Chongqing Changan Automobile Company Limited
Audit Report and Financial Statements
Xin Kuai Shi Bao Zi [2026]No. ZG10689
Chongqing Changan Automobile Company Limited
Audit Report and Financial Statements
(From January 1st, 2025 to December 31st, 2025)
Contents Page Number
I. Audit Report 1-8
II. Financial Statements
Consolidated Balance Sheet and Balance Sheet of the 1-4
Parent Company
Consolidated Income Statement and Income Statement 5-6
of the Parent Company
Consolidated Cash Flow Statement and Cash Flow 7-8
Statement of the Parent Company
Consolidated Statement of Changes in Owners' Equity 9-12
and Statement of Changes in Owners' Equity of the
Parent Company
Notes to the Financial Statements 1-207
Audit Report
Xin Kuai Shi Bao Zi [2026]No. ZG10689
All shareholders of Chongqing Changan Automobile Co., LTD：
I. Audit Opinion
We have audited the financial statements of Chongqing Changan
Automobile Co., LTD. (hereinafter referred to as “Changan Automobile”) ,
which include the consolidated and parent company's balance sheets as of
December 31, 2025, the consolidated and parent company's income
statements, consolidated and parent company's cash flow statements,
consolidated and parent company's statements of changes in owners'
equity for the year ended December 31, 2025, and the related notes to the
financial statements.
In our opinion, the accompanying financial statements have been
prepared in all material respects in accordance with the Accounting
Standards for Enterprises, and fairly present the consolidated and parent
company's financial position as of December 31, 2025, and the
consolidated and parent company's results of operations and cash flows
for the year ended December 31, 2025 of Changan Automobile.
II.Basis for the Audit Opinion
We conducted our audit in accordance with the Chinese Certified
Public Accountants Auditing Standards. The section of the audit report
titled "Responsibilities of the Certified Public Accountants for the Audit
of the Financial Statements" further explains our responsibilities under
these standards. In accordance with the Code of Professional Ethics for
Chinese Certified Public Accountants, we are independent of Changan
Automobile and have fulfilled our other ethical responsibilities. We
believe that the audit evidence we have obtained is sufficient and
appropriate, providing a basis for our audit opinion.
Audit Report page1
III. Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements for the current period. The responses to these matters were
conducted in the context of our audit of the financial statements as a
whole and forming our audit opinion. We do not express a separate
opinion on these matters.
The key audit matters identified in our audit are summarized as
follows:
Key Audit Matters How This Matter Was
Addressed in the Audit
(I) Recognition of Operating Revenue
The operating revenue of Changan Audit Response：
Automobile mainly comes from 1. Understand, evaluate, and test
automobiles, automotive parts and the design and effectiveness of
related products, and other the internal controls related to
outputs. In 2025, the amount of operating revenue.
operating revenue of Changan 2. Select samples of major sales
Automobile was RMB sixteen contracts, read and analyze the
billion four hundred million yuan, contract terms related to the
representing a growth rate of transfer of control rights and
year. Since revenue is one of the whether the revenue recognition
key performance indicators of complies with the requirements of
Changan Automobile, there is an the company's accounting
inherent risk that the management policies.
may manipulate the timing of 3. Select samples to perform
revenue recognition to achieve detailed tests of revenue
specific targets or expectations. recognition, and inspect
Therefore, we have identified supporting documents such as
revenue recognition as a key audit delivery slips, logistics waybills,
matter. and sales invoices.
Audit Report page2
Key Audit Matters How This Matter Was
Addressed in the Audit
procedures for accounts
receivable and revenue.
around the balance sheet date,
select samples to inspect
supporting documents such as
delivery slips and logistics
waybills, and evaluate whether
the relevant revenues are recorded
in the appropriate accounting
period.
significant revenue reversals or
large-scale returns after the
reporting period.
（II）Product Quality Assurance Deposit
According to the after-sales Audit Response：
service agreement or relevant 1、Understand the process and
national laws and regulations, internal controls related to the
Changan Automobile is obligated product quality guarantee
to provide after-sales repairs or provision, test the effectiveness of
replacements for sold vehicles key controls, and validate the
within a specified period. reliability of automated system
Additionally, to address quality controls.
and safety issues in sold vehicles, 2、Evaluate the reasonableness of
Changan Automobile may the current methodology for
periodically initiate voluntary estimating the product quality
recalls. Changan Automobile must guarantee provision, assess and
estimate the expenses incurred in test the key assumptions used in
fulfilling these quality assurance the estimation. Perform sample
obligations and the costs testing on actual warranty claims
Audit Report page3
Key Audit Matters How This Matter Was
Addressed in the Audit
associated with voluntary recalls, incurred during the year and
and accordingly recognize product inspect/recalculate the provision
quality guarantee expenses and the balance.
corresponding provision. 3、Review the adequacy of the
The provision for product quality related disclosures in the financial
guarantees is primarily based on statement notes.
historical claim experience, taking
into account changes in related
parts and labor costs, to estimate
future claims required for vehicles
currently under the
three-guarantee service period. For
additional voluntary recalls, a
recall plan is formulated, and the
total expected costs are estimated
based on the relevant parts, labor
costs, and the number of affected
vehicles. This estimation process
involves multiple assumptions and
judgments, and changes in these
factors may have a material impact
on the financial statements.
IV.Other Information
The management of Changan Automobile (hereinafter referred to as
the management) is responsible for other information. Other information
includes the information covered in Changan Automobile 's 2025 annual
report but excludes the financial statements and our audit report.
Audit Report page4
Our audit opinion on the financial statements does not cover other
information, and we do not issue any form of assurance conclusion on
other information.
In conjunction with our audit of the financial statements, our
responsibility is to read the other information. During this process, we
consider whether there are any material inconsistencies between the other
information and the financial statements or the circumstances we have
learned during the audit process, or whether there appear to be material
misstatements in the other information.
Based on the work we have performed, if we determine that there
are material misstatements in the other information, we should report
such facts. In this regard, we have no matters to report.
V. Responsibility of Management and Governance for the
Financial Statements
Management is responsible for preparing the financial statements in
accordance with the Accounting Standards for Enterprises, presenting
them fairly, and designing, implementing, and maintaining the necessary
internal controls to ensure that the financial statements are free from
material misstatements arising from fraud or error.
When preparing the financial statements, management is responsible
for assessing the going concern ability of Changan Automobile,
disclosing matters related to going concern (if applicable), and applying
the going concern assumption, unless there are plans for liquidation,
termination of operations, or there are no other realistic alternatives.
Those charged with governance are responsible for overseeing the
financial reporting process of Changan Automobile.
VI.Responsibilities of the Certified Public Accountants
for the Audit of the Financial Statements
Our objective is to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
Audit Report page5
whether due to fraud or error, and to issue an audit report that includes
our audit opinion. Reasonable assurance is a high level of assurance but is
not a guarantee that an audit conducted in accordance with auditing
standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the
financial statements.
In conducting the audit in accordance with auditing standards, we
exercise professional judgment and maintain professional skepticism.
Furthermore, we:
(1)Identify and assess the risks of material misstatement of the
financial statements due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain sufficient appropriate
audit evidence to provide a basis for our audit opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal
controls.
