcapitalreservesusedtodistributeanadditionalfivesharesforevery

tensharesheld,totaling287,350,002shares.

(2)OnJune1,2023,thefirsttrancheoftheCompany's2021RestrictedStockIncentivePlanwasunlocked,involving4,158,000shares,whichbecameunrestrictedandwerelistedfortrading.

(3)OnJuly27,2023,theCompanycompletedtherepurchaseandcancellationof126,000restrictedsharesfromfourincentiveparticipantswhonolongerqualifiedduetoresignation.

(4)OnAugust28,2023,anadditional113,400sharesfromthereservedgrantoftheCompany's2021RestrictedStockIncentivePlanhadtheirrestrictionsliftedandwerelistedfortrading.

(5)StartingSeptember1,2023,AimaCBcouldbeconvertedintotheCompany’sshares;duringthereportingperiod,atotalof1,001shareswerecreatedthroughconversion.

3.Effectofchangesinsharesonfinancialindicatorssuchasearningspershareandnetassetpershare(ifany)overthelastyearandthelastreportingperiod

√Applicable□NotapplicableDuringthereportingperiod,duetotheannualequitydistributionfor2022,therepurchaseandcancellationofrestrictedstock,andconvertiblebondconversion,theCompany’stotalissuedcapitalincreasedfrom574,700,004sharesto861,925,007shares.Thischangeresultedinthedilutionoffinancialmetricssuchasbasicearningspershareandnetassetspershareforthefiscalyear2023.

4.OthercontentsthattheCompanydeemsnecessaryorthesecuritiesregulatoryauthoritiesrequiredisclosing

□Applicable√Notapplicable(II)Changesinrestrictedshares

√Applicable□Notapplicable

In:Share

NameofshareholdersNumberofrestrictedsharesatthebeginningoftheyearNumberofsharesreleasedfromrestrictiononsalesintheyearIncreaseinthenumberofrestrictedsharesintheyearNumberofrestrictedsharesattheendoftheyearReasonforrestrictiononsalesDateofreleasefromrestrictiononsales
ZhangJian395,243,800197,621,900592,865,700Non-tradablefor36monthsfromIPOJune17,2024
YanchengDingaiVentureCapitalPartnership(LimitedPartnership)23,706,20011,853,10035,559,300Non-tradablefor36monthsfromIPOJune17,2024
2021RestrictedStockGrantRecipients9,576,0004,271,4004,788,0009,966,600Restrictedstockgrantedin2021/
Total428,526,0004,271,400214,263,000638,391,600//

Note:Duringthereportingperiod,theCompanycompletedthe2022annualequitydistribution,issuinganadditionalfivesharesforeverytensharesheld,fundedthroughcapitalreserves,toallshareholders.Consequently,thenumberofrestrictedsharesincreasedproportionally.

II.SecuritiesIssuanceandListing(I)Issuanceofsecuritiesduringthereportingperiod

√Applicable□Notapplicable

Unit:SharesCurrency:RMB

TypeofsharesanditsderivativesecuritiesDateofissuanceIssuingprice(orinterestrate)SharesissuedDateoflistingQuantityapprovedforbeinglistedandtradedExpirydateoftrading
Convertiblebondsandconvertiblebondswithwarrants
ConvertiblebondsFebruary23,2023100yuanperunit20,000,000March20,202320,000,000February22,2029
Otherderivativesecurities
StockoptionsApril19,202348.07yuanperunit4,776,000

Notetoissuanceofsecuritiesduringthereportingperiod(forthebondswithdifferentinterestratesduringtheperiod,pleaseexplainseparately):

√Applicable□Notapplicable

1.In2023,theCompany'sstockoptionincentiveplanawarded4,776,000stockoptionsto324participants.ThegrantregistrationwascompletedonApril19,2023.

2.OnFebruary23,2023,theCompanypubliclyissued20,000,000convertiblebonds,eachwithaparvalueofRMB100,foratermofsixyears.ThesebondswerelistedontheShanghaiStockExchangeonMarch20,2023,undertheabbreviation"AimaCB”.(II)ChangesintotalsharesandshareholderstructureaswellasassetsandliabilitiesstructureoftheCompany

√Applicable□NotapplicableDuringthereportingperiod,theCompanyincreaseditscapitalbyconvertingcapitalreservesinto287,350,002shares,repurchasedandcanceled126,000sharesfromdepartingincentiveparticipants,andconverted1,001sharesthroughAimaCB.Asaresult,thetotalissuedcapitaloftheCompanychangedfrom574,700,004sharesto861,925,007shares.TheaforementionedchangesinsharecapitalhadnosignificantimpactontheCompany'sassetandliabilitystructure.(III)Existingstaff-heldshares

□Applicable√NotapplicableIII.ShareholdersandActualController(I)Totalnumberofshareholders

Totalnumberofcommonshareholdersuptotheendofthereportingperiod24,261
Totalnumberofcommonshareholdersasattheendofthelastmonthpriortothedisclosuredayoftheannualreport19,329
Totalnumberofpreferredshareholderswhosevotingrightshavebeenrestoredasattheendofthereportingperiod0
Totalnumberofpreferredshareholderswhosevotingrightshavebeenrestoredasattheendofthemonthpriortothedateoftheannualreport0

(II)Tableoftop10shareholders,top10commonshares(ortradableshareswithoutsellingrestrictions)bytheendofreportingperiod

Unit:Shares

Shareholdingsbytop10shareholders
NamesoftheShareholders(Fullname)Increase/DecreaseduringthereportingperiodNumberofsharesheldattheendofthereportingperiodPercentage(%)NumberofsharesheldwithsellingrestrictionsStatusofsharespledged,markedorfrozenNatureoftheshareholder
StatusofthesharesQuantity
ZhangJian197,621,900592,865,70068.78592,865,700NilDomesticnaturalperson
YanchengDingaiVentureCapitalPartnership(LimitedPartnership)11,853,10035,559,3004.1335,559,300NilOthers
HongKongSecuritiesClearingCompanyLtd.-1,236,83510,780,5161.25NilDomesticnon-state-ownedlegalentity
HanJianhua2,293,0506,703,0500.78NilDomesticnaturalperson
InvescoGreatWallFund-ChinaLifeInsuranceCo.,Ltd.-DividendInsurance-InvescoGreatWallFundChinaLifeBalancedEquityPortfolioSingleAssetManagementPlan(AvailableforSale)3,771,8256,339,4450.74NilDomesticnaturalperson
PengWei2,073,9206,221,7600.72NilDomesticnaturalperson
LiShishuang2,414,5716,221,6920.72NilOthers
QiaoBaogang1,813,0005,590,0000.65NilOthers
ChinaMerchantsBankCo.,Ltd.-InvescoGreatWallCoreChinaMerchantsMixed-TypeSecuritiesInvestmentFund2,600,1584,800,1140.56NilDomesticnaturalperson
EverbrightSunLifeAssetManagement-IndustrialBank-EverbrightSunLifeAssetNo.121DirectedAssetManagementProduct4,654,8764,654,8760.54NilDomesticnaturalperson
Shareholdingsoftop10shareholdersoftradableshareswithoutsellingrestrictions
NamesoftheShareholdersNumberoftradableshareswithoutsellingrestrictionsTypeandquantityofshares
TypeQuantity
HongKongSecuritiesClearingCompanyLtd.10,780,516RMBcommonshares10,780,516
HanJianhua6,703,050RMBcommonshares6,703,050
InvescoGreatWallFund-ChinaLifeInsuranceCo.,Ltd.-DividendInsurance-InvescoGreatWallFundChinaLifeBalancedEquityPortfolioSingleAssetManagementPlan(AvailableforSale)6,339,445RMBcommonshares6,339,445
PengWei6,221,760RMBcommonshares6,221,760
LiShishuang6,221,692RMBcommonshares6,221,692
QiaoBaogang5,590,000RMBcommonshares5,590,000
ChinaMerchantsBankCo.,Ltd.-InvescoGreatWallCoreChinaMerchantsMixed-TypeSecuritiesInvestmentFund4,800,114RMBcommonshares4,800,114
EverbrightSunLifeAssetManagement-IndustrialBank-EverbrightSunLifeAssetNo.121DirectedAssetManagementProduct4,654,876RMBcommonshares4,654,876
BankofChinaCo.,Ltd.-InvescoGreatWallCoreZhongjingOne-YearHoldingMixed-TypeSecuritiesInvestmentFund4,500,011RMBcommonshares4,500,011
InvescoGreatWallFund-ChinaLifeInsuranceCo.,Ltd.-TraditionalInsurance-InvescoGreatWallFundChinaLifeBalancedEquityTraditionalPortfolioSingleAssetManagementPlan(AvailableforSale)4,155,691RMBcommonshares4,155,691
Explanationonrepurchaseaccountoftop10shareholdersAsoftheendofthereportingperiod,theCompany'sdedicatedsecuritiesrepurchaseaccountheld14,130,524shares,whichwillbeusedfortheimplementationofstockincentiveplans.
Explanationondelegatedvotingrights,entrustedvotingrights,abstainedvotingrightsoftheaforesaidshareholdersNil
Notestotherelatedrelationorconsistentactionsoftheabove-mentionedshareholdersNil
ExplanationonpreferencestockholderswithrecoveredvotingrightsandthenumberofstocksheldbythemNil

Note:Asoftheendofthereportingperiod,ChangxingDingaiInvestmentManagementPartnership(LimitedPartnership)hasbeenrenamedtoYanchengDingaiVentureInvestmentPartnership(LimitedPartnership).Toptenshareholdersparticipatinginthelendingofsharesundertherefinancingbusiness

□Applicable√NotapplicableChangesinthetoptenshareholderscomparedwiththepreviousperiod

√Applicable□Notapplicable

Unit:Shares

Changesinthetoptenshareholderscomparedwiththepreviousperiod
Nameofshareholder(fullname)Newentries/exitsthisreportingperiodNumberofshareslentoutviasecuritieslendingnotyetreturnedatperiodendNumberofsharesheldinordinaryandcreditaccounts,includingshareslentoutviasecuritieslendingnotyetreturnedatperiodend
TotalnumberPercentage(%)TotalnumberPercentage(%)
CITICSecuritiesInvestmentCo.,Ltd.Exit
JinshiEntertainmentEquityInvestment(Hangzhou)Partnership(LimitedPartnership)Exit
InvescoGreatWallFund-ChinaLifeInsuranceCo.,Ltd.-DividendInsurance-InvescoGreatWallFundChinaLifeBalancedEquityPortfolioSingleAssetManagementPlan(AvailableforSale)Newentry006,339,4450.74
LiuJianxinExit003,600,1200.42
ChinaMerchantsBankCo.,Ltd.-InvescoGreatWallCoreChinaMerchantsMixed-TypeSecuritiesInvestmentFundNewentry004,800,1140.56
EverbrightSunLifeAssetManagement-IndustrialBank-EverbrightSunLifeAssetNo.121DirectedAssetManagementProductNewentry004,654,8760.54

Note:CITICSecuritiesInvestmentCo.,Ltd.andJinshiEntertainmentEquityInvestment(Hangzhou)Partnership(LimitedPartnership)werenotamongthetop200holdersintheCompany'sordinaryandmargintradingcreditaccountsattheendofthereportingperiod.Numberofsharesheldbytoptenshareholderswithsellingrestrictionsandthesellingrestrictions

√Applicable□Notapplicable

Unit:Shares

No.NamesofshareholderswithsellingrestrictionsNumberofrestrictedsharesRestrictedsharesallowedforpublictradingSellingrestrictions
DatewhenpublictradingisallowedIncreaseinrestrictedsharesallowedforpublictrading
1ZhangJian592,865,700June17,2024592,865,700Non-tradablefor36monthsfromIPO
2YanchengDingaiVentureCapitalPartnership(LimitedPartnership)35,559,300June17,202435,559,300Non-tradablefor36monthsfromIPO
3RenYong1,764,000Non-tradableduetostockincentive
4GaoHui1,764,000Non-tradableduetostockincentive
5LuoQingyi882,000Non-tradableduetostockincentive
6ZhouSixiu588,000Non-tradableduetostockincentive
7YangWanli588,000Non-tradableduetostockincentive
8ZhengHui588,000Non-tradableduetostockincentive
9HuYupeng294,000Non-tradableduetostockincentive
10YangJunwei294,000Non-tradableduetostockincentive
Notestotherelatedrelationorconsistentactionsoftheabove-mentionedshareholdersNil

Note:"RestrictedStockIncentive"referstotherestrictivestockincentiveplanreleasedbytheCompanyonNovember17,2021.Incentiverecipientswillbeeligibletoapplyforlistingandtradingoftheirsharesonlyaftertheperformancemetricsoftheincentiveplanaremet.(III)Strategicinvestorsorgenerallegalentitywhobecamethetop10shareholdersduetoplacingofnewshares

□Applicable√NotapplicableIV.ControllingShareholdersandActualControllers(I)Controllingshareholder

1.Legalentity

□Applicable√Notapplicable

2.Naturalperson

√Applicable□Notapplicable

NameZhangJian
NationalityChina
Residencyinothercountriesorregions(yes/no)No
MainoccupationsandpositionsChairmanoftheBoard&GeneralManager

3.SpecialstatementaboutnocontrollingshareholderintheCompany

□Applicable√Notapplicable

4.Explanationonchangesincontrollingshareholdersduringthereportingperiod

□Applicable√Notapplicable

5.FrameworkoftheownershipandcontrollingrelationshipbetweentheCompanyanditscontrollingshareholder

√Applicable□Notapplicable

(II)Actualcontroller

1.Legalentity

□Applicable√Notapplicable

2.Naturalperson

√Applicable□Notapplicable

NameZhangJian,ZhangGege
NationalityChina
Residencyinothercountriesorregions(yes/no)No
MainoccupationsandpositionsZhangJianistheChairmanoftheBoardandtheGeneralManageroftheCompany;ZhangGegeisadirectoroftheCompany,theexecutivedirectorandgeneralmanagerofSuiwanwan,andtheexecutivepartnerofYanchengDingai.
Controllinginterestsinotherdomesticallyandoverseaslistedcompaniesinthepast10yearsNotapplicable

3.SpecialexplanationontheabsenceofcontrollingshareholdersoftheCompany

□Applicable√Notapplicable

4.ExplanationonchangesintheCompany’sControlduringthereportingperiod

□Applicable√Notapplicable

5.FrameworkofownershipandcontrollingrelationshipbetweentheCompanyandtheactualcontrollers

√Applicable□Notapplicable

6.TheactualcontrollercontrolstheCompanybywayoftrustorotherassetmanagement

□Applicable√Notapplicable(III)Otherinformationaboutcontrollingshareholdersandactualcontrollers

□Applicable√Notapplicable

V.TheCumulativeNumberofSharesPledgedbyTheCompany'sControllingShareholdersorLargestShareholderandTheirConcertPartiesExceeds80%ofTheirTotalShareholdings.

□Applicable√NotapplicableVI.OtherLegalEntityShareholderHoldingMoreThan10%

□Applicable√NotapplicableVII.RestrictionsonShareholdingReduction

□Applicable√NotapplicableVIII.SpecificImplementationofShareRepurchaseDuringtheReportingPeriod

Unit:Yuan(RMB)

SharerepurchaseplannameSharerepurchaseplanviacentralizedbiddingtransaction
DisclosuretimeofsharerepurchaseplanAugust29,2023
Plannednumberofsharestorepurchaseandpercentageoftotalsharecapital(%)Plannedrepurchaseof4,226,542to8,453,085shares,representing0.49%to0.98%ofthetotalsharecapitalatthetimeoftheplan’sdisclosure.
PlannedrepurchaseamountNotlessthanRMB200millionandnotmorethanRMB400million
PlannedrepurchaseperiodNotexceedingsixmonthsfromthedateofapprovalbytheCompany'sBoardofDirectors
PurposeofrepurchaseForstockincentiveoremployeeshareownershipplans
Numberofsharesalreadyrepurchased14,130,524
Percentageofalreadyrepurchasedsharesrelativetothesharesinvolvedinthestockincentiveplan(%)(ifapplicable)Notapplicable
ProgressofsharerepurchasethroughcentralizedbiddingtransactionNotapplicable

Sharerepurchaseplanname

SharerepurchaseplannameRepurchaseandcancellationofpartialstockincentiverestrictedshares
DisclosuretimeofsharerepurchaseplanMay20,2023
Plannednumberofsharestorepurchaseandpercentageoftotalsharecapital(%)Plannedrepurchaseof126,000shares,representing0.0146%ofthetotalsharecapitalatthetimeofplandisclosure
PlannedrepurchaseamountRMB1,074,800(plusaccruedbankinterestforthesameperiod).
PlannedrepurchaseperiodJuly27,2023
PurposeofrepurchaseCancellation
Numberofsharesalreadyrepurchased126,000
Percentageofalreadyrepurchasedsharesrelativetothesharesinvolvedinthestockincentiveplan(%)(ifapplicable)0.86
ProgressofsharerepurchasethroughcentralizedbiddingtransactionNotapplicable

Section8PreferredShares

□Applicable√Notapplicable

Section9Bond-relatedInformationI.CorporateBonds,CompanyBonds,andNon-FinancialCorporateDebtFinancingInstruments

?Applicable√NotapplicableII.ConvertibleCorporateBonds

?Applicable√Notapplicable(I)Issuanceofconvertiblebonds

√Applicable?Notapplicable

ApprovedbytheChinaSecuritiesRegulatoryCommissionwiththepermitnumber[2022]3038,theCompanypubliclyissued20,000,000convertiblecorporatebondsonFebruary23,2023.Eachbondhasaparvalueof100yuan,totalinganissuanceamountof2,000,000,000yuan.ChinaSecuritiesPengyuanCreditRatingCo.,Ltd.providedacreditratingreportforthisissuancetitled2022PublicIssuanceofConvertibleCorporateBondsCreditRatingReportforAimaTechnologyGroupCo.,Ltd.TheCompany'scorporatecreditratingisAA,andthecreditratingforthisissuanceofconvertiblebondsisalsoAA.WiththeconsentoftheShanghaiStockExchangeSelf-RegulatorySupervisionDecision[2023]41,theCompany's2,000,000,000yuanconvertiblecorporatebondsbegantradingontheShanghaiStockExchangeonMarch20,2023,“underthebondabbreviation'AimaCB'andbondcode'113666'.

(II)Convertiblebondholdersandguarantorsduringthereportingperiod

√Applicable?Notapplicable

ConvertiblecorporatebondnameAimaCB
Numberofbondholdersatperiod-end8,983
GuarantorsoftheCompany'sconvertiblebondsN/A
Toptenholdersofconvertiblebondsareasfollows:
NamesofconvertiblecorporatebondholderAmountheldatperiod-end(inyuan)Percentageofholdings(%)
ZhangJian825,000,00041.25
ChinaConstructionBankCorporation-YifangdaDual-BondEnhancedBond-TypeSecuritiesInvestmentFund79,542,0003.98
GuosenSecuritiesCo.,Ltd.70,826,0003.54
BankofChinaLimited-YifangdaSteadyIncomeBond-TypeSecuritiesInvestmentFund66,010,0003.30
ChinaMinshengBankingCorp.,Ltd.-AnxinSteadyGrowthFlexibleAllocationMixed-TypeSecuritiesInvestmentFund25,346,0001.27
PingAnFund-PingAnLifeInsuranceCompanyofChina,Ltd.-Dividend-IndividualInsuranceDividend-PingAnLife-PingAnFundFixedIncomeMandatedInvestmentNo.1SingleAssetManagementPlan25,022,0001.25
ChinaMerchantsBankCo.,Ltd.-AnxinSteadyProfitIncreaseMixed-TypeSecuritiesInvestmentFund19,547,0000.98
PICCAssetManagement-ChinaMerchantsBank-PICCAssetsAnxinProsperousWorldNo.29AssetManagementProduct15,650,0000.78
BankofCommunicationsCo.,Ltd.-XingquanStableProfitIncreaseBond-TypeSecuritiesInvestmentFund15,154,0000.76
ShanghaiPudongDevelopmentBankCo.,Ltd.-15,138,0000.76

(III)Changesinconvertiblebondsduringthereportingperiod

√Applicable?Notapplicable

Unit:Yuan(RMB)

YifangdaYuxiangReturnBond-TypeSecuritiesInvestmentFundConvertiblecorporatebondnames

ConvertiblecorporatebondnamesBeforethecurrentchangeIncrease/decreaseinthischangeAfterthecurrentchange
ConversionRedemptionRepurchase
AimaCB2,000,000,00040,0001,999,960,000

AccumulatedConversionofConvertibleBondsDuringtheReportingPeriod

√Applicable?Notapplicable

ConvertiblecorporatebondnameAimaCB
Conversionamountduringthereportingperiod(yuan)40,000
Numberofsharesconvertedduringthereportingperiod(shares)1,001
Cumulativenumberofsharesconverted(shares)1,001
Percentageofcumulativesharesconvertedrelativetothetotalnumberofsharesissuedpriortoconversion(%)0.000116
Outstandingconversionamount(yuan)1,999,960,000
Percentageofunconvertedconvertiblebondsrelativetothetotalissuanceofconvertiblebonds(%)99.999884

(IV)AdjustmentHistoryofConversionPrices

√Applicable?Notapplicable

Unit:Yuan(RMB)

ConvertiblecorporatebondnamesAimaCB
ConversionpriceadjustmentdateAdjustedconversionpriceDisclosuredateDisclosuremediaExplanationofconversionpriceadjustment
May19,202339.99May13,2023ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,SecuritiesDailyTheCompanyimplementedtheannualequitydistributionfor2022.Accordingtotheregulationsrelatedtoconvertiblebonds,theconversionpriceofAimaCBwasadjustedfrom61.29yuanpershareto39.99yuanpershare.
September22,202339.64September16,2023ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,SecuritiesDailyTheCompanycarriedoutthesemi-annualequitydistributionfor2023.Accordingtotheregulationsrelatedtoconvertiblebonds,theconversionpriceofAimaCBwasadjustedfrom39.99yuanpershareto39.64yuanpershare.
Latestconversionpriceasoftheendofthereportingperiod39.64

(V)TheCompany'sliabilities,creditratingchanges,andcasharrangementsfordebtrepaymentinfutureyears

√Applicable?NotapplicableInaccordancewiththe"RegulationsontheAdministrationofSecuritiesIssuancebyListedCompanies"andthe"RegulationsontheIssuanceandTradingofCorporateBonds”,theCompanyengagedChinaSecuritiesPengyuanCreditRatingCo.,Ltd.toconductacreditratingfortheAimaCBissuedinFebruary2023.OnMay23,2023,ChinaSecuritiesPengyuanissuedthe"2023Follow-upCreditRatingReportforAimaTechnologyGroupCo.,Ltd.'sPubliclyIssued

ConvertibleCorporateBonds”.TheCompany'scorporatecreditratingwasaffirmedat"AA"witha"stable"outlook,andthecreditratingfortheAimaCBwasalso"AA”.Therehasbeennochangeintheratingoutcomescomparedtothepreviousassessment.TheCompany'soperationsremainstable,withareasonableassetstructureandnosignificantchangesinliabilities.Itscreditstatusissound.TheprimarysourcesofcashfordebtrepaymentinthecomingyearincluderevenuesfromtheCompany'snormalbusinessoperations,cashinflows,andtheliquidationofcurrentassets.(VI)OtherMattersRegardingConvertibleBonds

√Applicable?NotapplicableFromJune7toJune30,2023,theCompany'sstockpricewasbelow85%oftheconversionpriceonatleast15outof30consecutivetradingdays,triggeringthedownwardrevisionclauseoftheAimaCBconversionprice.TheCompanyconvenedthe10thmeetingofthefifthBoardofDirectorsanddecidednottoadjusttheconversionpricedownward.Furthermore,iftheCompany'sstockpricetriggersthedownwardrevisionclauseoftheAimaCBagainwithinthenextthreemonths(fromJuly1,2023,toSeptember30,2023),theCompanywillnotproposeadownwardrevision.FromOctober9toOctober27,2023,theCompany'sstockpricewasagainbelow85%oftheconversionpriceonatleast15outof30consecutivetradingdays,triggeringthedownwardrevisionclauseoftheAimaCBconversionprice.TheCompanyconvenedthe15thmeetingofthefifthBoardofDirectorsanddecidednottoadjusttheconversionpricedownward.Additionally,iftheCompany'sstockpricetriggersthedownwardrevisionclauseoftheAimaCBagaininthenextthreemonths(fromOctober28,2023,toJanuary27,2024),theCompanywillnotproposeadownwardrevisionplan.

Section10Financialreport

I.Auditor’sReport

√Applicable□Notapplicable

Ernst&YoungHuaMing(2024)ShenZiNO.70017005_L01

AimaTechnologyGroupCo,.LTD.ToallshareholdersofAimaTechnologyGroupCo,.LTD.,I.OpinionWehaveauditedthefinancialstatementsofAimaTechnologyGroupCo,.LTD.(the“Company”),whichcomprisetheconsolidatedandcompanybalancesheetsasat31December2023,andtheconsolidatedandcompanyincomestatements,theconsolidatedandcompanystatementofchangesinequityandtheconsolidatedandcompanystatementofcashflowsfortheyearthenended,andnotestothefinancialstatements.Inouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionoftheconsolidatedandcompanyasat31December2023,andofitsfinancialperformanceandcashflowsfortheyearthenendedinaccordancewithAccountingStandardsforBusinessEnterprises(“ASBEs”).II.BasisforopinionWeconductedourauditinaccordancewithChinaStandardsonAuditing(“CSAs”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofourreport.WeareindependentoftheCompanyinaccordancewithChinaCodeofEthicsforCertifiedPublicAccountants(the“Code”),andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeCode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.III.KeyauditmattersKeyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Foreachmatterbelow,ourdescriptionofhowourauditaddressedthematterisprovidedinthatcontext.WehavefulfilledtheresponsibilitiesdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofourreport,includinginrelationtothesematters.Accordingly,ourauditincludedtheperformanceofproceduresdesignedtorespondtoourassessmentoftherisksofmaterialmisstatementofthefinancialstatements.Theresultsofourauditprocedures,includingtheproceduresperformedtoaddressthemattersbelow,providethebasisforourauditopinionontheaccompanyingfinancialstatements.

Keyauditmatters:Howourauditaddressedthekeyauditmatter:
Salesrebatesandincentives
ThebookvalueofsalesrebatesandincentivespayableintheconsolidatedfinancialstatementsonDecember31,2023wasRMB398,469,160.37,andthebookvalueofsalesrebatesandincentivespayableintheCompany'sfinancialstatementswasRMB146,780,140.33.ItisstipulatedinthedistributionagreementsignedwiththedealersthatsalesrebatesandOurauditproceduresperformedonsalesrebatesandincentivesmainlyinclude:1)understandtheinternalcontrolofsalesrebateandincentivesmanagement,performwalkthroughandcontroltestonidentifiedcontrols;2)checkthedistributionagreementssigned
otherspecificincentivesshouldbegivenbasedonthepurchasevolumetooffsetagainstrevenue.Onthebalancesheetdate,salesrebatesandincentivesareestimatedbasedonthedealers’purchasevolumeandotherrebatesandpromotionpolicies.Duetothelargenumberofdealersandthevariousformsofsalesrebatesandincentives,thepurchasevolumeofeachdealerandtheachievementofotherperformancesneedstobeconsideredinordertodeterminetheperiodofsalesrebatesandincentives.Thecalculationofsalesrebatesandincentivesdependsonthejudgmentandestimateofthemanagement.withseveraldealersin2023andexaminetheprovisionsinthedistributionagreementsonsalesrebatesandincentives;3)selectanumberofdealerstocheckwhetherthesalesrebatesandincentivesobtainedbythemcomplywiththerelevantsalespolicies,andchecktheapplicationofthesedealers'salesrebatesandincentives;4)reviewtheyear-endrebateprovisionprocesspreparedbymanagementandselectsamplestoreviewtherelevantsupportingdocuments;5)executethesubsequentreviewproceduretocheckthesalesrebatepayablebytheCompanyattheendoftheyearandtheactualpaymentstatusthereafter.6)Reviewtheadequacyofdisclosuresrelatedtointernalcontrolofsalesrebateandincentives.
Baddebtprovisionofaccountsreceivable
ThebookvalueofaccountsreceivableintheconsolidatedfinancialstatementsonDecember31,2023wasRMB357,840,165.19,andthebookvalueoftheaccountsreceivableintheCompany'sfinancialstatementswasRMB142,148,320.82.Themanagementconsidersthecreditriskcharacteristicsofdifferentcustomersandevaluatestheexpectedcreditlosses(“ECLs”)ofaccountsreceivablebasedontheagingportfolio.Then,onthebasisofECLs,thebaddebtprovisionismeasuredaccordingtotheECLsamountequivalenttotheentirelifetime.Themanagementconsidersreasonableandsupportableinformationaboutpastevents,currentconditionsandforecastsoffutureeconomicconditionswhenassessingECLs.Thedealers’customersarescatteredandnumerous,andtheestimationofbad-debtprovisionforaccountsreceivabledependsonthejudgmentandestimationofthemanagement.Ourauditproceduresperformedonbaddebtprovisionforaccountsreceivablemainlyinclude:1)fortheaccountsreceivablethathavebeenindividuallyassessedforimpairment,interviewthemanagersofthesalesdepartmentandthelegaldepartment,andreviewthebasisforthemanagementtoestimatethebaddebtprovision,includingthecommunicationcorrespondencesbetweenthemanagementandtherelevantcustomers,themanagement’sassessmentoncreditrisksofthecustomersinconsiderationoftheiroperatingconditionsandhistoricalpaymentrecord,etc.;2)fortheaccountsreceivableassessedbycombination,reviewthemanagement'ssettingofthecombinationofcreditriskcharacteristics,keyinformationsuchastheaging,andwiththecombinationofcreditriskcharacteristics(i.e.agingcombination)asthebase,reviewthemanagement’sbasistoassessthecreditriskandECLsamount,includingtestinghistoricaldefaultdata,evaluatingadjustmentstohistoricallossratesbasedoncurrenteconomicconditions,andevaluatingforward-lookinginformationbyexaminingpubliclyavailablemacroeconomicfactors,andchecktheactualcreditlossesincurredduringtheyear;3)checkthesubsequentcollectionofaccountsreceivable,andconsidertheimpactofsubsequenteventsontheestimationofbaddebtprovision;4)retestthecalculationprocessofbaddebtprovisionforaccountsreceivable,andreviewtheamountofbaddebtprovision;

IV.OtherinformationThemanagementofAimaTechnologyGroupCo,.LTD.isresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheAnnualReport,otherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.V.ResponsibilitiesofthemanagementandthosechargedwithgovernanceforthefinancialstatementsThemanagementoftheCompanyisresponsibleforthepreparationandfairpresentationofthefinancialstatementsinaccordancewithASBEs,andfordesigning,implementingandmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,themanagementisresponsibleforassessingAimaTechnologyGroupCo,.LTD.’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesseitherintendtoliquidateAimaTechnologyGroupCo,.LTD.ortoceaseoperationsorhavenorealisticalternativebuttodoso.ThosechargedwithgovernanceisresponsibleforoverseeingAimaTechnologyGroupCo,.LTD.’sfinancialreportingprocess.VI.Auditor’sresponsibilitiesfortheauditofthefinancialstatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandaregenerallyconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCSAs,weexerciseprofessionaljudgementandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.

(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof

accountingestimatesandrelateddisclosuresmadebythemanagement.

(4)Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.

(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependenceandtocommunicatewiththosechargedwithgovernanceallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.Ernst&YoungHuaMingLLPChineseCertifiedPublicAccountant:GuoJing

ChineseCertifiedPublicAccountant:ZhaoRuiqingBeijing,thePeople’sRepublicofChina15April2024

II.FinancialStatements

ConsolidatedBalanceSheetDecember31,2023PreparedbyAimaTechnologyGroupCo,.LTD.

Unit:Yuan(RMB)

ItemsNotesDecember31,2023December31,2022
Currentassets:
CurrencyfundsVII.16,667,258,951.186,633,455,070.29
Settlementreserve
Inter-banklending
FinancialassetsheldfortradingVII.2176,041,430.92142,668,675.59
Derivativefinancialassets
Notesreceivable
AccountsreceivableVII.5357,840,165.19290,365,547.11
ReceivablesfinancingVII.78,893,241.618,332,754.00
PrepaymentsVII.836,627,883.9617,554,574.37
Receivablepremium
Reinsuranceaccountsreceivable
Reserveforreinsurancecontractreceivable
OtherreceivablesVII.915,687,906.2728,051,920.26
Including:Interestreceivable1,212,339.441,160,941.82
Dividendreceivable
Redemptorymonetarycapitalforsale
InventoriesVII.10575,340,281.28810,511,287.32
Contractassets
Assetsclassifiedasheldforsale
Currentportionofnon-currentassetsVII.121,628,460,684.933,524,708,328.77
OthercurrentassetsVII.13119,888,220.6977,023,491.16
Totalcurrentassets9,586,038,766.0311,532,671,648.87
Non-currentassets:
Loanissuingandadvanceincash
Debtinvestments
Otherdebtinvestments
Long-termreceivables
Long-termequityinvestmentsVII.17127,263,995.91128,152,070.40
Otherequityinvestments
Othernon-currentfinancialassets
InvestmentpropertiesVII.20283,701,850.41254,380,733.64
FixedassetsVII.212,183,672,286.702,032,623,909.57
ConstructioninprogressVII.22992,205,279.9186,011,318.10
Productivebiologicalasset
OilandGasAssets
Right-of-useassetsVII.2534,112,539.6442,520,495.80
IntangibleassetsVII.26715,925,849.18457,986,772.95
Developmentexpenditures
Goodwill
Long-termprepaidexpensesVII.2839,328,251.2343,895,107.41
DeferredtaxassetsVII.29167,938,840.7584,023,263.65
Othernon-currentassetsVII.305,762,625,958.573,809,089,833.43
Totalnon-currentassets10,306,774,852.306,938,683,504.95
Totalassets19,892,813,618.3318,471,355,153.82
Currentliabilities:
Short-termborrowingsVII.32511,250,000.00
Borrowingsfromthecentralbank
Loansfromotherbanks
Financialliabilitiesheldfortrading
Derivativefinancialliabilities
NotespayableVII.356,032,204,440.666,853,338,997.32
AccountspayableVII.362,459,299,045.992,535,832,081.83
ReceiptsinadvanceVII.3719,145,352.2020,619,060.26
ContractliabilitiesVII.38625,232,267.97638,429,605.04
Moneyfromsaleoftherepurchasedfinancialassets
Depositstakingandinterbankplacement
Actingtradingsecurities
Incomefromsecuritiesunderwritingoncommission
EmployeebenefitspayableVII.39171,544,807.08162,900,880.50
TaxesandsurchargespayableVII.40140,201,158.00154,033,696.44
OtherpayablesVII.41628,111,216.14564,648,489.37
Including:interestpayable
Dividendspayable
Servicechargeandcommissionpayable
Payablereinsurance
Liabilitiesclassifiedasheldforsale
Currentportionofnon-currentliabilitiesVII.4317,568,122.605,682,224.67
OthercurrentliabilitiesVII.4428,516,899.3224,329,644.32
Totalcurrentliabilities10,121,823,309.9611,471,064,679.75
Non-currentliabilities:
Reserveforinsurancecontract
Long-termborrowings
BondspayableVII.461,644,650,128.51
Including:preferredshares
Perpetualbond
LeaseliabilitiesVII.4743,479,059.6053,522,636.81
Long-termpayables
Long-termemployeebenefitspayable
Provisions
DeferredincomeVII.51292,432,400.56198,066,664.29
DeferredtaxliabilitiesVII.2910,356,257.8014,379,454.97
Othernon-currentliabilities
Totalnon-currentliabilities1,990,917,846.47265,968,756.07
Totalliabilities12,112,741,156.4311,737,033,435.82
Shareholders’equity:
SharecapitalVII.53861,925,007.00574,700,004.00
Otherequityinstruments432,645,369.56
Including:preferredshares
Perpetualbond
CapitalreservesVII.551,763,412,639.401,977,765,415.63
Less:TreasurystockVII.56481,505,173.88134,953,200.00
Othercomprehensiveincome268.34
Specialreserves
SurplusreservesVII.59430,962,503.50290,784,296.91
Generalrisksreserves
RetainedearningsVII.604,704,597,603.694,012,879,593.44
Totalshareholders’equityattributabletotheparentcompany7,712,038,217.616,721,176,109.98
Minorityshareholders’equity68,034,244.2913,145,608.02
Totalshareholder’sequity7,780,072,461.906,734,321,718.00
TotalLiabilitiesandShareholder’sequity19,892,813,618.3318,471,355,153.82

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

BalanceSheet,ParentCompany

December31,2023Preparedby:AimaTechnologyGroupCo,.LTD.

