Stock Code: 000521, 200521 Stock Abbreviation: Changhong Meiling, Changhong Meiling B
Announcement No.: 2026-070
Changhong Meiling Co., Ltd.
The Company and all members of the Board of Directors hereby confirm that the content of
this information disclosure is true, accurate, complete, and free from fictitious statements,
misleading statements, or important omissions.
Important Notice:
Does any director or senior executive has objections to the content of the quarterly report or is
unable to guarantee its truthfulness, accuracy, and completeness?
□ Yes √ No
(hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements,
misleading statements, or important omissions carried in this report, and shall take all
responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole
contents.
accounting work, and Mr. Hu Xiangfei, the head of the accounting body (accounting supervisor),
declare that they guarantee the authenticity, accuracy, and completeness of the financial
information in the quarterly report.
□ Yes √ No
I. Major Financial Data
(I) Main accounting data and financial indexes
Does it have retroactive adjustment or re-statement on previous accounting data?
□ Yes √ No
Year-on-year change
From the beginning
Change compared to for the period from
of the year to the end
Reporting period the same period of the beginning of the
of the reporting
last year year to the end of the
period
reporting period
Operating revenue
(RMB)
Net profit
attributable to
shareholders of the -49,533,974.57 -169.55% 8,448,670.89 -98.27%
listed company
(RMB)
Net profit
attributable to
shareholders of the
listed company after -73,519,859.38 -222.57% -82,480,981.57 -118.29%
deducting non-
recurring gains and
losses (RMB)
Net cash flows
generated from
— — 856,778,398.71 -36.29%
operating activities
(RMB)
Basic earnings per
-0.0492 -171.10% 0.0084 -98.23%
share (RMB/share)
Diluted earnings per
-0.0492 -171.10% 0.0084 -98.23%
share (RMB/share)
Weighted average Decrease by 2 Decreased by 7.72
-0.84% 0.14%
return on net assets percentage points percentage points
End of the reporting
End of last year Change compared to end of last year
period
Total assets (RMB) 26,604,218,162.51 22,302,792,548.16 19.29%
Equity attributable to
shareholders of the
listed company
(RMB)
(II) Items and amounts of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
Amount for the period
Amount in the from the beginning of the
Items Description
reporting period year to the end of the
reporting period
Gains or losses on disposal of non-current
assets (including the reversal of previously 142,783.66 118,149.35
recognized asset impairment provisions)
Government grants recognized in profit or
loss for the current period (excluding those
closely related to the Company’s normal
operations, in compliance with national 15,390,562.16 38,553,975.39
policies, enjoyed according to fixed
standards and having a sustained impact on
the Company’s profit or loss)
Gains or losses from fair value changes of
The main reason is
financial assets and financial liabilities held
the profit and loss
by non-financial enterprises and gains or
generated from
losses from disposal of such assets and 12,761,993.49 55,719,588.25
changes in fair
liabilities, other than effective hedging
value and disposal
activities related to the Company’s normal
of financial assets
operations
Reversal of impairment provisions for
receivables tested for impairment 3,088,385.77
individually
Other non-operating income and expenses
other than the above items
Other gains/losses items that meets the
definition of non-recurring gains and losses
Less: impact on income tax 4,343,541.89 17,399,757.12
Effect of minority interests (after tax) 1,070,907.84 3,028,412.70
Total 23,985,884.81 90,929,652.46 --
Details of other gains/losses items that meets the definition of non-recurring gains and losses:
□ Applicable √ Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains and losses in
the Company.
Explain the items defined as recurring gains and losses according to the lists of non-recurring
gains and losses in Q&A Announcement No.1 on Information Disclosure for Companies Offering
Their Securities to the Public --- Non-recurring Gains and Losses
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of non-recurring
gains and losses in Q&A Announcement No.1 on Information Disclosure for Companies Offering
Their Securities to the Public --- Non-recurring Gains and Losses.
(III) Analysis of changes in main accounting data and financial indexes
√ Applicable □ Not applicable
Balance at end of Change
Report item Ending balance Reason for change
previous year ratio
Mainly due to the purchase of
Trading financial assets 1,835,761,948.21 —— —— wealth management products in the
current period
It was primarily due to the increase
Notes receivable 20,313,327.48 ——
in customer settlement bills
It is mainly due to the seasonal
Accounts receivable 3,001,023,741.90 2,014,944,491.33 48.94%
fluctuation of revenue
Mainly due to a decrease in the
Accounts receivable Company’s discounting of bank
financing acceptance bills compared with the
beginning of the period
Mainly due to an increase in debt
Non-current Assets
Due within One Year
year in the current period
Mainly due to adjustments to the
Debt Investments 960,589,766.24 1,661,029,964.49 -42.17% Company’s capital allocation
structure.