(2)Obtain an understanding of internal control relevant to the audit
in order to design appropriate audit procedures.
(3)Evaluate the appropriateness of accounting policies used by
management and the reasonableness of accounting estimates and related
disclosures made by management.
(4)Conclude on the appropriateness of management’s use of the
going concern basis of accounting. Based on the audit evidence obtained,
we conclude whether a material uncertainty exists related to events or
conditions that may cast significant doubt on Changan Automobile’s
ability to continue as a going concern. If we conclude that a material
uncertainty exists, auditing standards require us to draw users’ attention to
the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the
information available up to the date of the audit report. However, future
Audit Report page6
events or conditions may cause Changan Automobile to no longer be able
to continue as a going concern.
(5) Evaluate the overall presentation (including disclosures),
structure, and content of the financial statements, and assess whether they
fairly represent the underlying transactions and events.
(6) Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within Changan
Automobile to express an audit opinion on the consolidated financial
statements. We are responsible for directing, supervising, and performing
the group audit and remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit
matters. We describe these matters in our audit report unless law or
regulation precludes public disclosure, or in extremely rare circumstances,
we determine that a matter should not be communicated in the audit
report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits.
BDO China Shu Lun Pan CPA of China:
Certified Public Accountants LLP (Engagement Partner)
Audit Report page7
CPA of China：
China•Shanghai April 9th, 2026
Audit Report page8
Chongqing Changan Automobile Company Limited.
Consolidated Balance Sheet
December 31, 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Balance at the end of
Asset Notes V Closing balance
the previous year
Current Assets：
Cash and Cash Equivalents (I) 54,021,735,265.29 64,182,095,662.74
Provision for Settlement
Funds Lent
Trading Financial Assets (II) 155,013,154.45
Derivative Financial Assets
Notes Receivable (III) 32,997,945,089.19 45,580,904,582.72
Accounts Receivable (IV) 4,196,844,647.15 3,398,477,724.75
Financial Assets Secured by Receivables
Advances to Suppliers (V) 492,287,143.77 507,313,682.07
Premiums Receivable
Reinsurance Receivables
Provision for Reinsurance Contracts Receivable
Other Receivables (VI) 882,272,960.21 2,386,898,598.92
Reverse Repurchase of Financial Assets
Inventories (VII) 22,518,286,370.64 17,081,370,658.58
Among which: Data Resources
Contract Assets (VIII) 155,271,537.07 592,426,824.74
Assets Held for Sale
Non-current Assets Due within One Year (IX) 1,490,708,211.34 309,148,116.22
Other Current Assets (X) 11,797,921,098.67 2,174,955,833.01
Total Current Assets 128,553,272,323.33 136,368,604,838.20
Non-current Assets:
Loans and Advances
Debt Investments
Other Debt Investments
Long-term Receivables (XI) 1,274,106,334.49 1,528,927,601.39
Long-term Equity Investments (XII) 20,426,682,382.90 18,525,675,882.50
Other Equity Instrument Investments (XIII) 692,201,858.72 496,524,273.53
Other Non-current Financial Assets
Investment Real Estate (XIV) 5,742,580.36 5,969,291.92
Fixed Assets (XV) 22,048,786,066.87 21,773,526,063.55
Construction in Progress (XVI) 1,028,734,574.34 1,596,384,269.60
Productive Biological Assets
Oil and Gas Assets
Right-of-use Assets (XVII) 396,605,258.85 273,297,841.75
Intangible Assets (XVIII) 17,225,098,767.53 16,771,849,926.23
Among which: Data Resources
Development Expenditure VI 3,395,674,763.46 1,729,932,488.67
Among which: Data Resources
Goodwill (XIX) 1,810,730,443.16 1,810,730,443.16
Long-term Prepaid Expenses (XX) 16,720,940.28 16,732,447.77
Deferred Income Tax Assets (XXI) 3,495,470,770.57 3,564,260,247.57
Financial Statements Page1
Balance at the end of
Asset Notes V Closing balance
the previous year
Other Non-current Assets (XXII) 2,591,246,110.90 3,705,745,345.02
Total Non-current Assets 74,407,800,852.43 71,799,556,122.66
Total Assets 202,961,073,175.76 208,168,160,960.86
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page2
Chongqing Changan Automobile Company Limited.
Consolidated Balance Sheet (Continued)
December 31, 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Balance at the end of the
Liabilities and Owners' Equity Notes V Closing balance
previous year
Current Liabilities：
Short-term Borrowings (XXIV) 512,275,913.93 40,036,055.69
Borrowings from the Central Bank
Funds Borrowed
Trading Financial Liabilities
Derivative Financial Liabilities
Notes Payable (XXV) 43,979,523,780.79 34,810,605,512.61
Accounts Payable (XXVI) 29,841,076,563.69 43,835,671,129.12
Advances from Customers (XXVII) 408,273.22 477,390.93
Contract Liabilities (XXVIII) 6,908,609,058.22 10,887,896,995.49
Proceeds from Sale and Repurchase of Financial Assets
Deposits from Customers and Deposits from Financial
Institutions
Funds for Agency Securities Trading
Funds for Agency Securities Underwriting
Employee Benefits Payable (XXIX) 4,237,501,344.56 3,209,780,953.87
Taxes and Levies Payable (XXX) 852,993,806.83 1,528,582,531.63
Other Payables (XXXI) 5,871,006,412.33 6,407,775,538.76
Handling Fees and Commissions Payable
Reinsurance Payables
Liabilities Held for Sale
Non-current Liabilities Due within One Year (XXXII) 698,694,814.67 128,914,461.78
Other Current Liabilities (XXXIII) 13,157,375,543.64 12,507,633,539.96
Total Current Liabilities 106,059,465,511.88 113,357,374,109.84
Non-current Liabilities：
Provision for Insurance Contracts
Long-term Borrowings (XXXIV) 36,000,000.00
Bonds Payable (XXXV) 999,803,773.56 999,705,660.36
Among which：Preferred Shares
Perpetual Bonds
Lease Liabilities (XXXVI) 299,147,228.72 269,211,409.06
Long-term Payables (XXXVII) 2,544,487,345.21 2,456,527,871.71
Long-term Employee Benefits Payable (XXXVIII) 24,579,373.29 26,693,372.65
Provision (XXXIX) 8,144,754,556.93 7,704,647,749.44
Deferred Income (XL) 80,699,392.58 184,197,219.64
Deferred Income Tax Liabilities (XXI) 1,570,443,322.44 1,834,714,931.18
Other Non-current Liabilities (XLI) 1,252,965,662.48 2,218,489,394.88
Total Non-current Liabilities 14,916,880,655.21 15,730,187,608.92
Total Liabilities 120,976,346,167.09 129,087,561,718.76
Owners' Equity：
Share Capital (XLII) 9,914,086,060.00 9,914,086,060.00
Other Equity Instruments
Among which：Preferred Shares
Perpetual Bonds
Capital Reserve (XLIII) 8,980,708,730.02 8,925,798,850.14
Less: Treasury Shares (XLIV) 3,395,829.33 169,261,662.73
Other Comprehensive Income (XLV) -134,796,483.22 7,523,358.77
Special Reserves (XLVI) 119,363,825.70 95,013,488.38
Surplus Reserve (XLVII) 4,957,043,030.00 4,957,043,030.00
General Risk Provision
Undistributed Profits (XLVIII) 53,503,168,524.85 52,846,021,500.43
Financial Statements Page3
Balance at the end of the
Liabilities and Owners' Equity Notes V Closing balance
previous year
Total Owners' Equity Attributable to the Parent Company 77,336,177,858.02 76,576,224,624.99
Minority Interests 4,648,549,150.65 2,504,374,617.11
Total Owners' Equity 81,984,727,008.67 79,080,599,242.10
Total Liabilities and Owners' Equity 202,961,073,175.76 208,168,160,960.86
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page4
Chongqing Changan Automobile Company Limited.