Unit:Yuan(RMB)

ItemsNotesDecember31,2023December31,2022
Currentassets:
Currencyfunds3,759,867,193.064,266,016,159.86
Financialassetsheldfortrading96,011,328.5473,480,000.00
Derivativefinancialassets
Notesreceivable
AccountsreceivableXIX.1142,148,320.82132,291,280.96
Receivablesfinancing800,000.00
Prepaidexpenses209,322,655.8717,235,274.40
OtherreceivablesXIX.21,711,340,208.9668,706,590.46
Including:Interestreceivable415,312.11350,530.03
Dividendreceivable
Inventories1,219,904.614,103,773.21
Contractassets
Assetsclassifiedasheldforsale
Currentportionofnon-currentassets982,088,082.193,306,865,479.45
Othercurrentassets759,959.76
Totalcurrentassets6,903,557,653.817,868,698,558.34
Non-currentassets:
Debtinvestments
Otherdebtinvestments
Long-termreceivables
Long-termequityinvestmentsXIX.31,110,377,202.671,141,022,337.98
Otherequityinvestments
Othernon-currentfinancialassets
Investmentproperties364,958,228.68396,853,576.99
Fixedassets48,328,609.9853,213,577.74
Constructioninprogress14,009,791.4821,015,488.53
Productivebiologicalasset
OilandGasAssets
Right-of-useassets2,197,714.936,601,760.89
Intangibleassets134,873,847.52101,097,036.78
Developmentexpenditures
Goodwill
Long-termprepaidexpenses12,210,197.7721,412,482.96
Deferredtaxassets66,307,429.84
Othernon-currentassets2,641,121,253.901,402,486,388.12
Totalnon-currentassets4,394,384,276.773,143,702,649.99
Totalassets11,297,941,930.5811,012,401,208.33
Currentliabilities:
Short-termborrowings
Financialliabilitiesheldfortrading
Derivativefinancialliabilities
Notespayable2,357,961,214.824,513,457,663.63
Accountspayable529,945,172.71662,254,935.86
Receiptsinadvance19,612,420.3721,964,709.66
Contractliabilities199,774,250.25224,829,884.12
Employeebenefitspayable46,809,701.5639,866,027.04
Taxesandsurchargespayable83,023,161.7729,001,097.89
Otherpayables406,117,301.77396,088,908.57
Including:interestpayable
Dividendspayable
Liabilitiesclassifiedasheldforsale
Currentportionofnon-currentliabilities7,353,401.714,555,680.46
Othercurrentliabilities6,713,755.598,375,154.72
Totalcurrentliabilities3,657,310,380.555,900,394,061.95
Non-currentliabilities:
Long-termborrowings
Bondspayable1,644,650,128.51
Including:preferredshares
Perpetualbond
Leaseliabilities2,353,501.71
Long-termpayables
Long-termemployeebenefitspayable
Provisions
Deferredincome67,366,822.3552,366,165.75
Deferredtaxliabilities10,790,576.99
Othernon-currentliabilities
Totalnon-currentliabilities1,712,016,950.8665,510,244.45
Totalliabilities5,369,327,331.415,965,904,306.40
Shareholders’equity:
Sharecapital861,925,007.00574,700,004.00
Otherequityinstruments432,645,369.56
Including:preferredshares
Perpetualbond
Capitalreserves1,956,903,933.042,173,462,800.28
Less:Treasurystock481,505,173.88134,953,200.00
Othercomprehensiveincome
Specialreserves
Surplusreserves430,962,503.50290,784,296.91
Retainedearnings2,727,682,959.952,142,503,000.74
Totalshareholder’sequity5,928,614,599.175,046,496,901.93
TotalLiabilitiesandShareholder’sequity11,297,941,930.5811,012,401,208.33

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

ConsolidatedIncomeStatement

2023

Unit:Yuan(RMB)

ItemsNotes20232022
I.Revenue21,036,120,862.2920,802,212,994.46
Including:operatingrevenueVII.6121,036,120,862.2920,802,212,994.46
Interestincome
Earnedinsurancepremium
Servicechargeandcommissionincome
II.Totaloperatingcosts18,957,888,320.6318,647,645,240.06
Including:costofsalesVII.6117,562,865,946.7317,398,502,632.36
Interestpayment
Servicechargeandcommissionpayment
SurrenderValue
Compensationexpenses,net
Provisionofreserveforinsuranceliabilities,net
Paymentofpolicydividend
Reinsuranceexpenses
TaxesandsurchargesVII.62100,346,301.43105,061,796.17
SellingexpensesVII.63641,208,788.04587,315,848.35
AdministrativeexpensesVII.64474,276,849.74432,777,222.67
ResearchanddevelopmentexpensesVII.65589,467,221.52506,685,038.01
FinancialexpensesVII.66-410,276,786.83-382,697,297.50
Including:Interestexpenses24,713,122.278,693,658.65
Interestincome437,121,544.42394,300,036.06
Add:OtherincomeVII.67173,159,360.7478,130,046.97
Investmentincome(lossisstatedwith“-”)VII.68-21,396,254.38-3,687,987.74
Including:Incomefrominvestmentsinassociatesandjointventures-28,590,454.64-21,624,009.83
Incomefromthederecognitionoffinancialassetsmeasuredatamortisedcost
Exchangeincome(lossisstatedwith“-”)
Netpositionhedginggains(lossisstated
with“-”)
Fairvaluegains(lossisstatedwith“-”)VII.70-17,226,650.77-12,120,000.00
Creditimpairmentlosses(lossisstatedwith“-”)VII.71-15,472,032.6718,855,144.03
Impairmentlossesofassets(lossisstatedwith“-”)VII.72-3,823,176.99-3,399,468.47
Gainsondisposalofnon-currentassets(lossisstatedwith“-”)VII.73456,784.341,286,052.98
III.Operatingprofit(lossisstatedwith“-”)2,193,930,571.932,233,631,542.17
Add:Non-operatingincomeVII.7440,582,816.7534,198,940.47
Less:Non-operatingexpensesVII.7521,155,434.7640,844,163.45
IV.Totalprofit(totallossisstatedwith“-”)2,213,357,953.922,226,986,319.19
Less:IncometaxexpenseVII.76317,011,002.31354,443,490.41
V.NetProfit(netlossisstatedwith“-”)1,896,346,951.611,872,542,828.78
(I)Classifiedbycontinuityofoperations
1.Profitfromcontinuingoperations(lossisstatedwith“-”)1,896,346,951.611,872,542,828.78
2.Profitfromdiscontinuedoperations(lossisstatedwith“-”)
(II)Classifiedbyownership
1.Profitattributabletoownersoftheparent(lossisstatedwith“-”)1,881,115,782.351,873,433,343.24
2.ProfitattributabletoMinorityshareholders’equity(lossisstatedwith“-”)15,231,169.26-890,514.46
VI.Othercomprehensiveincome,netoftax268.34
(I)Othercomprehensiveincome,netoftax,attributabletoownersoftheparent268.34
1.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
(1)Remeasurementofadefinedbenefitplan
(2)Othercomprehensiveincomeusingtheequitymethodthatwillnotbereclassifiedtoprofitorloss
(3)Changeinthefairvalueofotherequityinvestments
(4)Changeinthefairvalueoftheentity’sowncreditrisks
2.Othercomprehensiveincomethatmaybereclassifiedtoprofitorloss268.34
(1)Othercomprehensiveincomeusingtheequitymethodthatmaybereclassifiedtoprofitorloss
(2)Changeinthefairvalueofotherdebtinvestments
(3)Amountrecognizedinothercomprehensiveincomeresultingfromthereclassificationoffinancialassets
(4)Provisionforcreditimpairmentofreceivablesfinancing
(5)Cashflowhedgereserve(Effectiveportionofcashflowhedges)
(6)Exchangedifferencesontranslationofforeigncurrencyfinancialstatements268.34
(7)Others
(II)Othercomprehensiveincome,netoftax,attributabletoMinorityshareholders’equity
VII.Totalcomprehensiveincome1,896,347,219.951,872,542,828.78
(I)Totalcomprehensiveincomeattributabletoownersoftheparent1,881,116,050.691,873,433,343.24
(II)TotalcomprehensiveincomeattributabletoMinorityshareholders’equity15,231,169.26-890,514.46
VIII.Earningspershare:
(I)Basicearningpershare(Yuan/share)2.203.31
(II)Dilutedearningpershare(Yuan/share)2.123.31

Wherebusinesscombinationsinvolvingentitiesundercommoncontroloccurredinthecurrentperiod,thenetprofitachievedbytheacquireesbeforethecombinationswasRMB0.00,withtheamountforlastyearbeingRMB0.00.Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

IncomeStatement,ParentCompany

2023

Unit:Yuan(RMB)

ItemsNotes20232022
I.OperatingrevenueXIX.48,354,752,676.288,263,777,075.64
Less:costofsalesXIX.47,874,127,442.147,659,354,139.02
Taxesandsurcharges17,617,838.7420,983,232.85
Sellingexpenses221,248,416.20229,438,863.69
Administrativeexpenses268,936,664.85237,029,411.46
Researchanddevelopmentexpenses2,758,407.108,732,594.46
Financialexpenses-241,758,174.14-252,311,999.65
Including:Interestexpenses22,365,446.32426,973.01
Interestincome264,174,764.59255,146,331.63
Add:Otherincome53,986,193.403,541,812.97
Investmentincome(lossisstatedwith“-”)XIX.51,576,271,319.28647,705,392.11
Including:Incomefrominvestmentsinassociatesandjointventures-38,817,295.52-30,086,884.58
Incomefromthederecognitionoffinancialassetsmeasuredatamortisedcost
Netpositionhedginggains(lossisstatedwith“-”)
Fairvaluegains(lossisstatedwith“-”)-17,395,271.46-12,120,000.00
Creditimpairmentlosses(lossisstatedwith“-”)-2,262,133.56-5,964,963.11
Impairmentlosses(lossisstatedwith“-”)
Gainsondisposalofnon-currentassets(lossisstatedwith“-”)366,292.26149,760.98
II.OperatingProfit(lossisstatedwith“-”)1,822,788,481.31993,862,836.76
Add:Non-operatingincome8,995,591.365,728,258.49
Less:Non-operatingexpenses7,017,560.5430,327,413.42
III.Totalprofit(totallossisstatedwith“-”)1,824,766,512.13969,263,681.83
Less:Incometaxexpense50,188,780.8279,720,727.74
IV.NetProfit(netlossisstatedwith“-”)1,774,577,731.31889,542,954.09
(I)Profitfromcontinuingoperations(netlossisstatedwith“-”)1,774,577,731.31889,542,954.09
(II)Profitfromadiscontinuedoperation(netlossisstatedwith“-”)
V.Othercomprehensiveincome,netoftax
(I)Othercomprehensiveincomewhichcannotbere-classifiedintothegainandloss
1.Remeasurementofadefinedbenefitplan
2.Othercomprehensiveincomeusingtheequitymethodthatwillnotbereclassifiedtoprofitorloss
3.Changeinthefairvalueofotherequityinvestments
4.Changeinthefairvalueoftheentity’sowncreditrisks
(II)Othercomprehensiveincomethatmaybereclassifiedtoprofitorloss
1.Othercomprehensiveincomeusingtheequitymethodthatmaybereclassifiedtoprofitorloss
2.Changeinthefairvalueofotherdebtinvestments
3.Amountrecognisedinothercomprehensiveincomeresultingfromthereclassificationoffinancialassets
4.Provisionforcreditimpairmentofreceivablesfinancing
5.Cashflowhedgereserve(Effectiveportionofcashflowhedges)
6.Exchangedifferencesontranslationofforeigncurrencyfinancialstatements
7.Others
VI.Totalcomprehensiveincome1,774,577,731.31889,542,954.09
VII.Earningspershare:
(I)Basicearningpershare(Yuan/share)
(II)Dilutedearningpershare(Yuan/share)

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

ConsolidatedStatementofCashFlows

2023

Unit:Yuan(RMB)

ItemsNotes20232022
I.Cashflowsfromoperatingactivities
Cashreceiptsfromthesaleofgoodsandtherenderingofservices23,896,464,921.8223,380,468,973.47
Netincreaseofcustomers’depositandduefrombanks
Netincreaseofborrowingsfromthecentralbank
Netincreaseofborrowingsfromotherfinancialinstitutions
Cashreceivedfromthepremiumoftheoriginalinsurancecontract
Netcashreceivedfromthereinsurancebusiness
Netincreaseofthereservefrompolicyholdersandinvestment
Cashreceivedfrominterest,servicechargeandcommission
Netincreaseofloanfromotherbanks
Netincreaseoffundfromrepurchasebusiness
Netcashreceivedfromsecuritiestradingoncommission
Receiptsoftaxesandsurchargesrefunds68,378,509.66116,364,189.79
OthercashreceiptsrelatingtooperatingactivitiesVII.78724,345,794.56404,578,051.90
Totalcashinflowsfromoperatingactivities24,689,189,226.0423,901,411,215.16
Cashpaymentsforgoodsandservices19,878,826,053.5316,219,896,063.13
Netincreaseofloansandadvancestocustomers
Netincreaseofduefromcentralbankandduefromotherbanks
Cashfrompaymentforsettlementoftheoriginalinsurancecontract
Netincreaseofthelendingcapital
Cashpaidforinterest,servicechargeandcommission
Cashforpaymentofpolicydividend
Cashpaymentstoandonbehalfofemployees1,287,828,119.701,225,598,702.09
Paymentsofalltypesoftaxesandsurcharges944,279,435.22837,473,429.98
OthercashpaymentsrelatingtooperatingactivitiesVII.78713,979,383.69566,988,903.02
Totalcashoutflowsfromoperatingactivities22,824,912,992.1418,849,957,098.22
Netcashflowsfromoperatingactivities1,864,276,233.905,051,454,116.94
II.Cashflowsfrominvestingactivities:
CashreceiptsfromreturnsofinvestmentsVII.783,798,013,400.001,148,910,000.00
Cashreceiptsfromreturnsoninvestments400,454,611.7520,575,165.50
Netcashreceiptsfromdisposaloffixedassets,intangibleassetsandotherlong-termassets19,630,741.8215,787,319.61
Netcashreceiptsfromdisposalofsubsidiariesandotherbusinessunits
NetcashreceiptsfromacquisitionofsubsidiariesVII.7833,504,341.91
Othercashreceiptsrelatingtoinvestingactivities
Totalcashinflowsfrominvestingactivities4,251,603,095.481,185,272,485.11
Cashpaymentstoacquirefixedassets,intangibleassetsandotherlong-termassets1,960,197,416.09842,288,846.59
Cashpaymentsforinvestments4,201,598,392.902,521,302,800.00
Netincreaseofthepledgedloan
Netcashpaymentsforacquisitionof
subsidiariesandotherbusinessunits
Othercashpaymentsrelatingtoinvestingactivities
Totalcashoutflowsfrominvestingactivities6,161,795,808.993,363,591,646.59
Netcashflowsfrominvestingactivities-1,910,192,713.51-2,178,319,161.48
III.Cashflowsfromfinancingactivities:
Cashproceedsfrominvestmentsbyothers10,000,000.0029,989,800.00
Including:CashreceiptsfromcapitalcontributionsfromMinorityshareholders’equityofsubsidiaries10,000,000.004,500,000.00
Cashreceiptsfromborrowing1,996,200,000.00511,250,000.00
OthercashreceiptsrelatingtofinancingactivitiesVII.78511,250,000.00
Totalcashinflowsfromfinancingactivities2,517,450,000.00541,239,800.00
Cashrepaymentsfordebts511,250,000.00
Cashpaymentsfordistributionofdividendsorprofitandinterestexpenses1,049,358,585.51206,028,719.13
Including:Dividendsorprofitpaidtominorityshareholdersofsubsidiaries778,717.63
OthercashpaymentsrelatingtofinancingactivitiesVII.78412,292,512.63517,454,858.42
Totalcashoutflowsfromfinancingactivities1,972,901,098.14723,483,577.55
Netcashflowsfromfinancingactivities544,548,901.86-182,243,777.55
IV.Effectofforeignexchangeratechangesoncashandcashequivalents-274,612.34-967,800.79
V.Netincreaseincashandcashequivalents498,357,809.912,689,923,377.12
Add:Cashandcashequivalentsatthebeginningoftheyear5,536,066,687.822,846,143,310.70
VI.Cashandcashequivalentsattheendoftheyear6,034,424,497.735,536,066,687.82

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccounting

supervisor:ZhengHui

StatementofCashFlows,ParentCompany

2023

Unit:Yuan(RMB)

ItemsNotes20232022
I.Cashflowsfromoperatingactivities
Cashreceiptsfromthesaleofgoodsandtherenderingofservices9,438,114,650.319,269,088,699.76
Receiptsoftaxandsurchargesrefunds6,299,378.626,047,760.47
Othercashreceiptsrelatingtooperatingactivities835,991,369.61123,287,403.34
Totalcashinflowsfromoperatingactivities10,280,405,398.549,398,423,863.57
Cashpaymentsforgoodsandservices11,352,110,681.816,519,217,665.28
Cashpaymentstoandonbehalfofemployees244,553,401.41240,801,779.74
Paymentsofalltypesoftaxesandsurcharges145,435,668.9697,132,482.41
Othercashpaymentsrelatingtooperatingactivities214,734,997.84673,977,904.75
Totalcashoutflowsfromoperatingactivities11,956,834,750.027,531,129,832.18
Netcashflowsfromoperatingactivities-1,676,429,351.481,867,294,031.39
II.Cashflowsfrominvestingactivities:
Cashreceiptsfromreturnsofinvestments4,261,278,955.56407,856,433.66
Cashreceiptsfromreturnsoninvestments1,981,835,143.07685,878,871.32
Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets494,489.302,116,717.78
Netcashreceiptsfromdisposalofsubsidiariesandotherbusinessunits
Othercashreceiptsrelatingtoinvestingactivities78,400,000.00170,000,000.00
Totalcashinflowsfrominvestingactivities6,322,008,587.931,265,852,022.76
Cashpaymentstoacquirefixedassets,intangibleassetsandotherlong-termassets139,274,868.57113,428,354.80
Cashpaymentsforinvestments3,104,473,596.77924,392,160.00
Netcashpaymentsforacquisitionofsubsidiariesandotherbusinessunits
Othercashpaymentsrelatingtootherinvestingactivities1,662,407,805.5615,400,000.00
Totalcashoutflowsfrominvestingactivities4,906,156,270.901,053,220,514.80
Netcashflowsfrominvestingactivities1,415,852,317.03212,631,507.96
III.Cashflowsfromfinancingactivities:
Cashproceedsfrominvestmentsbyothers28,909,800.00
Cashreceiptsfromborrowings1,996,200,000.00
Othercashreceiptsrelatingtofinancingactivities
Totalcashinflowsfromfinancingactivities1,996,200,000.0028,909,800.00
Cashrepaymentsfordebts
Cashpaymentsfordistributionofdividendsorprofitandinterestexpenses1,049,358,585.51205,250,001.50
Othercashpaymentsrelatingtofinancingactivities405,630,244.744,761,904.76
Totalcashoutflowsfromfinancingactivities1,454,988,830.25210,011,906.26
Netcashflowsfromfinancingactivities541,211,169.75-181,102,106.26
IV.Effectofforeignexchangeratechangesoncashandcashequivalents-81,207.07-713,369.57
V.Netincreaseincashandcashequivalents280,552,928.231,898,110,063.52
Add:Cashandcashequivalentsatthebeginningoftheyear3,279,300,018.251,381,189,954.73
VI.Cashandcashequivalentsattheendoftheyear3,559,852,946.483,279,300,018.25

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

ConsolidatedStatementofChangesinOwner’sEquity

2023

Unit:Yuan(RMB)

Items2023
Owners’equityattributabletotheparentcompanyNon-controllinginterestsTotalshareholders’equity
SharecapitalOtherequityinstrumentsCapitalreservesLess:TreasurystockOthercomprehensiveincomeSpecialreservesSurplusReservesReservesforgeneralrisksRetainedearningsOthersSub-total
PreferredsharesPerpetualbondOthers
I.Balanceatendofprioryear574,700,004.001,977,765,415.63134,953,200.00290,784,296.914,012,879,593.446,721,176,109.9813,145,608.026,734,321,718.00
Add:Changesinaccountingpolicy
Correctionofpriorperioderrors
Businesscombinationinvolvingentitiesundercommoncontrol
Others
II.Balanceatthebeginningoftheyear574,700,004.001,977,765,415.63134,953,200.00290,784,296.914,012,879,593.446,721,176,109.9813,145,608.026,734,321,718.00
III.Changesfortheyear(decreaseisstatedwith“-”)287,225,003.00432,645,369.56-214,352,776.23346,551,973.88268.34140,178,206.59691,718,010.25990,862,107.6354,888,636.271,045,750,743.90
(I)Totalcomprehensiveincome268.341,881,115,782.351,881,116,050.6915,231,169.261,896,347,219.95
(II)Shareholders’contributionsandreductionincapital-124,999.00432,645,369.72,997,225.77346,551,973.88139,020.00159,104,642.4539,657,467.01198,762,109.46
56
1.Capitalcontributionsbyshareholders1,001.00-8,653.0939,834.6932,182.6032,182.60
2.Capitalcontributedbyotherequityinstrumentsholders432,654,022.65432,654,022.65432,654,022.65
3.Amountofshare-basedpaymentsrecognisedinequity70,168,931.9870,168,931.9870,168,931.98
4.Others-126,000.002,788,459.10346,551,973.88139,020.00-343,750,494.7839,657,467.01-304,093,027.77
(III)ProfitDistribution-140,178,206.59-1,189,536,792.10-1,049,358,585.51--1,049,358,585.51
1.Transfertosurplus140,178,2-140,178,20
reserves06.596.59
2.Transfertogeneralrisksreserves
3.Distributiontoshareholders-1,049,358,585.51-1,049,358,585.51-1,049,358,585.51
4.Others
(IV)Internalcarry-overofowners’equity287,350,002.00-287,350,002.00
1.Capitalisationofcapitalreserves287,350,002.00-287,350,002.00
2.Capitalisationofsurplusreserves
3.Lossmadeupby
surplusreserves
4.Transferofchangesinthedefinedbenefitplantoretainedearnings
5.Transferofothercomprehensiveincometoretainedearnings
6.Others
(V)Specialreserves
1.Appropriationfortheyear
2.Utilizationfortheyear
(VI)Others
IV.Balanceatendof861,925,007.0432,645,1,763,412,481,505,430,962,54,704,597,67,712,038,68,034,247,780,07
year0369.56639.40173.88268.3403.5003.69217.614.292,461.90

Items

Items2022
Owners’equityattributabletotheparentcompanyNon-controllinginterestsTotalshareholders’equity
SharecapitalOtherequityinstrumentsCapitalreservesLess:TreasurystockOthercomprehensiveincomeSpecialreservesSurplusReservesReservesforgeneralrisksRetainedearningsOthersSub-total
PreferredsharesPerpetualbondOthers
I.Balanceatendofprioryear403,660,003.001,935,686,839.31201,830,001.502,433,650,547.114,974,827,390.924,940,339.114,979,767,730.03
Add:Changesinaccountingpolicy
Correctionofpriorperioderrors
Others
II.Balanceatthebeginningoftheyear403,660,003.001,935,686,839.31201,830,001.502,433,650,547.114,974,827,390.924,940,339.114,979,767,730.03
III.Changesfortheyear(decreaseisstatedwith“-”)171,040,001.0042,078,576.32134,953,200.0088,954,295.411,579,229,046.331,746,348,719.068,205,268.911,754,553,987.97
(I)Totalcomprehensiveincome1,873,433,343.241,873,433,343.24-890,514.461,872,542,828.78
(II)Shareholders’contributionsandreductionincapital6,840,000.00212,194,107.94134,953,200.0084,080,907.943,958,970.3888,039,878.32
1.Capitalcontributionsbyshareholders6,960,000.00131,533,200.00134,953,200.003,540,000.004,500,000.008,040,000.00
2.Capitalcontributedbyotherequityinstrumentsholders
3.Amountofshare-basedpaymentsrecognisedinequity80,660,907.9480,660,907.9480,660,907.94
4.Others-120,000.00-120,000.00-541,029.62-661,029.62
(III)ProfitDistribution88,954,295.41-294,204,296.91-205,250,001.50-778,717.63-206,028,719.13
1.Transfertosurplusreserves88,954,295.41-88,954,295.41
2.Transfertogeneralriskreserves
3.Distributionto-205,250,0-205,250,-778,717.-206,02
shareholders01.50001.50638,719.13
4.Others
(IV)Internalcarry-overofowners’equity164,200,001.00-170,115,531.62-5,915,530.625,915,530.62
1.Capitalisationofcapitalreserves164,200,001.00-164,200,001.00
2.Capitalisationofsurplusreserves
3.Lossmadeupbysurplusreserves
4.Transferofchangesinthedefinedbenefitplantoretainedearnings
5.Transferofothercomprehensiveincometoretained
earnings
6.Others-5,915,530.62-5,915,530.625,915,530.62
(V)Specialreserves
1.Appropriationfortheyear
2.Utilisationfortheyear
(VI)Others
IV.Balanceatendofyear574,700,004.001,977,765,415.63134,953,200.00290,784,296.914,012,879,593.446,721,176,109.9813,145,608.026,734,321,718.00

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

StatementofChangesinOwner’sEquity,ParentCompany

2023

Unit:Yuan(RMB)

Items2023
SharecapitalOtherequityinstrumentsCapitalreservesLess:TreasurystockOthercomprehensiveincomeSpecialreservesSurplusReservesRetainedearningsTotalshareholders’equity
PreferredsharesPerpetualbondOthers
I.Balanceatendofprioryear574,700,004.002,173,462,800.28134,953,200.00290,784,296.912,142,503,000.745,046,496,901.93
Add:Changesinaccountingpolicy
Correctionofpriorperioderrors
Others
II.Balanceatthebeginningoftheyear574,700,004.002,173,462,800.28134,953,200.00290,784,296.912,142,503,000.745,046,496,901.93
III.Decrease/increaseofthereportyear(decrease287,225,003.00432,645,369.-216,558,867.24346,551,973.88140,178,206.585,179,959.21882,117,697.24
isstatedwith“-”)5659
(I)Totalcomprehensiveincome1,774,577,731.311,774,577,731.31
(II)Shareholders’contributionsandreductionincapital-124,999.00432,645,369.5669,120,966.67346,551,973.88-139,020.00155,228,383.35
1.Capitalcontributionsbyshareholders1,001.00-8,653.0939,834.6932,182.60
2.Capitalcontributedbyotherequityinstrumentsholders432,654,022.65432,654,022.65
3.Amountofpaymentforsharescountedtoshareholders’equity70,168,931.9870,168,931.98
4.Others-126,000.00-1,087,800.00346,551,973.88139,020.00-347,626,753.88
(III)ProfitDistribution140,178,206.59-1,189,536,7-1,049,358,585.5
92.101
1.Transfertosurplusreserves140,178,206.59-140,178,206.59-
2.Distributionstoshareholders-1,049,358,585.51-1,049,358,585.51
3.Others-
(IV)Internalcarry-overofowners’equity287,350,002.00-287,350,002.00
1.Capitalisationofcapitalreserves287,350,002.00-287,350,002.00
2.Capitalisationofsurplusreserves
3.Lossmadeupbysurplusreserves
4.Transferofchangesinthedefinedbenefitplanto
retainedearnings
5.Transferofothercomprehensiveincometoretainedearnings
6.Others
(V)Specialreserves
1.Appropriationfortheyear
2.Utilizationfortheyear
(VI)Others1,670,168.091,670,168.09
IV.Balanceatendofyear861,925,007.00432,645,369.561,956,903,933.04481,505,173.88430,962,503.502,727,682,959.955,928,614,599.17

Items

ItemsYear2022
SharecapitalOtherequityinstrumentsCapitalreservesLess:TreasurystockOthercomprehensiveincomeSpecialreservesSurplusReservesRetainedearningsTotalshareholders’equity
PreferredsharesPerpetualbondOthers
I.Balanceatendofprioryear403,660,003.001,910,845,161.11201,830,001.501,547,164,343.564,063,499,509.17
Add:Changesinaccountingpolicy
Correctionofpriorperioderrors
Others
II.Balanceatthebeginningoftheyear403,660,003.001,910,845,161.11201,830,001.501,547,164,343.564,063,499,509.17
III.Decrease/increaseofthereportyear(decreaseisstatedwith“-”)171,040,001.00262,617,639.17134,953,200.0088,954,295.41595,338,657.18982,997,392.76
(I)Totalcomprehensiveincome889,542,954.09889,542,954.09
(II)Shareholders’contributionsandreduction6,840,000.00426,817,640.134,953,2298,704,44
incapital1700.000.17
1.Capitalcontributionsbyshareholders6,960,000.00131,533,200.00134,953,200.003,540,000.00
2.Capitalcontributedbyotherequityinstrumentsholders
3.Amountofpaymentforsharescountedtoshareholders’equity80,660,907.9480,660,907.94
4.Others-120,000.00214,623,532.23214,503,532.23
(III)ProfitDistribution88,954,295.41-294,204,296.91-205,250,001.50
1.Transfertosurplusreserves88,954,295.41-88,954,295.41
2.Distributionstoshareholders-205,250,001.50-205,250,001.50
3.Others
(IV)Internalcarry-overofowners’equity164,200,001.00-164,200,001.00
1.Capitalisationofcapitalreserves164,200,001.00-164,200,001.00
2.Capitalisationofsurplusreserves
3.Lossmadeupbysurplusreserves
4.Transferofchangesinthedefinedbenefitplantoretainedearnings
5.Transferofothercomprehensiveincometoretainedearnings
6.Others
(V)Specialreserves
1.Appropriationfortheyear
2.Utilizationfortheyear
(VI)Others
IV.Balanceatendofyear574,700,004.002,173,462,800.28134,953,200.00290,784,296.912,142,503,000.745,046,496,901.93

Legalrepresentative:ZhangJianFinancialcontroller:ZhengHuiAccountingsupervisor:ZhengHui

III.CompanyProfile

1.AbouttheCompany

√Applicable□NotapplicableAimaTechnologyGroupCo,.LTD.isajointstocklimitedcompanyregisteredinTianjin,People'sRepublicofChina.ItwasestablishedonSeptember27,1999.TheCompanyisheadquarteredat5AimaRoad,JinghaiEconomicDevelopmentZone,Tianjin.TheCompany'sprincipalbusinessincludesdevelopment,manufacturingandsalesofelectricbicycles,electricmopedsandelectricmotorcycles.TheCompany'scontrollingshareholderisMr.ZhangJian,anaturalperson.IV.Basisforpreparationoffinancialstatements

1.PreparationBasisThesefinancialstatementshavebeenpreparedinaccordancewithAccountingStandardsforBusinessEnterprises-BasicStandardandspecificaccountingstandards,implementationguidance,interpretationsandotherrelevantprovisionsissuedsubsequentlybytheMinistryofFinance(the“MOF”)(collectivelyreferredtoas“ASBEs”).Inaddition,thefinancialstatementsalsodiscloserelevantfinancialinformationinaccordancewiththeCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15-GeneralProvisionsonFinancialReporting.

2.OperationonGoingConcernBasis

√Applicable□NotapplicableThefinancialstatementsoftheCompanyhavebeenpreparedongoingconcernbasis.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,exceptforcertainfinancialinstruments.Iftheassetsareimpaired,correspondingprovisionsforimpairmentshallbemadeaccordingtorelevantrequirements.V.SignificantaccountingpoliciesandestimatesPresentationonspecificaccountingpoliciesandaccountingestimates

√Applicable□NotapplicableTheCompanyhasformulatedspecificaccountingpoliciesandaccountingestimatesbasedonthepracticalproductionandoperationcharacteristics,whicharemainlyreflectedinthebaddebtsofreceivables,inventoryvaluationmethods,provisionforwrite-downofinventories,depreciationandamortizationofinvestmentproperties,depreciationoffixedassets,amortizationofintangibleassets,amortizationoflong-termprepaidexpenses,recognitionandmeasurementofrevenue,etc.

1.StatementoncomplyingwiththeaccountingstandardforbusinessenterprisesTheCompanydeclaresthatthefinancialstatementspreparedbytheCompanycomply

withrequirementsoftheenterpriseaccountingstandards,trulyandcompletelyreflecttheconcernedinformation,includingtheCompany’sfinancialposition,resultsoftheiroperations,changesinshareholders'equity,cashflow,etc.oftheyearthenended.

2.AccountingperiodTheaccountingyearoftheGroupisacalendaryear,i.e.,from1Januaryto31Decemberofeachyear.

3.BusinessCycle

√Applicable□NotapplicableTheCompanytakes12monthsasabusinesscycle.

4.FunctionalcurrencyforbookkeepingTheCompany’sfunctionalcurrencyisRenminbi(“RMB”).

5.Determinationmethodandselectionbasisofmaterialitycriteria

√Applicable□Notapplicable

ItemsMaterialitycriteria
SignificantconstructioninprogressEndingbalanceexceeds5‰ofthecompany'stotalassets
Significantotherpayablesagedover1yearIndividualotherpayablesgreaterthanRMB100million
SignificantcashflowsfrominvestingactivitiesIndividualcashflowsgreaterthanRMB500million

6.Theaccountingtreatmentonbusinessconsolidationunderthecommoncontrolandnotunderthecommoncontrol

√Applicable□NotapplicableBusinesscombinationsareclassifiedintobusinesscombinationsinvolvingentitiesundercommoncontrolandbusinesscombinationsnotinvolvingentitiesundercommoncontrol.

(1)BusinesscombinationsinvolvingentitiesundercommoncontrolAbusinesscombinationinvolvingentitiesundercommoncontrolisabusinesscombinationinwhichallofthecombiningentitiesareultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthecombination,andthecontrolisnottemporary.Theassetsandliabilities(includinggoodwillarisingfromtheultimatecontrollingparty’sacquisitionoftheentitybeingabsorbed)thatareobtainedbytheabsorbingentityinabusinesscombinationinvolvingentitiesundercommoncontrolshallbemeasuredonthebasisoftheircarryingamountsinthefinancialstatementsoftheultimatecontrollingpartyatthecombinationdate.Thedifferencebetweenthecarryingamountofthenetassetsobtainedandthecarryingamountoftheconsiderationpaidforthecombinationortheaggregatefacevalueofsharesissuedasconsiderationshallbeadjustedtocapital

premiumundercapitalreserves.Ifthecapitalpremiumisnotsufficienttoabsorbthedifference,anyexcessshallbeadjustedagainstretainedearnings.

(2)BusinesscombinationsnotinvolvingentitiesundercommoncontrolAbusinesscombinationnotinvolvingentitiesundercommoncontrolisabusinesscombinationinwhichallofthecombiningentitiesarenotultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthecombination.Theacquirershallmeasuretheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesacquiredinthebusinesscombinationattheirfairvaluesontheacquisitiondate.Goodwillisinitiallyrecognisedandmeasuredatthedifferencebetweenthecombinationcostandtheacquiree'sshareofthefairvalueoftheacquiree'sidentifiablenetassetsacquiredinthecombination.Afterinitialrecognition,goodwillismeasuredatcostlessanyaccumulatedimpairmentlosses.IfthecombinationcostislessthananyfairvalueoftheGroup’spreviouslyheldequityinterestintheacquireeislowerthantheGroup’sinterestinthefairvalueoftheacquiree’snetidentifiableassets,theGroupreassessesthemeasurementofthefairvalueoftheacquiree’sidentifiableassets,liabilitiesandcontingentliabilities.Ifafterthatreassessment,thecombinationcostisstilllowerthantheGroup’sinterestinthefairvalueoftheacquiree’snetidentifiableassets,theGrouprecognisestheremainingdifferenceinprofitorloss.