Mainly due to an increase in the
Construction in
progress
commencing operations
Other Non-current Mainly due to a decrease in the
Assets Company’s prepayments
Derivative financial Mainly due to exchange rate
liabilities fluctuations in the current period
It is mainly due to the increase in
Notes payable 10,100,683,029.04 7,004,658,556.59 44.20%
operational procurement
Mainly due to an increase in
Accounts payable 6,560,852,906.41 4,934,324,141.76 32.96%
purchases for operating activities
Mainly due to changes in relevant
taxes resulting from a decrease in
Other current liabilities 16,212,074.04 54,001,977.67 -69.98%
advances received in the current
period
Mainly due to an increase in
government grants related to assets
Deferred income 190,154,151.20 139,056,707.76 36.75%
received by the Company in the
current period
Mainly due to ongoing stock
Treasury shares 150,036,041.38 86,960,746.82 72.53%
repurchases in the current period
Mainly due to a year-on-year
Special Reserve 54,729,992.62 38,391,282.14 42.56% increase in the base used to
calculate the provision
Corresponding
Current period
Report item prior period Change ratio Reason for change
amount
amount
Mainly due to exchange rate
Financial expenses -81,150,108.31 -186,471.43 -43418.79%
fluctuations in the current period
Mainly due to changes in the VAT
Other Income 63,941,970.40 125,123,336.51 -48.90% additional deduction in the current
period
Mainly due to exchange rate
Investment income 99,404,958.15 30,072,540.83 230.55%
fluctuations in the current period
Income from fair Mainly due to exchange rate
-21,642,139.65 88,670,567.94 -124.41%
value changes fluctuations in the current period
Mainly due to a decrease in
Credit Impairment provisions for bad debt losses on
-4,152,055.76 -25,339,996.75 -83.61%
Losses accounts receivable in the current
period
Mainly due to an increase in
Non-operating
Income
current period
Mainly due to a decrease in the
Non-operating
Expenses
the current period
Income tax Mainly due to a decrease in profit
expenses in the current period
Corresponding
Current period Change
Report item prior period Reason for change
amount ratio
amount
Mainly due to a decrease in
Cash paid for various
taxes
current period
Net cash received from
Mainly due to an increase in
disposal of fixed assets,
intangible assets, and
current period
other long-term assets
Other Cash Received Mainly due to exchange rate
Relating to Investing 224,531,627.51 123,604,562.13 81.65% fluctuations in the current
Activities period
Other Cash Paid Mainly due to exchange rate
Relating to Investing 14,224,866.33 134,132,125.91 -89.39% fluctuations in the current
Activities period
Cash received from Mainly due to a decrease in
borrowings borrowings in the current period
Other Cash Received Mainly due to an increase in the
Relating to Financing 1,653,841,240.19 332,226,468.58 397.81% discounting of bills not yet due
Activities in the current period
Mainly due to a year-on-year
Cash paid for
repayment of debts
borrowings in the current period
Mainly due to a year-on-year
Cash paid for
decrease in dividends paid on
dividends, profit 236,988,857.08 362,242,151.38 -34.58%
the Company’s shares in the
distribution, or interest
current period
Mainly due to an increase in
Other Cash Paid
guarantee deposits for bank
Relating to Financing 1,192,550,319.70 202,114,377.38 490.04%
acceptance bills in the current
Activities
period
Mainly due to exchange rate
Effect of exchange rate
-36,225,533.31 5,683,154.75 -737.42% fluctuations in the current
changes on cash
period
II. Use of Proceeds
□ Applicable √ Not applicable
The Company had no use of proceeds during the reporting period.