Parent Company's Balance Sheet
December 31, 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Notes Balance at the End of
Assets Closing Balance
XVIII the Previous Year
Current Assets：
Cash and Cash Equivalents 22,301,967,575.49 34,684,680,303.59
Trading Financial Assets 155,013,154.45
Derivative Financial Assets
Notes Receivable 19,585,803,950.63 34,679,567,316.79
Accounts Receivable (I) 24,203,175,774.47 13,835,150,844.52
Financial Assets Secured by Receivables
Advances to Suppliers 381,073,238.75 291,292,231.28
Other Receivables (II) 222,763,091.21 1,487,531,844.07
Inventories 5,834,632,966.42 5,903,242,163.27
Among which: Data Resources
Contract Assets 28,582,638.00 18,337,637.01
Assets Held for Sale
Non-current Assets Due within One Year 1,490,708,211.34 254,821,266.90
Other Current Assets 6,412,278,554.97 39,949,461.19
Total Current Assets 80,460,986,001.28 91,349,586,223.07
Non-current Assets：
Debt Investments
Other Debt Investments
Long-term Receivables 1,274,106,334.49 1,528,927,601.39
Long-term Equity Investments (III) 30,801,868,924.42 25,382,337,768.46
Other Equity Instrument Investments 585,201,858.72 496,524,273.53
Other Non-current Financial Assets
Investment Real Estate
Fixed Assets 15,251,029,495.02 16,112,971,408.48
Construction in Progress 739,741,390.10 599,924,628.01
Productive Biological Assets
Oil and Gas Assets
Right-of-use Assets 121,256,863.93 159,654,100.14
Intangible Assets 5,196,957,745.98 6,240,969,022.09
Among which: Data Resources
Development Expenditure 2,846,370,021.29 915,541,696.35
Among which: Data Resources
Goodwill
Long-term Prepaid Expenses 5,435,297.36 15,077,519.40
Deferred Income Tax Assets 2,521,424,194.39 2,906,828,175.57
Other Non-current Assets 2,591,246,110.90 3,700,000,000.00
Financial Statements Page5
Notes Balance at the End of
Assets Closing Balance
XVIII the Previous Year
Total Non-current Assets 61,934,638,236.60 58,058,756,193.42
Total Assets 142,395,624,237.88 149,408,342,416.49
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page6
Chongqing Changan Automobile Company Limited.
Parent Company's Balance Sheet (Continued)
December 31, 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Notes Balance at the End of
Liabilities and Owners' Equity Closing Balance
XVIII the Previous Year
Current Liabilities:
Short - term Borrowings
Financial Liabilities Held for Trading
Derivative Financial Liabilities
Notes Payable 26,871,167,837.85 24,761,621,056.89
Accounts Payable 18,505,916,072.53 23,248,117,139.04
Advances from Customers
Contract Liabilities 2,892,961,630.35 5,284,514,173.87
Employee Benefits Payable 2,547,750,272.34 2,129,521,947.83
Taxes Payable 271,516,738.31 493,489,648.34
Other Payables 3,854,891,164.38 4,633,406,485.36
Liabilities Held for Sale
Current Portion of Non - current Liabilities 630,648,070.10 72,638,886.85
Other Current Liabilities 7,635,677,878.38 8,053,792,954.91
Total Current Liabilities 63,210,529,664.24 68,677,102,293.09
Non - current Liabilities：
Long - term Borrowings 36,000,000.00
Bonds Payable 999,803,773.56 999,705,660.36
Among which: Preferred Stocks
Perpetual Bonds
Lease Liabilities 76,396,101.49 195,441,528.85
Long - term Payables 1,611,384,584.07 1,590,666,539.68
Long - term Employee Benefits Payable 16,956,000.00 18,086,000.00
Provision for Liabilities 4,328,997,725.36 4,766,761,846.88
Deferred Income 50,000,000.00 100,000,000.00
Deferred Tax Liabilities 492,134,238.59 619,798,441.29
Other Non - current Liabilities 1,019,414,105.50 1,983,668,025.04
Total Non - current Liabilities 8,595,086,528.57 10,310,128,042.10
Total Liabilities 71,805,616,192.81 78,987,230,335.19
Owners' Equity：
Share Capital 9,914,086,060.00 9,914,086,060.00
Other Equity Instruments
Among which: Preferred Stocks
Perpetual Bonds
Capital Reserve 6,949,972,483.48 8,353,032,903.95
Less: Treasury Shares 3,395,829.33 169,261,662.73
Other Comprehensive Income 158,816,051.27 162,659,055.80
Special Reserve 65,367,525.26 44,805,848.15
Surplus Reserve 4,957,043,030.00 4,957,043,030.00
Undistributed Profits 48,548,118,724.39 47,158,746,846.13
Financial Statements Page7
Notes Balance at the End of
Liabilities and Owners' Equity Closing Balance
XVIII the Previous Year
Total Owners' Equity 70,590,008,045.07 70,421,112,081.30
Total Liabilities and Owners' Equity 142,395,624,237.88 149,408,342,416.49
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page8
Chongqing Changan Automobile Company Limited.