7.Judgmentstandardofcontrolandpreparationmethodofconsolidatedfinancialstatements

√Applicable□NotapplicableThescopeoftheconsolidatedfinancialstatements,whichincludethefinancialstatementsoftheCompanyandallofitssubsidiaries,isdeterminedonthebasisofcontrol.AsubsidiaryisanentitythatiscontrolledbytheCompany(suchasanenterprise,adeemedseparateentity,orastructuredentitycontrolledbytheCompany).Aninvestorcancontrolaninvesteeifandonlyiftheinvestorhasthreeelements:theinvestorhaspowerovertheinvestee;variablereturnsduetoparticipationintheinvestee'sactivities;abilitytouseitspowerovertheinvesteetoinfluencetheamountofitsreturn.WheretheaccountingpoliciesoraccountingperiodsadoptedbyasubsidiaryareinconsistentwiththoseoftheCompany,necessaryadjustmentsshallbemadetothefinancialstatementsofthesubsidiaryinaccordancewiththeaccountingpoliciesandaccountingperiodsoftheCompanywhenpreparingtheconsolidatedfinancialstatements.Allintra-groupassetsandliabilities,equity,income,expensesandcashflowsrelatingtotransactionsbetweenmembersoftheGroupareeliminatedinfullonconsolidation.WherethelossforthecurrentperiodattributabletoMinorityshareholders’equityofasubsidiaryexceedstheMinorityshareholders’equityoftheopeningbalanceofequityofthesubsidiary,theexcessshallstillbeallocatedagainsttheMinorityshareholders’equity.Forsubsidiariesacquiredthroughbusinesscombinationsnotinvolvingentitiesundercommoncontrol,thefinancialperformanceandcashflowsoftheacquireeshallbe

consolidatedfromthedateonwhichtheGroupobtainscontrol,andcontinuetobeconsolidateduntilthedatesuchcontrolceases.Whilepreparingtheconsolidatedfinancialstatements,theGroupshalladjustthesubsidiary’sfinancialstatements,onthebasisofthefairvaluesoftheidentifiableassets,liabilitiesandcontingentliabilitiesrecognisedontheacquisitiondate.Forsubsidiariesacquiredthroughbusinesscombinationsinvolvingentitiesundercommoncontrol,thefinancialperformanceandcashflowsoftheentitybeingabsorbedshallbeconsolidatedfromthebeginningoftheperiodinwhichthecombinationoccurs.Whilepreparingthecomparativefinancialstatements,adjustmentsaremadetorelateditemsinthefinancialstatementsforthepriorperiodasifthereportingentityafterthecombinationhasbeeninexistencesincethedatetheultimatecontrollingpartyfirstobtainedthecontrol.TheGroupreassesseswhetherornotitcontrolsaninvesteeifanychangeinfactsandcircumstancesindicatesthattherearechangestooneormoreofthethreeelementsofcontrol.AchangeintheMinorityshareholders’equity,withoutalossofcontrol,isaccountedforasanequitytransaction.

8.Classificationofjointarrangementandjointoperation

□Applicable√Notapplicable

9.CashandcashequivalentsCashcomprisestheGroup’scashonhandandbankdepositsthatcanbereadilywithdrawnondemand.Cashequivalentsareshort-term,highlyliquidinvestmentsthatarereadilyconvertibleintoknownamountsofcash,andaresubjecttoaninsignificantriskofchangesinvalue.

10.Foreigncurrencytransactionsandforeigncurrencytranslation

√Applicable□NotapplicableTheGrouptranslatesforeigncurrencytransactionsintoitsfunctionalcurrency.Foreigncurrencytransactionsareinitiallyrecorded,oninitialrecognitioninthefunctionalcurrencyusingaverageexchangeratesfortheperiodinwhichthetransactionsoccur.However,thecapitalinvestedbyinvestorsinforeigncurrenciesistranslatedatthespotexchangerateonthetransactiondate.Monetaryitemsdenominatedinforeigncurrenciesaretranslatedatthespotexchangeratesrulingatthebalancesheetdate.Differencesarisingonsettlementortranslationofmonetaryitemsarerecognisedinprofitorloss,withtheexceptionofthoserelatingtoforeigncurrencyborrowingsspecificallyfortheconstructionandacquisitionofqualifyingassets,whicharecapitalisedinaccordancewiththeguidanceforcapitalisationofborrowingcosts.Non-monetaryitemsthataremeasuredintermsofhistoricalcostinaforeigncurrencyaretranslatedusingtheexchangeratesoftheinitialrecognition,andtheamountdenominatedinthefunctionalcurrencyisnotchanged.Non-monetaryitemsmeasuredatfairvalueinaforeigncurrencyaretranslated

usingtheexchangeratesatthedatewhenthefairvaluewasmeasured.Theresultingexchangedifferencesarerecognisedinprofitorlossorothercomprehensiveincomedependingonthenatureofthenon-monetaryitems.Forforeignoperations,theGrouptranslatestheirfunctionalcurrencyamountsintoRMBwhenpreparingthefinancialstatementsasfollows:asatthebalancesheetdate,theassetsandliabilitiesaretranslatedusingthespotexchangerateatthebalancesheetdate,andequityitemsotherthan“unappropriatedprofit”aretranslatedatthespotexchangeratesatthedatesoftransactions;revenueandexpenseitemsinprofitorlossaretranslatedusingtheaverageexchangeratesfortheperiodduringwhichthetransactionsoccur(unlessthisisinappropriateduetoexchangeratefluctuations,inwhichcasethespotexchangeratesprevailingonthedatesofthetransactionsareused).Theresultingexchangedifferencesarerecognisedinothercomprehensiveincome.Ondisposalofaforeignoperation,thecomponentofothercomprehensiveincomerelatingtothatparticularforeignoperationisrecognisedinprofitorloss.Ifthedisposalonlyinvolvesaportionofaparticularforeignoperation,thecomponentofothercomprehensiveincomerelatingtothatparticularforeignoperationisrecognisedinprofitorlossonapro-ratabasis.Foreigncurrencycashflowsandthecashflowsofforeignsubsidiariesaretranslatedusingtheaverageexchangeratesfortheperiodduringwhichthecashflowsoccur(unlessthisisinappropriateduetoexchangeratefluctuations,inwhichcasethespotexchangeratesprevailingonthedatesofcashflowsareused).Theeffectofexchangeratechangesoncashisseparatelypresentedasanadjustmentiteminthestatementofcashflows.

11.Financialinstruments

√Applicable?NotapplicableAfinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

(1)RecognitionandderecognitionTheGrouprecognisesafinancialassetorafinancialliabilitywhenitbecomesapartytothecontractualprovisionsofafinancialinstrument.Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofagroupofsimilarfinancialassets)isprimarilyderecognised(i.e.,removedfromtheGroup’sconsolidatedbalancesheet)when:

①therightstoreceivecashflowsfromthefinancialassethaveexpired;

②theGrouphastransferreditsrightstoreceivecashflowsfromthefinancialasset,orhasassumedanobligationtopaythereceivedcashflowsinfullwithoutmaterialdelaytoathirdpartyundera“pass-through”arrangement;andeitherhastransferredsubstantiallyalltherisksandrewardsofthefinancialasset,orhasneithertransferrednorretained

substantiallyalltherisksandrewardsoftheasset,buthastransferredcontrolofthefinancialasset.Afinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischargedorcancelled,orexpires.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasaderecognitionoftheoriginalliabilityandarecognitionofanewliability,andthedifferencebetweentherespectivecarryingamountsisrecognisedinprofitorloss.Regularwaypurchasesandsalesoffinancialassetsarerecognisedandderecognisedusingtradedateaccounting.Regularwaypurchasesorsalesarepurchasesorsalesoffinancialassetsthatrequiredeliverywithintheperiodgenerallyestablishedbyregulationorconventioninthemarketplaceinaccordancewithacontract.ThetradedateisthedatethattheGroupcommittedtopurchaseorsellafinancialasset.

(2)ClassificationandmeasurementoffinancialassetsTheclassificationoffinancialassetsatinitialrecognitiondependsonthefinancialasset’scontractualcashflowcharacteristicsandtheGroup’sbusinessmodelformanagingthem:

financialassetsatamortisedcost,financialassetsatfairvaluethroughothercomprehensiveincomeandfinancialassetsatfairvaluethroughprofitorloss.Financialassetsaremeasuredatfairvalueoninitialrecognition,butaccountsreceivableornotesreceivablearisingfromthesaleofgoodsorrenderingofservicesthatdonotcontainsignificantfinancingcomponentsorforwhichtheGrouphasappliedthepracticalexpedientofnotadjustingtheeffectofasignificantfinancingcomponentduewithinoneyear,areinitiallymeasuredatthetransactionprice.Forfinancialassetsatfairvaluethroughprofitorloss,relevanttransactioncostsaredirectlyrecognisedinprofitorloss,andtransactioncostsrelatingtootherfinancialassetsareincludedintheinitialrecognitionamounts.Thesubsequentmeasurementoffinancialassetsdependsontheirclassificationasfollows:

①DebtinvestmentsmeasuredatamortisedcostTheGroupmeasuresfinancialassetsatamortisedcostifbothofthefollowingconditionsaremet:thefinancialassetisheldwithinabusinessmodelwiththeobjectivetoholdfinancialassetsinordertocollectcontractualcashflows;thecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Financialassetsatamortisedcostaresubsequentlymeasuredusingtheeffectiveinterestmethodandaresubjecttoimpairment.Gainsandlossesarerecognisedinprofitorlosswhentheassetisderecognised,modifiedorimpaired.Suchfinancialassetsmainlyincludecurrencyfunds,notesreceivable,accountsreceivableandotherreceivables.

②DebtinvestmentsatfairvaluethroughothercomprehensiveincomeTheGroupmeasuresdebtinvestmentsatfairvaluethroughothercomprehensiveincomeifbothofthefollowingconditionsaremet:thefinancialassetisheldwithinabusinessmodelwiththeobjectiveofbothholdingtocollectcontractualcashflowsandselling;thecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Interestincomeisrecognisedusingtheeffectiveinterestmethod.Theinterestincome,impairmentlossesandforeignexchangerevaluationarerecognisedinprofitorloss.Theremainingfairvaluechangesarerecognisedinothercomprehensiveincome.Uponderecognition,thecumulativefairvaluechangerecognisedinothercomprehensiveincomeisrecycledtoprofitorloss.③FinancialassetsatfairvaluethroughprofitorlossThefinancialassetsotherthantheabovefinancialassetsmeasuredatamortisedcostandfinancialassetsatfairvaluethroughothercomprehensiveincomeareclassifiedasfinancialassetsatfairvaluethroughprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvaluewithnetchangesinfairvaluerecognisedinprofitorloss.

(3)ClassificationandmeasurementoffinancialliabilitiesThefinancialliabilitiesoftheCompanyare,oninitialrecognition,classifiedas:financialliabilitiesmeasuredatamortisedcost.Transactioncostsrelatingtofinancialliabilitiesmeasuredatamortisedcostareincludedintheinitialrecognitionamounts.Thesubsequentmeasurementoffinancialliabilitiesdependsontheirclassification:

FinancialliabilitiesmeasuredatamortisedcostSuchfinancialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod.

(4)ImpairmentoffinancialinstrumentsBasedontheexpectedcreditlosses(“ECLs”),theGrouprecognisesanallowanceforECLsforthefinancialassetsmeasuredatamortisedcost,debtinvestmentsatfairvaluethroughothercomprehensiveincome.Foraccountsreceivableandcontractassetsthatdonotcontainasignificantfinancingcomponent,theGroupappliesthesimplifiedapproachtorecognisealossallowancebasedonlifetimeECLs.Exceptforfinancialassetswhichapplythesimplifiedapproachasmentionedabove,otherfinancialassets,theGroupassesseswhetherthecreditriskhasincreasedsignificantlysinceinitialrecognitionateachbalancesheetdate.Ifthecreditriskhasnotincreasedsignificantlysinceinitialrecognition(stage1),thelossallowanceismeasuredatanamountequalto12-monthECLsbytheGroupandtheinterestincomeiscalculated

accordingtothecarryingamountandtheeffectiveinterestrate;ifthecreditriskhasincreasedsignificantlysinceinitialrecognitionbutarenotcredit-impaired(stage2),thelossallowanceismeasuredatanamountequaltolifetimeECLsbytheGroupandtheinterestincomeiscalculatedaccordingtothecarryingamountandtheeffectiveinterestrate;ifsuchfinancialassetsarecredit-impairedafterinitialrecognition(stage3),thelossallowanceismeasuredatanamountequaltolifetimeECLsbytheGroupandtheinterestincomeiscalculatedaccordingtotheamortisedcostandtheeffectiveinterestrate.Forfinancialinstrumentswithlowercreditriskonthebalancesheetdate,theCompanyassumesthatitscreditriskhasnotincreasedsignificantlysincetheinitialrecognition.TheGroupassessestheexpectedcreditlossesoffinancialinstrumentsbasedonindividualitemsandportfolios.TheGrouphasconsideredthecreditriskcharacteristicsofdifferentcustomers,basedoncommonriskcharacteristicsandassessedtheexpectedcreditlossesofreceivablesbasedontheagecombination.TheGroupconsidersreasonableandsupportableinformationaboutpastevents,currentconditionsandforecastsoffutureeconomicconditionswhenassessingexpectedcreditlosses.WhentheGroupnolongerreasonablyexpectstocollectallorpartofthecontractualcashflowsofthefinancialasset,theGroupdirectlywritesdownthecarryingamountofthefinancialasset.

(5)OffsettingoffinancialinstrumentsFinancialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedinthebalancesheetifthereisacurrentlyenforceablelegalrighttooffsettherecognisedamounts;andthereisanintentiontosettleonanetbasis,ortorealizetheassetsandsettletheliabilitiessimultaneously.

(6)ConvertiblebondsWhentheGroupissuesconvertiblebonds,itdetermineswhethertheycontainbothliabilityandequitycomponentsaccordingtotheterms.Iftheissuedconvertiblebondscontainbothliabilitiesandequitycomponents,theliabilitiesandequitycomponentsshallbeseparatedandtreatedseparatelyatinitialrecognition.Atthetimeofseparation,thefairvalueoftheliabilitycomponentisfirstmeasuredandusedasitsinitialrecognitionamount,andthentheinitialrecognitionamountoftheequitycomponentisdeterminedaccordingtotheamountafterdeductingtheinitialrecognitionamountoftheliabilitycomponentfromtheissuepriceoftheconvertiblebondasawhole.Transactioncostsareallocatedbetweentheliabilitycomponentandtheequitycomponentattheirrespectiverelativefairvalues.Theliabilitycomponentisdisclosedasaliabilityandsubsequentlymeasuredatamortisedcostuntilcancelled,convertedorredeemed.Theequitycomponentisdisclosedasequityandisnotsubsequentlymeasured.Convertiblebondsissuedonlyincludeliabilitycomponentsandembeddedderivatives,thatis,iftheshareconversionrighthasthecharacteristicsofembeddedderivatives,itwillbeseparatedfromtheconvertiblebondsasawhole,treatedseparatelyasaderivativefinancialinstrument,andinitiallyrecognizedatitsfairvalue.Theexcessoftheissuepriceoverinitialrecognitionas

aderivativefinancialinstrumentisrecognisedasadebtinstrument.Transactioncostsareallocatedonthebasisoftheissuepriceofdebtinstrumentsandderivativefinancialinstrumentsoninitialrecognition.Transactioncostsrelatedtodebtinstrumentsarerecognisedasliabilitiesandtransactioncostsrelatedtoderivativefinancialinstrumentsarerecognisedinprofitorlossfortheperiod.

(7)TransferofFinancialAssetsAfinancialassetisderecognisedwhentheGrouphastransferredsubstantiallyalltherisksandrewardsoftheassettothetransferee.AfinancialassetisnotderecognisedwhentheGroupretainssubstantiallyalltherisksandrewardsofthefinancialasset.WhentheGrouphasneithertransferrednorretainedsubstantiallyalltherisksandrewardsofthefinancialasset,iteither(i)derecognisesthefinancialassetandrecognisestheassetsandliabilitiescreatedinthetransferwhenithasnotretainedcontroloftheasset;or(ii)continuestorecognisethetransferredassettotheextentoftheGroup'scontinuinginvolvement,inwhichcase,theGroupalsorecognisesanassociatedliability.Continuinginvolvementthattakestheformofaguaranteeoverthetransferredfinancialassetismeasuredattheloweroftheoriginalcarryingamountofthefinancialassetandtheguaranteeamount.TheguaranteeamountisthemaximumamountofconsiderationthattheGroupcouldberequiredtorepay.

12.Notesreceivable

□Applicable√Notapplicable

13.Accountsreceivable

√Applicable□NotapplicableMethodfordeterminationandaccountingtreatmentoftheexpectedcreditlossofaccountsreceivables

√Applicable□NotapplicableFordetails,pleasereferto“11.FinancialInstruments"and"V.39.OtherImportantAccountingPoliciesandAccountingEstimates"of"V.SignificantAccountingPoliciesandAccountingEstimates"in"Section10.FinancialReport".Combinationcategoryanddeterminationbasisofprovisionforbaddebtsbasedoncreditriskcharacteristics

□Applicable√NotapplicableAgingcalculationmethodbasedonthecombinationofcreditriskcharacteristicsrecognizedbyaging

□Applicable√NotapplicableJudgmentcriteriafordeterminingindividualprovisionforbaddebts

□Applicable√Notapplicable

14.Receivablesfinancing

√Applicable□NotapplicableMethodfordeterminationandaccountingtreatmentoftheexpectedcreditlossofreceivablesfinancing

√Applicable□NotapplicableFordetails,pleasereferto“11.FinancialInstruments"and"V.39.OtherImportantAccountingPoliciesandAccountingEstimates"of"V.SignificantAccountingPoliciesandAccountingEstimates"in"Section10.FinancialReport".Combinationcategoryanddeterminationbasisofprovisionforbaddebtsbasedoncreditriskcharacteristics

□Applicable√NotapplicableAgingcalculationmethodbasedonthecombinationofcreditriskcharacteristicsrecognizedbyaging

□Applicable√NotapplicableJudgmentcriteriafordeterminingindividualprovisionforbaddebts

□Applicable√Notapplicable

15.Otherreceivables

√Applicable□NotapplicableMethodfordeterminationandaccountingtreatmentoftheexpectedcreditlossofotherreceivables

√Applicable□NotapplicableFordetails,pleasereferto“11.FinancialInstruments"and"V.39.OtherImportantAccountingPoliciesandAccountingEstimates"of"V.SignificantAccountingPoliciesandAccountingEstimates"in"Section10.FinancialReport".Combinationcategoryanddeterminationbasisofprovisionforbaddebtsbasedoncreditriskcharacteristics

□Applicable√NotapplicableAgingcalculationmethodbasedonthecombinationofcreditriskcharacteristicsrecognizedbyaging

□Applicable√NotapplicableJudgmentcriteriafordeterminingindividualprovisionforbaddebts

□Applicable√Notapplicable

16.Inventories

√Applicable□NotapplicableInventorycategory,deliveryvaluationmethod,inventorysystem,amortizationmethodoflowvalueconsumablesandpackagingmaterials.

√Applicable□NotapplicableTheCompany’sinventoriesconsistofrawmaterials,work-in-processandfinishedgoods.Inventoriesareinitiallycarriedatcost.Costofinventoriescomprisesallcostsofpurchase,costsofconversionandothercosts.Forinventoriesdelivered,theactualcostsaredeterminedontheweightedaveragebasis.Turnovermaterialsincludelowvalueconsumablesandpackingmaterials,whichareontheimmediatewrite-offbasis.TheCompanyadoptstheperpetualinventorysystem.Recognitioncriteriaandaccrualmethodofwrite-down

√Applicable□NotapplicableAtthebalancesheetdate,inventoriesarestatedatthelowerofcostandnetrealizablevalue.Theinventoriesarewrittendownbelowcosttonetrealizablevalueandthewrite-downisrecognisedinprofitorlossifthecostishigherthanthenetrealizablevalue.Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesaleandrelevanttaxes.Combinationcategoryanddeterminationbasisforprovisionforwrite-downbasedoncombination,anddeterminationbasisfornetrealizablevalueofdifferentcategoriesofinventories

□Applicable√NotapplicableThecalculationmethodanddeterminationbasisofthenetrealizablevalueofeachstockagecombinationforrecognizingthenetrealizablevalueofinventorybasedonthestockage

□Applicable√Notapplicable

17.Contractassets

□Applicable√Notapplicable

18.Non-currentassetsheldforsaleordisposalgroups

□Applicable√NotapplicableRecognitioncriteriaandaccountingtreatmentmethodsfornon-currentassetsheldforsaleordisposalgroups

□Applicable√Notapplicable

Recognitioncriteriaanddisclosuremethodfordiscontinuedoperations

□Applicable√Notapplicable

19.Long-termequityinvestments

√Applicable□NotapplicableLong-termequityinvestmentsincludeequityinvestmentsinsubsidiaries,jointventuresandassociates.Along-termequityinvestmentisinitiallymeasuredatitsinitialinvestmentcostonacquisition.Theinitialcostofalong-termequityinvestmentacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrolistheCompany’sshareofthecarryingamountofthesubsidiary’sequityintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate.Thedifferencebetweentheinitialinvestmentcostandthecarryingamountsoftheconsiderationgivenisadjustedtothecapitalpremiuminthecapitalreserve,withanyexcessadjustedtoretainedearnings.Foralong-termequityinvestmentacquiredthroughabusinesscombinationnotundercommoncontrol,thecombinationcostshallberecognisedastheinitialinvestmentcost(ifabusinesscombinationnotundercommoncontrolisachievedstepbystepthroughmultipletransactions,thesumofthebookvalueoftheequityinvestmentheldbytheacquireebeforetheacquisitiondateandthenewlyincreasedinvestmentcostontheacquisitiondateshallbetakenastheinitialinvestmentcost).Foralong-termequityinvestmentotherthanalong-termequityinvestmentformedbyabusinesscombination,theinitialinvestmentcostshallbedeterminedaccordingtothefollowingmethods:foralong-termequityinvestmentobtainedbypayingcash,theactualpurchasepricepaidandtheexpenses,taxesandothernecessaryexpensesdirectlyrelatedtotheacquisitionofthelong-termequityinvestmentshallberegardedastheinitialinvestmentcost;Forthoseobtainedbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.Foralong-termequityinvestmentobtainedthroughabusinesscombinationnotinvolvingenterprisesundercommoncontrol,theinitialcostcomprisestheaggregateofthefairvalueofassetstransferred,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheCompany,inexchangeforcontroloftheacquiree.Foralong-termequityinvestmentobtainedthroughabusinesscombinationnotinvolvingenterprisesundercommoncontrolandachievedinstages,theinitialcostcomprisesthecarryingvalueofthepreviously-heldequityinvestmentintheacquireeimmediatelybeforetheacquisitiondate,andtheadditionalinvestmentcostattheacquisitiondate.Forlong-termequityinvestmentsobtainedbymeansotherthanbusinesscombination,theinitialinvestmentcostisdeterminedaccordingtothefollowingmethod:

forthoseobtainedbypayingcash,theactualpurchasepricepaidandtheexpenses,taxesandothernecessarycostsdirectlyrelatedtotheacquisitionoflong-termequityinvestmentsshallbeused.Expensesaretakenastheinitialinvestmentcost.Forthoseobtainedbyissuingequitysecurities,thefairvalueoftheissuedequitysecuritiesistakenastheinitialinvestmentcost.Foralong-termequityinvestmentwheretheCompanycanexercisecontroloverthe

investee,thelong-terminvestmentisaccountedforusingthecostmethodintheCompany’sindividualfinancialstatements.ControlisachievedwhentheGroupisexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.Underthecostmethod,thelong-termequityinvestmentismeasuredatitsinitialinvestmentcost.Whenadditionalinvestmentismadeortheinvestmentisrecouped,thecostoflong-termequityinvestmentisadjustedaccordingly.Cashdividendsorprofitdistributionsdeclaredbytheinvesteearerecognisedasinvestmentincomeinprofitorloss.TheequitymethodisadoptedwhentheGrouphasjointcontrol,orexercisessignificantinfluenceovertheinvestee.Jointcontrolisthecontractuallyagreedsharingofcontrolofanarrangement,whichexistsonlywhendecisionsabouttherelevantactivitiesrequiretheunanimousconsentofthepartiessharingcontrol.Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsoftheinvestee,butisnotcontrolorjointcontrolwithotherpartiesoverthosepolicies.Undertheequitymethod,wheretheinitialinvestmentcostofalong-termequityinvestmentexceedstheGroup’sinterestinthefairvalueoftheinvestee’sidentifiablenetassetsattheacquisitiondate,noadjustmentismadetotheinitialinvestmentcost.WheretheinitialinvestmentcostislessthantheGroup’sinterestinthefairvaluesoftheinvestee’sidentifiablenetassetsattheacquisitiondate,thedifferenceischargedtoprofitorloss,andthecostofthelong-termequityinvestmentisadjustedaccordingly.Undertheequitymethod,afterithasacquiredalong-termequityinvestment,theGrouprecognisesitsshareoftheinvestee’sprofitorloss,aswellasitsshareoftheinvestee’sothercomprehensiveincome,asinvestmentincomeorlossandothercomprehensiveincome,andadjuststhecarryingamountoftheinvestmentaccordingly.TheGrouprecognisesitsshareoftheinvestee’sprofitorlossaftermakingappropriateadjustmentstotheinvestee’sprofitorlossbasedonthefairvalueoftheinvestee’sidentifiableassetsattheacquisitiondate,usingtheGroup’saccountingpoliciesandperiods.UnrealisedprofitsandlossesfromtransactionswithitsjointventuresandassociatesareeliminatedtotheextentoftheGroup’sinvestmentsintheassociatesorjointventures(exceptforassetsthatconstituteabusiness)(However,anylossarisingfromsuchtransactionswhichareattributabletoanimpairmentlossshallberecognisedatitsentirety).ThecarryingamountoftheinvestmentisreducedbasedontheGroup’sshareofanyprofitdistributionsorcashdividendsdeclaredbytheinvestee.TheGroup’sshareoflossesoftheinvesteeisrecognisedtotheextentthatthecarryingamountoftheinvestmenttogetherwithanylong-termintereststhatinsubstanceformpartofitsnetinvestmentintheinvesteeisreducedtozero,exceptthattheGrouphastheobligationstoassumefurtherlosses.TheGroup’sshareoftheinvestee’sequitychanges,otherthanthosearisingfromtheinvestee’sprofitorloss,othercomprehensiveincomeorprofitdistribution,isrecognisedintheGroup’sequity,andthecarryingamountofthelong-termequityinvestmentisadjustedaccordingly.

20.Investmentproperties

(1)Ifthecostmeasurementmodelisused:

DepreciationoramortizationmethodAninvestmentpropertyismeasuredinitiallyatcost.Iftheeconomicbenefitsrelatingtoaninvestmentpropertywillprobablyflowinandthecostcanbereliablymeasured,subsequentcostsincurredforthepropertyareincludedinthecostoftheinvestmentproperty.Otherwise,subsequentcostsarerecognisedinprofitorlossasincurred.TheGroupusesthecostmodelforthesubsequentmeasurementofitsinvestmentproperties.Forthedepreciationmethodofhousesandbuildingsininvestmentrealestate,pleaserefertotherelevantcontentof“Section10V.21FixedAssets”,andfortheamortizationmethodoflanduserightsininvestmentrealestate,pleasereferto“Section10V.26IntangibleAssets".

21.Fixedasset

(1)Recognitionoffixedassets

√Applicable□NotapplicableAfixedassetisrecognisedonlywhentheeconomicbenefitsassociatedwiththeassetwillprobablyflowintotheGroupandthecostoftheassetcanbemeasuredreliably.Subsequentexpendituresincurredforafixedassetthatmeetstherecognitioncriteriashallbeincludedinthecostofthefixedasset,andthecarryingamountofthecomponentofthefixedassetthatisreplacedshallbederecognised.Otherwise,suchexpendituresarerecognisedinprofitorlossasincurred.Thefixedassetsareinitiallymeasuredatthecost.Thecostofapurchasedfixedassetcomprisesthepurchaseprice,relevanttaxesandanydirectlyattributableexpenditureforbringingtheassettoworkingconditionforitsintendeduse.

(2)Depreciationmethods

√Applicable□Notapplicable

CategoriesDepreciationmethodUsefullife(year)ResidualrateAnnualdepreciationrate
BuildingsStraight-linemethod205%4.75%
MachineryandequipmentStraight-linemethod105%9.50%
OfficeequipmentStraight-linemethod55%19.00%
VehiclesStraight-linemethod45%23.75%
ElectronicequipmentStraight-linemethod35%31.67%
ProductiontoolsStraight-linemethod35%31.67%

TheGroupreviewstheusefullifeandestimatednetresidualvalueofafixedassetandthedepreciationmethodappliedatleastateachyearend,andmakeadjustmentsifnecessary.

22.Constructioninprogress

√Applicable□NotapplicableThecostofconstructioninprogressisdeterminedaccordingtotheactualexpendituresincurredfortheconstruction,includingallnecessaryconstructionexpendituresincurredduringtheconstructionperiodandotherrelevantexpenditures.Whentheassetisreadyforitsintendeduse,thecriteriaforanitemofconstructioninprogressistransferredtofixedassets、intangibleassetsandlong-termdeferredexpensesareasfollows:

ItemsCriteriafortransfertofixedassets
BuildingsTheearlierofactualstartofuse/completionofacceptance
MachineryandequipmentTheearlierofactualstartofuse/completionofinstallationandacceptance

23.Borrowingcosts

√Applicable□NotapplicableTheborrowingcoststhataredirectlyattributabletotheacquisition,constructionorproductionofaqualifyingassetarecapitalised.Theamountsofotherborrowingcostsincurredarerecognisedasanexpenseintheperiodinwhichtheyareincurred.Borrowingcostsarecapitalisedwhencapitalexpenditureandborrowingcostshavebeenincurredandtheacquisition,constructionorproductionactivitiesnecessarytobringtheassettoitsintendeduseorsalehavecommenced.Capitalisationofborrowingcostsceaseswhenthequalifyingassetbeingacquired,constructedorproducedgetsreadyforitsintendeduseorsale.Anyborrowingcostssubsequentlyincurredarerecognisedinprofitorloss.Duringthecapitalisationperiod,theamountofinteresteligibleforcapitalisationforeachaccountingperiodshallbedeterminedasfollows:wherefundsareborrowedspecificallyforthepurposeofobtainingaqualifyingasset,theamountofinteresteligibleforcapitalisationistheactualinterestcostsincurredonthatborrowingfortheperiodlessanybankinterestearnedfromdepositingtheborrowedfundsbeforebeingusedontheassetoranyinvestmentincomeonthetemporaryinvestmentofthosefunds;orwherefundsareborrowedgenerallyforthepurposeofobtainingaqualifyingasset,theamountofinteresteligibleforcapitalisationisdeterminedbyapplyingaweightedaverageinterestrateonthe

generalborrowingstotheweightedaverageoftheexcessofthecumulativeexpendituresontheassetovertheexpendituresontheassetfundedbythespecificborrowings.Capitalisationofborrowingcostsissuspendedduringperiodsinwhichtheacquisition,constructionorproductionofaqualifyingassetissuspendedabnormallybyactivitiesotherthanthosenecessarytogettheassetreadyforitsintendeduseorsale,whenthesuspensionisforacontinuousperiodofmorethan3months.Borrowingcostsincurredduringtheseperiodsarerecognisedasanexpenseinprofitorlossuntiltheacquisition,constructionorproductionisresumed.

24.Biologicalassets

□Applicable√Notapplicable

25.Oilandgasassets

□Applicable√Notapplicable

26.Intangibleassets

(1)Usefullife,determinationbasis,estimation,amortizationmethodorreviewprocedures

√Applicable□NotapplicableIntangibleassetsareamortisedonastraight-linebasisovertheirusefullivesasfollows:

ItemsUsefulLifeDeterminationbasis
Landuserights50yearsTheshorteroftheterm/expectedusefullifeofthelanduseright
Software5-10yearsTheshorteroftheservicelife/expectedusefullifeofsoftware
Trademarks5-10yearsTheshorterofvalidityperiod/expectedusefullifeoftrademarks

(2)Collectionscopeandrelevantaccountingtreatmentmethodsofresearchanddevelopmentexpenditure

√Applicable□NotapplicableTheGroupclassifiestheexpendituresonaninternalresearchanddevelopmentprojectintoexpenditureontheresearchphaseandexpenditureonthedevelopmentphase.Expenditureontheresearchphaseisrecognisedinprofitorlossasincurred.ExpenditureonthedevelopmentphaseiscapitalisedonlywhentheGroupcandemonstrateallofthefollowing:(i)thetechnicalfeasibilityofcompletingtheintangibleassetsothatitwillbeavailableforuseorsale;(ii)theintentiontocompletetheintangibleassetanduseorsellit;(iii)howtheintangibleassetwillgenerateprobablefutureeconomicbenefits(amongotherthings,theGroupcandemonstratetheexistenceofamarketfortheoutputofthe

intangibleassetortheintangibleassetitselfor,ifitistobeusedinternally,theusefulnessoftheintangibleasset);(iv)theavailabilityofadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleasset;and(v)theabilitytomeasurereliablytheexpenditureattributabletotheintangibleassetduringthedevelopmentphase.Expenditureonthedevelopmentphasewhichdoesnotmeettheseabovecriteriaisrecognisedinprofitorlosswhenincurred.

27.Impairmentoflong-termassets

√Applicable□NotapplicableTheGroupdeterminestheimpairmentofassetsotherthanimpairmentofinventories,deferredincometaxandfinancialassets,usingthefollowingmethods:theGroupassessesatthebalancesheetdatewhetherthereisanyindicationthatanassetmaybeimpaired.Ifanyindicationexiststhatanassetmaybeimpaired,theGroupestimatestherecoverableamountoftheassetandperformsimpairmenttesting.Goodwillarisingfromabusinesscombinationandanintangibleassetwithanindefiniteusefullifearetestedforimpairmentatleastateachyearend,irrespectiveofwhetherthereisanyindicationthattheassetmaybeimpaired.Intangibleassetsthathavenotbeenreadyfortheirintendedusearetestedforimpairmenteachyear.Therecoverableamountofanassetisthehigherofitsfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.TheGroupestimatestherecoverableamountonanindividualbasisunlessitisnotpossibletoestimatetherecoverableamountoftheindividualasset,inwhichcasetherecoverableamountisdeterminedfortheassetgrouptowhichtheassetbelongs.Identificationofanassetgroupisbasedonwhethermajorcashinflowsgeneratedbytheassetgrouparelargelyindependentofthecashinflowsfromotherassetsorassetgroups.Whentherecoverableamountofanassetorassetgroupislessthanitscarryingamount,thecarryingamountisreducedtotherecoverableamountbytheGroup.Thereductioninthecarryingamountistreatedasanimpairmentlossandrecognisedinprofitorloss.Aprovisionforimpairmentlossoftheassetisrecognisedaccordingly.Oncetheaboveimpairmentlossisrecognised,itcannotbereversedinsubsequentaccountingperiods.

28.Long-termprepaidexpenses

√Applicable□NotapplicableLong-termexpensestobeapportionedareamortizedusingthestraight-linemethod,andtheamortizationperiodisasfollows:

ItemsAmortizationterm
Buildingdecoration36months
LeaseholdImprovement36months
Others24to60months

29.Contractliabilities

√Applicable□NotapplicableTheCompanypresentscontractliabilitiesinthebalancesheetbasedontherelationshipbetweentheperformanceofthecontractobligationsandthepaymentbythecustomer.Acontractualliabilityisanobligationtotransfergoodsorservicetoacustomerforconsiderationreceivedorreceivablefromthecustomer,suchasmoneythatabusinesshasreceivedbeforetransferringthepromisedgoodsorservice.

30.EmployeebenefitsEmployeebenefitsrefertoallformsofconsiderationorcompensationotherthanshare-basedpaymentsgivenbytheGroupinexchangeforservicesrenderedbyemployeesorforterminationofemployment.Employeebenefitsincludeshort-termemployeebenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.

(1)Accountingtreatmentofshort-termsalaries

√Applicable□NotapplicableTheCompanyrecognizestheactualshort-termremunerationasaliabilityduringtheaccountingperiodwhenemployeesprovideservicestotheGroup,andstatedintheprofitorlossorthecostofrelatedassets.

(2)Accountingtreatmentofpost-employmentbenefits

√Applicable□NotapplicableTheemployeesoftheGroupparticipateinapensionschemeandunemploymentinsurancemanagedbythelocalgovernment,thecorrespondingexpensesshallbeincludedinthecostofrelatedassetsorprofitorloss.

(3)Dismissionbenefits

□Applicable√Notapplicable

(4)Otherlongtermemployees'benefits

□Applicable√Notapplicable

31.Provisions

√Applicable□NotapplicableAnobligationrelatedtoacontingencyshallberecognisedbytheGroupasaprovisionwhentheobligationisapresentobligationoftheGroup,anditisprobablethatanoutflowofeconomicbenefitsfromtheGroupwillberequiredtosettletheobligation.Additionally,areliableestimatecanbemadeoftheamountoftheobligation.Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation,takingintoaccountfactorspertainingtoacontingencysuch

astherisks,uncertaintiesandtimevalueofmoneyasawhole.