III. Shareholder Information
(I) Total Number of ordinary shareholders and preference shareholders with restored
voting rights, and shareholdings of the top 10 shareholders
Unit: Shares
Total number of preferred shareholders
Total number of ordinary shareholders at the
end of the reporting period
the reporting period (if any)
Shareholdings of the top 10 shareholders (excluding shares lent through securities lending and borrowing)
Name of shareholder Nature of Shareh Number of Number of Pledge, marking or
shareholders olding shares held shares freezing status
ratio subject to
Status of
restricted Number
shares
conditions
Sichuan Changhong Electric State-owned 24.12
Co., Ltd. legal person %
Hong Kong Securities Overseas
Clearing Company Limited legal person
CHANGHONG (HK) Overseas
TRADING LIMITED legal person
Hefei Industry Investment State-owned
Holding (Group) Co., Ltd. legal person
Overseas
CAO SHENGCHUN 1.43% 14,766,086 0 —— ——-
natural person
Domestic
Wang Jialing 1.18% 12,200,018 0 —— ——-
natural person
Domestic
Li Tao 1.10% 11,333,200 0 —— ——-
natural person
Domestic
Xu Qianwei 0.82% 8,486,600 0 —— ——-
natural person
Phillip Securities (Hong Overseas
Kong) Limited legal person
Industrial and Commercial
Domestic
Bank of China Limited –
non-state-
Taikang Strategy Preferred 0.49% 5,000,000 0 —— ——-
owned legal
Flexible Allocation Hybrid
person
Securities Investment Fund
Shareholding of the top 10 shareholders with unrestricted shares (excluding shares lent through securities lending
and senior management lock-up shares)
Class and number of
Number of shares not subject to shares
Name of shareholder
restricted conditions Type of
Number
shares
RMB
Sichuan Changhong Electric Co., Ltd. 248,457,724 ordinary 248,457,724
shares
RMB
Hong Kong Securities Clearing Company
Limited
shares
Domesti
c listed
CHANGHONG (HK) TRADING LIMITED 30,582,182 30,582,182
foreign
shares
RMB
Hefei Industry Investment Holding (Group)
Co., Ltd.
shares
Domesti
c listed
CAO SHENGCHUN 14,766,086 14,766,086
foreign
shares
RMB
Wang Jialing 12,200,018 ordinary 12,200,018
shares
RMB
Li Tao 11,333,200 ordinary 11,333,200
shares
Xu Qianwei 8,486,600 RMB 8,486,600
ordinary
shares
Domesti
c listed
Phillip Securities (Hong Kong) Limited 6,296,913 6,296,913
foreign
shares
Industrial and Commercial Bank of China RMB
Limited – Taikang Strategy Preferred Flexible 5,000,000 ordinary 5,000,000
Allocation Hybrid Securities Investment Fund shares
Among the above shareholders, CHANGHONG (HK)
TRADING LIMITED (hereinafter referred to as
“Hong Kong Changhong”) is a wholly-owned
subsidiary of Sichuan Changhong Electric Co., Ltd.
(hereinafter referred to as “Sichuan Changhong”). In
addition to directly holding the Company’s B shares,
Hong Kong Changhong also holds 6,296,913 B shares
Explanation of related-party relationships or acting-in- of the Company through Phillip Securities (Hong
concert arrangements among the above shareholders Kong) Limited. Sichuan Changhong and Hong Kong
Changhong have a related party relationship and
constitute acting-in-concert parties. The Company is
unaware of whether any relationships exist among the
other shareholders or whether any of them are persons
acting in concert as defined in the Administrative
Measures for Information Disclosure on Changes in
Shareholdings of Shareholders of Listed Companies.
Explanation of participation by the top 10 shareholders
N/A
in margin financing and securities lending (if any)
Note: As at the end of this reporting period, the Company has repurchased a total of 22,575,498 A-shares
through the special securities account for share repurchase via centralized bidding transactions, accounting for
Participation of shareholders holding more than 5%, the top 10 shareholders, and the top 10
unrestricted circulating shareholders in securities lending under the margin trading and securities
lending scheme
□ Applicable √ Not applicable
Changes in the top 10 shareholders and top 10 unrestricted circulating shareholders’ holdings
compared to the previous period due to lending/return under the margin trading and securities
lending scheme
□ Applicable √ Not applicable
(II) Total number of preference shareholders of the Company and shareholdings of the top
□ Applicable √ Not applicable
IV. Other Significant Matters
√ Applicable □ Not applicable
Compliance Officer, General Counsel, and all other positions due to a job transfer. She is now
employed by the controlling shareholder's related unit. Details were disclosed by the Company in
the form of an announcement (Announcement No. 2026-002) on January 22, 2026 in the
designated information disclosure media Securities Times, China Securities Journal, and Juchao
Website (www.cninfo.com.cn).