Consolidated Income Statement
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Amount for the
Items Notes V
Current Period Previous Period
I、Total operating revenue 163,999,803,875.87 159,733,034,213.25
Among which: Operating revenue (XLIX) 163,999,803,875.87 159,733,034,213.25
Interest income
Earned premiums
Handling fees and commission income
II、Total operating costs 161,356,805,540.09 157,730,142,295.46
Among which: Operating costs (XLIX) 138,514,092,642.11 135,869,023,071.45
Interest expense
Handling fees and commission expense
Surrender value
Net claim payments
Net change in insurance liability reserves
Policy dividends paid
Reinsurance expenses
Taxes and surcharges (L) 3,571,333,274.23 4,350,471,426.40
Selling expenses (LI) 9,992,992,499.04 7,538,352,413.16
General and administrative expenses (LII) 4,523,042,375.67 4,401,226,018.26
R & D expenses (LIII) 7,157,598,927.24 6,505,446,679.24
Financial expenses (LIV) -2,402,254,178.20 -934,377,313.05
Among which: Interest expense (LIV) 106,577,955.08 118,238,961.52
Interest income (LIV) 1,100,271,951.60 1,160,421,476.17
Plus: Other income (LV) 1,357,914,805.40 2,125,703,705.22
Investment income (loss is indicated by a “-” sign) (LVI) -296,603,500.26 187,658,837.46
Among which: Investment income from associates and joint ventures (LVI) -429,539,756.41 36,975,796.30
Income from derecognition of financial assets measured at amortized
cost
Exchange gain (loss is indicated by a “-” sign)
Net gain on hedging of net open positions (loss is indicated by a “-” sign)
Fair - value change gain (loss is indicated by a “-” sign) (LVII) 36,797,595.56 -27,460,945.49
Credit impairment loss (loss is indicated by a “-” sign) (LVIII) -5,170,252.16 -613,004.02
Asset impairment loss (loss is indicated by a “-” sign) (LIX) -200,857,705.57 -214,488,935.20
Gain on disposal of assets (loss is indicated by a “-” sign) (LX) 173,691,537.39 2,550,458,320.83
III、Operating profit (loss is indicated by a “-” sign) 3,708,770,816.14 6,624,149,896.59
Plus: Non - operating income (LXI) 208,504,882.00 155,290,275.84
Less: Non - operating expenses (LXII) 59,837,696.73 21,912,265.18
IV、Total profit (total loss is indicated by a “-” sign) 3,857,438,001.41 6,757,527,907.25
Less: Income tax expense (LXIII) 689,946,166.26 653,353,379.40
V、Net profit (net loss is indicated by a “-” sign) 3,167,491,835.15 6,104,174,527.85
(I)Classified by business continuity
(II)Classified by ownership
(net loss is indicated by a “-” sign)
VI、Net Amount of Other Comprehensive Income after Tax -160,066,892.29 -109,658,591.17
Net Amount of Other Comprehensive Income after Tax Attributable to Owners of the
-142,319,841.99 -110,795,425.27
Parent Company
(I)Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss -7,313,826.56 -7,502,784.88
-1,868,092.18 1,193,152.92
the Equity Method
(II)Other Comprehensive Income That Will Be Reclassified into Profit or Loss -135,006,015.43 -103,292,640.39
Equity Method
Financial Assets
Net Amount of Other Comprehensive Income after Tax Attributable to Minority
-17,747,050.30 1,136,834.10
Shareholders
VII、Total Comprehensive Income 3,007,424,942.86 5,994,515,936.68
Total Comprehensive Income Attributable to Owners of the Parent Company 3,932,903,339.55 7,210,568,471.97
Total Comprehensive Income Attributable to Minority Shareholders -925,478,396.69 -1,216,052,535.29
VIII、Earnings per Share：
(I)Basic Earnings per Share (Yuan per Share) (LXIV) 0.41 0.74
Financial Statements Page9
Amount for the Amount for the
Items Notes V
Current Period Previous Period
(II)Diluted Earnings per Share (Yuan per Share) (LXIV) 0.41 0.74
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page10
Chongqing Changan Automobile Company Limited.
Parent Company's Income Statement
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Notes Amount for the Amount for the
Items
XVIII Current Period Previous Period
I. Operating Revenue (IV) 108,837,387,472.90 111,908,716,676.01
Less: Operating Costs (IV) 94,127,333,074.92 98,055,163,152.00
Taxes and Surcharges 1,896,085,814.88 2,211,783,851.82
Selling Expenses 3,610,396,271.47 2,553,003,753.28
Administrative Expenses 2,851,320,998.46 2,945,013,642.26
Research and Development Expenses 4,257,017,676.94 4,203,285,856.16
Financial Expenses -660,705,290.37 -725,860,845.47
Among which: Interest Expenses 66,749,354.86 73,133,299.94
Interest Income 739,614,247.26 814,288,583.72
Plus: Other Income 1,117,914,947.77 1,730,788,908.09
Investment Income (Loss is indicated by “-”) (V) 771,393,955.79 851,239,258.25
Among which: Investment Income from Associates and Joint Ventures (V) -542,225,495.08 133,847,483.26
Income from Derecognition of Financial Assets Measured at
Amortized Cost
Net Gain on Net Open Position Hedging (Loss is indicated by “-”)
Fair Value Change Gain (Loss is indicated by “-”) 36,419,195.56 -5,731,578.82
Credit Impairment Loss (Loss is indicated by “-”) -3,721,690.45 1,493,992.56
Asset Impairment Loss (Loss is indicated by “-”) -60,485,350.01 -114,861,215.24
Gain on Disposal of Assets (Loss is indicated by “-”) 542,388,576.72 2,157,913,805.49
II. Operating Profit (Loss is indicated by “-”) 5,159,848,561.98 7,287,170,436.29
Plus: Non-operating Income 106,625,298.11 91,375,675.04
Less: Non-operating Expenses 21,047,842.69 12,197,091.83
III. Total Profit (Total Loss is indicated by “-”) 5,245,426,017.40 7,366,349,019.50
Less: Income Tax Expense 437,977,982.02 411,917,143.69
IV. Net Profit (Net Loss is indicated by “-”) 4,807,448,035.38 6,954,431,875.81
(I) Net Profit from Continuing Operations
(Net Loss is indicated by “-”)
(II) Net Profit from Discontinued Operations
(Net Loss is indicated by “-”)
V. Net Amount of Other Comprehensive Income after Tax -3,843,004.53 -6,390,773.22
(I) Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss -4,194,837.47 -6,551,784.88
-1,868,092.18 1,193,152.92
under the Equity Method
(II) Other Comprehensive Income That Will Be Reclassified into Profit or Loss 351,832.94 161,011.66
the Equity Method
Reclassification of Financial Assets
Statements
VI. Total Comprehensive Income 4,803,605,030.85 6,948,041,102.59
VII. Earnings per Share：
(I) Basic Earnings per Share (Yuan per Share)
(II) Diluted Earnings per Share (Yuan per Share)
Financial Statements Page11
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page12
Chongqing Changan Automobile Company Limited.