32.Share-basedpayment

√Applicable□NotapplicableAshare-basedpaymentisclassifiedaseitheranequity-settledshare-basedpaymentoracash-settledshare-basedpayment.Anequity-settledshare-basedpaymentisatransactioninwhichtheGroupreceivesservicesandusessharesorotherequityinstrumentsasconsiderationforsettlement.Anequity-settledshare-basedpaymentinexchangeforservicesreceivedfromemployeesismeasuredatthefairvalueoftheequityinstrumentsgrantedtotheemployees.Ifsuchequity-settledshare-basedpaymentcouldvestimmediately,relatedcostsorexpensesatanamountequaltothefairvalueonthegrantdatearerecognised,withacorrespondingincreaseincapitalreserves;ifsuchequity-settledshare-basedpaymentcouldnotvestuntilthecompletionofservicesforavestingperiod,oruntiltheachievementofaspecifiedperformancecondition,theGroupateachbalancesheetdateduringthevestingperiodrecognisestheservicesreceivedforthecurrentperiodasrelatedcostsandexpenses,withacorrespondingincreaseincapitalreserves,atanamountequaltothefairvalueoftheequityinstrumentsatthegrantdate,basedonthebestestimateofthenumberofequityinstrumentsexpectedtovest.Thefairvalueisdeterminedusingthemarketprice,pleasereferto"Section10XV".Wherethetermsofanequity-settledshare-basedawardaremodified,asaminimumanexpenseisrecognisedasifthetermshadnotbeenmodified.Inaddition,anexpenseisrecognisedforanymodificationthatincreasesthetotalfairvalueoftheshare-basedpayments,orisotherwisebeneficialtotheemployeeasmeasuredatthedateofmodification.Whereanequity-settledshare-basedawardiscancelled,itistreatedasifithadvestedonthedateofcancellation,andanyexpensenotyetrecognisedfortheawardisrecognisedimmediately.Thisincludesanyawardwherenon-vestingconditionswithinthecontrolofeithertheGrouportheemployeearenotmet.However,ifanewawardissubstitutedforthecancelledaward,andisdesignatedasareplacementonthedatethatitisgranted,thecancelledandnewawardsaretreatedasiftheywereamodificationoftheoriginalaward.

33.Otherfinancialinstruments,suchaspreferredshares,perpetualbonds,etc.

□Applicable√Notapplicable

34.Revenue

(1)Accountingpoliciesusedinrevenuerecognitionandmeasurementbytypesofbusiness

√Applicable□NotapplicableRevenuefromcontractswithcustomersisrecognisedwhentheGrouphasfulfilleditsperformanceobligationsinthecontracts,thatis,whenthecustomerobtainscontrolof

relevantgoodsorservices.Controlofrelevantgoodsorservicesreferstotheabilitytodirecttheuseofthegoods,ortheprovisionoftheservices,andobtainsubstantiallyalloftheremainingbenefitsfromthegoodsorservices.①ContractsforthesaleofgoodsWhentheGroupdeliversgoodssuchastwo-wheeledelectricvehiclestocustomers,revenueisgenerallyrecognizedatapointoftimebasedonthefollowingindicators,whichinclude:thetimeofgoodsleavethefactoryfornon-exportsales,thetimeofgoodsareloadedonboardforexportsales,apresentrighttopaymentforgoods,thetransferofsignificantrisksandrewardsofownershipofgoods,thetransferoflegaltitletogoods,thetransferofphysicalpossessionofgoods,thecustomer'sacceptanceofgoods,thetimeofcustomersign-offiftheGroupisresponsiblefortransportation.TheamountofconsiderationtowhichtheGroupexpectstobeentitledasaresultofthetransferofgoodstoacustomerisdeterminedasthetransactionpriceinaccordancewiththetermsofthecontractandincombinationwithpastbusinesspractices.SomecontractsoftheGroupstipulatethatwhencustomerspurchasemorethanacertainquantityofgoods,theycanenjoyacertaindiscount,whichdirectlyoffsetstheamountpayablebycustomerswhentheypurchasegoodsinthefuture.TheGroupmakesthebestestimateofthediscountbasedontheexpectedvalueorthemostlikelyamount,andthetransactionpriceafterestimatingthediscountisincludedinthetransactionpricetotheextentthatthetransactionpriceafterestimatingthediscountdoesnotexceedtheamountthatitishighlyprobablethatasignificantreversalintheamountofcumulativerevenuerecognisedwillnotoccurwhentheuncertaintyassociatedwiththevariableconsiderationissubsequentlyresolved,andreestimatesitateachbalancesheetdate.Forsaleswitharightofreturn,theGrouprecognisestherevenueintheamountofconsiderationtowhichtheGroupexpectstobeentitledinexchangefortransferringcontrolofthegoodstothecustomer,andrecognisestheamountexpectedtoberefundedasaresultofthesalesreturnasarefundliability.Atthesametime,anassetrecognisedforanentity’srighttorecovergoodsfromacustomeronsettlingarefundliabilityismeasuredbyreferencetothecarryingamountofthegoodslessanyexpectedcoststorecoverthegoods(includingpotentialdecreasesinthevalueofthereturnedgoods),thatis,right-of-returnassets,andrecognisedcostofsalesbasedonthecarryingamountofthetransferredgoodsatthetimeoftransferofthegoodslessthenetamountoftheassetcostabove.Ateachbalancesheetdate,theGroupre-estimatesthefuturesalesreturnandremeasurestheassetsandliabilitiesabove.TheGroupprovidesawarrantyinconnectionwiththesaleofagoodinaccordancewiththecontractandtherelevantlawsandregulations,etc.Forthepurposeofanassurance-typewarrantythatprovidesthecustomertheassurancethatthegoodcomplieswithagreed-uponspecifications,pleasereferto“Section10V.31”.②Contractsfortherenderingofservices

TheGroupguaranteesitsperformanceobligationsbyprovidingafter-salesservicetocustomers.BecausethecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheGroup'sperformanceastheGroupperforms,therevenueisrecognisedovertimeonlyiftheGroupcanreasonablymeasureitsprogresstowardsthecompletesatisfactionoftheperformanceobligation.TheCompanyusesthestraight-linemethodanddeterminestheprogressoftheservicesrenderedonthebasisofthetimeelapsed.Iftheprogresstowardsthecompletesatisfactionoftheperformanceobligationcannotbereasonablymeasured,buttheGroupexpectstorecoverthecostsincurredinsatisfyingtheperformanceobligation,therevenueisrecognisedonlytotheextentofthecostsincurreduntilsuchtimethattheGroupcanreasonablymeasuretheprogresstowardsthecompletesatisfactionoftheperformanceobligation.TheamountofconsiderationtowhichtheGroupexpectstobeentitledasaresultofthetransferofservicestoacustomerisdeterminedasthetransactionpriceinaccordancewiththetermsofthecontractandincombinationwithpastbusinesspractices.TheGroupaccountsfortheconsiderationpayabletoacustomerasareductionofthetransactionprice,andrecognisesthereductionofrevenuewhen(oras)thelateroftherecognitionofrelevantrevenueandthepayment(orpromisedpayment)oftheconsiderationtoacustomer,unlessthepaymenttothecustomerisinexchangeforadistinctgoodorservicethatthecustomertransferstotheGroup.

(2)Differentrevenuerecognitionandmeasurementmethodscausedbytheadoptionofdifferentbusinessmodelsforsimilarbusinesses

□Applicable√Notapplicable

35.Contractcostassets

√Applicable□NotapplicableTheGroup’scontractcostassetsincludethecoststoobtainandfulfilacontractandareclassifiedasinventories,othercurrentassetsandothernon-currentassetsbyliquidity.TheGrouprecognisesasanassettheincrementalcostsofobtainingacontractwithacustomeriftheGroupexpectstorecoverthosecosts,unlesstheamortisationperiodoftheassetisoneyearorless.Otherthanthecostswhicharecapitalisedasinventories,fixedassetsandintangibleassets,etc.,costsincurredtofulfilacontractwithacustomerarecapitalisedasanassetifallofthefollowingcriteriaaremet:

(1)thecostsrelatedirectlytoacontractortoananticipatedcontract,includingdirectlabor,directmaterials,overheads(orsimilarexpenses),coststhatareexplicitlychargeabletothecustomerandothercoststhatareincurredonlybecauseanentityenteredintothecontract;

(2)thecostsgenerateorenhanceresourcesoftheGroupthatwillbeusedinsatisfyingperformanceobligationsinthefuture;and

(3)thecostsareexpectedtoberecovered.

Thecontractcostassetisamortisedandchargedtoprofitorlossonasystematicbasisthatisconsistentwiththepatternoftherevenuetowhichtheassetrelatedisrecognised.TheGroupaccruesprovisionsforimpairmentandrecognisesimpairmentlossestotheextentthatthecarryingamountofacontractcostassetexceeds:

(1)theremainingamountofconsiderationthattheentityexpectstoreceiveinexchangeforthegoodsorservicestowhichtheassetrelates;less

(2)thecoststhatareexpectedtobeincurredtotransferthoserelatedgoodsorservices.

36.Governmentgrants

√Applicable□NotapplicableGovernmentgrantsarerecognisedwhenallattachingconditionswillbecompliedwith,andthegrantswillbereceived.Ifagovernmentgrantisintheformofatransferofamonetaryasset,itismeasuredattheamountreceivedorreceivable.Asset-relatedgovernmentgrantsarerecognisedwhenthegovernmentdocumentdesignatesthatthegovernmentgrantsareusedforconstructingorforminglong-termassets.Ifthegovernmentdocumentisinexplicit,theCompanyshouldmakeajudgementbasedonthebasicconditionstoobtainthegovernmentgrants,andrecognisesthemasasset-relatedgovernmentgrantsiftheconditionsaretoformlong-termassetsthroughconstructionorothermethod.Otherwise,thegovernmentgrantsshouldbeincome-related.TheCompany'sgovernmentgrantsaresubjecttothegrossmethod.Agovernmentsubsidyrelatedtoincome,whichisusedtocompensatetherelatedcostsorlossesinthefutureperiod,isrecognisedasdeferredincome,andisrecordedintotheprofitorlossortooffsettherelevantcostsduringtheperiodwhentherelatedcostsandexpensesorlossesarerecognised;costsorlossesincurredincompensationisdirectlyrecordedintotheprofitorlossoroffsettherelevantcosts.Agovernmentgrantrelatingtoanassetshallbeoffsetagainstthecarryingamountsofrelevantassets,orrecognisedasdeferredincomeandamortisedinprofitorlossovertheusefullifeoftherelatedassetbyannualinstalmentsinasystematicandrationalway(however,agovernmentgrantmeasuredatanominalamountisrecogniseddirectlyinprofitorloss).Wheretheassetsaresold,transferred,retiredordamagedbeforetheendoftheirusefullives,therestoftheremainingdeferredincomeisreleasedtoprofitorlossfortheperiodinwhichtherelevantassetsaredisposedof.

37.Deferredincometaxasset/deferredincometaxliability

√Applicable□NotapplicableFortemporarydifferencesatthebalancesheetdatebetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts,andtemporarydifferencesbetweenthecarryingamountsandthetaxbasesofitems,thetaxbasesofwhichcanbedeterminedaccordingtorelatedtaxlawsfortaxpurposes,butwhichhavenotbeenrecognisedasassetsand

liabilities,deferredtaxesareprovidedusingthebalancesheetliabilitymethod.Deferredtaxliabilitiesarerecognisedforalltaxabletemporarydifferences,except:

(1)whenthetaxabletemporarydifferencearisesfromtheinitialrecognitionofgoodwill,oranassetorliabilityinanindividualtransactionthatisnotabusinesscombinationand,atthetimeoftransaction,affectsneitheraccountingprofitnortaxableprofitorloss,andtheinitialrecognitionofassetsandliabilitiesdoesnotresultinequaltaxabletemporarydifferencesanddeductibletemporarydifferences,andtheinitialrecognitionofassetsandliabilitiesdoesnotresultinequaltaxabletemporarydifferencesanddeductibletemporarydifferences;and

(2)inrespectoftaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandjointventures,whenthetimingofthereversalofthetemporarydifferencescanbecontrolledanditisprobablethatthetemporarydifferenceswillnotbereversedintheforeseeablefuture.Deferredtaxassetsarerecognisedforalldeductibletemporarydifferences,andthecarryforwardofunusedtaxlossesandanyunusedtaxcredits.Deferredtaxassetsarerecognisedtotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,thecarryforwardofunusedtaxlossesandunusedtaxcreditscanbeutilized,except:

(1)whenthedeductibletemporarydifferencearisesfromtheinitialrecognitionofanassetorliabilityinatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneithertheaccountingprofitnortaxableprofitorloss;and

(2)inrespectofthedeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandjointventures,deferredtaxassetsareonlyrecognisedtotheextentthatitisprobablethatthetemporarydifferenceswillbereversedintheforeseeablefutureandtaxableprofitwillbeavailableagainstwhichthetemporarydifferencescanbeutilizedinthefuture.Atthebalancesheetdate,deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealisedortheliabilityissettled,inaccordancewiththerequirementsoftaxlaws.ThemeasurementofdeferredtaxassetsanddeferredtaxliabilitiesreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichtheGroupexpects,atthebalancesheetdate,torecovertheassetsorsettletheliabilities.Thecarryingamountofdeferredtaxassetsisreviewedatthebalancesheetdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailableinfutureperiodstoallowthedeferredtaxassetstobeutilized.Unrecogniseddeferredtaxassetsarereassessedatthebalancesheetdateandarerecognisedtotheextentthatithasbecomeprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredtaxassettoberecovered.DeferredtaxassetsanddeferredtaxliabilitiesareoffsetifandonlyiftheGrouphasalegallyenforceablerighttosetoffcurrenttaxassetsandcurrenttaxliabilities,andthe

deferredtaxassetsanddeferredtaxliabilitiesrelatetoincometaxesleviedbythesametaxationauthorityoneitherthesametaxableentityordifferenttaxableentitieswhichintendeithertosettlecurrenttaxliabilitiesandassetsonanetbasis,ortorealizetheassetsandsettletheliabilitiessimultaneously,ineachfutureperiodinwhichsignificantamountsofdeferredtaxliabilitiesorassetsareexpectedtobesettledorrecovered.

38.Leases

√Applicable□NotapplicableJudgementbasisandaccountingmethodforlesseestosimplifyshort-termleasesandleasesoflow-valueassets

√Applicable□NotapplicableTheGroupconsidersaleasethat,atthecommencementdateofthelease,hasaleasetermof12monthsorless,anddoesnotcontainanypurchaseoptionasashort-termlease;andaleaseforwhichtheindividualunderlyingassetwithalowervaluewhenitisnewasaleaseoflow-valueassets.TheGroupdoesnotrecognizeright-of-useassetsandleaseliabilitiesforshort-termleasesandlow-valueassetleases.TheGrouprecognisesleasepaymentsonshort-termleasesandleasesoflow-valueassetsinthecostsoftherelatedassetorprofitorlossonastraight-linebasisAtinceptionofacontract,theGroupassesseswhetherthecontractis,orcontains,alease.Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.AslesseeTheGrouprecognisesleaseliabilitiesandright-of-useassets,exceptforshort-termleasesandleasesoflow-valueassets.Right-of-useassetsAtthecommencementdateoftheleaseterm,theGrouprecognisesitsrighttousetheleasedassetduringtheleasetermasaright-of-useasset,initiallymeasuredatcost.Thecostofright-of-useassetsincludes:theinitialmeasurementamountofleaseliabilities;leasepaymentsmadeonorbeforethecommencementdateoftheleaseterm(netofamountsrelatingtoleaseincentivesreceived);initialdirectexpensesincurredbythelessee;thecoststhatthelesseeexpectstoincurtodismantleandremovetheleasedasset,restorethesitewheretheleasedassetislocated,orrestoretheleasedassettothestateagreedintheleaseterms.IftheGroupremeasuresleaseliabilitiesduetochangesinleasepayments,thecarryingamountofright-of-useassetsisadjustedaccordingly.TheGroupsubsequentlydepreciatesright-of-useassetsusingthestraight-linemethod.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetwillbeobtainedattheexpirationoftheleaseterm,theGroupshallmakedepreciationfortheremainingservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethatownershipoftheleasedassetcanbeobtainedattheendoftheleaseterm,theGroupshallmakedepreciationduringtheshorteroftheleasetermandtheremainingusefullifeofthe

leasedasset.LeaseliabilitiesAtthecommencementdateoftheleaseterm,theGrouprecognisesthepresentvalueoftheleasepaymentsthathavenotyetbeenpaidasaleaseliability,exceptforshort-termleasesandleasesoflow-valueassets.Leasepaymentsincludefixedandsubstantiallyfixedpaymentsafterdeductingleaseincentives,variableleasepaymentsthatdependonanindexorratio,amountsexpectedtobepayablebasedonresidualvalueoftheguarantee,andalsotheexercisepriceofthepurchaseoptionortheamountpayabletoexercisetheterminationoption,providedthattheGroupisreasonablycertainthattheexerciseoftheoptionortheleasetermreflectstheexerciseoftheterminationoptionbytheGroup.Incalculatingthepresentvalueofleasepayments,theGroupusestheinterestrateimplicitintheleaseasthediscountrate;Iftheinterestrateimplicitintheleasecannotbedetermined,thelessee'sincrementalborrowingrateshallbeusedasthediscountrate.TheGroupcalculatestheinterestexpenseoftheleaseliabilityforeachperiodoftheleasetermatafixedperiodicinterestrateandincludesitinprofitorlossforthecurrentperiod,unlessotherwisespecifiedasbeingincludedinthecostofrelatedassets.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred,unlessotherwisespecifiedasbeingincludedinthecostoftherelevantasset.Afterthecommencementdateoftheleaseterm,theGroupincreasesthecarryingamountoftheleaseliabilityuponrecognitionofinterestanddecreasesthecarryingamountoftheleaseliabilityuponpaymentofleasepayments.TheGroupremeasuresleaseliabilitiesatthepresentvalueofthechangedleasepaymentswhenthereisachangeintheamountofsubstantiallyfixedpayments,achangeintheamountexpectedtobepayableintheresidualvalueoftheguarantee,achangeintheindexorrateusedtodeterminetheleasepayments,achangeintheassessmentoractualexerciseofthepurchaseoption,renewaloptionorterminationoption.Classificationcriteriaandaccountingmethodforleasesaslessors

√Applicable□NotapplicableAleaseisclassifiedasafinanceleaseifittransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanunderlyingasset,exceptthataleaseisclassifiedasanoperatingleaseattheinceptiondate.AsthelessorofoperatingleaseRentalincomeunderanoperatingleaseisrecognisedonastraight-linebasisovertheleaseterm,throughprofitorloss.Variableleasepaymentsthatarenotincludedinthemeasurementofleasereceivablesarechargedtoprofitorlossasincurred.Initialdirectcostsarecapitalisedandrecognisedovertheleasetermonthesamebasisasrentalincome,throughprofitorloss.

39.OtherImportantAccountingPolicyandAccountingEstimates

√Applicable□Notapplicable

1.SharerepurchaseTheconsiderationandtransactioncostspaidfortherepurchaseofitsownequityinstrumentsreduceshareholders'equity.Exceptforshare-basedpayment,theissuance(includingrefinancing),repurchase,saleorcancellationofownequityinstrumentsaretreatedaschangesinequity.

2.FairvaluemeasurementTheGroupmeasuresreceivablesfinancingatfairvalueateachbalancesheetdate.Fairvaluereferstothepricethatmarketparticipantscanreceivefromsellinganassetorpaytotransferaliabilityinanorderlytransactiononthemeasurementdate.Forassetsandliabilitiesmeasuredordisclosedatfairvalueinthefinancialstatements,theleveloffairvalueshallbedeterminedaccordingtothelowestlevelinputvaluethatisimportantforthefairvaluemeasurementasawhole:Level1inputsvalue,theunadjustedquotationintheactivemarketofthesameassetsorliabilitiesthatcanbeobtainedonthemeasurementdate;Level2inputsvalue,inputsotherthanLevel1inputsthataredirectlyorindirectlyobservablefortherelevantassetorliability;Level3inputsvalue,unobservableinputsforrelatedassetsorliabilities.Ateachbalancesheetdate,theGroupreassessestheassetsandliabilitiesrecognisedinthefinancialstatementsthataremeasuredatfairvalueonanongoingbasistodeterminewhetherthereisatransitionbetweenfairvaluemeasurementlevels.

3.Thepreparationofthefinancialstatementsrequiresmanagementtomakejudgements,estimatesandassumptionsthataffectthereportedamountsofrevenue,expenses,assetsandliabilities,andtheiraccompanyingdisclosures,andthedisclosureofcontingentliabilitiesatthebalancesheetdate.Uncertaintyabouttheseassumptionsandestimatescouldresultinoutcomesthatcouldrequireamaterialadjustmenttothecarryingamountsoftheassetsorliabilitiesaffectedinthefuture.

(1)JudgmentsInapplyingtheGroup'saccountingpolicies,managementhasmadethefollowingjudgementsthathaveasignificanteffectontheamountsrecognisedinthefinancialstatements:

1Classificationofinvestmentpropertiesandowner-occupiedproperties

TheGroupdetermineswhetherthepropertyheldmeetsthedefinitionofinvestmentpropertyandestablishesrelevantstandardsinmakingjudgments.TheGroupclassifiespropertyheldforrentalorcapitalappreciation,orboth,asinvestmentproperty.Therefore,theGroupconsiderswhetherthemannerinwhichthepropertygeneratescashflowsislargelyindependentofotherassetsheldbytheGroup.Somepropertiesarepartlyusedtoearnrentorcapitalappreciation,andtheremainderisusedtoproducegoods,provide

servicesormanageoperations.Iftheportionusedtoearnrentorcapitalappreciationcanbesoldorleasedseparately,theGroupaccountsforthatportionseparately.Ifnot,thepropertyisclassifiedasaninvestmentpropertyonlyifthepartusedfortheproductionofgoods,theprovisionofservicesortheoperationandmanagementisnotsignificant.TheGroupmakesaseparatejudgmentonanindividualpropertybasiswhendeterminingwhethertheancillaryservicesaresignificantenoughtomakethepropertyineligibleforrecognitionasaninvestmentproperty.

(2)EstimationuncertaintyThekeyassumptionsconcerningthefutureandotherkeysourcesofestimationuncertaintyatthebalancesheetdate,thathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthefutureaccountingperiods,aredescribedbelow.①ImpairmentoffinancialinstrumentsCommencingfromJanuary1,2019,theCompanyhasadoptedtheexpectedcreditlossmodeltoassesstheimpairmentoffinancialinstruments.TheGroupisrequiredtoperformsignificantjudgementandestimationandtakeintoaccountallreasonableandsupportableinformation,includingforward-lookinginformation.Whenmakingsuchjudgementsandestimates,theGroupinferstheexpectedchangesinthedebtor'screditriskbasedonhistoricalrepaymentdatacombinedwitheconomicpolicies,macroeconomicindicators,industryrisksandotherfactors.Thedifferentestimatesmayimpacttheimpairmentassessment,andtheprovisionforimpairmentmayalsonotberepresentativeoftheactualimpairmentlossinthefuture.②Impairmentofnon-currentassetsotherthanfinancialassets(otherthangoodwill)TheGroupassesseswhetherthereareanyindicationsofimpairmentforallnon-currentassetsotherthanfinancialassetsatthebalancesheetdate.Intangibleassetswithindefiniteusefullivesaretestedforimpairmentannuallyandatothertimeswhensuchanindicationexists.Othernon-currentassetsotherthanfinancialassetsaretestedforimpairmentwhenthereareindicationsthatthecarryingamountsmaynotberecoverable.Animpairmentexistswhenthecarryingamountofanassetorassetgroupexceedsitsrecoverableamount,whichisthehigherofitsfairvaluelesscostsofdisposalandthepresentvalueofthefuturecashflowsexpectedtobederivedfromit.Thecalculationofthefairvaluelesscostsofdisposalbasedonavailabledatafrombindingsalestransactionsinanarm’slengthtransactionofsimilarassetsorobservablemarketpriceslessincrementalcostsfordisposingoftheassets.Whenthecalculationsofthepresentvalueofthefuturecashflowsexpectedtobederivedfromanassetorassetgroupareundertaken,managementmustestimatetheexpectedfuturecashflowsfromtheassetorassetgroupandchooseasuitablediscountrateinordertocalculatethepresentvalueofthosecashflows.

③ProvisionofsalesrebatesandrewardsTheGroupappliesthesalesrebateandincentivepolicytothedealers.Accordingtotherelevantstipulationsinthedistributionagreement,withreferencetothecompletionoftheagreedassessmentindicatorsbythedealers,salesrebatesandincentivesareestimatedandaccruedattheendofeachyear.

40.Changesinsignificantaccountingpoliciesandaccountingestimates

(1)Changeinaccountingpolicies

√Applicable□Notapplicable

Unit:Yuan(RMB)

ContentsandreasonsforchangesinaccountingpoliciesNameofreportingitemssignificantlyaffectedAmountaffected
InterpretationNo.16ofAccountingStandardsforBusinessEnterprisesissuedin2022stipulatesthattheprovisionsonexemptionfrominitialrecognitionofdeferredincometaxshallnotapplytoindividualtransactionsthatarenotbusinesscombinations,donotaffectaccountingprofitsortaxableincome(ordeductiblelosses)atthetimeoftransactions,andtheinitiallyrecognizedassetsandliabilitiesleadtoequaltaxabletemporarydifferencesanddeductibletemporarydifferences.Witheffectfrom1January2023,theGroupchangesthetaxabletemporarydifferencesanddeductibletemporarydifferencesarisingfromtheinitialrecognitionofassetsandliabilitiestothecorrespondingdeferredtaxliabilitiesanddeferredtaxassetsforleasetransactionsinitiallyrecognizedasleaseliabilitiesandincludedinright-of-useassetsatthecommencementdateoftheleaseterm.Inaccordancewiththetransitionrequirements,theGrouphasadjustedtheabovetransactionsthatoccurredbetweenthebeginningoftheearliestperiodinwhichtheinterpretationwasfirstappliedtothepresentationofthefinancialstatementsandthedateofthechangeinaccountingpolicy.Deferredtaxassetsanddeferredtaxliabilities-

OthernotesNone

(2)ChangeofSignificantAccountingEstimates

□Applicable√Notapplicable

(3)First-timeimplementationofnewaccountingstandardsorinterpretationsofstandards,etc.from2023involvesadjustmentstothefinancialstatementsasofthebeginningoftheyearoffirst-timeimplementation.

□Applicable√Notapplicable

41.Others

□Applicable√NotapplicableVI.Taxes

1.TypesofmajortaxesandtaxratesTypesofmajortaxesandtaxrates

√Applicable□Notapplicable

TypesoftaxesTaxbasisTaxrates
Value-addedtaxDifferencebetweensalesamountandoutputtaxcalculatedatapplicabletaxrateafterdeductinginputtaxallowedtobededucted6%,9%,13%
UrbanmaintenanceandconstructiontaxItispaidbasedonthevalue-addedtaxactuallypaid7%
CorporateincometaxBasedontheamountofincometaxable25%,22%,20%,16.5%,15%
EducationSurchargeItispaidbasedonthevalue-addedtaxactuallypaid3%
LocaleducationSurchargeItispaidbasedonthevalue-addedtaxactuallypaid2%

Incasethereexisttaxpayerssubjecttodifferentcorporateincometaxrates,disclosetheinformation.

√Applicable□Notapplicable

TaxpayersIncometaxrate(%)
AimaTechnologyGroupCo.,Ltd.25
TianjinAimaLianxiangTechnologyCo.,Ltd.25
TianjinAimaShengsituoTechnologyCo.,Ltd.25
AimaElectricDriveSystemsCo.,Ltd.25
AimaGrowthVentureCapital(Ningbo)Co.,Ltd.25
ZhejiangAiskaTechnologyCo.,Ltd.25
ZhejiangAimaVehicleTechnologyCo.,Ltd.25
JiangsuAimaVehicleTechnologyCo.,Ltd.25
AimaTechnology(Taizhou)Co.,Ltd.25
AimaTechnology(Zhejiang)Co.,Ltd.25
TaizhouAimaVehicleManufactureCo.,Ltd.25
LishuiAimaVehicleTechnologyCo.,Ltd.25
TianjinAimaSportsGoodsCo.,Ltd.25
TianjinAimaElectromechanicalTechnologyCo.,Ltd.25
YangjiangXiaomaIntelligentTechnologyCo.,Ltd.20
TianjinSuiwanwanCultureCommunicationCo.,Ltd.20
XiaopaElectricTechnology(Shanghai)Co.,Ltd.20
TianjinTianliElectricBicycleCo.,Ltd.20
ChongqingXiaomaNetworkTechnologyCo.,Ltd.20
TianjinXiaomaIntelligentTechnologyCo.,Ltd.20
WanningXiaomaIntelligentTechnologyCo.,Ltd.20
GuangxiXiaomaIntelligentTechnologyCo.,Ltd.20
ChongqingXiaomaIntelligentTechnologyCo.,Ltd.20
AimaTECHNOLOGYSINGAPOREPTE.LTD.,17
GelingNewEnergyTechnology(Shandong)Co.,Ltd.15
TianjinAimaVehicleTechnologyCo.,Ltd.15
GuangdongAimaVehicleTechnologyCo.,Ltd.15
GuangxiAimaVehicleCo.,Ltd.15
HenanAimaVehicleCo.,Ltd.15
TianjinAimaSharedTechnologyServicesCo.,Ltd.15
AimaTechnology(Chongqing)Co.,Ltd.15
ChongqingAimaVehicleTechnologyCo.,Ltd.15
ChongqingAimaVehicleServiceTechnologyCo.,Ltd.15
ChongqingAimaElectromechanicalTechnologyCo.,Ltd.15
SuperUniverse(Chongqing)VehicleIndustryTechnologyCo.,Ltd.15
ChongqingAimaZhilianLogisticsCo.,Ltd.15
SuotengTechnologyHongKongCo.,Ltd.16.5
POWELLDDTECHNOLOGYCOMPANYLIMITED20
PTAimaELECTRICVEHICLESINDONESIA22

2.TaxPreferences

√Applicable□NotapplicableIn2023,TianjinSuiwanwanCulturalCommunicationCo.,Ltd.,XiaopaElectricTechnology(Shanghai)Co.,Ltd.,ChongqingXiaomaIntelligentTechnologyCo.,Ltd.,TianjinTianliElectricBicycleCo.,Ltd.,ChongqingXiaomaNetworkTechnologyCo.,Ltd.,WanningXiaomaIntelligentTechnologyCo.,Ltd.,YangjiangXiaomaIntelligentTechnologyCo.,Ltd,GuangxiXiaomaIntelligentTechnologyCo.,Ltd.andTianjinXiaomaIntelligentTechnologyCo.,Ltd.enjoyedpreferentialtaxesforsmalllow-profitenterprises.In

accordancewiththeEnterpriseIncomeTaxLawofthePeople’sRepublicofChinaandtheregulationsfortheimplementation,andtheMinistryofFinanceandtheStateAdministrationofTaxationonfurtherImplementingtheInclusiveTaxDeductionandExemptionPoliciesforMicroandSmallEnterprises(CAISHUI[2022]No.13),fromJanuary1,2022toDecember31,2024,theannualtaxableincomeofasmalllow-profitenterprisethatisnotlessthanRMB1millionnormorethanRMB3millionshallbeincludedinitstaxableincomeatthereducedrateof25%,withtheapplicableenterpriseincometaxrateof20%;InaccordancewiththeAnnouncementoftheStateAdministrationofTaxationontheImplementationofPreferentialIncomeTaxPoliciesofSmallandLow-profitEnterprisesandIndividualIndustrialandCommercialHouseholds(StateAdministrationofTaxationAnnouncementNo.6[2023])andtheannualtaxableincomethatisnotmorethanRMB1million,fromJanuary1,2023toDecember31,2024,shallbeincludedinitstaxableincomeatthereducedrateof25%,withtheapplicableenterpriseincometaxrateof20%.AimaTechnology(Chongqing)Co.,Ltd.,ChongqingAimaVehicleTechnologyCo.,Ltd.,ChongqingAimaVehicleServiceTechnologyCo.,Ltd.,ChongqingAimaElectromechanicalTechnologyCo.,Ltd.,SuperUniverse(Chongqing)VehicleIndustryTechnologyCo.,Ltd.andChongqingAimaZhilianLogisticsCo.,Ltd.belongtotheencouragedindustrialcompaniesoftheWesternDevelopment,andcanenjoythetaxpreferenceof15%corporateincometaxfrom2021to2030.TianjinAimaVehicleTechnologyCo.,Ltd.,GuangdongAimaVehicleTechnologyCo.,Ltd.andGuangxiAimaVehicleCo.,Ltd.werequalifiedforhi-techenterprisein2021,andmayenjoythetaxpreferenceof15%corporateincometaxfrom2021to2023.HenanAimaVehicleCo.,Ltd.,TianjinAimaSharedTechnologyServicesCo.,Ltd.andGelingNewEnergyTechnology(Shandong)Co.,Ltd.werequalifiedforhigh-techenterprisein2022,andmayenjoythetaxpreferenceof15%corporateincometaxfrom2022to2024.

3.Others

□Applicable√NotapplicableVII.Notestoitemsofconsolidatedfinancialstatements

1.Currencyfunds

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Cash
Cashatbanks6,612,189,387.296,030,234,206.13
Others55,069,563.89603,220,864.16
Depositsoffinancecompanies
Total6,667,258,951.186,633,455,070.29
Where:Totalamountdepositedabroad57,463,879.6173.46

Othernotes:

None

2.Financialassetsheldfortrading

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalanceReasonandbasisfordesignation
Financialassetsatfairvaluethroughprofitorloss176,041,430.92142,668,675.59/
Where:
Equityinvestments55,840,000.0073,480,000.00/
Financialproducts120,201,430.9269,188,675.59/
Total176,041,430.92142,668,675.59/

Othernotes:

□Applicable√Notapplicable

3.Derivativefinancialassets

□Applicable√Notapplicable

4.Notesreceivable

(1)Classificationofnotesreceivable

□Applicable√Notapplicable

(2)NotesreceivablealreadypledgedbytheCompanyattheendofthereportingperiod

□Applicable√Notapplicable

(3)Endorsedordiscountednotesreceivableattheendofthereportingperiod,butnotyetdueonthebalancesheetdate

□Applicable√Notapplicable

(4)Classifieddisclosurebasedonthemethodofprovisionforbaddebt

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√Notapplicable

Iftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsN/ADescriptionofsignificantchangesinthebookbalanceofnotesreceivablewithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(5)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(6)Notesreceivableactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofnotesreceivable:

□Applicable√NotapplicableNotesreceivablewrite-offdescription:

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

5.Accountsreceivable

(1)Disclosedbasedonaging

√Applicable□Notapplicable

Unit:Yuan(RMB)

AgingEndingbookbalanceOpeningbookbalance
Within1year
Where:Itemizedwithin1year
Within1year348,516,988.63291,745,445.04
Sub-totalwithin1year348,516,988.63291,745,445.04
1to2years30,609,641.255,622,082.11
2to3years1,144,007.85138,725.00
Over3years108,695.20
Total380,379,332.93297,506,252.15

(2)Classifieddisclosurebasedonthemethodofprovisionforbaddebt

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesEndingbalanceOpeningbalance
BookbalanceBaddebtreserveBookvalueBookbalanceBaddebtreserveBookvalue
AmountProportion(%)AmountProvisionproportion(%)AmountProportion(%)AmountProvisionproportion(%)
Assessedbaddebtprovisionindividually41,832,276.7711.0015,181,751.3436.2926,650,525.433,176,317.651.073,176,317.65100.00
Where:
Individuallysignificantamountandseparateprovisionforbaddebts41,832,276.7711.0015,181,751.3436.2926,650,525.433,176,317.651.073,176,317.65100.00
Assessedbaddebtprovisioninportfolio338,547,056.1689.007,357,416.402.17331,189,639.76294,329,934.5098.933,964,387.391.35290,365,547.11
Where:
Portfoliosbasedoncreditriskcharacteristics338,547,056.1689.007,357,416.402.17331,189,639.76294,329,934.5098.933,964,387.391.35290,365,547.11
Total380,379,332.93100.0022,539,167.745.93357,840,165.19297,506,252.15100.007,140,705.042.40290,365,547.11

Individualprovisionforbaddebts:

√Applicable□Notapplicable

Unit:Yuan(RMB)

NameEndingbalance
BookbalanceBaddebtprovisionProvisionproportion(%)Provisionreason
Company138,089,592.6811,439,067.2530.03Estimatedcollectionrisk
Company23,176,317.653,176,317.65100.00Estimated
collectionrisk
Company3566,366.44566,366.44100.00Estimatedcollectionrisk
Total41,832,276.7715,181,751.3436.29/

NotesforIndividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

√Applicable□NotapplicableProvisionitemsonportfolio:Combinationofcreditriskcharacteristics

Unit:Yuan(RMB)

NameEndingbalance
AccountsreceivableBaddebtprovisionProvisionproportion(%)
Within1year326,218,878.174,702,709.381.44
1to2years11,075,474.941,983,617.5617.91
2to3years1,144,007.85562,394.2649.16
Over3years108,695.20108,695.20100.00
Total338,547,056.167,357,416.402.17

Notetorecognitionofprovisionforbaddebtsbasedonportfolio:

□Applicable√NotapplicableIftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsN/ADescriptionofsignificantchangesinthebookbalanceofaccountsreceivablewithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(3)Provisionforbaddebts

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesOpeningbalanceAmountofmovementduringthereportingperiodEndingbalance
ProvisionRecoveryorreversalCharge-offorwrite-offOtherchanges
Assessedbaddebtprovisioninportfolio7,140,705.0416,882,991.38-1,426,419.08-58,109.6022,539,167.74
Total7,140,705.0416,882,991.38-1,426,419.08-58,109.6022,539,167.74

Wherethesignificantamountofthereserveforbaddebtrecoveredorreversed:

□Applicable√NotapplicableOthernotes:

None

(4)Accountsreceivableactuallywrittenoffinthereportingperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsWrittenoffamount
Accountsreceivableactuallywrittenoff58,109.60

Significantwrittenoffofaccountsreceivable

□Applicable√NotapplicableDescriptionofwrittenoffofaccountsreceivable:

√Applicable□NotapplicableItisconfirmedthattheaccountsreceivableforwhichbaddebtprovisionhasbeenmadecannotberecovered.