Chairman, Chair of the Strategy Committee, Member of the Audit Committee, Member of the
Nomination Committee, Member of the Compensation and Appraisal Committee, Chair of the
ESG Management Committee, and all other positions of the 11th Board of Directors due to a job
transfer. He still holds positions in the controlling shareholder's unit. Details were disclosed by
the Company in the form of an announcement (Announcement No. 2026-003, 2026-004) on
January 27, 2026 in the designated information disclosure media Securities Times, China
Securities Journal, and Juchao Website (www.cninfo.com.cn).
approved to elect Mr. Li Xiaodong as a non-independent director of the 11th Board of Directors
of the Company, effective from the date of approval by the board of shareholders until the
expiration of the 11th Board of Directors’ term. At the 27th meeting of the 11th Board of
Directors, it was approved to elect Mr. Li Xiaodong as the Chairman of the 11th Board of
Directors, effective from the date of Board approval until the expiration of the 11th Board of
Directors' term. Details were disclosed by the Company in the form of an announcement
(Announcement No. 2026-008, 2026-009 and 2026-010) on February 12, 2026 in the designated
information disclosure media Securities Times, China Securities Journal, and Juchao Website
(www.cninfo.com.cn).
no longer serves as a Director of the 11th Board of Directors, Member of the Strategy Committee,
Member of the ESG Management Committee, or holds any other position in the Company. He
still holds a position at the controlling shareholder’s related entity. To ensure the standardized
operation of the Company’s Board of Directors and in accordance with relevant provisions, the
Company convened an Employee Representative Congress on April 1, 2026, and elected Mr. Lu
Haiyang as the employee director of the 11th Board of Directors of the Company. His term of
office commences on the date of election and approval at this Employee Representative Congress
and expires upon the end of the term of the 11th Board of Directors. Details were disclosed by the
Company in the form of an announcement (Announcement No. 2026-014, 2026-025) on April 3,
and Juchao Website (www.cninfo.com.cn).
job transfer but continued to serve as the Chairman of the Company’s subsidiary, Sichuan
Changhong Air Conditioner Co., Ltd. Mr. Kou Huameng resigned from his position as Vice
President and all other positions due to a job transfer, and now works at an entity of a connected
party. Due to work adjustment, Mr. Wang Xiaocheng no longer served as Vice President of the
Company and is now employed by a subsidiary controlled by the Company. In accordance with
relevant provisions, upon nomination by Mr. Tang Youdao, President of the Company, review
and approval at the 9th meeting of the Nomination Committee of the 11th Board of Directors, and
deliberation and approval at the 28th meeting of the 11th Board of Directors, the Company
appointed Mr. Huang Herong, Mr. Tang Shenjie and Mr. Zhang Hao as Vice Presidents of the
Company. Their terms of office commence on the date of approval by the Board of Directors and
expire upon the end of the term of the 11th Board of Directors. Details were disclosed by the
Company in the form of an announcement (Announcement No. 2026-014, 2026-026) on April 3,
and Juchao Website (www.cninfo.com.cn).
Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, the 2025
Profit Distribution Proposal of the Company was approved. Based on 1,007,348,217 shares of the
Company’s total share capital excluding 22,575,498 repurchased shares, the Company will
distribute a cash dividend of RMB 2.10 (including tax) for every 10 shares held by all
shareholders. No stock dividend will be issued and no capital reserve will be converted into share
capital. On this basis, the total cash dividend to be distributed amounts to RMB 211,543,125.57
(including tax). On June 16, 2026, the Company disclosed the Announcement on the
Implementation of the 2025 Profit Distribution Plan and implemented the aforementioned profit
distribution plan. For detailed information, the Company disclosed relevant content via
announcements (Announcement No. 2026-014, 2026-016, 2026-038 and 2026-039) on designated
information disclosure media including Securities Times, China Securities Journal and Juchao
Website (www.cninfo.com.cn) on April 3, 2026, June 9, 2026 and June 16, 2026.
Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, it was
agreed to reappoint Pan-China Certified Public Accountants LLP as the audit institution for the
Company’s 2026 financial statements and internal control, for a term of one year. For detailed
information, the Company disclosed relevant content via announcements (Announcement No.
Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3,
the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders,
the Company and its subsidiaries are permitted to conduct forward foreign exchange transaction
business during the period from July 1, 2026 to June 30, 2027, mainly including forward foreign
exchange transactions, RMB foreign exchange swaps, RMB foreign exchange options, non-
deliverable forward foreign exchange transactions and other foreign exchange derivative
transactions. The total transaction volume shall not exceed USD 2.222 billion (mainly including
US dollars, Australian dollars and euros; all other foreign currencies shall be converted into US
dollars). The maximum settlement period for a single transaction shall not exceed one year. For
detailed information, the Company disclosed relevant content via announcements (Announcement
No. 2026-014, 2026-019 and 2026-038) on designated information disclosure media including
Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3,
the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders,
the Company and its subsidiaries are allowed to apply to Industrial Bank Co., Ltd. Hefei Branch
for a special bill pool credit line of up to RMB 600 million with a credit term of 2 years. For
detailed information, the Company disclosed relevant content via announcements (Announcement
No. 2026-014, 2026-021 and 2026-038) on designated information disclosure media including
Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3,
the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders,
the Company formulated the Remuneration Management System for Directors and Senior
Management of the Company and the 2026 Director Remuneration Plan. For detailed information,
the Company disclosed relevant content via announcements (Announcement No. 2026-014, 2026-
Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3, 2026 and June 9, 2026.
the appointment of Mr. Lu Haiyang as the Company’s Chief Compliance Officer. His term of
office commenced on the date of approval by the 29th meeting of the 11th Board of Directors and
will expire upon the conclusion of the term of the 11th Board of Directors. Details were disclosed
by the Company in the form of an announcement (Announcement No. 2026-028, 2026-031) on
April 22, 2026 in the designated information disclosure media Securities Times, China Securities
Journal, and Juchao Website (www.cninfo.com.cn).
and the 2025 Annual General Meeting of Shareholders reviewed and approved the Proposal on
Subsidiary Suspending Investment and Construction of the Smart Home Appliance Industrial
Park Project by the Subsidiary. In view of changes in market conditions and the Company’s
production and operating plans, and in accordance with the principle of prudence, the Company
decided to temporarily suspend investment in and construction of the Hefei Changhong Smart
Home Appliance Industrial Park project by its subsidiary, Hefei Industrial. The Chairman of the
Company was also authorized to commence construction of the project at an appropriate time,
taking into account market demand and the Company’s capacity utilization.The detailed
information was disclosed by the company in the form of announcements (Announcements No.
Securities Times, China Securities Journal, and CNINFO (www.cninfo.com.cn), on May 19 and
June 9, 2026.
Announcement on Shareholder Appreciation Activities. In order to express gratitude to
shareholders for their long-term support, establish diversified shareholder return mechanisms,
enable shareholders to experience the Company’s new products and services, and enhance
investors’ understanding and recognition of the Company’s intrinsic value, the Company held the
“Changhong Meiling Shareholder Appreciation Event” from May 29 to May 31, 2026. Details
were disclosed by the Company in the form of an announcement (Announcement No. 2026-036)
on May 27, 2026 in the designated information disclosure media Securities Times, China
Securities Journal, and Juchao Website (www.cninfo.com.cn).
reviewed and approved the Proposal on the Revision and Formulation of Certain Corporate
Governance Policies. To further improve the Company’s operational standards and corporate
governance structure, the Company revised and formulated 16 corporate governance policies in
accordance with applicable laws, regulations, regulatory documents and the Articles of
Association, taking into account its specific circumstances. These policies include the Rules of
Procedure for Independent Directors, the Rules of Procedure for Special Meetings of Independent
Directors, and the Implementation Rules for the Audit Committee under the Board of Directors.
Details were disclosed by the Company in the form of an announcement (Announcement No.
Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
Increase Plan by Persons Acting in Concert with the Controlling Shareholder and the Initial
Share Increase. In view of its confidence in the Company’s future development and recognition
of the Company’s long-term investment value, Hong Kong Changhong, a party acting in concert
with the Company’s controlling shareholder, Sichuan Changhong, planned to increase its holdings
of the Company’s B shares by a total of no fewer than 13.5 million shares and no more than 27
million shares, inclusive of the shares acquired on August 20, 2026. On August 20, 2026, Hong
Kong Changhong increased its shareholding in the Company for the first time by acquiring
trading system, representing 0.11% of the Company’s total share capital. Details were disclosed
by the Company in the form of an announcement (Announcement No. 2026-049) on August 21,
and Juchao Website (www.cninfo.com.cn).
reviewed and approved the Proposal on Investment in and Construction of Clothes Dryer and
Dishwasher Projects by the Company and Its Subsidiary. In line with the Company’s strategic
development plan and business needs, and with the aim of broadening its portfolio of white goods
and achieving high-quality development, it was agreed that the Company and its subsidiary, Hefei
Changhong Industrial Co., Ltd., would jointly invest in the construction of clothes dryer and
dishwasher projects using self-raised funds, with a total investment of RMB 79.8 million. Upon
implementation, the projects will increase clothes dryer production capacity, broaden the
Company’s white goods product portfolio, leverage synergies between its industrial operations
and sales channels, and support the Company’s high-quality development. Details were disclosed
by the Company in the form of an announcement (Announcement No. 2026-051, 2026-052) on
September 10, 2026 in the designated information disclosure media Securities Times, China
Securities Journal, and Juchao Website (www.cninfo.com.cn).
V. Quarterly Financial Statements
(I) Financial Statements
Prepared by: Changhong Meiling Co., Ltd.
September 30, 2026
Unit: RMB
Items Ending balance Beginning balance
Current Assets:
Cash and cash equivalents 10,869,512,867.73 10,186,661,869.94
Settlement reserve
Funds lent
Trading financial assets 1,835,761,948.21 -
Derivative financial assets 51,366,504.11 61,841,784.71
Notes receivable 20,313,327.48 -
Accounts receivable 3,001,023,741.90 2,014,944,491.33
Accounts receivable financing 986,267,305.67 409,930,586.39
Prepayments 92,790,893.25 92,667,517.48
Premiums receivable
Reinsurance receivables
Reinsurance contract reserves
receivable
Other receivables 45,660,202.34 41,558,190.51
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventory 2,346,964,839.49 2,079,744,997.60
Including: Data resources
Contract assets 693,967.94 725,425.50
Assets held for sale
Non-current Assets Due within One
Year
Other Current Assets 458,883,448.71 372,910,923.88
Total current assets 20,653,650,538.42 15,920,781,908.05
Non-Current Assets:
Loans and advances
Debt Investments 960,589,766.24 1,661,029,964.49
Other debt investments
Long-term receivables
Long-term Equity Investments 71,979,660.81 88,148,806.34
Other equity instrument investments
Other Non-current Financial Assets 661,955,738.52 661,832,269.76
Investment Properties 59,472,230.65 63,387,835.97
Fixed assets 2,333,752,536.95 2,276,129,362.07
Construction in progress 290,898,643.61 127,282,346.90
Productive biological assets
Oil and gas assets
Right-of-use assets 114,425,135.93 132,921,569.77
intangible assets 1,109,566,353.84 1,031,493,131.01
Including: Data resources
Development Expenditures 167,385,113.16 158,231,792.93
Including: Data resources
Goodwill
Long-term Deferred Expenses 32,507,222.66 26,427,371.81
Deferred tax assets 133,779,040.31 128,269,696.72
Other Non-current Assets 14,256,181.41 26,856,492.34
Total non-current assets 5,950,567,624.09 6,382,010,640.11
Total assets 26,604,218,162.51 22,302,792,548.16
Current Liabilities:
Short-term borrowings 877,729,667.60 810,099,931.94
Borrowings from central bank
Funds borrowed
Trading financial liabilities
Derivative financial liabilities 58,577,125.57 38,804,849.55
Notes payable 10,100,683,029.04 7,004,658,556.59
Accounts payable 6,560,852,906.41 4,934,324,141.76
Advances Received 2,032,602.18 20,340.81
Contract liabilities 714,868,087.19 871,792,341.16
Financial assets sold under repurchase
agreements
Deposits and interbank placements
Securities sold for clients
Securities underwriting payables
Employee Benefits Payable 316,123,348.19 382,124,656.03
Taxes payable 50,389,072.26 63,147,720.26
Other payables 1,110,873,654.37 1,154,695,090.66
Including: Interest payable
Dividends payable 8,438,469.40 7,492,505.08
Fees and commissions payable
Reinsurance payables
Liabilities held for sale
Non-current Liabilities Due within
One Year
Other current liabilities 16,212,074.04 54,001,977.67