Consolidated Statement of Cash Flows
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Current Amount for the
Items Notes V
Period Previous Period
I. Cash Flows from Operating Activities
Cash Received from the Sale of Goods and the Rendering of Services 171,559,371,672.71 175,823,903,478.47
Net Increase in Customer Deposits and Deposits from Financial Institutions
Net Increase in Borrowings from the Central Bank
Net Increase in Funds Borrowed from Other Financial Institutions
Cash Received from Premiums of Original Insurance Contracts
Net Cash Received from Reinsurance Business
Net Increase in Policyholders' Deposits and Investment Funds
Cash Received from Interest, Handling Fees and Commissions
Net Increase in Funds Borrowed
Net Increase in Funds from Repurchase Business
Net Cash Received from Agency Securities Trading
Tax Refunds Received 3,257,838,519.50 4,676,232,646.34
Other Cash Received Related to Operating Activities (LXV) 3,067,741,363.65 3,542,989,681.66
Subtotal of Cash Inflows from Operating Activities 177,884,951,555.86 184,043,125,806.47
Cash Paid for the Purchase of Goods and the Acceptance of Services 142,606,552,207.33 144,122,642,090.77
Net Increase in Customer Loans and Advances
Net Increase in Deposits with the Central Bank and Other Financial Institutions
Cash Paid for Claim Settlements of Original Insurance Contracts
Net Increase in Funds Lent Out
Cash Paid for Interest, Handling Fees and Commissions
Cash Paid for Policy Dividends
Cash Paid to and on Behalf of Employees 11,388,687,275.48 12,157,994,148.54
Various Taxes and Fees Paid 9,413,916,862.13 12,537,731,682.83
Other Cash Paid Related to Operating Activities (LXV) 12,640,121,852.36 10,375,359,071.19
Subtotal of Cash Outflows from Operating Activities 176,049,278,197.30 179,193,726,993.33
Net Cash Flow from Operating Activities 1,835,673,358.56 4,849,398,813.14
II. Cash Flows from Investing Activities
Cash Received from the Recovery of Investments 229,775,516.75 10,810,279.99
Cash Received from Investment Income 274,378,273.99 133,704,425.53
Net Cash Received from the Disposal of Fixed Assets, Intangible Assets and Other
Long-term Assets
Net Cash Received from the Disposal of Subsidiaries and Other Business Units
Other Cash Received Related to Investing Activities (LXV) 199,892,777.78 8,070,026,424.80
Subtotal of Cash Inflows from Investing Activities 1,496,226,938.28 9,789,745,640.05
Cash Paid for the Acquisition and Construction of Fixed Assets, Intangible Assets
and Other Long-term Assets
Cash Paid for Investments 1,610,925,785.46 5,930,805,734.00
Net Increase in Pledged Loans
Net Cash Paid for the Acquisition of Subsidiaries and Other Business Units
Other Cash Paid Related to Investing Activities (LXV) 7,430,000,000.00 3,304,127,222.22
Subtotal of Cash Outflows from Investing Activities 13,719,914,441.54 14,103,043,252.27
Net Cash Flow from Investing Activities -12,223,687,503.26 -4,313,297,612.22
III. Cash Flows from Financing Activities
Cash Received from Investment Absorption 3,062,000,000.00 1,610,958,613.68
Among which: Cash Received from Minority Shareholders' Investment in
Subsidiaries
Cash Received from Borrowings 568,473,282.00 1,060,422,300.00
Other Cash Received Related to Financing Activities (LXV) 36,004,710.83 470,003,596.92
Subtotal of Cash Inflows from Financing Activities 3,666,477,992.83 3,141,384,510.60
Cash Paid for Debt Repayment 132,473,282.00 554,422,300.00
Cash Paid for the Distribution of Dividends, Profits or the Payment of Interest 3,477,632,750.05 3,450,483,881.48
Among which: Dividends and Profits Paid by Subsidiaries to Minority Shareholders
Other Cash Paid Related to Financing Activities (LXV) 250,490,308.78 527,876,271.57
Subtotal of Cash Outflows from Financing Activities 3,860,596,340.83 4,532,782,453.05
Net Cash Flow from Financing Activities -194,118,348.00 -1,391,397,942.45
Financial Statements Page13
Amount for the Current Amount for the
Items Notes V
Period Previous Period
IV. Effects of Exchange Rate Changes on Cash and Cash Equivalents 300,927,132.45 203,715,353.42
V. Net Increase in Cash and Cash Equivalents -10,281,205,360.25 -651,581,388.11
Plus: Beginning Balance of Cash and Cash Equivalents 63,274,376,513.00 63,925,957,901.11
VI. Ending Balance of Cash and Cash Equivalents 63,274,376,513.00
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page14
Chongqing Changan Automobile Company Limited.
Parent Company Statement of Cash Flows
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Current Amount for the Previous
Items Notes
Period Period
I. Cash Flows from Operating Activities
Cash received from the sale of goods and the rendering of services 108,552,231,271.83 114,258,602,282.10
Tax refunds received 49,612,750.01 262,217,291.05
Other cash received related to operating activities 1,446,838,954.67 2,193,487,589.05
Subtotal of cash inflows from operating activities 110,048,682,976.51 116,714,307,162.20
Cash paid for the purchase of goods and the acceptance of services 87,945,804,881.81 97,679,832,869.90
Cash paid to and on behalf of employees 6,845,080,086.62 7,508,599,383.38
Various taxes and fees paid 3,034,490,758.98 4,341,100,981.41
Other cash paid related to operating activities 10,003,816,125.36 6,666,981,391.62
Subtotal of cash outflows from operating activities 107,829,191,852.77 116,196,514,626.31
Net cash flow from operating activities 2,219,491,123.74 517,792,535.89
II. Cash Flows from Investing Activities
Cash received from the recovery of investments 227,145,516.75
Cash received from investment income 1,417,531,030.55 729,945,763.53
Net cash received from the disposal of fixed assets, intangible assets and other
long - term assets
Net cash received from the disposal of subsidiaries and other business units
Other cash received related to investing activities 148,920,000.00 5,640,500,000.00
Subtotal of cash inflows from investing activities 2,084,707,075.71 7,161,234,111.12
Cash paid for the acquisition and construction of fixed assets, intangible assets
and other long - term assets
Cash paid for investments 3,980,425,785.46 7,074,579,955.65
Net cash paid for the acquisition of subsidiaries and other business units
Other cash paid related to investing activities 6,000,000,000.00 3,340,000,000.00
Subtotal of cash outflows from investing activities 13,109,980,027.66 13,990,970,200.84
Net cash flow from investing activities -11,025,272,951.95 -6,829,736,089.72
III. Cash Flows from Financing Activities
Cash received from investment absorption
Cash received from borrowings 500,000,000.00
Other cash received related to financing activities
Subtotal of cash inflows from financing activities 500,000,000.00
Cash paid for debt repayment 36,000,000.00 4,000,000.00
Cash paid for the distribution of dividends, profits or the payment of interest 3,476,673,505.58 3,444,300,329.83
Other cash paid related to financing activities 71,124,877.55 82,169,455.31
Subtotal of cash outflows from financing activities 3,583,798,383.13 3,530,469,785.14
Net cash flow from financing activities -3,583,798,383.13 -3,030,469,785.14
IV. Effects of exchange rate changes on cash and cash equivalents
V. Net increase in cash and cash equivalents -12,389,580,211.34 -9,342,413,338.97
Plus: Beginning balance of cash and cash equivalents 34,681,359,143.17 44,023,772,482.14
VI. Ending balance of cash and cash equivalents 22,291,778,931.83 34,681,359,143.17
Financial Statements Page15
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page16
Chongqing Changan Automobile Company Limited.