(5)Accountsreceivableandcontractassetsowedbythetopfivedebtorsbasedontheendingbalance

√Applicable□Notapplicable

Unit:Yuan(RMB)

OrganizationnameEndingbalanceofaccountsreceivableEndingbalanceofcontractassetsEndingbalanceofaccountsreceivableandcontractassetsProportionintotalendingbalanceofaccountsreceivable(%)Endingbalanceoftheprovisionforbaddebts
Company138,089,592.6838,089,592.6810.0111,439,067.25
Company215,383,284.1015,383,284.104.04221,519.30
Company311,275,942.8211,275,942.822.96162,373.58
Company410,710,300.1810,710,300.182.82154,228.32
Company59,768,930.869,768,930.862.57140,672.60
Total85,228,050.6485,228,050.6422.4012,117,861.05

Othernotes:

NoneOthernotes:

□Applicable√Notapplicable

6.Contractassets

(1)Contractassets

□Applicable√Notapplicable

(2)Amountandreasonsforsignificantchangesinbookvalueduringthereportingperiod

□Applicable√Notapplicable

(3)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√NotapplicableDescriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√NotapplicableIftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceofcontractassetswithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(4)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiod

issignificant:

□Applicable√NotapplicableOthernotes:

None

(5)Contractassetsactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofcontractassets:

□Applicable√NotapplicableContractassetswrite-offdescription:

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

7.Receivablesfinancing

(1)Classificationoffinancingreceivables

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Bankacceptancenotes8,893,241.618,332,754.00
Total8,893,241.618,332,754.00

(2)FinancingofpledgedreceivablesoftheCompanyattheendoftheperiod

□Applicable√Notapplicable

(3)FinancingofreceivablesendorsedordiscountedbytheCompanyattheendoftheperiodandnotyetdueatthebalancesheetdate

□Applicable√Notapplicable

(4)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√NotapplicableDescriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√NotapplicableIftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsN/ADescriptionofsignificantchangesinthebookbalanceofreceivablesfinancingwithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(5)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(6)Receivablesfinancingactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofreceivablesfinancing:

□Applicable√NotapplicableReceivablesfinancingwrite-offdescription:

□Applicable√Notapplicable

(7)Changeofincrease/decreaseandfairvalueofaccountsreceivablefinancinginthereportingperiod:

□Applicable√Notapplicable

(8)Othernotes:

□Applicable√Notapplicable

8.Prepayments

(1)Prepaymentsarepresentedbasedonaging

√Applicable□Notapplicable

Unit:Yuan(RMB)

AgingEndingbalanceOpeningbalance
AmountProportion(%)AmountProportion(%)
Within1year36,269,084.2599.0216,958,698.7296.61
1to2years99,506.380.27342,330.471.95
2to3years83,138.380.23185,675.171.06
Over3years176,154.950.4867,870.010.38
Total36,627,883.96100.0017,554,574.37100.00

Descriptionofthereasonsfortheuntimelysettlementofprepaymentswithanageofmorethan1yearandsignificantamounts:

At31December2023,therewerenosignificantprepaymentswithanageofmorethan1year.

(2)Prepaymentstothetopfivedebtorsoftheendingbalancecollectedbasedonthedebtorsoftheprepayments

√Applicable□Notapplicable

Unit:Yuan(RMB)

OrganizationnameEndingbalanceProportionintotalendingbalanceofprepayments(%)
Supplier16,000,000.0016.38
Supplier25,000,000.0013.65
Supplier32,508,800.006.85
Supplier42,400,000.006.55
Supplier51,623,450.004.43
Total17,532,250.0047.86

Othernotes:

NoneOthernotes:

□Applicable√Notapplicable

9.OtherreceivablesItemsPresentation

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Interestreceivables1,212,339.441,160,941.82
Otherreceivables14,475,566.8326,890,978.44
Total15,687,906.2728,051,920.26

Othernotes:

□Applicable√NotapplicableInterestreceivables

(1)Classificationofinterestreceivable

√Applicable□Notapplicable

ItemsEndingbalanceOpeningbalance
Interestofaccountsreceivable1,212,339.441,160,941.82
Total1,212,339.441,160,941.82

(2)Significantoverdueinterest

□Applicable√Notapplicable

(3)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√NotapplicableDescriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√Notapplicable

(4)Iftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceofinterestreceivableswithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(5)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(6)Interestreceivablesactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofinterestreceivables:

□Applicable√NotapplicableInterestreceivableswrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableDividendreceivable

(1)Dividendreceivable

□Applicable√Notapplicable

(2)Significantdividendsreceivablewithageexceeding1year

□Applicable√Notapplicable

(3)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√NotapplicableDescriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√Notapplicable

(4)Iftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceofdividendreceivablewithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(5)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(6)Dividendreceivableactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofdividendreceivable:

□Applicable√NotapplicableDividendreceivablewrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableOtherreceivables

(1)Disclosedbasedonaging

√Applicable□Notapplicable

Unit:Yuan(RMB)

AgingEndingbookbalanceOpeningbookbalance
Within1year
Where:Itemizedwithin1year
Within1year12,908,132.5925,350,872.34
Sub-totalwithin1year12,908,132.5925,350,872.34
1to2years383,809.71205,256.89
2to3years127,350.0082,649.15
Over3years1,085,474.531,265,939.69
Total14,504,766.8326,904,718.07

(2)Classificationbasedonthenatureoffund

√Applicable□Notapplicable

Unit:Yuan(RMB)

NatureofthefundEndingbookbalanceOpeningbookbalance
Threeguarantees5,577,033.2511,527,981.67
Receivablefromdisposalof4,928,340.21
fixedassets
Deposits4,670,405.871,766,722.22
Advancetoemployees164,078.56242,296.80
Others4,093,249.158,439,377.17
Total14,504,766.8326,904,718.07

(3)Provisionforbaddebts

√Applicable□Notapplicable

Unit:Yuan(RMB)

BaddebtprovisionStage1Stage2Stage3Total
12-monthexpectedcreditlossesLifetimeECLs(nocreditimpairmentincurred)LifetimeECLs(creditimpairmentalreadyincurred)
BalanceasatJanuary1,202310,300.003,439.6313,739.63
BalanceasatJanuary1,2023inthereportingperiod
--transferredintoStage2
--transferredintoStage3
--reveredtoStage2
--reversedtoStage1
Accrual18,900.0018,900.00
Reversal3,439.633,439.63
Transferout
Write-off
Otherchanges
BalanceasatDecember31,202329,200.0029,200.00

ClassificationbasisofeachstageandprovisionratioforbaddebtsNoneNotetothesignificantchangesinthebookbalanceofotherreceivableswithchangesinprovisionforlossinthereportingperiod:

□Applicable√NotapplicableTheamountofprovisionforbaddebtsinthereportingperiodandthebasisforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly.

□Applicable√Notapplicable

(4)Provisionforbaddebts

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesOpeningbalanceAmountofmovementduringthereportingperiodEndingbalance
ProvisionRecoveryorreversalCharge-offorwrite-offOtherchanges
Baddebtprovision13,739.6318,900.003,439.6329,200.00
Total13,739.6318,900.003,439.6329,200.00

Whereasignificantamountofthereserveforbaddebtrecoveredorreversedduringthereportingperiod:

□Applicable√NotapplicableOthernotes:

None

(5)Otherreceivablesactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofotherreceivables:

□Applicable√NotapplicableOtherreceivableswrite-offdescription:

□Applicable√Notapplicable

(6)Otherreceivablesowedbythetopfivedebtorsbasedontheendingbalance

√Applicable□Notapplicable

Unit:Yuan(RMB)

OrganizationnameEndingbalanceProportionintotalendingbalanceofotherreceivablesNatureofPaymentAgingBaddebtreserveEndingbalance
Company12,102,806.6814.50RentWithin1year
Company21,143,704.917.89DepositsWithin1year
Company3500,000.003.45DepositsOver3years
Company4500,000.003.45DepositsWithin1year
Company5450,000.003.10DepositsOver3years
Total4,696,511.5932.39//

(7)Presentationinotherreceivablesduetocentralizedmanagementoffunds

□Applicable√Notapplicable

Othernotes:

□Applicable√Notapplicable

10.Inventories

(1)Classificationofinventories

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
BookbalanceProvisionforwrite-downofinventories/impairmentofcoststofulfilacontractBookvalueBookbalanceProvisionforwrite-downofinventories/impairmentofcoststofulfilacontractBookvalue
Rawmaterials199,024,553.433,823,176.99195,201,376.44343,462,948.7763,577.07343,399,371.70
Finishedgoods380,138,904.84380,138,904.84467,111,915.62467,111,915.62
Total579,163,458.273,823,176.99575,340,281.28810,574,864.3963,577.07810,511,287.32

(2)Provisionforwrite-downofinventories/impairmentofcoststofulfilacontract

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceAmountincreasedinthereportingperiodDecreaseinthereportingperiodEndingbalance
ProvisionOthersReversalorwrite-offOthers
Rawmaterials63,577.073,823,176.9963,577.073,823,176.99
Total63,577.073,823,176.9963,577.073,823,176.99

Reasonsforreversalorwrite-offofprovisionforwrite-downofinventoriesinthecurrentperiod

√Applicable□NotapplicableAsatDecember31,2023,thenetrealizablevalueofsomeinventorieswaslowerthanthebookvalue,andtheprovisionforwrite-downofinventorieswasRMB3,823,176.99yuanthisyear.In2023,theGrouptransferredprovisionfordeclineinvalueofinventoriesduetosalesof

RMB63,577.07yuan.Provisionforwrite-downofinventoriesbyportfolio

□Applicable√NotapplicableAccrualcriteriaforprovisionforwrite-downofinventoriesbyportfolio

□Applicable√Notapplicable

(3)Calculationstandardandbasistotheamountofcapitalizedborrowingcostsinvolvedintheendingbalanceofinventories

□Applicable√Notapplicable

(4)Notetothecurrentamortizationamountofcontractperformancecosts

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

11.Held-for-saleassets

□Applicable√Notapplicable

12.Non-currentassetsduewithinayear

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Non-currentassetsduewithinoneyear1,628,460,684.933,524,708,328.77
Total1,628,460,684.933,524,708,328.77

Debtinvestmentduewithinoneyear

□Applicable√NotapplicableOtherdebtinvestmentsduewithinoneyear

□Applicable√NotapplicableOthernotestonon-currentassetsduewithinoneyearAsatDecember31,2023,theCompanyissuedbankacceptancebillspledgedwithRMB1,500,000,000.00yuanofthree-yeartimecertificatesofdepositduewithin1year(December31,2022:RMB3,200,000,000.00yuan),fordetails,pleaserefertoSection10VII,31Assetsrestrictedinownershiporrightofuse.

13.Othercurrentassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
InputVATtobecredited99,451,703.5361,570,447.87
CITpaidinadvance20,436,517.1615,453,043.29
Total119,888,220.6977,023,491.16

Othernotes:

None

14.Debtinvestment

(1)Aboutdebtinvestment

□Applicable√NotapplicableChangesinprovisionforimpairmentofdebtinvestmentsinthecurrentperiod

□Applicable√Notapplicable

(2)Significantdebtinvestmentattheendofthereportingperiod

□Applicable√Notapplicable

(3)Provisionforimpairment

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceofdebtinvestmentwithchangesinlossprovisioninthecurrentperiod:

□Applicable√NotapplicableTheamountofprovisionforimpairmentinthereportingperiodandthebasisforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly.

□Applicable√Notapplicable

(4)Debtinvestmentactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofdebtinvestment:

□Applicable√NotapplicableDebtinvestmentwrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

15.Otherdebtinvestment

(1)Aboutotherdebtinvestment

□Applicable√NotapplicableChangesinprovisionforimpairmentofotherdebtinvestmentsinthecurrentperiod

□Applicable√Notapplicable

(2)Significantotherdebtinvestmentattheendofthereportingperiod

□Applicable√Notapplicable

(3)Provisionforimpairment

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceofotherdebtinvestmentwithchangesinlossprovisioninthecurrentperiod:

□Applicable√NotapplicableTheamountofprovisionforimpairmentinthereportingperiodandthebasisforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly.

□Applicable√Notapplicable

(4)Otherdebtinvestmentactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofotherdebtinvestment:

□Applicable√NotapplicableOtherdebtinvestmentwrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

16.Long-termreceivables

(1)Aboutlong-termreceivables

□Applicable√Notapplicable

(2)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√Notapplicable

Individualprovisionforbaddebts:

□Applicable√NotapplicableDescriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√Notapplicable

(3)Iftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceoflong-termreceivableswithchangesinlossprovisioninthecurrentperiod:

□Applicable√NotapplicableTheamountofprovisionforbaddebtsinthereportingperiodandthebasisforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly.

□Applicable√Notapplicable

(4)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(5)Long-termreceivablesactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offoflong-termreceivables:

□Applicable√NotapplicableLong-termreceivableswrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

17.Long-termequityinvestments

(1)Aboutlong-termequityinvestments

√Applicable□Notapplicable

Unit:Yuan(RMB)

InvesteesOpeningbalanceIncrease/Decrease(+/-)inthereportingperiodEndingbalanceImpairmentattheendoftheyear
IncreaseDecreaseInvestmentincomeundertheequitymethodOthercomprehensiveincomeOtherequitymovementCashdividenddeclaredProvisionforimpairmentOthers
I.JointVenture
Sub-total
II.Associates
TodaySunshine9,903,822.89-1,525,302.818,378,520.08
TianjinJiema13,610,864.7711,725,908.91-3,200,000.0022,136,773.68
GelingNewEnergy39,329,402.779,554,782.42-946,082.92-47,938,102.27
TaizhouJinfu38,817,295.52-38,817,295.52
BeijingZhongzhong26,490,684.45172,756.8326,663,441.28
ChongqingXintai17,500,000.00-1,056,733.7616,443,266.24
GuangxiNingfu51,785,700.001,856,294.6353,641,994.63
Sub-total128,152,070.4078,840,482.42-28,590,454.64-47,938,102.27-3,200,000.00127,263,995.91
Total128,152,070.4078,840,482.42-28,590,454.64-47,938,102.27-3,200,000.00127,263,995.91

(2)Impairmenttestoflong-termequityinvestments

□Applicable√NotapplicableOthernotes:

None

18.Otherequityinstrumentinvestment

(1)Aboutotherequityinstrumentinvestment

□Applicable√Notapplicable

(2)Descriptionofderecognitioninthecurrentperiod

□Applicable√NotapplicableOthernotes:

√Applicable□Notapplicable

Duringthereportingperiod,theCompanysubscribedpartoftheequityofGuangxiNingfubymeansofcapitalincrease.Sincetheshareholdingratioisnotmorethan5%,whichhasnosignificantimpactonGuangxiNingfu,theCompanyaccountedfortheinitialinvestmentasafinancialassetmeasuredatfairvaluethroughothercomprehensiveincome.Accordingtotheresolutionoftheshareholders'meetingofGuangxiNingfuonJune30,2023,itwasagreedtoaddZhangJian,chairmanoftheCompany,asadirectorofGuangxiNingfu.TheCompanyhasasignificantimpactonGuangxiNingfu.Duringthereportingperiod,itwasadjustedtoalong-termequityinvestmentcalculatedbytheequitymethodandnolongermeasuredatfairvalue.Bytheendofthereportingperiod,theCompanyhadinvested51.7857millionyuanandheld1.97%oftheequityofGuangxiNingfu.

②InFebruary2023,SpozmanandYunnanXiaojiIntelligentTransportationTechnologyCo.,Ltd.jointlyestablishedKunmingMichiTransportationTechnologyCo.,Ltd.witharegisteredcapitalof1millionyuan,andSpozmansubscribedacapitalcontributionof100,000yuan,withashareholdingratioof10%.Asoftheendofthereportingperiod,Spozmanhasnotyetcompletedthepaid-in.

19.Othernon-currentfinancialassets

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

20.InvestmentpropertiesMeasurementmodelforinvestment-orientedrealestate

(1)Investmentpropertiesmeasuredbasedonthecostmethod

Unit:Yuan(RMB)

ItemsBuildingsLanduserightsTotal
I.Originalbookvalue
1.Openingbalance246,150,748.7279,042,302.38325,193,051.10
2.Amountincreasedinthereportingperiod96,225,288.4491,822,602.04188,047,890.48
(1)Purchased
(2)Inventories\fixedassets/constructioninprocesstransferredin96,225,288.4491,822,602.04188,047,890.48
(3)Increaseofenterpriseconsolidation
3.Amountdecreasedinthereportingperiod69,462,483.7534,499,601.56103,962,085.31
(1)Disposals
(2)Othertransferout
(3)Transferouttofixedassetsorintangibleassets69,462,483.7534,499,601.56103,962,085.31
4.Endingbalance272,913,553.41136,365,302.86409,278,856.27
II.Accumulativedepreciationandaccumulativeamortization
1.Openingbalance61,931,218.638,881,098.8370,812,317.46
2.Amountincreasedinthereportingperiod63,589,224.1023,658,246.9687,247,471.06
(1)Depreciationandamortisationprovidedduringtheyear19,020,727.051,833,180.4920,853,907.54
(2)Transfer-inofthefixedassetorintangibleassets44,568,497.0521,825,066.4766,393,563.52
3.Amountdecreasedinthereportingperiod26,722,401.315,760,381.3532,482,782.66
(1)Disposal
(2)Othertransferout
(3)Transferouttofixedassetsorintangibleassets26,722,401.315,760,381.3532,482,782.66
4.Endingbalance98,798,041.4226,778,964.44125,577,005.86
III.Provisionforimpairment
1.Openingbalance
2.Amountincreasedinthereportingperiod
(1)Provision
3.Amountdecreasedinthereportingperiod
(1)Disposal
(2)Othertransferout
4.Endingbalance
IV.Bookvalue
1.Bookvalueattheendofthereportingperiod174,115,511.99109,586,338.42283,701,850.41
2.Bookvalueatthebeginningofthe184,219,530.0970,161,203.55254,380,733.64

(2)Investmentpropertywithnotitlecertificate

□Applicable√Notapplicable

(3)Impairmenttestingofinvestmentpropertiesmeasuredatcost

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

21.FixedassetItemsPresentation

√Applicable□Notapplicable

Unit:Yuan(RMB)

reportingperiodItems

ItemsEndingbalanceOpeningbalance
Fixedasset2,183,569,604.602,032,571,583.72
Disposaloffixedassets102,682.1052,325.85
Total2,183,672,286.702,032,623,909.57

Othernotes:

□Applicable√NotapplicableFixedasset

(1)Aboutfixedassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsBuildingsMachineryandequipmentVehiclesOfficeequipmentElectronicequipmentProductiontoolsTotal
I.Originalbookvalue:
1.Openingbalance1,952,145,803.53582,934,592.3339,380,437.1241,266,150.5662,874,375.33349,186,774.433,027,788,133.30
2.Amountincreasedinthereportingperiod105,682,266.35108,477,279.462,597,277.013,429,236.4514,139,971.03308,513,805.90542,839,836.20
(1)Purchase10,238,028.8477,477,817.621,867,912.933,116,524.088,870,246.3653,253,192.65154,823,722.48
(2)Transfersfromconstructioninprogress23,319,329.7122,610,185.32413,120.56233,869.504,748,367.91234,663,033.82285,987,906.82
(3)Increaseofenterpriseconsolidation2,662,424.058,389,276.52316,243.5278,842.87521,356.7620,597,579.4332,565,723.15
(4)Transfersfrom69,462,483.69,462,483.7
investmentproperties755
3.Amountdecreasedinthereportingperiod96,538,215.1521,328,863.962,561,371.963,068,104.092,047,210.6632,440,648.60157,984,414.42
(1)Disposalsorretirements312,926.7121,328,863.962,561,371.963,068,104.092,047,210.6632,440,648.6061,759,125.98
(2)Transferredintoinvestmentproperties96,225,288.4496,225,288.44
4.Endingbalance1,961,289,854.73670,083,007.8339,416,342.1741,627,282.9274,967,135.70625,259,931.733,412,643,555.08
II.Accumulativedepreciation
1.Openingbalance534,878,391.75221,938,579.4828,239,046.6623,386,440.6634,988,490.30149,051,446.09992,482,394.94
2.Amountincreasedinthereportingperiod130,498,151.0248,379,505.424,422,767.126,288,301.0713,389,626.16117,376,046.88320,354,397.67
(1)Depreciationprovidedduringtheyear103,775,749.7148,379,505.424,422,767.126,288,301.0713,389,626.16117,376,046.88293,631,996.36
(2)Transfersfrominvestmentproperties26,722,401.3126,722,401.31
3.Amountdecreasedinthereportingperiod44,642,526.0913,153,104.212,392,946.152,501,494.571,540,050.2619,763,975.8683,994,097.14
(1)Disposalsorretirements74,029.0413,153,104.212,392,946.152,501,494.571,540,050.2619,763,975.8639,425,600.09
(2)Transferredintoinvestmentproperties44,568,497.0544,568,497.05
4.Endingbalance620,734,016.68257,164,980.6930,268,867.6327,173,247.1646,838,066.20246,663,517.111,228,842,695.47
III.Provisionforimpairment
1.Openingbalance1,951,274.69782,879.952,734,154.64
2.Amountincreasedinthereportingperiod
(1)Provision
3.Amountdecreasedinthereportingperiod1,720,019.68782,879.952,502,899.63
(1)Disposalsorretirements
(2)Write-offincurrentyear1,720,019.68782,879.952,502,899.63
4.Endingbalance231,255.01231,255.01
IV.Bookvalue
1.Bookvalueattheendofthereportingperiod1,340,555,838.05412,686,772.139,147,474.5414,454,035.7628,129,069.50378,596,414.622,183,569,604.60
2.Bookvalueatthe1,417,267,4359,044,7311,141,390.17,879,709.927,885,885.199,352,4482,032,571,58
beginningofthereportingperiod11.788.1646003.393.72

(2)Abouttemporarilyidlefixedassets

□Applicable√Notapplicable

(3)Fixedassetsleasedthroughoperatinglease

□Applicable√Notapplicable

(4)Aboutfixedassetswithouttitlecertificate

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsBookvalueThereasonwhythetitlecertificatehasnotbeengranted
Buildings4,924,739.86Forself-builtauxiliaryfunctionhouses,itisunnecessarytoapplyfortitlecertificate.

(5)Impairmenttestoffixedassets

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableDisposaloffixedassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Disposaloffixedassets102,682.1052,325.85
Total102,682.1052,325.85

Othernotes:

None

22.ConstructioninprogressItemsPresentation

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Engineeringsupplies973,358,340.8763,522,676.76
Constructioninprogress18,846,939.0422,488,641.34
Total992,205,279.9186,011,318.10

Othernotes:

□Applicable√NotapplicableConstructioninprogress

(1)Aboutconstructioninprogress

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
BookbalanceImpairmentreserveBookvalueBookbalanceImpairmentreserveBookvalue
GuangxiVehicle’sfactorybuilding244,200,674.07244,200,674.07
ChongqingVehicle’sfactorybuilding233,605,357.47233,605,357.471,372,641.511,372,641.51
TaizhouManufacture’sfactorybuilding233,238,245.36233,238,245.3617,716,240.1017,716,240.10
LishuiVehicle’sfactorybuilding197,574,713.52197,574,713.521,660,261.971,660,261.97
JiangsuVehicle’smoulds19,362,920.5019,362,920.503,272,592.743,272,592.74
TianjinVehicle’smoulds15,302,825.3515,302,825.358,403,362.828,403,362.82
ZhejiangVehicle’sfactorybuilding8,479,226.148,479,226.148,269,289.968,269,289.96
AimaGroup’sSoftware3,875,330.193,875,330.1910,749,759.1110,749,759.11
Others17,719,048.2717,719,048.2712,078,528.5512,078,528.55
Total973,358,340.87973,358,340.8763,522,676.7663,522,676.76

(2)Movementsofimportantconstructioninprogressprojectsinthereporting

period

√Applicable□Notapplicable

Unit:Yuan(RMB)

ProjectnameBudgetOpeningbalanceAdditionTransferredtoOtherdecreaEndingbalanceTheproportionofProjectProgreAccumulatedWhere:CapitalizeInterestcapitalizaSourceoffunds
thefixedassetssesprojectsinvestmentaccountedforbudget(%)ssamountofinterestcapitalizationdamountofinterestinthecurrentperiodtionrateofthecurrentperiod(%)
GuangxiVehicle’sfactorybuilding575,140,000.00244,200,674.07244,200,674.0742.00Ownfunds
TaizhouManufacture’sfactorybuilding487,770,000.0017,716,240.10215,522,005.26233,238,245.3648.00Ownfunds
ChongqingVehicle’sfactorybuilding1,435,150,000.001,372,641.51234,638,791.92-2,406,075.96233,605,357.4716.00Ownfunds
LishuiVehicle’sfactorybuilding977,320,000.001,660,261.97195,914,451.55197,574,713.5220.0039,741,699.3439,741,699.343.19Fundsraised
Total3,475,380,000.0020,749,143.58890,275,922.80-2,406,075.96908,618,990.42/39,741,699.3439,741,699.34//

(3)Provisionforimpairmentofconstructioninprogressinthereportingperiod

□Applicable√Notapplicable

(4)Impairmenttestofconstructioninprogress

□Applicable√NotapplicableOthernotes

□Applicable√NotapplicableEngineeringsupplies

(1)Aboutengineeringsupplies

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
BookbalanceProvisionforimpairmentBookvalueBookbalanceProvisionforimpairmentBookvalue
Engineeringsupplies18,846,939.0418,846,939.0422,488,641.3422,488,641.34
Total18,846,939.0418,846,939.0422,488,641.3422,488,641.34

Othernotes:

None

23.Productivebiologicalasset

(1)Productivebiologicalassetbyusingthecostmeasurementmodel

□Applicable√Notapplicable

(2)Impairmenttestingofproductivebiologicalassetmeasuredatcost

□Applicable√Notapplicable

(3)Productivebiologicalassetbyusingthefairvaluemeasurementmodel

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

24.OilandGasAssets

(1)Aboutoilandgasassets

□Applicable√Notapplicable

(2)Impairmenttestofoilandgasassets

□Applicable√NotapplicableOthernotes:

None

25.Right-of-useassets

(1)Aboutright-of-useassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsBuildingsTotal
I.Originalbookvalue:
1.Openingbalance57,089,208.1857,089,208.18
2.Amountincreasedinthereportingperiod302,179.38302,179.38
Newlyleased302,179.38302,179.38
3.Amountdecreasedinthereportingperiod519,368.35519,368.35
Expirationofleasecontract519,368.35519,368.35
4.Endingbalance56,872,019.2156,872,019.21
II.Accumulativedepreciation
1.Openingbalance14,568,712.3814,568,712.38
2.Amountincreasedinthereportingperiod8,653,838.438,653,838.43
(1)Depreciationprovidedduringtheyear8,653,838.438,653,838.43
3.Amountdecreasedinthereportingperiod463,071.24463,071.24
(1)Disposals463,071.24463,071.24
4.Endingbalance22,759,479.5722,759,479.57
III.Provisionforimpairment
1.Openingbalance
2.Amountincreasedinthereportingperiod
(1)Provision
3.Amountdecreasedinthereportingperiod
(1)Disposal
4.Endingbalance
IV.Bookvalue
1.Bookvalueattheendofthereportingperiod34,112,539.6434,112,539.64
2.Bookvalueatthebeginningofthereportingperiod42,520,495.8042,520,495.80

(2)Impairmenttestingofright-of-useassets

□Applicable√NotapplicableOthernotes:

None

26.Intangibleassets

(1)Abouttheintangibleassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsLanduserightsPatentrightNonpatentedtechnologySoftwareTrademarksTotal
I.Originalbookvalue:
1.Openingbalance424,689,689.65182,442,805.982,136,049.25609,268,544.88
2.Amountincreasedinthereportingperiod327,811,135.7046,505,135.92680,141.42374,996,413.04
(1)Purchase5,646,869.135,646,869.13
(2)InternalR&D
(3)Increaseduetobusinesscombinations125,312.69680,141.42805,454.11
(4)Transfersfromconstruction-in-process293,311,534.1440,732,954.10334,044,488.24
(5)Transferredfrominvestmentpropertiesinthereportingperiod34,499,601.5634,499,601.56
3.Amountdecreasedinthereportingperiod91,822,602.0491,822,602.04
(1)Disposal
(2)Transferredintoinvestmentpropertiesinthereportingperiod91,822,602.0491,822,602.04
4.Endingbalance660,678,223.31228,947,941.902,816,190.67892,442,355.88
II.Accumulativeamortization
1.Openingbalance64,030,459.2786,272,131.96979,180.70151,281,771.93
2.Amountincreasedinthereportingperiod17,797,601.0428,416,956.69845,243.5147,059,801.24
(1)Amortisationprovidedduringtheyear12,037,219.6928,416,956.69845,243.5141,299,419.89
(2)Transferredfrominvestmentpropertiesinthecurrentyear5,760,381.355,760,381.35
3.Amountdecreasedinthereportingperiod21,825,066.4721,825,066.47
(1)Disposal
(2)Transferredintoinvestmentproperties21,825,066.4721,825,066.47
4.Endingbalance60,002,993.84114,689,088.651,824,424.21176,516,506.70
III.Provisionforimpairment
1.Openingbalance
2.Amountincreasedinthereportingperiod
(1)Provision
3.Amountdecreasedinthereportingperiod
(1)Disposal
4.Endingbalance
IV.Bookvalue
1.Bookvalueattheendofthereportingperiod600,675,229.47114,258,853.25991,766.46715,925,849.18
2.Bookvalueatthebeginningofthereportingperiod360,659,230.3896,170,674.021,156,868.55457,986,772.95

TheproportionofintangibleassetsformedthroughinternalR&Dtothebalanceofintangibleassetsattheendoftheperiodwasnil.

(2)Aboutthelanduserightswithouttitlecertificate

□Applicable√Notapplicable

(3)Impairmenttestofintangibleassets

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

27.Goodwill

(1)Originalbookvalueofthegoodwill

□Applicable√Notapplicable

(2)Provisionforimpairmentofthegoodwill

□Applicable√Notapplicable

(3)Relevantinformationoftheassetsgrouporportfoliooftheassetsgroupswherethegoodwillislocated

□Applicable√NotapplicableChangesinassetgroupsorportfolioofassetsgroups

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

(4)SpecificmethodfordeterminingrecoverableamountTherecoverableamountisdeterminedatfairvaluelesscoststosell

□Applicable√NotapplicableTherecoverableamountisdeterminedatthepresentvalueoftheexpectedfuturecashflows

□Applicable√NotapplicableReasonsforthedifferencebetweentheaboveinformationandtheinformationusedinthepreviousyear'simpairmenttestorexternalinformation

□Applicable√NotapplicableReasonsforthedifferencebetweentheinformationusedintheimpairmenttestofthepreviousyearandtheactualsituationofthecurrentyear

□Applicable√Notapplicable

(5)PerformancecommitmentsandimpairmentofgoodwillThereisaperformancecommitmentwhengoodwillisformedandthereportingperiodorthepreviousperiodiswithintheperformancecommitmentperiod

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

28.Long-termprepaidexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceAmountincreasedinAmountamortizedinthereportingOtherdecreaseEndingbalance
thereportingperiodperiod
Refurbishmentpayment10,936,811.202,640,432.346,157,920.907,419,322.64
Paymentfortheimprovementoftherentedfixedassets4,667,310.542,884,471.801,782,838.74
Others28,290,985.6715,886,084.9814,050,980.8030,126,089.85
Total43,895,107.4118,526,517.3223,093,373.5039,328,251.23

Othernotes:

None

29.Deferredtaxassets/liabilities

(1)Deferredtaxassetbeforebeingoffset

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance(Restated)
DeductibletemporarydifferencesDeferredtaxassetsDeductibletemporarydifferencesDeferredtaxAssets
Deductibleloss292,432,400.5655,865,092.35198,066,664.2940,218,297.85
Deferredincome22,568,367.745,337,959.517,154,444.671,598,398.96
Baddebtprovision3,823,176.99955,794.2563,577.0715,894.27
Provisionofinventories8,185,782.481,936,392.3915,391,982.033,846,248.38
Depreciationbook-taxdifferenceoffixedassets79,236,526.5616,766,202.4137,414,598.876,262,650.43
Provisionforimpairmentoffixedassets231,255.0134,688.252,734,154.64582,125.16
Investmentlossesofassociates90,000,000.0022,500,000.0051,544,467.5312,804,720.20
Salesrebatesandrewards398,469,160.3776,718,223.52437,665,926.2684,566,172.38
Leaseliability55,424,934.338,453,886.9358,542,198.479,257,505.85
Share-basedpayment118,169,892.1427,300,173.4180,660,907.9419,156,587.56
Accruedexpenses11,735,395.432,462,967.1411,182,837.333,983,843.20
Total1,080,276,891.61218,331,380.16900,421,759.10182,292,444.24

(2)Deferredtaxliabilitiesbeforebeingoffset

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance(Restated)
TaxabletemporarydifferencesDeferredtaxLiabilitiesTaxabletemporarydifferencesDeferredtaxLiabilities
Investmentincomeoffinancialproducts247,823,980.2950,078,491.18416,695,525.12100,558,415.87
Depreciationoffixedassets22,731,165.833,409,674.8733,398,236.175,009,735.43
Deferredinterestpaymentsonoccupancyfees1,212,339.44231,372.121,158,116.42219,920.55
Profitorlossfromassociates6,978,295.911,744,573.98
Right-of-useassets34,112,539.645,284,685.0642,444,180.636,860,563.71
Total312,858,321.1160,748,797.21493,696,058.34112,648,635.56

(3)Netamountofdeferredtaxassets/liabilitiesafterbeingoffset

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOffsetamountattheendofthereportingperiodNetamountattheendofthereportingperiodOffsetamountatthebeginningofthereportingperiod(Restated)Netamountatthebeginningofthereportingperiod
Deferredtaxassets50,392,539.41167,938,840.7598,269,180.5984,023,263.65
Deferredtaxliability50,392,539.4110,356,257.8098,269,180.5914,379,454.97

(4)Detailsofunrecogniseddeferredincometaxassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Deductibletemporarydifferences48,539,293.97
Deductibletaxlosses46,743,189.1420,898,005.44
Total46,743,189.1469,437,299.41

(5)Unrecogniseddeferredtaxassetsarisingfromdeductibletaxlosseswillexpireinthefollowingyears

√Applicable□Notapplicable

Unit:Yuan(RMB)

YearAmountattheendofthereportingperiodAmountattheyearbeginningRemarks
Toexpirein2023588,361.75
Toexpirein2024
Toexpirein2025
Toexpirein202610,066,688.21
Toexpirein20276,797,513.5210,242,955.48
Toexpirein202839,945,675.62
Total46,743,189.1420,898,005.44/

Othernotes:

□Applicable√Notapplicable

30.Othernon-currentassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
BookbalanceProvisionforimpairmentBookvalueBookbalanceProvisionforimpairmentBookvalue
Three-yearfixeddepositcertificates5,476,081,051.135,476,081,051.133,524,838,013.713,524,838,013.71
StoreDecoration238,077,253.06238,077,253.06150,975,384.28150,975,384.28
Prepaymentforlanduserightandequipment48,467,654.3848,467,654.38133,276,435.44133,276,435.44
Total5,762,625,958.575,762,625,958.573,809,089,833.433,809,089,833.43

Othernotes:

AsofDecember31,2023,theGroupissuedbankacceptancenoteswiththree-yearfixeddepositcertificatesofRMB4,831,970,833.33yuanasthepledge(December31,2022:

RMB3,230,000,000.00yuan),Section10VII.31Assetsrestrictedinownershiporrightofusefordetails.