Total current liabilities 19,858,070,031.32 15,359,674,809.26
Non-Current Liabilities:
Insurance contract reserves
Long-term Borrowings 135,067,500.00 111,178,667.25
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 95,525,373.75 114,402,511.69
Long-term Payables 11,455.93 117,944.72
Long-term Employee Benefits Payable 8,361,008.20 9,021,087.36
Estimated liabilities 35,212,883.51 33,463,947.66
Deferred income 190,154,151.20 139,056,707.76
Deferred tax liabilities 39,340,410.57 44,604,488.14
Other non-current liabilities
Total non-current liabilities 503,672,783.16 451,845,354.58
Total Liabilities 20,361,742,814.48 15,811,520,163.84
Owners’ equity:
Share capital 1,029,923,715.00 1,029,923,715.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital Reserves 2,749,778,298.08 2,749,778,298.08
Less: Treasury shares 150,036,041.38 86,960,746.82
Other Comprehensive Income -27,342,978.42 -23,780,049.29
Special Reserve 54,729,992.62 38,391,282.14
Surplus Reserves 551,363,051.46 551,363,051.46
General risk reserves
Undistributed Profits 1,621,738,860.09 1,824,833,314.77
Total equity attributable to owners of the
parent company
Minority Interests 412,320,450.58 407,723,518.98
Total owners’ equity 6,242,475,348.03 6,491,272,384.32
Total liabilities and owners’ equity 26,604,218,162.51 22,302,792,548.16
Legal representative: Li Xiaodong Head of accounting work: Yang Bing Head of accounting department:
Hu Xiangfei
the reporting period
Unit: RMB
Items Amounts incurred during the period Amount in prior period
I. Total operating revenue 22,767,742,938.03 25,392,929,837.63
Including: Operating revenue 22,767,742,938.03 25,392,929,837.63
Interest income
Earned premiums
Fee and commission income
II. Total operating costs 22,807,060,067.17 24,919,740,815.00
Including: Operating cost 20,906,678,915.84 22,814,651,602.20
Interest expense
Fee and commission expense
Surrender payments
Net claims expense
Net amount of withdrawal of insurance
reserve
Policyholder dividends paid
Reinsurance expenses
Taxes and Surcharges 83,232,341.26 88,461,144.95
Selling expenses 1,129,731,521.87 1,204,355,483.17
Administrative expenses 246,555,779.38 289,887,198.88
Research and Development Expenses 522,011,617.13 522,571,857.23
Financial expenses -81,150,108.31 -186,471.43
Including: Interest expenses 30,587,745.30 24,906,755.48
Interest income 87,920,488.79 101,392,384.88
Add: Other Income 63,941,970.40 125,123,336.51
Investment income (losses indicated with “–”) 99,404,958.15 30,072,540.83
Including: Share of profit of associates and
joint ventures
Gains on derecognition of financial
-7,469,915.31 -20,419,902.10
assets measured at amortized cost
Foreign exchange gains (losses indicated with
“–”)
Net hedging gains (losses indicated with “–”)
Gains from changes in fair value (losses
-21,642,139.65 88,670,567.94
indicated with “–”)
Credit impairment losses (losses indicated with
-4,152,055.76 -25,339,996.75
“–”)
Asset impairment losses (losses indicated with
-68,073,475.08 -82,435,256.97
“–”)
Gains on disposal of assets (losses indicated
with “–”)
III. Operating profit (losses indicated with “–”) 30,171,978.89 609,392,098.79
Add: Non-operating Income 15,732,291.47 5,649,236.72
Less: Non-operating Expenses 3,385,190.72 7,384,314.26
IV. Total profit (total losses indicated with “–”) 42,519,079.64 607,657,021.25
Less: Income tax expenses 25,468,513.26 104,245,622.31
V. Net profit (net losses indicated with “–”) 17,050,566.38 503,411,398.94
(I) Classified by continuity of operations
losses indicated with “–”)
losses indicated with “–”)
(II) Classified by ownership
parent company (presented as “-” for net loss)
shareholders (presented as “-” for net loss)
VI. Net of tax of other comprehensive income -3,669,254.02 -1,904,880.62
Other comprehensive income, net of tax, attributable -3,562,929.13 -1,817,393.46
to owners of the parent company
(I) Other comprehensive income not reclassifiable
to profit or loss
equity method not reclassifiable to profit or loss
instrument investments
Company’s own credit risk
(II) Other comprehensive income to be reclassified
-3,562,929.13 -1,817,393.46
into profit or loss
equity method reclassifiable to profit or loss
investments
income upon reclassification of financial assets
debt investments
-3,562,929.13 -1,817,393.46
translation difference
Other comprehensive income, net of tax, attributable
-106,324.89 -87,487.16
to minority shareholders
VII. Total Comprehensive Income 13,381,312.36 501,506,518.32
(I) Total comprehensive income attributable to
owners of the parent company
(II) Total comprehensive income attributable to
minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 0.0084 0.4743
(II) Diluted earnings per share 0.0084 0.4743
During the period, the net profit realized by the acquired entity under the common control business combination
before the combination was RMB 0, and in the previous period it was RMB 0.