Consolidated Statement of Changes in Owners' Equity
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Current Period
Owners' Equity Attributable to Shareholders of the Parent Company
Items Other Equity Instruments Other
General Risk Minority Interests Total Owners' Equity
Share Capital Preferred Perpetual Capital Reserve Less: Treasury Shares Comprehensive Special Reserve Surplus Reserve Undistributed Profits Subtotal
Others Provision
Stocks Bonds Income
I. Balance at the End of the Previous Year 9,914,086,060.00 8,925,798,850.14 169,261,662.73 7,523,358.77 95,013,488.38 4,957,043,030.00 52,846,021,500.43 76,576,224,624.99 2,504,374,617.11 79,080,599,242.10
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Business Combinations under the Same Control
Others
II. Balance at the Beginning of the Current Year 9,914,086,060.00 8,925,798,850.14 169,261,662.73 7,523,358.77 95,013,488.38 4,957,043,030.00 52,846,021,500.43 76,576,224,624.99 2,504,374,617.11 79,080,599,242.10
III. Amount of Changes during the Current Period
(A decrease is indicated by a “-” sign)
(1) Total Comprehensive Income -142,319,841.99 4,075,223,181.54 3,932,903,339.55 -925,478,396.69 3,007,424,942.86
(2) Capital Contributed by and Reduced by Owners 54,909,879.88 -165,865,833.40 220,775,713.28 3,062,000,000.00 3,282,775,713.28
(3) Profit Distribution -3,418,076,157.12 -3,418,076,157.12 -3,418,076,157.12
(4) Internal Transfer of Owners' Equity
Retained Earnings
(5) Special Reserves 24,350,337.32 24,350,337.32 7,652,930.23 32,003,267.55
(6) Others
IV. Balance at the End of the Current Period 9,914,086,060.00 8,980,708,730.02 3,395,829.33 -134,796,483.22 119,363,825.70 4,957,043,030.00 53,503,168,524.85 77,336,177,858.02 4,648,549,150.65 81,984,727,008.67
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page17
Chongqing Changan Automobile Company Limited.
Consolidated Statement of Changes in Owners' Equity (Continued)
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Previous Period
Owners' Equity Attributable to Shareholders of the Parent Company
Items
Other Equity Instruments Minority Interests Total Owners' Equity
Share Capital Capital Reserve Less: Treasury Shares Other Comprehensive Income Special Reserve Surplus Reserve General Risk Provision Undistributed Profits Subtotal
Preferred Stocks Perpetual Bonds Others
I. Balance at the End of the Previous Year 9,917,289,033.00 8,251,287,637.70 382,277,095.96 118,318,784.04 54,323,330.34 4,276,245,864.64 49,617,932,431.73 71,853,119,985.49 2,830,136,853.54 74,683,256,839.03
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Business Combinations under the Same Control
Others
II. Balance at the Beginning of the Current Year 9,917,289,033.00 8,251,287,637.70 382,277,095.96 118,318,784.04 54,323,330.34 4,276,245,864.64 49,617,932,431.73 71,853,119,985.49 2,830,136,853.54 74,683,256,839.03
III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) -3,202,973.00 674,511,212.44 -213,015,433.23 -110,795,425.27 40,690,158.04 680,797,165.36 3,228,089,068.70 4,723,104,639.50 -325,762,236.43 4,397,342,403.07
(1) Total Comprehensive Income -110,795,425.27 7,321,363,897.24 7,210,568,471.97 -1,216,052,535.29 5,994,515,936.68
(2) Capital Contributed by and Reduced by Owners -3,202,973.00 674,511,212.44 -192,047,736.22 863,355,975.66 883,255,492.96 1,746,611,468.62
(3) Profit Distribution -20,967,697.01 680,797,165.36 -4,093,274,828.54 -3,391,509,966.17 -3,391,509,966.17
(4) Internal Transfer of Owners' Equity
(5) Special Reserves 40,690,158.04 40,690,158.04 7,034,805.90 47,724,963.94
(6) Others
IV. Balance at the End of the Current Period 9,914,086,060.00 8,925,798,850.14 169,261,662.73 7,523,358.77 95,013,488.38 4,957,043,030.00 52,846,021,500.43 76,576,224,624.99 2,504,374,617.11 79,080,599,242.10
The accompanying notes to the financial statements are an integral part of the financial statements.
Financial Statements Page18
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page19
Chongqing Changan Automobile Company Limited.
Statement of Changes in Owners' Equity of the Parent Company
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Current Period
Other Equity Instruments
Items Less: Treasury Other Comprehensive
Share Capital Preferred Perpetual Capital Reserve Special Reserve Surplus Reserve Undistributed Profits Total Owners' Equity
Others Shares Income
Shares Bonds
I. Balance at the End of the Previous Year 9,914,086,060.00 8,353,032,903.95 169,261,662.73 162,659,055.80 44,805,848.15 4,957,043,030.00 47,158,746,846.13 70,421,112,081.30
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Others
II. Balance at the Beginning of the Current Year 9,914,086,060.00 8,353,032,903.95 169,261,662.73 162,659,055.80 44,805,848.15 4,957,043,030.00 47,158,746,846.13 70,421,112,081.30
III. Amount of Changes during the Current Period (A decrease is
-1,403,060,420.47 -165,865,833.40 -3,843,004.53 20,561,677.11 1,389,371,878.26 168,895,963.77
indicated by a “-” sign)
(1) Total Comprehensive Income -3,843,004.53 4,807,448,035.38 4,803,605,030.85
(2) Capital Contributed by and Reduced by Owners -1,403,060,420.47 -165,865,833.40 -1,237,194,587.07
Payments
(3) Profit Distribution -3,418,076,157.12 -3,418,076,157.12
(4) Internal Transfer of Owners' Equity
Retained Earnings
(5) Special Reserves 20,561,677.11 20,561,677.11
(6) Others
IV. Balance at the End of the Current Period 9,914,086,060.00 6,949,972,483.48 3,395,829.33 158,816,051.27 65,367,525.26 4,957,043,030.00 48,548,118,724.39 70,590,008,045.07
Financial Statements Page20
The accompanying notes to the financial statements are an integral part of the financial statements.
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page21
Chongqing Changan Automobile Company Limited.
Statement of Changes in Owners' Equity of the Parent Company (Continued)
For the Year 2025
(Unless otherwise specified, the monetary unit is RMB yuan)
Amount for the Current Period
Other Equity Instruments
Items Less: Treasury Other Comprehensive Special Undistributed Total Owners'
Share Capital Preferred Perpetual Capital Reserve Surplus Reserve
Others Shares Income Reserve Profits Equity
Shares Bonds
I. Balance at the End of the Previous Year 9,917,289,033.00 8,406,226,198.82 382,277,095.96 169,049,829.02 19,514,786.95 4,276,245,864.64 44,297,589,798.86 66,703,638,415.33
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Others
II. Balance at the Beginning of the Current Year 9,917,289,033.00 8,406,226,198.82 382,277,095.96 169,049,829.02 19,514,786.95 4,276,245,864.64 44,297,589,798.86 66,703,638,415.33
III. Amount of Changes during the Current Period (A decrease is indicated by a “-”
-3,202,973.00 -53,193,294.87 -213,015,433.23 -6,390,773.22 25,291,061.20 680,797,165.36 2,861,157,047.27 3,717,473,665.97
sign)
(1) Total Comprehensive Income -6,390,773.22 6,954,431,875.81 6,948,041,102.59
(2) Capital Contributed by and Reduced by Owners -3,202,973.00 -53,193,294.87 -192,047,736.22 135,651,468.35
(3) Profit Distribution -20,967,697.01 680,797,165.36 -4,093,274,828.54 -3,391,509,966.17
(4) Internal Transfer of Owners' Equity
Earnings
(5) Special Reserves 25,291,061.20 25,291,061.20
(6) Others
IV. Balance at the End of the Current Period 9,914,086,060.00 8,353,032,903.95 169,261,662.73 162,659,055.80 44,805,848.15 4,957,043,030.00 47,158,746,846.13 70,421,112,081.30
The accompanying notes to the financial statements are an integral part of the financial statements.