31.Assetsrestrictedinownershiporrightofuse

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
BookbalanceProvisionforimpairmentBookvalueBookbalanceProvisionforimpairmentBookvalue
Currencyfunds628,724,982.33628,724,982.331,096,591,549.001,096,591,549.00
Othernon-currentassets4,831,970,833.334,831,970,833.333,230,000,000.003,230,000,000.00
Non-currentassetsduewithinoneyear1,500,000,000.001,500,000,000.003,200,000,000.003,200,000,000.00
Total6,960,695,815.666,960,695,815.667,526,591,549.007,526,591,549.00

Othernotes:

1、AsofDecember31,2023,theGroupissuedbankacceptancebillswithRMB54,070,370.88yuandepositforbankacceptancebillsasthepledge(December31,2022:

602,044,463.13yuan);asofDecember31,2022,theGroupissuedbankacceptancebillswithone-yeardepositcertificatesofRMB574,654,611.45yuanasthepledge(December31,2021:470,000,000.00yuan);asofDecember31,2023,theGroupdidn′tsubscribedforfinancialproducts(December31,2022:23,600,000.00yuan);asofDecember31,2023,theGrouphadnocurrencyfundsfrozenduetolaborlitigation(December31,2022:RMB947,085.87yuan).

2、AsofDecember31,2023,theGroupissuedbankacceptancenoteswithathree-yearfixeddepositcertificateofRMB6,331,970,833.33yuanasthepledge(December31,2022:RMB6,430,000,000.00yuan).

32.Short-termborrowings

(1)Classificationofshort-termborrowings

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Pledgedloans511,250,000.00
Total511,250,000.00

Notestotheclassificationofshort-termborrowings:

None

(2)Short-termborrowingsoverduebutstillremainingoutstanding

□Applicable√NotapplicableShort-termborrowingsoverduebutstillremainingoutstanding

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

33.Transactionalfinancialliabilities

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

34.Derivativefinancialliabilities

□Applicable√Notapplicable

35.Notespayable

(1)Presentationofnotespayable

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesEndingbalanceOpeningbalance
Bankacceptancenotes6,032,204,440.666,853,338,997.32
Total6,032,204,440.666,853,338,997.32

Notespayablethatdueandunpaidattheendoftheperiodwerenil.Thereasonfortheoverduepaymentisnone.

36.Accountspayable

(1)Presentationofaccountspayable

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Accountspayable2,459,299,045.992,535,832,081.83
Total2,459,299,045.992,535,832,081.83

(2)Significantaccountspayablewithageexceeding1yearoroverdue

□Applicable√NotapplicableOthernotes

√Applicable□Notapplicable

AsofDecember31,2023,theCompanyhadnosignificantaccountspayableagedoveroneyear.

37.Receiptsinadvance

(1)Presentationofreceiptsinadvance

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Factorybuildingrent19,145,352.2020,619,060.26
Total19,145,352.2020,619,060.26

(2)Significantreceiptsinadvancewithageexceeding1year

□Applicable√Notapplicable

(3)Amountandreasonsforsignificantchangesinbookvalueduringthereportingperiod

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

38.Contractliabilities

(1)Aboutcontractliabilities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Salesrebates398,469,160.37437,665,926.26
Advancesfromsalesofgoods224,607,522.84198,486,523.06
Advancesfromservice2,155,584.762,277,155.72
Total625,232,267.97638,429,605.04

Significantcontractliabilitieswithageexceeding1year

□Applicable√NotapplicableOthernotes:

√Applicable□NotapplicableAsofDecember31,2023,theCompanyhadnosignificantcontractliabilitiesagedoveroneyear.

39.Employeebenefitspayable

(1)Employeebenefitspayable

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalance
I.Short-termemployeebenefits162,471,954.561,208,709,124.891,199,976,927.52171,204,151.93
II.Post-employmentbenefits-definedcontributionplans428,925.9487,762,921.3987,851,192.18340,655.15
III.Dismissalcompensation
IV.Otherbenefitduewithinayear
Total162,900,880.501,296,472,046.281,287,828,119.70171,544,807.08

(2)Presentationofshort-termremuneration

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalance
I.Wagesorsalaries,bonuses,allowancesandsubsidies157,884,201.761,060,428,974.331,047,957,392.29170,355,783.80
II.Staffwelfare3,661,845.2061,382,270.2464,920,996.19123,119.25
III.Socialsecuritycontributions318,726.8651,214,707.3651,340,570.54192,863.68
Including:Medicalinsurance290,422.9245,152,780.0845,266,838.65176,364.35
Workinjuryinsurance21,184.343,575,303.543,579,988.5516,499.33
Maternityinsurance7,119.602,486,623.742,493,743.34
IV.Housingfund490,870.0031,349,860.7831,429,161.78411,569.00
V.Unionrunningcostsandemployeeeducationcosts116,310.74674,618.50670,113.04120,816.20
VI.Short-termpaidabsencefromwork
VII.Short-termprofit-sharingplan
VIII.Otherinsuranceforemployees3,658,693.683,658,693.68
Total162,471,954.561,208,709,124.891,199,976,927.52171,204,151.93

(3)Presentationofthedefinedcontributionplan

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalance
1.Pensioninsurance414,569.0484,965,186.9885,050,849.50328,906.52
2.Unemploymentinsurance14,356.902,797,734.412,800,342.6811,748.63
3.CorporateAnnuityContributions
Total428,925.9487,762,921.3987,851,192.18340,655.15

Othernotes:

□Applicable√Notapplicable

40.Payabletaxes

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Value-addedtax1,843,442.587,961,223.12
Corporateincometax124,817,949.00134,652,186.50
Personalincometax4,262,371.992,867,285.91
Urbanmaintenanceandconstructiontax329,977.27586,791.60
Landappreciationtax4,451,173.834,566,646.41
Stampduty1,795,237.40589,381.87
EducationSurcharge236,274.94419,518.73
Others2,464,730.992,390,662.30
Total140,201,158.00154,033,696.44

Othernotes:

None

41.Otherpayables

(1)ItemsPresentation

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Interestpayable
Dividendspayable
Otherpayables628,111,216.14564,648,489.37
Total628,111,216.14564,648,489.37

Othernotes:

□Applicable√Notapplicable

(2)InterestpayablePresentationofclassification

□Applicable√NotapplicableSignificantoverdueinterestpayable:

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

(3)DividendspayablePresentationofclassification

□Applicable√Notapplicable

(4)OtherpayablesOtherpayablesstatedbasedonnatureoffund

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Deposits370,849,646.25304,954,079.97
Moneyforsubscriptionofrestrictedshares81,505,389.60134,953,200.00
Expensesaccrued79,984,245.2072,492,382.44
Payableofequipment&engineeringprojects39,748,430.4330,572,005.48
Others56,023,504.6621,676,821.48
Total628,111,216.14564,648,489.37

Significantotherpayableswithageexceeding1year

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceCauseoffailureinrepaymentorcarry-over
Securitydepositofsuppliers167,276,991.01Thecashpledgehasnotbeenrefundedasthecooperationisgoingon
Total167,276,991.01/

Othernotes:

□Applicable√Notapplicable

42.Held-for-saleliabilities

□Applicable√Notapplicable

43.Non-currentliabilitiesduewithinayear

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Long-termborrowingsduewithinoneyear
Bondspayableduewithinoneyear4,999,900.00
Long-termpayablesduewithinoneyear
Leaseliabilitiesduewithinoneyear12,568,222.605,682,224.67
Total17,568,122.605,682,224.67

Othernotes:

None

44.OthercurrentliabilitiesAboutothercurrentliabilities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Short-termbondspayable
Refundpayables
PendingoutputVAT28,516,899.3224,329,644.32
Total28,516,899.3224,329,644.32

Increase/decreaseoftheshort-termbondspayable:

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

45.Long-termborrowings

(1)Classificationoflong-termborrowings

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

46.Bondspayable

(1)Bondspayable

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Convertiblebonds1,644,650,128.51
Total1,644,650,128.51

(2)Detailsofbondspayable(excludingotherfinancialinstrumentsclassifiedasfinancialliabilities,suchaspreferredshares,perpetualbonds,etc.)

√Applicable□Notapplicable

Unit:Yuan(RMB)

BondnameFacevalueCouponrate(%)IssuedateBondtermIssueamountsOpeningbalanceIssuanceincurrentperiodAccruedinterestatfacevaleAmortizationofdiscountsRepaymentincurrentperiodShareconversionincurrentperiodEndingbalanceDefaultornot
Convertiblebonds100.00NoteFebruary23,2023Sixyears2,000,000,000.002,000,000,000.004,999,961.00-360,317,496.03-32,336.461,644,650,128.51No
Total////2,000,000,000.002,000,000,000.004,999,961.00-360,317,496.03-32,336.461,644,650,128.51/

Note:Thecouponrateofconvertiblecorporatebondsis0.3%inthefirstyear,0.5%inthesecondyear,1.0%inthethirdyear,1.5%inthefourthyear,1.8%inthefifthyearand

2.0%inthesixthyear.

(3)Notestoconvertiblecompanybonds

√Applicable□Notapplicable

ItemConditionsofshareconversionTimeofshareconversion
ConvertiblecompanybondsConvertiblebondholdersshallconverttheconvertiblebondsfromthefirsttradingdaysixmonthsaftertheissuanceoftheconvertiblebondstothematuritydateoftheconvertiblebondsSeptember1,2023toFebruary22,2029

ApprovedbyCRSC[2022]No.3038,theCompanyissued20,000,000convertiblebondswithafacevalueofRMB100.ThebondspayinterestonFebruary22everyyearandrepaytheprincipalatmaturity.Theinitialconversionpriceofconvertiblebondsis61.29yuanpershare.On19May2023,duetotheimplementationoftheannualequitydistributionin2022,theconversionpriceoftheCompanywasadjustedfrom61.29yuanpershareto39.99yuanpershareinaccordancewiththerelevantprovisionsof

convertiblebonds.OnSeptember16,2023,theCompanyimplementedthesemi-annualequitydistributionin2023.Accordingtotherelevantprovisionsofconvertiblebonds,theconversionpriceofAimaConvertibleBondswasadjustedfrom39.99yuanpershareto

39.64yuanpershare.AstheaboveequitytransferisaderivativeoftheCompany'sexchangeofafixedamountofitsownequityinstrumentsforafixedamountofcashorotherfinancialassets,theGroupaccountsforitasequity.Thefairvalueoftheliabilitycomponentsofthesebondsisestimatedattheissuedateusingmarketinterestratesforsimilarbondswithoutwarrants,withtheremainderbeingrecognisedasthefairvalueoftheequitycomponentandincludedinotherequityinstruments.Accountingtreatmentandjudgmentbasisforequityconversion.

□Applicable√Notapplicable

(4)NotetootherfinancialinstrumentsclassifiedasfinancialliabilitiesBasicinformationontheoutstandingotherfinancialinstruments,includingpreferredshares,perpetualbonds,etc.attheendofthereportingperiod

□Applicable√NotapplicableStatementofmovementoftheoutstandingotherfinancialinstruments,includingpreferredshares,perpetualbonds,etc.attheendofthereportingperiod

□Applicable√NotapplicableNotetothebasisofotherfinancialinstrumentsclassifiedasfinancialliabilities

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

47.Leaseliabilities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Leasepayments57,072,622.1369,772,565.55
Unrecognisedfinancingcosts-13,593,562.53-16,249,928.74
Total43,479,059.6053,522,636.81

Othernotes:

None

48.Long-termaccountspayableItemsPresentation

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableLong-termaccountspayable

(1)Longtermaccountspayablestatedbasedonthenature

□Applicable√NotapplicableSpecialaccountspayable

(1)Specialaccountspayablestatedbasedonthenature

□Applicable√Notapplicable

49.Longtermpayrollpayabletotheemployees

□Applicable√Notapplicable

50.Provision

□Applicable√Notapplicable

51.DeferredincomeAboutdeferredincome

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalanceCauseofformation
Governmentsubsidies198,066,664.29106,434,406.5112,068,670.24292,432,400.56Relatedwithassets
Total198,066,664.29106,434,406.5112,068,670.24292,432,400.56/

Othernotes:

□Applicable√Notapplicable

52.Othernon-currentliabilities

□Applicable√Notapplicable

53.Sharecapital

√Applicable□Notapplicable

Unit:Yuan(RMB)

OpeningbalanceIncrease/Decrease(+/-)Endingbalance
SharesissuedBonussharesCapitalreserves\surplusreservesturnedtosharesOthersSub-total
TotalShares574,700,004.00287,350,002.00-124,999.00287,225,003.00861,925,007.00

Othernotes:

(1)OnApril14,2023,thesixthmeetingofthefifthboardofdirectorsoftheCompanydeliberatedandapprovedtheProposalonthePlanforProfitDistributionandConversionofCapitalReserveintoShareCapitalin2022.Basedonthetotalsharecapitalof574,700,004sharesoftheCompanyonApril14,2023,5shareswereconvertedintocapitalreserveforevery10sharestoallshareholders.Afterthisconversion,thetotalsharecapitaloftheCompanywasincreasedto862,050,006shares,withanincreaseofsharecapitalofRMB287,350,002.00yuan.

(2)OnJuly25,2023,theCompanyrepurchasedandcancelled126,000restrictedshares,whichweregrantedundertheRestrictedStockIncentivePlan2021forthefirsttime,fromfourincentiveobjectsresignedduetopersonalreasonswhowerenolongereligibleforincentives,withadecreaseofsharecapitalofRMB126,000.00yuan.

(3)SinceSeptember2023,theconvertiblebondsissuedbytheCompanycanbeconvertedintosharesoftheCompany.AsofDecember31,2023,atotalof1,001shareshavebeenconverted,increasingthesharecapitalbyRMB1,001.00yuan.

54.Otherequityinstruments

(1)Basicinformationontheoutstandingotherfinancialinstruments,includingpreferredshares,perpetualbonds,etc.attheendofthereportingperiod

√Applicable□NotapplicableThebasicinformationandchangesofthecurrentconvertiblecorporatebondsaredetailedinSection10VII.46BondsPayable.

(2)Statementofmovementoftheoutstandingotherfinancialinstruments,includingpreferredshares,perpetualbonds,etc.attheendofthereportingperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

FinancialinstrumentsoutstandingOpeningIncreaseincurrentperiodDecreaseincurrentperiodEnding
NumberBookvalueNumberBookvalueNumberBookvalueNumberBookvalue

Notetotheirincrease/decreaseandthecause(s)oftheirmovementofotherequityinstrumentsinthereportingperiodandthebasisforthecorrespondingaccountingtreatment:

√Applicable□NotapplicableApprovedbyCRSC[2022]No.3038,theCompanyissued20,000,000convertiblebondswithafacevalueofRMB100.ThebondspayinterestonFebruary22everyyearandrepaytheprincipalatmaturity.Theinitialconversionpriceofconvertiblebondsis61.29yuanpershare.Othernotes:

□Applicable√Notapplicable

55.Capitalreserves

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseincurrentyearDecreaseincurrentyearEndingbalance
Capitalpremium(capitalstockpremium)1,977,765,415.6370,515,018.52288,437,802.001,759,842,632.15
Othercapitalreserve3,570,007.253,570,007.25
Total1,977,765,415.6374,085,025.77288,437,802.001,763,412,639.40

Othernotes,includingthechangesinthecurrentperiodandthereasonsforthechanges:

Changesincapitalreservefortheyearareattributableto:

1)CapitalreserveconvertedintosharecapitaldecreasedbyRMB287,350,002yuan;

2)Thisyear,126,000restrictedshareswererepurchasedandcancelled,andthecapitalreservewasreducedbyRMB1,087,800.00yuan;

3)TheCompany'scapitalreserveincreasedbyRMB70,168,931.98duetotheincreaseinamortizationofrestrictedstockexpensesandstockoptionexpenses;

4)AcquisitionofminorityinterestinTianjinAimaSharedTechnologyServiceCo.,Ltd.increasedcapitalreservebyRMB306,251.85yuan;

5)ThecapitalreserveincreasedbyRMB39,834.69yuanduetotheconversionof

Convertiblebonds20,000,000432,654,022.654008,653.0919,999,600432,645,369.56
Total20,000,000432,654,022.654008,653.0919,999,600432,645,369.56

convertiblecorporatebonds;

6)Asthedeductibleamountofequityincentiveinthefutureisexpectedtoexceedthecostrecognizedinthewaitingperiod,thedeferredincometaxassetsformedinexcessaredirectlyincludedintheowner'sequity,resultinginanincreaseincapitalreserveofRMB3,570,007.25yuan.

56.Treasurystock

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalance
Share-basedPayment134,953,200.00399,999,784.2853,447,810.40481,505,173.88
Total134,953,200.00399,999,784.2853,447,810.40481,505,173.88

Othernotes,includingthechangesinthecurrentperiodandthereasonsforthechanges:

ChangesinTreasurystockinthecurrentyearweredueto:1)therestrictedstockequityincentiveplanoftheCompanyin2021waspartiallyunlockeduponexpiration,andtherepurchaseobligationwasreleasedtoreduceTreasurystockbyRMB52,373,030.40yuan;2)Thisyear,126,000restrictedshareswererepurchasedandcancelled,andTreasurystockwerereducedbyRMB1,074,780.00yuan;3)Thisyear,14,130,524shareswererepurchased,andTreasurystockwereincreasedbyRMB399,999,784.28yuan.

57.Othercomprehensiveincome

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemOpeningbalanceAmountincurredinthecurrentperiodEndingbalance
AmountincurredbeforeincometaxinthecurrentperiodLess:TransferredfromothercomprehensiveincomeinthepriorperiodtoprofitorlossLess:TransferredfromothercomprehensiveincomeinthepriorperiodtoretainedearningsLess:IncometaxexpensesAttributabletoparentcompanyaftertaxAttributabletoMinorityshareholders’equityaftertax
I.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss
Where:Remeasurementofadefinedbenefitplan
Othercomprehensiveincomeusingtheequitymethodthatwillnotbereclassifiedtoprofitorloss
Changeinthefairvalueofotherequityinvestments
Changeinthefairvalueoftheentity’sowncreditrisks
II.Othercomprehensiveincometobereclassifiedtoprofitorloss268.34268.34268.34
Othercomprehensiveincomeusingtheequitymethodthatmaybereclassifiedtoprofitorloss
Changeinthefairvalueofotherdebtinvestments
Amountrecognisedinothercomprehensiveincomeresultingfrom
thereclassificationoffinancialassets
Provisionforcreditimpairmentofotherdebtinvestments
Cashflowhedgereserve
Exchangedifferencesontranslationofforeigncurrencyfinancialstatements268.34268.34268.34
Totalothercomprehensiveincome268.34268.34268.34

Otherexplanations,includingtheadjustmenttotheamountinitiallyrecognizedwhentheeffectiveportionoftheprofitorlossonthecashflowhedgeistransferredtothehedgeditem:

None

58.Specialreserves

□Applicable√Notapplicable

59.Surplusreserves

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalance
Statutorysurplusreserve290,784,296.91140,178,206.59430,962,503.50
Discretionarysurplusreserves
reservefund
EnterpriseDevelopment
Fund
Others
Total290,784,296.91140,178,206.59430,962,503.50

Notestosurplusreserves,includingthechangeinthecurrentperiod,thereasonsforthechange:

InaccordancewiththeCompanyLawandtheCompany'sArticlesofAssociation,theCompanyappropriates10%oftheprofittothestatutorysurplusreserves.Wheretheaccumulatedamountofthesurplusreservesreaches50%ormoreoftheCompany’sregisteredcapital,furtherappropriationisnotrequired.Aftertheappropriationtothestatutorysurplusreserves,theCompanymayappropriatethediscretionarysurplusreserves.Whenapproved,thediscretionarysurplusreservescanbeusedtomakeupforaccumulatedlossesorconvertedtothepaid-incapital.

60.Retainedearnings

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsReportingperiodPreviousperiod
Retainedearningsattheendofthepreviousperiodbeforetheadjustment4,012,879,593.442,433,650,547.11
Totalretainedearningsunderadjustmentatthebeginningofthereportingyear(adjustmentup+,adjustmentdown-)
Afteradjustment:Retainedearningsatthebeginningofthereportingperiod4,012,879,593.442,433,650,547.11
Plus:netprofitattributabletoownersoftheparent1,881,115,782.351,873,433,343.24
Less:Appropriationtostatutorysurplusreserves140,178,206.5988,954,295.41
Appropriationtodiscretionarysurplusreserves
Appropriationtogeneralrisksreserves
Cashdividendsdeclared1,049,358,585.51205,250,001.50
Dividendsconvertedtocapital
Cancellationofrestrictedstockcashdividends-139,020.00
Retainedearningsattheendofthereportingperiod4,704,597,603.694,012,879,593.44

Statementofadjustmentofretainedearningsatthebeginningofthereportingperiod:

1.TheamountinvolvedintheretroactiveadjustmentaccordingtotheASBEsandtherelevantnewprovisionsinfluencingtheretainedearningsatthebeginningofthereportingperiodwasRMB0.00yuan.

2.TheamountinvolvedinchangeoftheaccountingpolicyinfluencingtheretainedearningsatthebeginningofthereportingperiodwasRMB0.00yuan.

3.TheamountinvolvedincorrectionofthesignificantaccountingerrorsinfluencingtheretainedearningsatthebeginningofthereportingperiodwasRMB0.00yuan.

4.TheamountinvolvedinchangeoftheconsolidationscopecausedbythecommoncontrolinfluencingtheretainedearningsatthebeginningofthereportingperiodwasRMB

0.00yuan.

5.ThetotalamountinvolvedinotheradjustmentsinfluencingtheretainedearningsatthebeginningofthereportingperiodwasRMB0.00yuan.Note:1.OnApril15,2023,afterdeliberationandapprovalattheannualgeneralmeetingofshareholdersin2022,basedonthetotalsharecapitalof574,700,004sharesoftheCompanybeforetheimplementationoftheplan,acashdividendofRMB13.04yuanwasdistributedforevery10shares,withatotalcashdividendofRMB749,408,805.22yuan.OnSeptember16,2023,afterdeliberationandapprovalatthethirdextraordinarygeneralmeetingofshareholders,basedonthetotalsharecapitalof861,924,656sharesoftheCompanybeforetheimplementationoftheplan,acashdividendofRMB3.48yuanwasdistributedforevery10shares,withatotalcashdividendofRMB299,949,780.29yuan.

2.OnMay19,2023,theCompanyheldtheeighthmeetingofthefifthboardofdirectorsandtheeighthmeetingofthefifthboardofsupervisors,deliberatedandapprovedtheBillonRepurchaseandCancellationofSomeRestrictedStocksFirstGrantedundertheRestrictedStockIncentivePlanin2021,repurchasingandcancelingatotalof126,000restrictedsharesheldbyfourincentiveobjectsthathavebeengrantedbuthavenotyetbeenlifted.Accordingtothe2021RestrictedStockIncentivePlanofAimaTechnologyGroupCo.,Ltd.,iftherestrictedsharescannotbelifted,theCompanyshalldeductthecashdividendsenjoyedbytheincentiveobjectwhenrepurchasingtherestrictedsharesinaccordancewiththeprovisionsoftheincentiveplan.Asoftherepurchasedate,theCompanyhascancelledthecumulativecashdividendofRMB139,020.00yuandistributedontheaboverepurchasedrestrictedshares.

61.Operatingrevenueandcostofsales

(1)Operatingrevenueandcostsofsales

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
RevenueCostRevenueCost
Primarybusiness20,894,672,459.5417,470,787,478.5420,665,424,894.7817,312,624,672.57
Otherbusinesses141,448,402.7592,078,468.19136,788,099.6885,877,959.79
Total21,036,120,862.2917,562,865,946.7320,802,212,994.4617,398,502,632.36

(2)Breakdownofoperatingrevenueandcostsofsales

√Applicable□Notapplicable

Unit:Yuan(RMB)

ClassificationofContractsTotal
OperatingrevenueCostsofsales
Typesofcommodities
Revenuefromelectricbicycles,electricTricycle,bicyclesandaccessories20,873,852,542.7717,455,112,116.87
Rentalincome45,372,400.7430,234,754.10
Otherrevenue116,895,918.7877,519,075.76
Classificationbasedontheoperationregions
Domestic20,810,047,648.9217,381,543,552.03
Overseas226,073,213.37181,322,394.70
Timeclassificationbasedontransferofcommodities
Revenuerecognitionatapointintime20,990,741,709.8517,532,631,192.63
Revenuerecognitionovertime45,379,152.4430,234,754.10
Total21,036,120,862.2917,562,865,946.73

Othernotes

□Applicable√Notapplicable

(3)InformationabouttheGroup’sperformanceobligations

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemTimingofperformanceobligationsSignificantpaymenttermsThenatureofthegoodstheCompanyundertakestotransferWhetheritisthemainresponsiblepersonAmountsassumedbytheCompanythatareexpectedtoberefundedtocustomersTypesofqualityassuranceprovidedbytheCompanyandrelatedobligations
SalesofgoodsThecustomerobtainscontroloftherelevantThecontractpriceisgenerallydueupondeliveryofthegoodsElectrictwo-wheelers,electrictricycle,Yes0Qualityassurance
goodsandreceiptoftheinvoiceetc.
ProvisionofservicesWhenprovidingservicesAdvancesfromcustomersAfter-salesserviceextensionYes0None
Total////0/

(4)Informationaboutapportioningtotheresidualperformanceobligations

√Applicable□NotapplicableInthisreportingperiod,theaggregateamountofthetransactionpriceallocatedtotheperformanceobligationsthatareunsatisfied,partiallyunsatisfied,orwithoutcontractsignedwasRMB226,763,107.60yuan,whichisexpectedtoberecognisedasrevenuein2024.

(5)Significantcontractchangesorsignificanttransactionpriceadjustments

□Applicable√NotapplicableOthernotes:

None

62.Taxesandsurcharges

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Excisetax
Salestax
Urbanmaintenanceandconstructiontax26,368,432.9631,536,406.84
Educationsurcharge19,421,736.0622,970,992.61
Resourcetax
Realestatetax19,887,759.1720,144,185.11
Landusetax9,575,917.134,917,111.34
Taxonusingvehicleandboat63,694.2257,516.00
Stampduty24,940,672.7625,217,252.62
Others88,089.13218,331.65
Total100,346,301.43105,061,796.17

Othernotes:

None

63.Sellingexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Employeebenefits356,478,756.46340,972,332.90
Advertisementandpropagandaexpenses128,252,330.13100,574,326.15
Businesstravelexpenses42,756,939.7537,211,421.89
Transportationexpenses18,883,533.9932,326,093.02
Consultingservice33,078,849.2725,139,713.34
Others61,758,378.4451,091,961.05
Total641,208,788.04587,315,848.35

Othernotes:

None

64.Administrativeexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Employeebenefits255,810,909.14244,895,671.09
Depreciationandamortization87,410,736.7176,108,989.94
Consultingservices56,896,861.5533,971,119.44
Others74,158,342.3477,801,442.20
Total474,276,849.74432,777,222.67

Othernotes:

None

65.Researchanddevelopmentexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Employeebenefits265,547,642.84212,768,918.62
Depreciationandamortization112,408,208.4271,713,991.80
Professionalservicefees163,637,390.70185,359,756.90
Others47,873,979.5636,842,370.69
Total589,467,221.52506,685,038.01

Othernotes:

None

66.Financialexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Interestincome-437,121,544.42-394,300,036.06
Interestexpenses24,713,122.278,693,658.65
Servicechargeexpenses2,133,895.191,941,279.12
Foreignexchangedifferences-2,259.87967,800.79
Total-410,276,786.83-382,697,297.50

Othernotes:

None

67.Otherincome

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Governmentsubsidiesrelatedtotheordinarycourseofbusiness142,224,526.0078,068,464.81
Valueaddedtaxcredit29,826,884.7446,432.16
Others1,107,950.0015,150.00
Total173,159,360.7478,130,046.97

Othernotes:

None

68.Investmentincome

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Returnoninvestmentfromfinancialproducts1,367,154.0116,736,022.09
Long-termequityinvestmentincomeundertheequitymethod-28,590,454.64-21,624,009.83
Investmentincomeorlossfromdisposaloflong-termequityinvestments
Returnoninvestmentduringtheholdingoffinancialassetsheldfortrading1,200,000.001,200,000.00
Lossesarisingfromtheacquisitionof4,627,046.25
controlofsubsidiariesandtheremeasurementoftheoriginallong-termequityinvestmentatfairvalueonthecombinationdate
Total-21,396,254.38-3,687,987.74

Othernotes:

None

69.Netexposurehedgeincome

□Applicable√Notapplicable

70.Fairvaluegainsorlosses

√Applicable□Notapplicable

Unit:Yuan(RMB)

SourceofincomearisingfromchangeinfairvalueAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Financialassetsheldfortrading-17,226,650.77-12,120,000.00
Where:Gainsfromchangesinfairvalueofderivativefinancialinstruments
Total-17,226,650.77-12,120,000.00

Othernotes:

None

71.Creditimpairmentlosses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Impairmentlossforaccountsreceivable-15,456,572.30-7,138,208.26
Impairmentlossforotherreceivables-15,460.3725,993,352.29
Total-15,472,032.6718,855,144.03

Othernotes:

None

72.Impairmentlossesofassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
I.Lossforwrite-downofinventoriesandImpairmentlossforcontractassets-3,823,176.99-63,577.07
II.Impairmentlossforfixedassets-3,335,891.40
Total-3,823,176.99-3,399,468.47

Othernotes:

None

73.Gainsorlossesondisposalofnon-currentassets

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Lossondisposaloffixedassets456,784.341,286,052.98
Total456,784.341,286,052.98

Othernotes:

None

74.Non-operatingincomeAboutnon-operatingincome

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiodAmountcountedtothecurrentnon-operatingprofitorloss
Totalgainondisposalofnon-currentassets
Including:Gainsondisposaloffixedassets
Gainsondisposalofintangibleassets
Gainonexchangeofnon-monetaryassets
Donationsaccepted
Governmentsubsidies6,048,790.1512,908,508.786,048,790.15
Penaltyincome16,381,376.979,760,705.3716,381,376.97
Accidentclaims4,891,549.051,409,233.004,891,549.05
Others13,261,100.5810,120,493.3213,261,100.58
Total40,582,816.7534,198,940.4740,582,816.75

Othernotes:

□Applicable√Notapplicable

75.Non-operatingexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiodAmountcountedtothecurrentnon-operatingprofitorloss
Totallossesondamageandretirementofnon-currentassets5,640,313.406,491,365.245,640,313.40
Where:Lossondisposaloffixedassets5,640,313.406,491,365.245,640,313.40
Lossondisposalofintangibleassets
Lossonexchangeofnon-monetaryassets
Donationexpendituresforpublicinterest6,121,145.1327,511,324.996,121,145.13
Others9,393,976.236,841,473.229,393,976.23
Total21,155,434.7640,844,163.4521,155,434.76

Othernotes:

None

76.Incometaxexpenses

(1)Statementofincometaxexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Currenttax401,379,769.33335,674,890.22
Deferredtax-84,368,767.0218,768,600.19
Total317,011,002.31354,443,490.41

(2)Processofadjustmentofaccountingprofitandincometaxexpenses

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiod
Totalprofit2,213,357,953.92
Incometaxexpenseatthestatutoryorapplicabletaxrate553,339,488.48
Effectofdifferenttaxratesforsomesubsidiaries-163,855,827.40
Adjustmentsinrespectofcurrenttaxofpreviousperiods1,317,659.04
Incomenotsubjecttotax-1,908,437.13
Costs,expensesandlossesnotdeductiblefortax4,556,855.71
Theeffectofusingdeductiblelossesofdeferredincometaxassetsthathavenotbeenrecognisedinthepreviousperiod-11,743,432.86
Deductibletemporarydifferencesofdeferredincometaxassetsandtaxlossesnotrecognised6,403,699.03
TaxpreferencessuchasR&Dexpensessuperdeduction-70,353,207.66
Effectonopeningdeferredtaxofchangeinthetaxrate-745,794.90
Incometaxexpenses317,011,002.31

Othernotes:

□Applicable√Notapplicable

77.Othercomprehensiveincome

√Applicable□NotapplicableFordetails,pleaserefertoSection10VII.57Othercomprehensiveincome

78.CashFlowStatementItems

(1)CashrelatingtooperatingactivitiesOthercashreceivedrelatingtooperatingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Interestincome181,475,377.84176,106,716.62
Governmentsubsidy242,639,052.42170,221,879.89
Recoveryofengineeringclaims24,164,117.84
Liquidateddamageincome15,561,226.659,495,487.50
Collectionofsecuritydepositandadvancepayment74,875,577.285,987,605.72
Collectionofbilldeposits188,866,227.06
Others20,928,333.3118,602,244.33
Total724,345,794.56404,578,051.90

Notestoothercashreceivedrelatingtooperatingactivities:

NoneOthercashpaidrelatingtooperatingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
AdministrativeexpensesandR&Dexpensespaidincash277,480,554.98272,474,014.29
Sellingexpensepaidincash258,934,286.79201,212,849.54
Paymentofbilldeposit150,254,422.3979,544,463.13
Bankservicechargepaid2,133,895.191,941,279.12
Others25,176,224.3411,816,296.94
Total713,979,383.69566,988,903.02

Notestoothercashpaidrelatingtooperatingactivities:

None

(2)CashrelatingtoinvestmentactivitiesCashreceivedrelatingtosignificantinvestingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Recoveryfixeddepositoffinancialproducts3,798,013,400.001,148,910,000.00
Total3,798,013,400.001,148,910,000.00

NotestocashreceivedrelatingtosignificantinvestingactivitiesNoneCashpaidrelatingtosignificantinvestingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Purchaseoffinancialproductsandfixeddepositcertificates4,132,312,692.902,473,800,000.00
Investmentsinassociates69,285,700.0047,502,800.00
Total4,201,598,392.902,521,302,800.00

NotestocashpaidrelatingtosignificantinvestingactivitiesNoneOthercashreceivedrelatingtoinvestingactivities

□Applicable√NotapplicableOthercashpaidrelatingtoinvestingactivities

□Applicable√Notapplicable

(3)CashrelatingtofinancingactivitiesOthercashreceivedrelatingtofinancingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Recoveryofloandeposits511,250,000.00
Total511,250,000.00

Notestoothercashreceivedrelatingtofinancingactivities:

NoneOthercashpaidrelatingtofinancingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Paymentofloandeposits511,250,000.00
Cashoutflowsrelatingtolongtermrentedassets6,080,091.356,204,858.42
Repurchaseshares399,999,784.28
PurchaseoftheMinorityshareholders’equity5,137,857.00
Repurchaseofrestrictedshares1,074,780.00
Total412,292,512.63517,454,858.42

Notestoothercashpaidrelatingtofinancingactivities:

NoneChangesinliabilitiesarisingfromfinancingactivities

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemOpeningIncreaseincurrentperiodDecreaseincurrentperiodEndingbalance
balanceCashchangeNon-cashchangesCashchangeNon-cashchanges
Short-termborrowings511,250,000.00511,250,000.000.00
Dividendspayable1,049,358,585.511,049,358,585.510.00
Bondspayable(includingthoseduewithinoneyear)1,561,143,337.1788,539,027.8032,336.461,649,650,028.51
Leaseliabilities(includingthoseduewithinoneyear)59,204,861.482,922,512.076,080,091.3556,047,282.20
Total570,454,861.481,561,143,337.171,140,820,125.381,566,688,676.8632,336.461,705,697,310.71

(4)Descriptionofcashflowspresentedonanetbasis

□Applicable√Notapplicable

(5)Significantactivitiesandfinancialeffectsthatdonotinvolvecurrentcashreceiptsandpaymentsbutaffectthefinancialpositionoftheenterpriseormayaffectthecashflowoftheenterpriseinthefuture

□Applicable√Notapplicable

79.Notestothestatementofcashflows

(1)Notestothestatementofcashflows

√Applicable□Notapplicable

Unit:Yuan(RMB)

SupplementaryinformationAmountinthereportingperiodAmountinthepreviousperiod
1.Reconciliationofprofittonetcashflowsfromoperatingactivities:
Netprofit1,896,346,951.611,872,542,828.78
Plus:Provisionsforassetimpairment3,823,176.993,399,468.47
Lossfromimpairmentofcredit15,472,032.67-18,855,144.03
Depreciationoffixedassets,depletionofoilandgasasset,depreciationofproductivebiologicalasset293,631,996.36213,431,999.00
Amortizationofright-of-useassets8,653,838.439,032,240.71
Depreciationandamortizationofinvestment20,853,907.5415,941,635.01
property
Amortizationofintangibleassets41,299,419.8930,383,432.14
Amortizationoflong-termprepaidexpenses23,093,373.5018,353,328.15
Loss(incomeisstatedin“-”)fromdisposaloffixedassets,intangibleassetsandotherlong-termassets5,183,529.065,584,963.80
Lossonretirementsoffixedassets(profitisstatedwith“-”)
Lossfromchangeoffairvalue(profitisstatedwith“-”)17,226,650.7712,120,000.00
Financialexpenses(incomeisstatedwith“-”)-213,832,837.26-196,253,286.61
Investmentloss(incomeisstatedwith“-”)21,396,254.383,687,987.74
Decreaseofthedeferredtaxasset(increaseisstatedwith“_”)-80,345,569.854,820,369.66
Increaseofdeferredtaxliability(decreaseisstatedwith“-”)-4,023,197.1713,948,230.53
Decreaseofinventories(Increaseisstatedwith“-”)281,199,216.13-14,885,655.50
Decreaseinreceivablesfromoperatingactivities(Increaseisstatedwith“-”)-82,581,119.97116,574,148.98
Increaseinpayablesfromoperatingactivities(Decreaseisstatedwith“-”)-550,594,554.102,846,422,709.33
Share-basedpayments70,168,931.9880,660,907.94
Others97,304,232.9434,543,952.84
Netcashflowsarisingfromoperatingactivities1,864,276,233.905,051,454,116.94
2.Significantinvestmentandfinancingactivitieswithnocashincomeandexpensesinvolved:
Capitalconvertedfromliabilities
Convertiblecompanybondsduewithinayear
Fixedassetsunderfinancelease
3.Netchangeincashandcashequivalents:
Endingcashbalance6,034,424,497.735,536,066,687.82
Less:Openingbalanceofcash5,536,066,687.822,846,143,310.70
Plus:Endingbalanceofcashequivalent
Less:Openingbalanceofcashequivalent
Netincreaseofcashandcashequivalents498,357,809.912,689,923,377.12

(2)Netcashpaidforacquisitionofsubsidiaryinthereportingperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

Amount
Cashorcashequivalentspaidforbusinesscombinationsinthecurrentperiod9,554,782.42
Less:CashandcashequivalentsheldbytheCompanyontheacquisitiondate43,059,124.33
Netcashpaidtoacquiresubsidiaries-33,504,341.91

Othernotes:

None

(3)Netcashreceivedfromdisposalofsubsidiaryinthereportingperiod

□Applicable√Notapplicable

(4)Compositionofcashandcashequivalents

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
I.Cash6,034,424,497.735,536,066,687.82
Including:Cashinstock
Bankdepositavailableforpaymentatanytime6,034,424,497.735,536,066,687.82
Othermonetaryfundusedforpaymentatanytime
Duefromcentralbankavailableforpayment
Duefrombanks
Callloantobanks
II.Cashequivalents
Including:bondinvestmentduewithinthreemonths
III.Endingbalanceofcashandcashequivalents6,034,424,497.735,536,066,687.82
Including:UseofrestrictedcashandcashequivalentsbytheparentcompanyorsubsidiarieswithintheGroup

(5)Limitedscopeofusebutstillpresentedascashandcashequivalents

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemCurrentamountReason
Currencyfunds628,724,982.33Pledgeforissuingbankacceptancedraft
Total628,724,982.33/

(6)Currencyfundsoutofthescopeofcashandcashequivalents

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemCurrentamountAmountofpriorperiodReason
Billguaranteedeposits58,179,842.00602,379,488.38Depositsandfrozenfundswithlongtermandweakliquidityexpectedtoexpire
Certificatesofdepositandinterestduewithinoneyear574,654,611.45470,461,808.22
Judicialfrozenmonetaryfunds947,085.87
Financialproductspurchased23,600,000.00
Total632,834,453.451,097,388,382.47/

Othernotes:

□Applicable√Notapplicable

80.Notestoitemsofstatementofchangeinowner’sequityNotetothedescriptionofitem“Others”andadjustedamountsforadjustingtheclosingbalanceofthepreviousyear:

□Applicable√Notapplicable

81.Foreigncurrencymonetaryitems

(1)Foreigncurrencymonetaryitems

√Applicable□Notapplicable

In:Yuan

ItemEndingbalanceofforeigncurrencyTranslationexchangerateClosingbalanceoftranslationinRMB
Currencyfunds--57,463,879.61
Including:USD8,113,267.207.082757,463,837.60
EUR
HKD46.360.906242.01
Tradereceivables--57,396,204.90
Including:USD8,024,547.557.082756,835,462.93
EUR71,348.487.8592560,741.97
HKD
Otherpayables--38,004.18
Including:USD5,020.687.082735,559.97
EUR311.007.85922,444.21

Othernotes:

None

(2)Notetooverseasoperatingentities,includingimportantoverseasoperatingentities,whichshouldbedisclosedaboutitsprincipalbusinessplace,functioncurrencyforbookkeepingandbasisforthechoice.Incaseofanychangeinfunctioncurrency,thecauseshouldbedisclosed.