Legal representative: Li Xiaodong Head of accounting work: Yang Bing Head of accounting department:
Hu Xiangfei
of the reporting period
Unit: RMB
Items Amounts incurred during the period Amount in prior period
I. Cash flows from operating activities:
Cash received from sale of goods and
provision of services
Net increase in customer deposits and
interbank placements
Net increase in borrowings from the
central bank
Net increase in funds borrowed from
other financial institutions
Cash received from original insurance
premiums
Net cash received from reinsurance
business
Net increase in policyholder deposits
and investment funds
Cash received for interest, fees and
commissions
Net increase in borrowed funds
Net increase in repurchase business
funds
Net cash received from agency
securities transactions
Tax refunds received 988,752,222.77 1,122,837,199.52
Other Cash Received Relating to
Operating Activities
Subtotal of Cash Inflows from Operating
Activities
Cash paid for purchase of goods and
services received
Net increase in loans and advances to
customers
Net increase in placements with the
central bank and other banks
Cash paid for claims under original
insurance contracts
Net increase in funds lent
Cash paid for interest, fees and
commissions
Cash paid for policyholder dividends
Cash paid to and on behalf of
employees
Cash paid for various taxes 264,486,991.83 433,837,530.22
Other Cash Paid Relating to Operating
Activities
Subtotal of Cash Outflows from
Operating Activities
Net cash flows generated from operating
activities
II. Cash flows from investing activities:
Cash received from investment
recovery
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets, and other 2,378,800.42 1,404,030.10
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other Cash Received Relating to
Investing Activities
Subtotal of Cash Inflows from Investing
Activities
Cash paid for acquisition and
construction of fixed assets, intangible
assets, and other long-term assets
Cash paid for investments 25,376,857,648.48 23,370,000,000.00
Net increase in pledged loans
Net cash paid to acquire subsidiaries
and other business units
Other Cash Paid Relating to Investing
Activities
Subtotal of Cash Outflows from
Investing Activities
Net Cash Flows from Investing
-1,478,425,925.82 -2,698,805,261.40
Activities
III. Cash flows from financing activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholders’ investment in
subsidiaries
Cash received from borrowings 1,390,113,600.00 2,779,799,558.07
Other Cash Received Relating to
Financing Activities
Subtotal of Cash Inflows from Financing
Activities
Cash paid for repayment of debts 1,297,635,811.06 2,503,042,196.13
Cash paid for dividends, profit
distribution, or interest
Including: Dividends and profit paid
to minority shareholders by subsidiaries
Other Cash Paid Relating to Financing
Activities
Subtotal of Cash Outflows from
Financing Activities
Net cash flows from financing activities 316,779,852.35 44,627,301.76
IV. Effect of exchange rate changes on
-36,225,533.31 5,683,154.75
cash and cash equivalents
V. Net increase in cash and cash
-341,093,208.07 -1,303,599,690.57
equivalents
Add: Cash and cash equivalents at
beginning of period
VI. Ending balance of cash and cash
equivalents
Legal representative: Li Xiaodong Head of accounting work: Yang Bing Head of accounting department:
Hu Xiangfei
(II) Adjustments to relevant items in the opening financial statements for the year of first-
time adoption of new accounting standards, effective from 2026
□ Applicable √ Not applicable
(III) Audit Report
Has the financial and accounting report for the third quarter been audited?
□ Yes √ No
The Company’s financial and accounting report for the third quarter has not been audited.
Board of Directors of Changhong Meiling Co., Ltd.
October 27, 2026
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