Financial Statements Page22
Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page23
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Chongqing Changan Automobile Company Limited.
Notes to the Financial Statements For the Year 2025
(Unless otherwise specified, the monetary unit is Renminbi yuan)
I、 Basic Information of the Company
Chongqing Changan Automobile Company Limited. (hereinafter referred to as the
"Company" or "our Company") is a joint stock limited company registered in Chongqing
in October 1996. It was listed on the Shenzhen Stock Exchange in June 1997. As of
December 31, 2025, the total cumulative number of shares issued by the Company is
Chongqing, China, and the business address is: Building T2, No. 2, Financial City, No. 61,
Dongshengmen Road, Jiangbei District, Chongqing, China. The main business activities
actually engaged in by the Company include: the manufacturing and sales of automobiles
(including cars), automotive engine series products, supporting parts and components, etc.
The parent company of the Company is ChenZhi Automobile Technology Group Co., Ltd.,
and the ultimate controlling party of the Company is China Changan Automobile Group
Co., Ltd.
These financial statements have been approved for issue by the Company's board of
directors.
II、 Basis for Preparation of Financial Statements
(I) Preparation Basis
These financial statements are prepared in accordance with the "Accounting Standards for
Enterprises - Basic Standards" promulgated by the Ministry of Finance, various specific
accounting standards, application guidelines for accounting standards for enterprises,
interpretations of accounting standards for enterprises and other relevant regulations
(collectively referred to as the "Accounting Standards for Enterprises" hereinafter), as
well as the relevant provisions of the "Regulations on the Preparation and Reporting of
Information Disclosure by Companies Publicly Issuing Securities No. 15 - General
Provisions for Financial Reports" of the China Securities Regulatory Commission.
(II) Going Concern
These financial statements are prepared on a going concern basis.
Notes to the Financial Statements Page1
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
III、 Significant Accounting Policies and Accounting Estimates
(I) Statement of Compliance with Accounting Standards for Enterprises
These financial statements comply with the requirements of the Accounting Standards for
Enterprises promulgated by the Ministry of Finance, and truthfully and completely reflect
the consolidated and parent company's financial position as of December 31, 2024, as
well as the consolidated and parent company's operating results and cash flows for the
year 2024.
(II) Accounting Period
An accounting year is from January 1st to December 31st of the Gregorian calendar year.
(III) Operating Cycle
The operating cycle of the Company is 12 months.
(IV) Functional Currency
The functional currency of the Company and the currency used for preparing these
financial statements are both Renminbi. Unless otherwise specified, all amounts are
presented in Renminbi yuan. The Company's subsidiaries, joint ventures and associated
enterprises determine their respective functional currencies according to the main
economic environments in which they operate, and convert them into Renminbi when
preparing financial statements.
(V) Accounting Treatment Methods for Business Combinations under the Same Control
and Business Combinations not under the Same Control
Business Combinations under the Same Control: The assets and liabilities (including the
goodwill formed by the ultimate controlling party's acquisition of the combined party)
obtained by the combining party in a business combination are measured based on the
carrying values of the assets and liabilities of the combined party in the consolidated
financial statements of the ultimate controlling party as of the combination date. The
difference between the carrying value of the net assets obtained in the combination and
the carrying value of the consideration paid for the combination (or the total face value of
the issued shares) is adjusted against the share premium in capital reserve. If the share
premium in capital reserve is insufficient to cover the difference, the retained earnings are
Notes to the Financial Statements Page2
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
adjusted.
Business Combinations under the Same Control: The assets and liabilities (including the
goodwill formed by the ultimate controlling party's acquisition of the combined party)
obtained by the combining party in a business combination are measured based on the
carrying values of the assets and liabilities of the combined party in the consolidated
financial statements of the ultimate controlling party as of the combination date. The
difference between the carrying value of the net assets obtained in the combination and
the carrying value of the consideration paid for the combination (or the total face value of
the issued shares) is adjusted against the share premium in capital reserve. If the share
premium in capital reserve is insufficient to cover the difference, the retained earnings are
adjusted.
(VI) Judgment Criteria for Control and Preparation Methods of Consolidated Financial
Statements
The consolidation scope of the consolidated financial statements is determined
based on control, and the consolidation scope includes the Company and all its
subsidiaries. Control refers to the power that the Company has over the investee,
the ability to obtain variable returns by participating in the relevant activities of the
investee, and the ability to use the power over the investee to affect the amount of
its returns.
The Company regards the entire enterprise group as an accounting entity, prepares
consolidated financial statements in accordance with unified accounting policies,
and reflects the overall financial position, operating results and cash flows of the
enterprise group. The effects of internal transactions between the Company and its
subsidiaries, and among subsidiaries are offset. Where internal transactions indicate
that there are impairment losses on relevant assets, the full amount of such losses is
recognized. If the accounting policies and accounting periods adopted by
subsidiaries are inconsistent with those of the Company, necessary adjustments
shall be made in accordance with the Company's accounting policies and
accounting periods when preparing consolidated financial statements.
The shares of minority shareholders in the owners' equity, current net profit and
Notes to the Financial Statements Page3
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
current comprehensive income of subsidiaries are separately presented under the
owners' equity item in the consolidated balance sheet, under the net profit item in
the consolidated income statement and under the total comprehensive income item
respectively. The balance formed when the current losses borne by the minority
shareholders of a subsidiary exceed the share of the minority shareholders in the
beginning owners' equity of the subsidiary shall be offset against the minority
shareholders' equity.
（1）Addition of Subsidiaries or Businesses
During the reporting period, if a subsidiary or business is added due to a business
combination under the same control, the operating results and cash flows of the
subsidiary or business from the beginning of the current period of combination to
the end of the reporting period shall be included in the consolidated financial
statements. At the same time, the beginning figures of the consolidated financial
statements and the relevant items of the comparative statements shall be adjusted,
as if the reporting entity after combination has existed since the starting point of
control by the ultimate controlling party.。
If the investor is able to exercise control over the investee under the same control
due to additional investment and other reasons, for the equity investment held
before obtaining the control right of the combined party, the recognized relevant
profits and losses, other comprehensive income and other net asset changes from
the later date of the date of obtaining the original equity and the date when the
combining party and the combined party are under the same control to the
combination date shall be offset against the beginning retained earnings during the
comparative statement period or the current profit or loss respectively.
During the reporting period, if a subsidiary or business is added due to a business
combination not under the same control, it shall be included in the consolidated
financial statements from the acquisition date based on the fair values of the
identifiable assets, liabilities and contingent liabilities determined on the
acquisition date.
If the investor is able to exercise control over the investee not under the same
control due to additional investment and other reasons, for the equity of the
acquiree held before the acquisition date, it shall be re-measured at its fair value on
the acquisition date, and the difference between the fair value and its carrying value
shall be included in the current investment income. The other comprehensive
Notes to the Financial Statements Page4
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
income that can be reclassified into profit or loss in the future and other changes in
the owners' equity under the equity method accounting related to the equity of the
acquiree held before the acquisition date shall be converted into the investment
income of the current period to which the acquisition date belongs.