□Applicable√Notapplicable

82.Leases

(1)Aslessee

√Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities

□Applicable√NotapplicableLeaseexpensesforshort-termleasesorlow-valueassetsthataresimplified

□Applicable√NotapplicableSaleandleasebacktransactionsandbasisofjudgment

□Applicable√NotapplicableTotalcashoutflowsrelatedtoleasesis10,024,978.61(Unit:Yuan(RMB))

(2)AslessorOperatingleasesaslessors

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemRentalincomeIncluding:Incomerelatedtovariableleasepaymentsnotincludedinleasereceipts
Rentalofbuildings45,372,400.74
Total45,372,400.74

Financeleasesaslessors

□Applicable√NotapplicableReconciliationofundiscountedleasereceiptstonetleaseinvestments

□Applicable√NotapplicableUndiscountedleasereceiptsoverthenextfiveyears

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemAnnualundiscountedleasereceipts
EndingbalanceOpeningbalance
Within1year,inclusive38,931,449.2521,123,816.81
1to2years,inclusive9,493,822.873,340,297.32
2to3years,inclusive1,870,400.00675,340.00
3to4years,inclusive25,000.0025,000.00
4to5years,inclusive25,000.0025,000.00
Over5years25,000.00
Totalundiscountedleasereceiptsafterfiveyears50,345,672.1225,214,454.13

(3)Recogniseprofitorlossonsalesoffinanceleasesasamanufacturerordealer

□Applicable√NotapplicableOthernotes:

None

83.Others

□Applicable√Notapplicable

(1)PresentedbynatureofexpensesVIII.Researchanddevelopmentexpenditure

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Employeebenefits265,547,642.84212,768,918.62
Depreciationandamortization112,408,208.4271,713,991.80
Professionalservicefees163,637,390.70185,359,756.90
Others47,873,979.5636,842,370.69
Total589,467,221.52506,685,038.01
Including:Expendituresforresearchanddevelopment589,467,221.52506,685,038.01
Capitalizedresearchanddevelopmentexpenditure

Othernotes:

None

(2)Researchanddevelopmentexpenditureeligibleforcapitalization

□Applicable√NotapplicableSignificantcapitalizedresearchanddevelopmentprojects

□Applicable√Notapplicable

Provisionforimpairmentofdevelopmentexpenses

□Applicable√NotapplicableOthernotes:

None

(3)Importantoutsourcingresearchprojects

□Applicable√NotapplicableIX.Changesinscopeofconsolidation

1.Businesscombinationsnotundercommoncontrol

√Applicable□Notapplicable

(1)Businesscombinationsnotundercommoncontrolinthecurrentperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

NameoftheacquireEquityacquisitiondateCostofequityacquisitionEquityacquisitionratio(%)EquityacquisitionmethodPurchasedateDeterminationbasisofpurchasedateRevenuefromtheacquireefromtheacquisitiondatetotheendoftheperiodNetprofitoftheacquireefromtheacquisitiondatetotheendoftheperiodCashflowoftheacquireefromtheacquisitiondatetotheendoftheperiod
GelingNewEnergyMay31,202352,565,148.5260.01%AcquisitionMay31,2023Equitydelivery204,757,530.949,520,307.1899,160,746.71

Othernotes:

InAugust2021,theCompanyacquired49.01%equityofGelingNewEnergyatRMB22,717,737.96yuan,andaccountedforitwithequitymethod.Asat31May2023,thecarryingamountofequityheldbytheGroupwasRMB38,383,319.85yuan.Onthatdate,theGroupacquired11%equityinterestinGelingNewEnergyataconsiderationofRMB9,554,782.42yuan,holdingatotalof60.01%equityinterestinGelingNewEnergy.

(2)Costofcombinationandgoodwill

√Applicable□Notapplicable

Unit:Yuan(RMB)

ConsolidationcostsGelingNewEnergy
--Cash9,554,782.42
--Fairvalueofnon-cashassets
--Fairvalueofdebtissuedorassumed
--Fairvalueofequitysecuritiesissued
--Fairvalueofcontingentconsideration
--Fairvalueofequityheldbeforetheacquisitiondateattheacquisitiondate43,010,366.10
--Others
Totalconsolidationcosts52,565,148.52
Less:Shareoffairvalueofidentifiablenetassetsacquired52,664,651.06
Amountofgoodwill/combinationcostlessthanfairvalueofidentifiablenetassetsacquired-99,502.54

Determinationmethodoffairvalueofcombinationcost:

□Applicable√NotapplicableFulfillmentofperformancecommitments:

□Applicable√NotapplicableThemainreasonsfortheformationoflargegoodwill:

□Applicable√NotapplicableOthernotes:

None

(3)Identifiableassetsandliabilitiesoftheacquireeattheacquisitiondate

√Applicable□Notapplicable

Unit:Yuan(RMB)

GelingNewEnergyTechnology(Shandong)Co.,Ltd.
FairvalueatacquisitiondateCarryingamountatacquisitiondate
Assets:
Currentassets109,678,741.32106,843,611.89
Non-currentassets37,754,490.3037,754,490.30
Totalassets147,433,231.62144,598,102.19
Liabilities:
Currentliabilities59,667,004.7059,667,004.70
Totalliabilities59,667,004.7059,667,004.70
Netassets87,766,226.9284,931,097.49
Less:Minorityinterest35,101,575.8633,967,682.85
Netassetsacquired52,664,651.0650,963,414.64

Determinationmethodoffairvalueofidentifiableassetsandliabilities:

Assetbasedvaluation

Contingentliabilitiesoftheacquireeassumedinabusinesscombination:

NoneOthernotes:

None

(4)GainsorlossesarisingfromremeasurementofequityheldbeforetheacquisitiondateatfairvalueWhethertherearetransactionsthatachievebusinesscombinationstepbystepthroughmultipletransactionsandobtaincontrolduringthereportingperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

NameoftheacquireeAcquisitiondateoftheoriginalequityheldbeforetheacquisitiondateAcquisitionratiooforiginallyheldequitybeforeacquisitiondate(%)AcquisitioncostoforiginallyheldequitybeforeacquisitiondateAcquisitionmethodoforiginallyheldequitybeforeacquisitiondateBookvalueoforiginallyheldequitybeforetheacquisitiondateattheacquisitiondateFairvalueofpreviouslyheldequityatacquisitiondateGainsorlossesarisingfromremeasurementofpreviouslyheldequityatfairvaluebeforetheacquisitiondateDeterminationmethodandmainassumptionsofthefairvalueoftheoriginalequityheldbeforetheacquisitiondateontheacquisitiondateAmountofothercomprehensiveincomerelatedtotheoriginalequityheldbeforetheacquisitiondatetransferredtoinvestmentincomeorretainedearnings
GelingNewEnergyJuly202149%43,722,800.00Purchase38,383,319.8543,010,366.104,627,046.25Assetbasedvaluation

Othernotes:

None

(5)Descriptionofthecombinationconsiderationorfairvalueoftheacquiree'sidentifiableassetsandliabilitiesthatcannotbereasonablydeterminedontheacquisitiondateorattheendofthecurrentperiod

□Applicable√Notapplicable

(6)Othernotes

□Applicable√Notapplicable

2.Businesscombinationsundercommoncontrol

□Applicable√Notapplicable

3.ReversePurchase

□Applicable√Notapplicable

4.DisposalofsubsidiariesWhethertherearetransactionsoreventsthathavelostcontrolofsubsidiariesinthecurrentperiod

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableWhetherthereisasituationinwhichtheinvestmentinasubsidiaryisdisposedofstepbystepthroughmultipletransactionsandthecontrolrightislostinthecurrentperiod

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

5.ChangesinscopeofconsolidationforotherreasonsExplainthechangesinthescopeofconsolidation(e.g.,newsubsidiaries,liquidationsubsidiaries,etc.)causedbyotherreasonsandrelevantinformation:

√Applicable□Notapplicable

NameofsubsidiaryPlaceofregistrationNatureofbusinessTotalshareholdingratiooftheCompany(%)ProportionofvotingrightsenjoyedbytheCompany(%)Reasonfornewsubsidiary
TianjinElectromechanicalTianjinmanufacturingindustry100100Newestablishment
YangjiangXiaomaGuangdongtechnicalservice100100Newestablishment
AimaTaizhouZhejiangWholesaleandretail100100Newestablishment
GuangxiXiaomaGuangxitechnicalservice6060Newestablishment
AimaElectricDriveZhejiangServices100100Newestablishmen
t
VietnamAimaVietnammanufacturingindustry100100Newestablishment
GelingNewEnergyShandongmanufacturingindustry60.0160.01Acquisitionduringtheyear
AiskaZhejiangWholesaleandretail60.0160.01Acquisitionduringtheyear
TianjinXiaomaTianjintechnicalservice100100Newestablishment
WanningXiaomaHainantechnicalservice100100Newestablishment
IndonesiaAimaIndonesiamanufacturingindustry100100Newestablishment
AimaNanfangJiangsuWholesaleandretail100100cancellation
TaizhouXiaomaZhejiangtechnicalservice100100Newestablishment
AimaLianxiangTianjinmanufacturingindustry5151Newestablishment
AimaShengsituoTianjinmanufacturingindustry5151Newestablishment

Note:Aiskaisawholly-ownedsubsidiaryofGelingNewEnergy.

6.Others

□Applicable√Notapplicable

X.Interestsinotherentities

1.Interestsinsubsidiaries

(1)Compositionoftheenterprisegroup

√Applicable□Notapplicable

Unit:TenThousandYuan(RMB)

SubsidiaryNamePrincipalplaceofRegisteredcapitalPlaceofregistrationNatureofbusinessShareholdingratio(%)ObtainMode
businessDirectIndirect
TianjinVehicleTianjin10,000.00TianjinManufacture100Establishment
HenanVehicleHenan10,000.00HenanManufacture100Establishment
JiangsuVehicleJiangsu44,000.00JiangsuManufacture100Establishment
GuangdongVehicleGuangdong10,000.00GuangdongManufacture100Establishment
ZhejiangVehicleZhejiang10,000.00ZhejiangManufacture100Establishment
XiaopaElectricShanghai200.00ShanghaiServices100Establishment
TianjinSportsTianjin1,000.00TianjinManufacture100Establishment
XiaomaNetworkChongqing1,000.00ChongqingWholesaleandretail100Establishment
SpozmanTianjin1,000.00TianjinManufacture100Establishment
GuangxiVehicleGuangxi10,000.00GuangxiManufacture100Establishment
TianjinTianliTianjin500.00TianjinManufacture100Establishment
AimaChongqingChongqing1,000.00ChongqingWholesaleandretail100Establishment
ChongqingVehicleChongqing10,000.00ChongqingManufacture100Establishment
ZhejiangSalesZhejiang1,000.00ZhejiangManufacture100Establishment
TaizhouManufactureZhejiang40,000.00ZhejiangManufacture100Establishment
AimaVentureCapitalZhejiang3,000.00ZhejiangInvestmentplatform100Establishment
LishuiVehicleZhejiang10,000.00ZhejiangManufacture100Establishment
SuotengTechnologyHongKongHK$63millionHongKongWholesaleandretail100Establishment
AimaSingaporeSingaporeS$1000SingaporeWholesaleandretail100Establishment
ChongqingElectromechanicalChongqing5,000.00ChongqingManufacture100Establishment
XiaomaIntelligenceChongqing5,000.00ChongqingTechnicalservice100Establishment
AimaVehicleServiceChongqing5,000.00ChongqingWholesaleandretail100Establishment
AimaLogisticsChongqing5,000.00ChongqingLogistics55Establishment
SuperUniverseChongqing2,000.00ChongqingWholesaleandretail100Establishment
TianjinElectromechanicalTianjin5,000.00TianjinManufacture100Establishment
AimaTaizhouZhejiang1,000.00ZhejiangWholesaleandretail100Establishment
GuangxiXiaomaGuangxi5,000.00GuangxiTechnicalservice60Establishment
AimaElectricDriveZhejiang6,000.00ZhejiangServices100Establishment
VietnamAimaVietnamVND190,440millionVietnamManufacture100Establishment
GelingNewEnergyShandong8,922.00ShandongManufacture60.01Consolidationnotundercommoncontrol
AiskaZhejiang1,000.00ZhejiangWholesaleandretail60.01Consolidationnotundercommoncontrol
TianjinXiaomaTianjin1,000.00TianjinTechnicalservice100Establishment
WanningXiaomaHainan2,000.00HainanTechnicalservice100Establishment
IndonesiaAimaIndonesiaIDR169,543millionIndonesiaManufacture100Establishment
SuiwanwanTianjin500.00TianjinServices100Consolidationundercommoncontrol
YangjiangXiaomaGuangdong50.00GuangdongTechnicalservice100Establishment
TaizhouXiaomaZhejiang700.00ZhejiangServices100Establishment
AimaShengsituoTianjin500.00TianjinManufacture51Establishment
AimaLianxiangTianjin1,000.00TianjinManufacture51Establishment

Descriptionofthedifferencebetweenshareholdingratioandvotingrightratioinsubsidiaries:

NoneThebasisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvesteeandholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:

NoneForsignificantstructuredentitiesincludedinthescopeofconsolidation,thebasisofcontrolisasfollows:

NoneBasisfordeterminingwhetherthecompanyisanagentoraprincipal:

NoneOthernotes:

None

(1)Significantnon-whollyownedsubsidiaries

□Applicable√Notapplicable

(2)Keyfinancialinformationofsignificantnon-whollyownedsubsidiaries

□Applicable√Notapplicable

(3)Significantrestrictionsontheuseofenterprisegroupassetsandthesettlementofenterprisegroupdebts

□Applicable√Notapplicable

(4)Financialorothersupportprovidedtostructuredentitiesincludedinthescopeofconsolidatedfinancialstatements

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

2.Transactionsinwhichtheshareofowner'sequityinasubsidiarychangesandthesubsidiaryisstillcontrolled

√Applicable□Notapplicable

(1)Descriptionofchangesinowners'equityinsubsidiaries

√Applicable□NotapplicableInNovember2023,theCompanyacquired22%and5%ofSpozman'sequityfromtheminorityshareholdersZhuYuandLiYuanforatotalconsiderationofRMB5,137,857.00yuan.Uponcompletionoftheacquisition,theGroupholds100%equityinterestinSpozman.Asaresultofthistransaction,theminorityinterestintheconsolidatedfinancialstatementsdecreasedbyRMB5,444,108.84yuanandthecapitalreserveincreasedbyRMB306,251.85yuan.

(2)EffectoftransactionsonMinorityshareholders’equityandowners'equityattributabletotheparentcompany

√Applicable□Notapplicable

Unit:Yuan(RMB)

Spozman
Acquisitioncost/disposalconsideration5,137,857.00
--Cash5,137,857.00
--Fairvalueofnon-cashassets
Totalpurchasecost/disposalconsideration5,137,857.00
Less:Shareofnetassetsofsubsidiariescalculatedbasedontheproportionofequity5,444,108.84
acquired/disposed
difference-306,251.84
Including:Adjustmentofcapitalreserve306,251.84
Adjustmentofsurplusreserve
Adjustedretainedearnings

Othernotes

□Applicable√Notapplicable

3.Interestsinjointventuresorassociates

√Applicable□Notapplicable

(1)Significantjointventuresorassociates

√Applicable□Notapplicable

NameofjointventureorassociatePrincipalplaceofbusinessPlaceofregistrationNatureofbusinessShareholdingratio(%)Accountingforinvestmentsinjointventuresorassociates
DirectIndirect
TodaySunshineZhejiangZhejiangManufacturingindustry10.42Equitymethod
TianjinJiemaTianjinTianjinManufacturingindustry40.00Equitymethod
TaizhouJinfuZhejiangZhejiangVenturecapital55.90Equitymethod
BeijingZhongzhongBeijingBeijingServices38.00Equitymethod
ChongqingXintaiChongqingChongqingManufacturingindustry35.00Equitymethod
GuangxiNingfuGuangxiGuangxiManufacturingindustry1.97Equitymethod

Descriptionofthedifferencebetweenshareholdingratioandvotingrightratioinjointventuresorassociates:

AccordingtotheTaizhouJinfuPartnershipAgreement,asoneofthelimitedpartners,theCompanyhasnorighttounilaterallydeterminetherelevantactivitiesofthePartnership,soitdoesnotcontrolTaizhouJinfu,buthasasignificantimpactonit.Thebasisforholdinglessthan20%ofthevotingrightsbuthavingsignificantinfluence,orholding20%ormoreofthevotingrightsbutnothavingsignificantinfluence:

AccordingtoTodaySunshine'sarticlesofassociation,theCompanyhastherighttoappointdirectorstoitsboardofdirectors,andaccordinglyhastherighttoparticipateinthedecision-makingofitsfinancialandoperatingdecisions,therebyexertingsignificantinfluenceonit.

Accordingtotheresolutionoftheshareholders'meetingofGuangxiNingfu,theCompanyappointsdirectorstoitsboardofdirectors,andaccordinglyhastherighttoparticipateinthedecision-makingofitsfinancialandoperatingdecisions,thusexertingsignificantinfluenceonit.

(2)Keyfinancialinformationofsignificantjointventures

□Applicable√Notapplicable

(3)Keyfinancialinformationofsignificantassociates

□Applicable√Notapplicable

(4)Summaryfinancialinformationofinsignificantjointventuresandassociates

√Applicable□Notapplicable

Unit:Yuan(RMB)

Closingbalance/amountincurredinthecurrentperiodOpeningbalance/amountincurredinpriorperiod
Jointventure:
Totalcarryingamountofinvestments
Totalofthefollowingitemscalculatedbyshareholdingratio
--Netprofit
--Othercomprehensiveincome
--Totalcomprehensiveincome
Associates:
Totalcarryingamountofinvestments127,263,995.91128,152,070.40
Totalofthefollowingitemscalculatedbyshareholdingratio
--Netprofit-28,590,454.64-21,624,009.83
--Othercomprehensiveincome
--Totalcomprehensiveincome

OthernotesNone

(5)DescriptionofsignificantrestrictionsontheabilityofjointventuresorassociatestotransferfundstotheCompany

□Applicable√Notapplicable

(6)Excesslossesofjointventuresorassociates

□Applicable√Notapplicable

(7)Unrecognizedcommitmentsrelatedtoinvestmentsinjointventures

□Applicable√Notapplicable

(8)Contingentliabilitiesrelatedtoinvestmentsinjointventuresorassociates

□Applicable√Notapplicable

4.Significantjointoperations

□Applicable√Notapplicable

5.InterestsinstructuredentitiesnotincludedinthescopeofconsolidatedfinancialstatementsDescriptionofstructuredentitiesnotincludedinthescopeofconsolidatedfinancialstatements:

□Applicable√Notapplicable

6.Others

□Applicable√NotapplicableX.GovernmentGrants

1.Governmentgrantsrecognizedatamountsreceivableattheendofthereportingperiod

□Applicable√NotapplicableReasonsforfailingtoreceivetheestimatedamountofgovernmentsubsidiesattheestimatedtimepoint

□Applicable√Notapplicable

2.Liabilitiesrelatedtogovernmentgrants

√Applicable□Notapplicable

Unit:Yuan(RMB)

FinancialstatementitemsOpeningbalanceAmountofnewsubsidiesinthecurrentperiodAmountincludedinnon-operatingincomeinthecurrentperiodTransfertootherincomeinthecurrentperiodOtherchangesinthecurrentperiodEndingbalanceRelatedtoassets/income
Deferredincome198,066,664.29106,434,406.5112,068,670.24292,432,400.56Asset-related
Total198,066,664.29106,434,406.5112,068,670.24292,432,400.56/

3.Governmentgrantsrecognizedinprofitorloss

√Applicable□Notapplicable

Unit:Yuan(RMB)

TypeAmountincurredinthecurrentperiodAmountincurredinpriorperiod
Asset-related12,068,670.249,937,776.17
Relatedtoincome130,155,855.7668,130,688.64
Other6,048,790.1512,908,508.78
Total148,273,316.1590,976,973.59

Othernotes:

NoneXI.RisksRelatedtoFinancialInstruments

1.Risksoffinancialinstruments

√Applicable□NotapplicableTheCompanyisexposedtovariousrisksoffinancialinstrumentsinitsdailyactivities,mainlyincludingcreditrisk,liquidityriskandmarketrisk.TheCompany'smainfinancialinstrumentsincludecurrencyfunds,accountsreceivable,receivablesfinancing,notespayableandaccountspayable.TherisksassociatedwiththesefinancialinstrumentsandtheriskmanagementstrategiesadoptedbytheCompanytomitigatetheserisksaredescribedbelow.

(1)CreditriskTheCompanyonlydealswithrecognizedandreputablethirdparties.InaccordancewiththeCompany'spolicy,acreditreviewisrequiredforallcustomerswhorequirecredittransactions.Inaddition,theCompanycontinuouslymonitorsthebalanceofaccountsreceivabletoensurethattheCompanyisnotexposedtosignificantbaddebtrisks.Fortransactionsnotsettledinthefunctionalcurrencyoftherelevantbusinessunit,theCompanydoesnotprovidecredittransactionconditionsunlessspecificallyapprovedbytheCompany'screditcontroldepartment.Asthecounterpartiesofmonetaryfunds,financialassetsheldfortrading,receivablesfinancing,othernon-currentassetsandcertificatesofdepositduewithinoneyeararebankswithgoodreputationandhighcreditrating,thesefinancialinstrumentshavelowcreditrisk.TheCompany'sotherfinancialassetsincludeaccountsreceivableandotherreceivables.Thecreditriskofthesefinancialassetsarisesfromthedefaultofthecounterparty,andthemaximumriskexposureisequaltothecarryingamountoftheseinstruments.SincetheCompanyonlydealswithrecognizedandreputablethirdparties,nocollateralisrequired.Creditriskiscentrallymanagedbycustomer/counterparty,geographicalregionandindustry.ThereisnosignificantconcentrationofcreditriskwithintheCompanyasthe

Company'saccountsreceivablearewidelydispersedacrossthecustomerbase.ForthequantitativedataoftheCompany'screditriskexposurearisingfromnotesreceivable,accountsreceivableandotherreceivables,pleasereferto"SectionVII.5Accountsreceivable"and"SectionVII.9Otherreceivables".

(2)LiquidityriskTheCompany'sobjectiveistouseavarietyoffinancingmeanstomaintainthebalancebetweensustainabilityandflexibilityoffinancing.TheCompanyfinancesitsoperationsthroughfundsgeneratedfromoperationsandborrowings.Thefollowingtablesummarizesthematurityanalysisoffinancialliabilitiesbasedonundiscountedcontractualcashflows:

December31,2023

FinancialliabilitiesWithin1year1to2years2to3yearsOver3yearsTotal
Notespayable6,032,204,440.666,032,204,440.66
Tradepayables2,459,299,045.992,459,299,045.99
Otherpayables628,111,216.14628,111,216.14
Leaseliabilities7,398,165.147,398,165.1442,276,291.8557,072,622.13
Non-currentliabilitiesduewithinoneyear20,179,767.7120,179,767.71
Bondspayable5,999,880.009,999,800.0019,999,600.002,265,954,680.002,301,953,960.00
Total9,145,794,350.5017,397,965.1427,397,765.142,308,230,971.8511,498,821,052.63

(3)MarketriskTheCompanyisexposedtotransactionalexchangeraterisk.Suchrisksarisefromsalesorpurchasesmadebyanoperatingunitinacurrencyotherthanitsfunctionalcurrency.AstheamountoftheCompany'sforeigncurrencybusinessisnotsignificant,theCompanybelievesthatchangesinforeignexchangerateswillnothaveasignificantimpactontheCompany'sfinancialstatements.

2.Hedging

(1)TheCompanyconductshedgingbusinessforriskmanagement

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

(2)TheCompanyconductsqualifyinghedgingbusinessandapplieshedgeaccounting

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

(3)TheCompanycarriesouthedgingbusinessforriskmanagementandexpectstoachieveriskmanagementobjectivesbutdoesnotapplyhedgeaccounting

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

3.Transferoffinancialassets

(1)TransferMethodClassification

□Applicable√Notapplicable

(2)Financialassetsderecognisedasaresultoftransfer

□Applicable√Notapplicable

(3)Transferredfinancialassetswithcontinuinginvolvement

□Applicable√NotapplicableOthernotes

□Applicable√NotapplicableXII.DisclosureofFairValue

1.Fairvalueattheendofthereportingperiodoftheassetsandliabilitiesmeasuredbasedonthefairvalue

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsFairvalueattheendofthereportingperiod
Level1fairvaluemeasurementLevel2fairvaluemeasurementLevel3fairvaluemeasurementTotal
I.Continuousfairvaluemeasurement176,041,430.928,893,241.61184,934,672.53
(I)Financialassetsheldfor176,041,430.92176,041,430.92
trading
1.Financialassetsatfairvaluethroughprofitorloss176,041,430.92176,041,430.92
(1)Debtinstrumentinvestment
(2)Equityinstrumentinvestment
(3)Derivativefinancialassets
2.Financialassetsdesignatedatfairvaluethroughprofitorloss
(1)Debtinstrumentinvestment
(2)Equityinstrumentinvestment
(II)Otherdebtinvestment
(III)Otherequityinstrumentinvestment
(IV)Investmentproperties
1.Landuserightforleasepurpose
2.Leasedbuildings
3.Thelanduserightheldandtobeassignedafterappreciation.
(V)Biologicalassets
1.Consumablebiologicalasset
2.Productivebiologicalasset
(VI)Receivablesfinancing8,893,241.618,893,241.61
Totalassetsmeasuredbasedonfairvalue176,041,430.928,893,241.61184,934,672.53
(VI)Financialliabilitiesheldfortrading
1.Financialliabilitiesatfairvaluethroughprofitorloss
Where:Issuedtransactionalbonds
Derivativefinancialliabilities
Others
2.Financialliabilitiesdesignatedatfairvaluethroughprofitorloss
Totalliabilitiescontinuouslymeasuredbasedonfairvalue
II.Non-continuousfairvaluemeasurement
(I)Held-for-saleassets
Totalassetsnon-continuouslymeasuredbasedonfairvalue
Totalliabilitiesnon-continuouslymeasuredbasedonfairvalue

2.Basisfordeterminingthemarketpriceoftheitemsmeasuredbasedonthecontinuousandnon-continuousfirstlevelfairvalue

□Applicable√Notapplicable

3.Itemsmeasuredbasedonthecontinuousornon-continuous2ndlevelfairvalue,valuationtechniqueasused,natureofimportantparametersandquantitativeinformation

□Applicable√Notapplicable

4.Itemsmeasuredbasedonthecontinuousornon-continuous3rdlevelfairvalue,valuationtechniqueasused,natureofimportantparametersandquantitativeinformation

□Applicable√Notapplicable

5.Itemsmeasuredbasedonthecontinuous3rdlevelfairvalue,sensitivityanalysisonadjustedinformationandunobservableparametersbetweenthebookvalueatbeginningandendoftheperiod

□Applicable√Notapplicable

6.Incaseitemsmeasuredbasedonfairvalueareconvertedbetweendifferentlevelsincurredinthereportingperiod,statethecauseofconversionanddetermineconversiontimepoint

□Applicable√Notapplicable

7.Changeofvaluationtechniqueincurredinthereportingperiodandcauseofsuchchange

□Applicable√Notapplicable

8.Fairvalueoffinancialassetsandfinancialliabilitiesnotmeasuredatfairvalue

□Applicable√Notapplicable

9.Others

□Applicable√NotapplicableXIV.Relatedpartiesandtransactions

1.AbouttheParentCompany

□Applicable√Notapplicable

2.TheCompany'ssubsidiariesRefertotheNotesfordetailsoftheCompany'ssubsidiaries

√Applicable□NotapplicableFordetailsoftheCompany'ssubsidiaries,pleasereferto“Section10.1Equityinsubsidiaries”.

3.JointventuresandassociatesoftheCompanyRefertotheNotesfordetailsoftheCompany'smajorjointventuresorassociates

√Applicable□NotapplicablePleaserefertoSection10“VII.17Long-termEquityInvestments”and“X.3EquityinJointVenturesorAssociates”fortheimportantjointventuresorassociatesoftheCompany.Otherjointventuresorassociatesthathadrelated-partytransactionswiththeCompanyinthereportingperiod,orhadrelated-partytransactionswiththeCompanyinthepreviousperiodandformedabalanceareasfollows

√Applicable□Notapplicable

NameofjointventureorassociateRelationshipwiththeCompany
BeijingZhongzhongTravelTechnologyCo.,Ltd.Anassociate
TianjinJiemaElectricTechnologyCo.,Ltd.Anassociateinwhichthecontrollingshareholderactsasadirector

Othernotes

□Applicable√Notapplicable

4.Otherrelatedparties

√Applicable□Notapplicable

NamesofotherrelatedpartiesRelationshipbetweenotherrelatedpartiesandtheCompany
ShandongAidebangIntelligentAjointstockcompanyofanassociate
TechnologyCo.,Ltd.
TaizhouAidebangIntelligentTechnologyCo.,Ltd.Subsidiaryofajointstockcompanyofanassociate
TianjinMagicSquareTravelTechnologyCo.,Ltd.Subsidiaryofanassociate
TianjinXintaiPrecisionTechnologyCo.,Ltd.Subsidiaryofanassociate
ShangqiuYichongTradingCo.,Ltd.Enterprisescontrolledbyclosefamilymembersofdirectors
ShandongZhidouAutomobileSalesCo.,Ltd.Subsidiariesofcompaniesofwhichthecontrollingshareholderisadirector
GelingNewEnergyTechnology(Shandong)Co.,Ltd.Originalassociates
DuanHuaDirector、vicegeneralmanager,thecontrollingshareholder’sspouse

Othernotes:

AsofMay31,2023,theGroupacquiredan11%equityinterestinGelingNewEnergyforRMB9,554,782.42yuan,holdingatotalof60.01%equityinterestinGelingNewEnergy,whichwastransferredfromanassociateoftheGrouptoaholdingsubsidiaryoftheGroup.

5.Related-partytransactions

(1)Related-partytransactionsofpurchaseandsaleofcommoditiesandsupplyandacceptanceoflaborservicesStatementofpurchaseofcommoditiesandacceptanceoflaborservices

√Applicable□Notapplicable

Unit:Yuan(RMB)

RelatedpartiesDescriptionofrelated-partytransactionsAmountincurredinthereportingperiodAmountofapprovedtransactions(ifapplicable)Whetherthetransactionamountisexceeded(ifapplicable)Amountincurredinthepreviousperiod
TianjinJiemaElectricTechnologyCo.,LtdPurchaseofrawmaterials、service7,930,676.5530,000,000.00No6,917,694.49
ShandongAidebangIntelligentTechnologyCo.,Ltd.Purchaseofrawmaterials1,166,963.01N/A53,999,230.71
TaizhouAidebangIntelligentTechnologyCo.,Ltd.Purchaseofrawmaterials、service53,487,247.61N/A120,959,079.64
GelingNewEnergyTechnology(Shandong)Co.,Ltd.Purchaseofrawmaterials56,846.20N/A24,803,224.66
ShangqiuYichongTradingCo.,LtdPurchaseofrawmaterials37,256,254.8145,000,000.00No18,974,739.23
TianjinXintaiPrecisionTechnologyCo.,LtdPurchaseofrawmaterials6,868,850.94N/A
Total106,766,839.12225,653,968.73

Statementofsalesofgoods/supplyofservices

√Applicable□Notapplicable

Unit:Yuan(RMB)

RelatedpartyDescriptionofrelated-partytransactionsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
TianjinJiemaElectricTechnologyCo.,LtdSupplyofservices897,280.36400,633.54
BeijingZhongzhongTravelTechnologyCo.,Ltd.Salesofgoods5,309.733,565,572.70
GelingNewEnergyTechnology(Shandong)Co.,Ltd.Salesofgoodsandsupplyofservices3,886,720.4330,758,228.37
TianjinMagicSquareTravelTechnologyCo.,Ltd.Salesofgoods10,318,512.401,653,539.83
Total15,107,822.9236,377,974.44

Notetorelated-partytransactionsofpurchaseandsaleofcommoditiesandsupplyandacceptanceoflaborservices

√Applicable□NotapplicableAsofDecember29,2022,thethirdmeetingofthefifthboardofdirectorsofthecompany

decidedtoconsiderandadopttheBillontheForecastofDailyRelatedPartyTransactionsoftheCompanyandSubsidiariesin2023.Fordetails,pleaserefertotherelevantannouncementdisclosedonthewebsiteofShanghaiStockExchangeonDecember30,2022.

(2)Relatedentrustedmanagement/contractedandmandatorymanagement/contractingStatementoftheCompany'sentrustedmanagement/contracting:

□Applicable√NotapplicableRelatedentrustedmanagement/contracting

□Applicable√NotapplicableStatementoftheCompany'sentrustedmanagement/outsourcing

□Applicable√NotapplicableRelatedmanagement/outsourcing

□Applicable√Notapplicable

(3)Related-partyleaseTheCompanyaslessor:

√Applicable□Notapplicable

Unit:Yuan(RMB)

NamesoflesseeCategoriesofleaseholdpropertiesRentalincomerecognisedinthereportingperiodRentalincomerecognisedinthepreviousperiod
TianjinJiemaElectricTechnologyCo.,Ltd.Propertylease8,993,986.505,795,080.18
TianjinMagicSquareTravelTechnologyCo.,Ltd.Propertylease4,364.49
TianjinXintaiPrecisionTechnologyCo.,LtdPropertylease756,661.26
Total9,755,012.255,795,080.18

TheCompanyaslessee:

√Applicable□Notapplicable

Unit:Yuan(RMB)

NamesoflessorCategoriesofleaseholdpropertiesRentalchargesforstreamlinedshort-termleasesandleasesoflow-valueassets(ifapplicable)Variableleasepaymentsnotincludedinthemeasurementoftheleaseliability(ifapplicable)RentpaidInterestexpenseonleaseliabilitiesassumedIncreasedright-to-useassets
AmountincurredinthereportingperiodAmountincurredinthepreviousperiodAmountincurredinthereportingperiodAmountincurredinthepreviousperiodAmountincurredinthereportingperiodAmountincurredinthepreviousperiodAmountincurredinthereportingperiodAmountincurredinthepreviousperiodAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
DuanHuaPropertylease4,761,904.764,761,904.76206,224.30412,806.47

Relatedlease

□Applicable√Notapplicable

(4)RelatedguaranteeTheCompanyasaguarantor

□Applicable√NotapplicableTheCompanyasaguarantee

□Applicable√NotapplicableNotetorelatedguarantee

□Applicable√Notapplicable

(5)Borrowingsandlendingsamongrelatedparties

□Applicable√Notapplicable

(6)Assetsassignmentandliabilitiesreorganizationofrelatedparties

√Applicable□Notapplicable

Unit:Yuan(RMB)

RelatedpartyDescriptionofrelated-partytransactionsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
TianjinJiemaElectricTechnologyCo.,LtdPurchaseoffixedassets372,721.24
TaizhouAidebangIntelligentTechnologyCo.,LtdPurchaseofintangibleassets382,300.88
TianjinJiemaElectricTechnologyCo.,LtdSaleoffixedassets26,548.67
GelingNewEnergyTechnology(Shandong)Co.,Ltd.Saleoffixedassets11,277,349.19

(7)Remunerationtoseniorexecutives

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Remunerationtoseniorexecutives39,257,367.0954,784,735.46

In2023,thetotalremunerationofkeymanagementpersonneloftheCompany(including

monetary,physicalandotherforms)wasRMB39,257,367.09yuan(2022:RMB54,784,735.46yuan).Amongthem,therelatedexpensesofkeymanagementpersonnelcorrespondingtothetotalexpensesrecognizedthroughamortizationofshare-basedpaymentinthecurrentyearareRMB16,562,409.03yuan(2022:RMB28,497,920.00yuan).

(8)Otherrelated-partytransactions

√Applicable□NotapplicableFromJanuarytoDecember2023,theGroupreceivedatotaldividendofRMB3,200,000.00yuanfromTianjinJiemaElectricTechnologyCo.,Ltd.(FromJanuarytoDecember2022:RMB2,800,000.00yuan).

RelatedpartyRelatedpartytransactionsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
TianjinJiemaElectricTechnologyCo.,LtdDividends3,200,000.002,800,000.00

6.Outstandingaccountsreceivablefromandpayabletorelatedparties

(1)Receivables

√Applicable□Notapplicable

Unit:Yuan(RMB)

DescriptionRelatedpartyEndingbalanceOpeningbalance
BookbalanceBaddebtreserveBookbalanceBaddebtreserve
PrepaymentTaizhouAidebangIntelligentTechnologyCo.,Ltd243,116.36
PrepaymentTianjinJiemaElectricTechnologyCo.,Ltd.9,469.19
OtherreceivablesTianjinJiemaElectricTechnologyCo.,Ltd.420,563.17291,482.00
OtherreceivablesShandongZhidouAutomobileSalesCo.,Ltd23,567.11
OtherGelingNew4,821,488.81
receivablesEnergyTechnology(Shandong)Co.,Ltd.
OtherreceivablesDuanHua450,000.00450,000.00

(5)Payables

√Applicable□Notapplicable

Unit:Yuan(RMB)

EntrynameRelatedpartiesEndingbookbalanceOpeningbookbalance
TradepayablesTianjinJiemaElectrictechnologyCo.,Ltd.43,543.941,162,195.26
TradepayablesTaizhouAidebangIntelligenttechnologyCo.,Ltd.62,033.431,103,656.70
TradepayablesShangqiuYichongTradingCo.,Ltd.8,269,086.5414,031,638.68
TradepayablesShandongAidebangIntelligentTechnologyCo.,Ltd.218,650.4422,567.50
TradepayablesTianjinXintaiPrecisionTechnologyCo.,Ltd.4,533,421.33
TradepayablesGelingNewEnergyTechnology(Shandong)Co.,Ltd.1,606,049.08
ContractliabilitiesBeijingZhongzhongTravelTechnologyCo.,Ltd.2,858.228,167.96
ContractliabilitiesTianjinMagicSquareTravelTechnologyCo.,Ltd.9,192.043,729,203.54
OthercurrentliabilitiesBeijingZhongzhongTravelTechnologyCo.,Ltd.371.571,061.83
OthercurrentliabilitiesTianjinMagicSquareTravelTechnologyCo.,Ltd.1,194.96484,796.46
AdvancesfromcustomersTianjinJiemaElectricTechnologyCo.,Ltd2,929,788.262,439,875.78
AdvancesfromcustomersTianjinMagicSquareTravelTechnologyCo.,Ltd.26,186.93
AdvancesfromcustomersTianjinXintaiPrecisionTechnologyCo.,Ltd.174,099.21
OtherpayablesShangqiuYichongTradingCo.,Ltd.100,000.0050,000.00
OtherpayablesTianjinJiemaElectricTechnologyCo.,Ltd.1,073,649.951,297,834.33
OtherpayablesTaizhouAidebangIntelligent1,521,356.411,000,000.00
TechnologyCo.,Ltd.
OtherpayablesTianjinMagicSquareTravelTechnologyCo.,Ltd.8,833.33
OtherpayablesTianjinXintaiPrecisionTechnologyCo.,Ltd.359,050.00
OtherpayablesGelingNewEnergyTechnology(Shandong)Co.,Ltd.200,000.00
LeaseliabilitiesDuanHua2,353,501.71
Non-currentliabilitiesduewithinoneyearDuanHua2,353,501.714,555,680.46

(3)Otheritems

□Applicable√Notapplicable

7.Relatedparties’commitments

□Applicable√Notapplicable

8.Others

□Applicable√NotapplicableXV.Share-basedpayment

1.Equityinstruments

√Applicable□Notapplicable

Quantityunit:TenThousandSharesUnit:TenThousandYuan(RMB)

GranttoCategoryGrantincurrentperiodCurrentexerciseUnlockedincurrentperiodExpirationofcurrentperiod
NumberAmountofmoneyNumberAmountofmoneyNumberAmountofmoneyNumberAmountofmoney
2021restrictedstock427.143,643.5012.60107.48
2023stockoptions716.4022,337.35
Total716.4022,337.35427.143,643.5012.60107.48

Stockoptionsorotherequityinstrumentsoutstandingattheendoftheperiod

√Applicable□Notapplicable

GranttoCategoryOutstandingstockoptionsattheendoftheperiodOtherequityinstrumentsoutstandingattheendoftheperiod
RangeofexercisepriceRemainingcontractualRangeofexercisepriceRemainingcontractual
termterm
2021restrictedstock8.53yuan/share40months
2023stockoptions31.18yuan/share40months

Othernotes

(1)2023stockoptionsThesixthmeetingofthefifthboardofdirectorsoftheCompanyreviewedandapprovedtheBillonGrantingStockOptionstoIncentiveObjectsoftheStockOptionIncentivePlanin2023,whichdeterminedthatonApril14,2023,4,776,000stockoptionsweregrantedto324incentiveobjectsatanexercisepriceof48.07yuanpershare.OnApril19,2023,thecompanycompletedthegrantregistrationofthe2023stockoptionincentiveplan.OnAugust21,2023,the12thmeetingofthefifthboardofdirectorsoftheCompanyconsideredandapprovedtheBillonAdjustingtheGrantingNumberandExercisePriceoftheStockOptionIncentivePlanin2023.Asthecompanyimplementedtheequitydistributionin2022,itdistributedacashdividendof1.304yuan(includingtax)pershare,increased0.5sharespersharewithcapitalreserve,andadjustedthenumberofsharesgrantedto7.164million(10,000shares)in2023,Theexercisepriceisadjustedto31.18yuanpershare.Bytheendofthereportingperiod,thenumberofstockoptionsgrantedbytheCompanyin2023was7164000,andtheexercisepricewas31.18yuanpershare.

(2)2021restrictedstockAtthe8thmeetingofthe5thBoardofDirectorsoftheCompany,theProposalonAdjustingtheNumberofRestrictedStockIncentivePlansGrantedandtheRepurchasePricein2021,theProposalontheAchievementsofRemovingtheRestrictionConditionsintheFirstReleasePeriodoftheFirstGrantoftheRestrictedStockIncentivePlanin2021andtheProposalonRepurchasingandCancellingtheFirstGrantofSomeRestrictedStocksintheRestrictedStockIncentivePlanin2021wereconsideredandapproved,Duetotheadjustmentofequitydistribution,thenumberofrestrictedstockincentiveplansgrantedin2021is14,364,000sharesandtherepurchasepriceis8.53yuanpershare;Confirmthattheunlockingconditionsforthefirstunlockingperiodofthefirstpartialgrantoftherestrictedstockincentiveplanin2021havebeenmet,97incentiveobjectscanbeunlocked,andthenumberofunlockedsharesis4,158,000;Itisconfirmedthat4incentiveobjectsinthefirstgrantpartoftherestrictedstockincentiveplanin2021haveresignedforpersonalreasonsandnolongerqualifyasincentiveobjects,andtheCompanywillrepurchaseandcancelthetotal126,000restrictedsharesthathavebeen

grantedbutnotyetlifted.OnJune1,2023,therestrictedstockincentiveplanin2021granted4,158,000sharesinthefirstunlockingperiodforthefirsttimetobeunlockedandlistedandcirculated.OnJuly27,2023,theCompanycompletedtherepurchaseandcancellationproceduresof126,000restrictedsharesoffourincentiveobjectsinthefirstgrantpartoftherestrictedstockincentiveplanin2021.OnAugust21,2023,thetwelfthmeetingofthefifthboardofdirectorsoftheCompanydeliberatedandapprovedtheBillontheAchievementsofUnlockingConditionsfortheFirstUnlockingPeriodoftheReservedGrantPartoftheRestrictedStockIncentivePlanin2021,confirmingthattheunlockingconditionsforthefirstunlockingperiodofthereservedgrantpartoftheRestrictedStockIncentivePlanin2021wereachieved,14incentiveobjectscouldbeunlocked,andthenumberofunlockedshareswas113,400.OnAugust28,2023,113,400sharesreservedforthefirstunlockingperiodoftherestrictedstockincentiveplanin2021wereunlockedforlistingandcirculation.Asattheendofthereportingperiod,thenumberofrestrictedsharesgrantedbytheCompanyin2021was9,966,600,ofwhich9,702,000sharesweregrantedforthefirsttimeand264,600shareswerereservedforgrant.

2.Abouttheequity-settledshare-basedpayment

√Applicable□Notapplicable

Unit:Yuan(RMB)

Equitysettledshare-basedpaymentobjects2021restrictedstock2023stockoptions
MethodofdeterminingthefairvalueofequityinstrumentsatthedateofgrantClosingpriceongrantdateBlack-Scholesmodel,underlyingstockprice:60.00yuan/share
ImportantparametersoffairvalueofequityinstrumentsatgrantdateN/AHistoricalvolatility:15.8036%,15.3278%and16.3715%Risk-freeinterestrate:1.50%,2.10%,2.75%
BasisfordeterminingthenumberofvestedequityinstrumentsBestestimateofexpectedvestingattheendoftheyearBestestimateofexpectedvestingattheendoftheyear
ReasonsforsignificantdifferencesbetweencurrentperiodestimatesandpriorperiodestimatesN/AN/A
Accumulatedamountofequity-settledshare-basedpaymentincludedincapitalreserve131,696,934.0619,132,905.86

Othernotes

None

3.Aboutthecash-settledshare-basedpayment

□Applicable√Notapplicable

1、4.Share-basedpaymentexpensesofthecurrentperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

GranttoCategoryEquitysettledshare-basedpaymentexpensesCashsettledshare-basedpaymentexpenses
Productionpersonnel797,204.42
Salesman16,533,973.00
Management32,460,671.66
Researchanddevelopmentpersonnel20,377,082.90
Total70,168,931.98

OthernotesAstheCompany'soperatingincomein2023andnetprofitattributabletoshareholdersoflistedcompaniesafterexcludingtheimpactofequityincentivesdidnotmeettheCompanylevelperformanceassessmentrequirementsinthefirstexerciseperiodsetbythe2023stockoptionequityincentiveplan,theaccruedcostofstockoptionincentivesin2023was

17.7377millionyuan.

5.Correctionandterminationofshare-basedpayment

□Applicable√Notapplicable

6.Others

√Applicable□NotapplicableOnApril15,2024,the21stmeetingofthefifthboardofdirectorsoftheCompanyconsideredandadoptedtheBillonAdjustingtheExercisePriceofthe2023StockOptionIncentivePlan.AstheCompanyimplementsthesemi-annualequitydistributionin2023,itdistributesacashdividendof0.348yuanpershare(includingtax),andtheexercisepriceofthe2023stockoptionincentiveplanisadjustedto30.83yuanpershareaccordingly.XVI.Commitmentsandcontingencies

1.Importantcommitments

√Applicable□NotapplicableImportantexternalcommitments,thenatureandtheamountexistingasatthebalancesheetdate

ItemsDecember31,2023December31,2022
Capitalcommitmentswithcontract1,641,661,780.4468,081,624.42

2.Contingencies

(1)Significantcontingenciesexistingasatthebalancesheetdate

□Applicable√Notapplicable

(2)TheCompanyhadnoimportantcontingenciesunnecessarytobedisclosedbutnecessarytobeexplained

□Applicable√Notapplicable

3.Others

□Applicable√NotapplicableXVII.Eventsafterthebalancesheetdate

1.Module:Significantnon-adjustmentevents

□Applicable√Notapplicable

2.Profitdistribution

√Applicable□Notapplicable

Unit:Yuan(RMB)

signedbutnotyetprovidedProfitordividendtobedistributed

Profitordividendtobedistributed452,722,253.92
Profitordividendannouncedtobedistributedafterreviewandapproval452,722,253.92

TheCompanyheldthe21stmeetingofthe5thBoardofDirectorsatwhichapreplanforprofitdistributionin2023wasapproved.Accordingtothepreplan,theCompanywastodistributeprofitsbasedonthetotalsharecapitalregisteredonthedateofequitydistributionandequityregistrationminusthesharesinthespecialsecuritiesaccountforrepurchase.TheprofitdistributionplanistodistributeacashdividendofRMB5.34yuan(includingtax)per10sharestoallshareholders.AsofDecember31,2023,thetotalsharecapitaloftheCompanywas861,925,007shares,andthebaseafterdeducting14,130,524sharesinthespecialsecuritiesaccountforrepurchaseoftheCompanywas847,794,483shares,soastocalculatethecashdividendtobedistributedthistimeofRMB452,722,253.92yuan(includingtax).If,fromthedateofdisclosureofthisannouncementtothedateofequitydistributionregistration,thenumberofsharesinthecompany'stotalsharecapitalorspecialsecuritiesaccountforrepurchasechangesduetoconvertiblebondconversion,sharerepurchase,useofrepurchasedsharestograntrestrictedsharesforequityincentives,repurchaseandcancellationofsharesgrantedforequityincentives,repurchaseandcancellationofsharesformajorassetrestructuring,etc.,thecompanyintendstomaintainthedistributionratiopershareunchangedandadjustthetotaldistributionaccordingly.

3.Salesreturn

□Applicable√Notapplicable

4.Noteotherpostbalancesheetevents

√Applicable□NotapplicableStockoptionincentiveplanOnFebruary29,2024,theCompanyheldthefirstextraordinarygeneralmeetingof2024toconsiderandapprovetheproposalontheStockOptionIncentivePlanfor2024(Draft)anditssummary,andtheproposalontheManagementMeasuresfortheImplementationEvaluationoftheStockOptionIncentivePlanfor2024.AccordingtotheresolutionofthegeneralmeetingoftheCompany,thetotalnumberofincentiveobjectsgrantedbytheCompanywas204,thenumberofstockoptionsgrantedwas13.70millionwiththeexercisepriceofRMB12.61yuanpershare.Theincentiveplanisvalidforamaximumof48monthsfromthedateofstockoptiongranttothedateofexerciseorcancellationofallthestockoptionsgrantedtotheincentiveobjects.XVIII.Othersignificantevents

1.Correctionoftheaccountingerrorsinthepreviousperiod

(1)Retroactiverestatement

□Applicable√Notapplicable

(2)Prospectiveapplicationmethod

□Applicable√Notapplicable

2.Significantliabilitiesrestructuring

□Applicable√Notapplicable

3.Replacementofassets

(1)Non-monetaryassetsexchange

□Applicable√Notapplicable

(2)Otherassetsexchange

□Applicable√Notapplicable

4.Annuityplan

□Applicable√Notapplicable

5.Operationtermination

□Applicable√Notapplicable

6.Segmentinformation

(1)Basisfordeterminingthereportingsegmentsandaccountingpolicy

□Applicable√Notapplicable

(2)Financialinformationofthereportingsegments

□Applicable√Notapplicable

(3)Incasethereisnoreportingsegmentorthetotalassetsandliabilitiesofthereportingsegmentscannotbedisclosed,explainthereason

√Applicable□NotapplicableTheCompanyismainlyengagedintheelectrictwo-wheelersbusiness,andtheassetsrelatedtotheservicessupplyarelocatedinChina.Intermsofinternalorganizationalstructureandmanagementrequirements,theCompanytakestheCompany'sbusinessesasawholetoreviewinternalreports,allocateresourcesandperformanceassessment.Therefore,excepttheinformationalreadypresentedinthefinancialstatements,thereisnoothersegmentinformationnecessarytobepresented.

(4)Othernotes

√Applicable□NotapplicableGeographicalinformation:ThevastmajorityoftheCompany'sforeigntransactionrevenuecomesfromdomesticsources.TheCompany'snon-currentassets(excludingfinancialassetsanddeferredincometaxassets)arealllocatedinChina.In2023,theCompanydidnotgeneratemorethan10%ofitsoperatingrevenuesfromasinglecustomer.

7.Othersignificanttransactionsandmattersthatmayaffectinvestors'decisionmaking

□Applicable√Notapplicable

8.Others

□Applicable√NotapplicableXIX.Notestotheparentcompany’sfinancialstatements

1.Accountsreceivable

(1)Disclosedbasedonaging

√Applicable□Notapplicable

Unit:Yuan(RMB)

AgingEndingbookbalanceOpeningbookbalance
Within1year
Where:Itemizedwithin1year
Within1year136,823,141.44132,394,484.26
Sub-totalwithin1year136,823,141.44132,394,484.26
1to2years11,048,467.934,491,535.52
2to3years1,093,745.55138,725.00
Over3years108,695.20
Total149,074,050.12137,024,744.78

(2)Classifieddisclosurebasedonthemethodofprovisionforbaddebt

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesEndingbalanceOpeningbalance
BookbalanceBaddebtreserveBookvalueBookbalanceBaddebtreserveBookvalue
AmountProportion(%)AmountProvisionproportion(%)AmountProportion(%)AmountProvisionproportion(%)
Assessedbaddebtprovisionindividually3,176,317.652.133,176,317.65100.0032,471,486.5123.703,176,317.659.7829,295,168.86
Where:
Individualprovisionforbaddebts3,176,317.652.133,176,317.65100.0032,471,486.5123.703,176,317.659.7829,295,168.86
Assessedbaddebtprovisioninportfolio145,897,732.4797.873,749,411.652.57142,148,320.82104,553,258.2776.301,557,146.171.49102,996,112.10
Where:
Portfoliosbasedoncreditriskcharacteristics145,897,732.4797.873,749,411.652.57142,148,320.82104,553,258.2776.301,557,146.171.49102,996,112.10
Total149,074,050.12100.006,925,729.30/142,148,320.82137,024,744.78100.004,733,463.82/132,291,280.96

Individualprovisionforbaddebts:

√Applicable□Notapplicable

Unit:Yuan(RMB)

NameEndingbalance
BookbalanceBaddebtprovisionProvisionproportionProvisionreason
(%)
SuningProcurementCenterofSuningTescoGroupCo.,Ltd.3,176,317.653,176,317.65100.00Lesslikelytoberecovered
Total3,176,317.653,176,317.65100.00/

Notestotheprovisionforbaddebtsbyindividualitems:

□Applicable√NotapplicableProvisionforbaddebtsbasedonportfolio:

√Applicable□NotapplicableProvisionitemsonportfolio:Provisionforbaddebtsrecognisedbasedontheportfolioofcreditriskcharacteristics

Unit:Yuan(RMB)

NameEndingbalance
AccountsreceivableBaddebtprovisionProvisionproportion(%)
Within1year136,820,462.441,692,649.201.24
1to2years7,874,829.281,410,381.9317.91
2to3years1,093,745.55537,685.3249.16
Over3years108,695.20108,695.20100.00
Total145,897,732.473,749,411.652.57

Notestorecognitionofprovisionforbaddebtsbasedonportfolio:

□Applicable√NotapplicableProvisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsN/ADescriptionofsignificantchangesinthebookbalanceofaccountsreceivablewithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(3)Provisionforbaddebts

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesOpeningbalanceAmountofmovementduringthereportingperiodEndingbalance
ProvisionRecoveryorreversalCharge-offorwrite-offOtherchanges
Provisionforbaddebts4,733,463.822,633,926.15390,692.5950,968.086,925,729.30
Total4,733,463.822,633,926.15390,692.5950,968.086,925,729.30

Wherethesignificantamountofthereserveforbaddebtrecoveredorreversed:

□Applicable√NotapplicableOthernotesNone

(4)Accountsreceivableactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableWhere,theimportantaccountsreceivablewritten-off

□Applicable√NotapplicableNotestoaccountsreceivablewritten-off

□Applicable√Notapplicable

(5)Accountsreceivableandcontractassetsowedbythetopfivedebtorsbasedontheendingbalance

√Applicable□Notapplicable

Unit:Yuan(RMB)

OrganizationnameEndingbalanceoftradereceivablesEndingbalanceofcontractassetsEndingbalanceoftradereceivablesandcontractassetsProportionintotalendingbalanceofaccountsreceivable(%)Endingbalanceoftheprovisionforbaddebts
Company110,710,300.1810,710,300.187.18154,228.32
Company29,768,930.869,768,930.866.55140,672.60
Company38,478,929.978,478,929.975.691,798,681.54
Company48,258,026.018,258,026.015.54118,915.57
Company54,168,579.224,168,579.222.8060,027.54
Total41,384,766.2441,384,766.2427.762,272,525.57

OtherNotesNone

OtherNotes:

□Applicable√Notapplicable

2.OtherreceivablesItemsPresentation

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Interestreceivables415,312.11350,530.03
Dividendsreceivable
Otherreceivables1,710,924,896.8568,356,060.43
Total1,711,340,208.9668,706,590.46

Othernotes:

□Applicable√NotapplicableInterestreceivables

(1)Classificationofinterestreceivable

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
Interestofaccountsreceivable415,312.11350,530.03
Total415,312.11350,530.03

(2)Significantoverdueinterest

□Applicable√Notapplicable

(3)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√NotapplicableDescriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√Notapplicable

(4)Iftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsN/ADescriptionofsignificantchangesinthebookbalanceofinterestreceivableswithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(5)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(6)Interestreceivablesactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofInterestreceivables:

□Applicable√NotapplicableInterestreceivableswrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableDividendreceivable

(1)Dividendreceivable

□Applicable√Notapplicable

(2)Significantdividendsreceivablewithageexceeding1year

□Applicable√Notapplicable

(3)Classifieddisclosurebybaddebtprovisionmethod

□Applicable√NotapplicableIndividualprovisionforbaddebts:

□Applicable√Notapplicable

Descriptionofindividualprovisionforbaddebts:

□Applicable√NotapplicableProvisionforbadanddoubtfuldebtsbasedonportfolio:

□Applicable√Notapplicable

(4)Iftheprovisionforbaddebtisaccruedinaccordancewiththegeneralmodelofexpectedcreditloss

□Applicable√NotapplicableClassificationbasisofeachstageandprovisionratioforbaddebtsNoneDescriptionofsignificantchangesinthebookbalanceofdividendreceivableswithchangesinlossprovisioninthecurrentperiod:

□Applicable√Notapplicable

(5)Provisionforbaddebts

□Applicable√NotapplicableAmongthem,theamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodissignificant:

□Applicable√NotapplicableOthernotes:

None

(6)Dividendreceivablesactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofdividendreceivables:

□Applicable√NotapplicableDividendreceivableswrite-offdescription:

□Applicable√NotapplicableOthernotes:

□Applicable√NotapplicableOtherreceivables

(1)Disclosedbasedonaging

√Applicable□Notapplicable

Unit:Yuan(RMB)

AgingEndingbookbalanceOpeningbookbalance
Within1year
Where:Itemizedwithin1year
Within1year1,687,264,600.0167,617,489.04
Sub-totalwithin1year1,687,264,600.0167,617,489.04
1to2years23,157,493.30137,476.89
2to3years10,000.0032,000.00
Over3years522,003.54579,394.50
Total1,710,954,096.8568,366,360.43

(2)Classificationbasedonthenatureoffund

□Applicable√Notapplicable

(3)Provisionforbaddebts

√Applicable□Notapplicable

Unit:Yuan(RMB)

BaddebtprovisionStage1Stage2Stage3Total
12-monthExpectedCreditlossesLifetimeExpectedCreditlosses(nocreditimpairmentincurred)Lifetimeexpectedcreditlosses(creditimpairmentalreadyincurred)
BalanceasatJanuary1,202310,300.0010,300.00
BalanceasatJanuary1,2023inthereportingperiod
--TransferredintoStage2
--TransferredintoStage3
--ReveredtoStage2
--ReversedtoStage1
Accrual18,900.0018,900.00
Reversal
Transferout
Write-off
Otherchanges
BalanceasatDecember31,202329,200.0029,200.00

ClassificationbasisofeachstageandprovisionratioforbaddebtsN/ANotetothesignificantchangesinthebookbalanceofotherreceivableswithchangesinprovisionforlossinthereportingperiod:

□Applicable√NotapplicableTheamountofprovisionforbaddebtsinthereportingperiodandthebasisforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly

□Applicable√Notapplicable

(4)Provisionforbaddebts

√Applicable□Notapplicable

Unit:Yuan(RMB)

CategoriesOpeningbalanceAmountofmovementduringthereportingperiodEndingbalance
ProvisionRecoveryorreversalCharge-offorwrite-offOtherchanges
Baddebtprovision10,300.0018,900.0029,200.00
Total10,300.0018,900.0029,200.00

Whereasignificantamountofthereserveforbaddebtrecoveredorreversedduringthereportingperiod:

□Applicable√NotapplicableOthernotesNone

(5)Otherreceivablesactuallywrittenoffinthereportingperiod

□Applicable√NotapplicableSignificantwrite-offofotherreceivables:

□Applicable√NotapplicableDescriptionofwrite-offofotherreceivables:

□Applicable√Notapplicable

(6)Otherreceivablesowedbythetopfivedebtorsbasedontheendingbalance

√Applicable□Notapplicable

Unit:Yuan(RMB)

OrganizationnameEndingbalanceProportionintotalendingbalanceofotherreceivablesNatureofPaymentAgingClosingbalanceofProvisionforbaddebts
Company11,484,812,105.6686.78IntercompanyWithin1
borrowingsyear
Company298,000,000.005.73IntercompanyborrowingsWithin1yearand1to2years
Company383,000,000.004.85IntercompanyborrowingsWithin1year
Company415,000,000.000.88Intercompanyborrowings1to2years
Company512,686,756.670.74IntercompanyaccountsWithin1year
Total1,693,498,862.3398.98//

(7)Presentationinotherreceivablesduetocentralizedmanagementoffunds

□Applicable√NotapplicableOthernotes:

□Applicable√Notapplicable

3.Long-termequityinvestments

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsEndingbalanceOpeningbalance
BookbalanceProvisionforimpairmentBookvalueBookbalanceProvisionforimpairmentBookvalue
Investmentinsubsidiaries1,110,377,202.671,110,377,202.671,102,205,042.461,102,205,042.46
Investmentinassociatesandjointventures38,817,295.5238,817,295.52
Total1,110,377,202.671,110,377,202.671,141,022,337.981,141,022,337.98

(1)Investmentinsubsidiaries

√Applicable□Notapplicable

Unit:Yuan(RMB)

InvesteesOpeningbalanceIncreaseinthereportingperiodDecreaseinthereportingperiodEndingbalanceProvisionforimpairmentinthereportingperiodEndingbalanceoftheprovisionforimpairment
AimaNanfang100,000,000.00100,000,000.00
AimaChongqing866,070,335.7638,072,730.42904,143,066.18
HenanVehicle5,676,019.01-5,676,019.01
GuangdongVehicle2,838,009.50-2,838,009.50
GuangxiVehicle-1,419,004.751,419,004.75
ZhejiangVehicle2,838,009.50-2,838,009.50
TianjinVehicle9,933,033.27-9,933,033.27
AimaVentureCapital92,329,028.97869,285.8293,198,314.79
TianjinSports10,356,223.961,426,723.4011,782,947.36
Suiwanwan2,275,022.4975,685.322,350,707.81
SuperUniverse9,888,260.007,998,136.3617,886,396.36
SuotengTechnology1,100.0058,310,594.1458,311,694.14
Total1,102,205,042.46108,172,160.21100,000,000.001,110,377,202.67

(2)Investmentinassociatesandjointventures

√Applicable□Notapplicable

Unit:Yuan(RMB)

Investmentin:OpeningbalanceIncrease/decrease(+/-)inthereportingperiodEndingEndingbalanceof
IncrDecInvestmentOtherOtherCashProvisionOth
easereaseIncomeundertheequitymethodcomprehensiveincomeequitymovementdividenddeclaredforimpairmentersbalancetheprovisionforimpairment
I.Jointventure
Sub-total
II.Associates
TaizhouJinfu38,817,295.52-38,817,295.52
Sub-total38,817,295.52-38,817,295.52
Total38,817,295.52-38,817,295.52

(3)Impairmenttestoflong-termequityinvestments

□Applicable√NotapplicableOthernotes:

None

4.Operatingrevenueandcosts

(1)Operatingrevenueandcosts

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
IncomeCostIncomeCost
Primarybusiness8,141,955,276.747,696,852,769.188,032,042,197.597,464,933,212.00
Otherbusinesses212,797,399.54177,274,672.96231,734,878.05194,420,927.02
Total8,354,752,676.287,874,127,442.148,263,777,075.647,659,354,139.02

(1).(2)Breakdownofoperatingincomeandoperatingcost

√Applicable□NotapplicableUnit:Yuan(RMB)

ContractclassificationTotal
BusinessincomeOperatingcosts
CommodityType
Revenuefromelectrictwo-wheelers,electrictricycle,bicyclesandaccessories8,141,955,276.747,696,852,769.18
Rentalincome20,839,493.3717,390,429.26
Otherincome191,957,906.17159,884,243.70
Classificationbyregionofoperation
ChineseMainland8,314,180,504.647,839,544,341.37
Othercountriesorregions40,572,171.6434,583,100.77
Classificationbytimeofgoodstransfer
Transferatapointintime8,333,913,182.917,856,737,012.88
Transferredoveraperiodoftime20,839,493.3717,390,429.26
Total8,354,752,676.287,874,127,442.14

Othernotes

□Applicable√Notapplicable

(2).(3)Notestoperformanceobligations

√Applicable□NotapplicableUnit:Yuan(RMB)

ProjectTimingofperformanceobligationsSignificantpaymenttermsThenatureofthegoodsthecompanyundertakestotransferWhetheritisthemainresponsiblepersonAmountsassumedbythecompanythatareexpectedtoberefundedtocustomersTypesofqualityassuranceprovidedbythecompanyandrelatedobligations
ContractliabilitiesWhengoodsaredeliveredtoacustomerThecontractpriceisgenerallydueupondeliveryofthegoodsandreceiptoftheinvoiceElectrictwo-wheelers,electrictricycle,etc.Yes0Qualityassurance
ProvisionofservicesWhenprovidingservicesAdvancereceiptsAftersalesextensionYes0None
Total////0/

(4)Notestoapportioningtotheresidualperformanceobligations

√Applicable□NotapplicableAttheendofthereportingperiod,therevenuecorrespondingtotheperformanceobligationsthathavebeensignedbuthavenotbeenfulfilledorhavenotbeenfulfilledis52,994,109.92yuan,ofwhich:

52,994,109.92yuanisexpectedtoberecognizedasrevenuein2024

(5)Significantcontractchangesorsignificanttransactionpriceadjustments

□Applicable√NotapplicableOthernotes:

None

5.Investmentincome

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmountincurredinthereportingperiodAmountincurredinthepreviousperiod
Long-termequityinvestmentincomeunderthecostmethod1,613,828,214.80666,500,000.00
Long-termequityinvestmentincomeundertheequitymethod-38,817,295.52-30,086,884.58
Returnoninvestmentfromfinancialproducts1,260,400.00-54,407.60
Gainsfromdisposaloflong-termequityinvestment11,346,684.29
Total1,576,271,319.28647,705,392.11

Othernotes:

None

6.Others

□Applicable√NotapplicableXX.Supplementaryinformation

1.Statementofnon-recurringgainorlossesinthereportingperiod

√Applicable□Notapplicable

Unit:Yuan(RMB)

ItemsAmount
Profitorlossfromdisposalofnon-currentassets,includingthewrite-offofprovisionforassetimpairment-5,102,906.88
Governmentgrantsrecognizedinduringprofitorloss(excludingthosehavingcloserelationshipwiththeCompany’snormalbusiness,conformingtothenationalpoliciesandregulationsandenjoyingongoingfixedamountorquantityaccordingtocertainstandard)148,273,316.15
Profitorlossarisingfromchangesinfairvalueoffinancialassetsandfinancialliabilitiesheldbynon-financialentities,andprofitorlossarisingfromdisposaloffinancialassetsandfinancialliabilities,exceptforeffectivehedgingactivitiesrelatedtotheCompany’snormal-17,226,650.77
businessoperations
Writebackoftheimpairmentprovisionforreceivablesthathavebeenindividuallytestedforimpairment3,439.63
Gainsarisingwhentheinvestmentcostinacquiringsubsidiaries,associates,andjointventureswaslessthanthefairvalueoftheidentifiablenetassetsatthetimeofinvestment99,502.54
Non-operatingincomeorexpensesotherthantheaboveitems18,838,780.52
Othergainorlossincompliancewiththedefinitionofnon-recurringgainorloss5,994,200.26
Less:Amountaffectedbytheincometax34,159,727.30
Affectedamountofminorityshareholders’equity(aftertax)72,171.19
Total116,647,782.96

IftheCompanyidentifiesitemsnotlistedinExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesOfferingSecuritiestothePublic-Non-recurringProfitandLossasnon-recurringprofitandlossitemsandtheamountissignificant,anddefinesnon-recurringprofitandlossitemslistedinExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesOfferingSecuritiestothePublic-Non-recurringProfitandLossasrecurringprofitandlossitems,thereasonsshallbeexplained.

□Applicable√NotapplicableOthernotes

□Applicable√Notapplicable

2.ROEandEPS

√Applicable□Notapplicable

ProfitinthereportingperiodNetreturnonequity,weightedaverage(%)Earningspershare
BasicearningspershareDilutedearningspershare
Netprofitattributabletoownersoftheparent25.402.202.12
Netprofitattributabletoownersoftheparentexcludingnon-recurringgainsorlosses24.012.061.99

3.DifferenceintheAccountingDatabasedrespectivelyontheChineseAccountingStandards(CAS)andInternationalAccountingStandards(IAS)

□Applicable√Notapplicable

4.Others

□Applicable√Notapplicable

ChairmanoftheBoard:ZhangJianTheReportwasapprovedbytheBoardofDirectors.Dateofthesubmission4/15/2024Revisioninformation

□Applicable√Notapplicable


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