（2）Disposal of Subsidiaries
①General Treatment Method
When the control over the investee is lost due to the disposal of part of the equity
investment or for other reasons, the remaining equity investment after the disposal
shall be re-measured at its fair value on the date of loss of control. The difference
between the sum of the consideration obtained from the disposal of the equity and
the fair value of the remaining equity, and the sum of the share of the net assets of
the original subsidiary that should be enjoyed calculated according to the original
shareholding ratio and continuously calculated from the acquisition date or
combination date and the goodwill, shall be included in the investment income of
the current period when the control is lost. The other comprehensive income that
can be reclassified into profit or loss in the future related to the equity investment
in the original subsidiary, and other changes in the owners' equity under the equity
method accounting, shall be converted into the current investment income when the
control is lost.
②Step-by-step Disposal of Subsidiaries
When the equity investment in a subsidiary is disposed of step by step through
multiple transactions until the control is lost, the terms, conditions and economic
impacts of each transaction of the disposal of the equity investment in the
subsidiary meet one or more of the following situations, which usually indicates
that the multiple transactions are a package of transactions:
ⅰ．These transactions are concluded simultaneously or under the consideration of
their mutual influences；
ⅱ．These transactions as a whole can achieve a complete business result；
ⅲ．The occurrence of one transaction depends on the occurrence of at least one
other transaction；
ⅳ．One transaction is uneconomical when viewed separately, but it is economical
when considered together with other transactions.
If each transaction belongs to a one block deal, each transaction shall be accounted
for as a transaction of disposing of a subsidiary and losing control; the difference
Notes to the Financial Statements Page5
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
between the consideration received from each disposal before the loss of control
and the share of the net assets of the subsidiary corresponding to the disposed
investment shall be recognized as other comprehensive income in the consolidated
financial statements, and shall be transferred to the profit or loss of the current
period when the control is lost.
If each transaction does not belong to a one block deal, before the loss of control,
the accounting treatment shall be carried out in accordance with the partial disposal
of the equity investment in the subsidiary without losing control; when the control
is lost, the accounting treatment shall be carried out in accordance with the general
treatment method for the disposal of the subsidiary.
（3）Purchase of Minority Interests in Subsidiaries
The difference between the newly acquired long-term equity investment due to the
purchase of minority interests and the share of the net assets of the subsidiary that
should be enjoyed calculated according to the newly increased shareholding ratio
and continuously calculated from the acquisition date or combination date shall be
adjusted against the share premium in capital reserve in the consolidated balance
sheet. If the share premium in capital reserve is insufficient to cover the difference,
the retained earnings shall be adjusted.
（4）Partial Disposal of Equity Investments in Subsidiaries without Losing Control
The difference between the consideration received from the disposal and the share
of the net assets of the subsidiary that should be enjoyed corresponding to the
disposed long-term equity investment and continuously calculated from the
acquisition date or combination date shall be adjusted against the share premium in
capital reserve in the consolidated balance sheet. If the share premium in capital
reserve is insufficient to cover the difference, the retained earnings shall be
adjusted.
(VII) Criteria for Determining Cash and Cash Equivalents
Cash refers to the Company's cash on hand and deposits that can be used for payment at
any time. Cash equivalents refer to the investments held by the Company that have a short
term to maturity, strong liquidity, are readily convertible to a known amount of cash, and
have insignificant risk of changes in value.
Notes to the Financial Statements Page6
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
(VIII) Foreign Currency Transactions and Translation of Foreign Currency Financial
Statements
For foreign currency transactions, the spot exchange rate on the transaction date is
used as the conversion rate to convert the foreign currency amount into Renminbi
for accounting purposes.
The balances of foreign currency monetary items on the balance sheet date are
converted at the spot exchange rate on the balance sheet date. The resulting
exchange differences, except for those arising from foreign currency specific
borrowings related to the acquisition and construction of assets that meet the
capitalization conditions, which are accounted for in accordance with the principles
of capitalizing borrowing costs, are all included in the current profit or loss.
For the assets and liabilities items in the balance sheet, they are translated at the
spot exchange rate on the balance sheet date; for the items of owners' equity, except
for the "undistributed profits" item, other items are translated at the spot exchange
rate on the date of occurrence. For the revenue and expense items in the income
statement, they are translated at the spot exchange rate on the transaction date.
When disposing of a foreign operation, the translation differences of the foreign
currency financial statements related to the foreign operation are transferred from
the owners' equity items to the profit or loss of the current period of disposal.
(IX) Financial Instruments
The Company recognizes a financial asset, a financial liability or an equity instrument
when it becomes a party to a financial instrument contract.
Based on the Company's business model for managing financial assets and the
contractual cash flow characteristics of the financial assets, financial assets are
classified upon initial recognition as: financial assets measured at amortized cost,
financial assets measured at fair value through other comprehensive income, and
financial assets measured at fair value through profit or loss.
Notes to the Financial Statements Page7
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
The Company classifies a financial asset that meets the following conditions
simultaneously and is not designated as a financial asset measured at fair value
through profit or loss as a financial asset measured at amortized cost：
－ The business model is aimed at collecting contractual cash flows；
－ The contractual cash flows are solely payments of principal and interest on the
principal amount outstanding.
The Company classifies a financial asset that meets the following conditions
simultaneously and is not designated as a financial asset measured at fair value
through profit or loss as a financial asset measured at fair value through other
comprehensive income (debt instrument):
－ The business model is both aimed at collecting contractual cash flows and
selling the financial asset；
－ The contractual cash flows are solely payments of principal and interest on the
principal amount outstanding.
For non-trading equity instrument investments, the Company may irrevocably
designate them as financial assets measured at fair value through other
comprehensive income (equity instruments) upon initial recognition. This
designation is made on a single investment basis, and the related investment meets
the definition of an equity instrument from the perspective of the issuer.
Except for the above financial assets measured at amortized cost and financial
assets measured at fair value through other comprehensive income, the Company
classifies all remaining financial assets as financial assets measured at fair value
through profit or loss.
Financial liabilities are classified upon initial recognition as: financial liabilities
measured at fair value through profit or loss and financial liabilities measured at
amortized cost.
（1）Financial Assets Measured at Amortized Cost
Financial assets measured at amortized cost include notes receivable, accounts
receivable, other receivables, long - term receivables, debt investments, etc. They
Notes to the Financial Statements Page8
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
are initially measured at fair value, and the related transaction costs are included in
the initial recognition amount. Accounts receivable that do not contain a significant
financing component and accounts receivable for which the Company decides not
to consider the financing component of no more than one year are initially
measured at the contract transaction price.
During the holding period, the interest calculated using the effective interest
method is included in the current profit or loss.
When the financial asset is recovered or disposed of, the difference between the
proceeds received and the carrying amount of the financial asset is included in the
current profit or loss.
（ 2 ） Financial Assets Measured at Fair Value through Other Comprehensive
Income (Debt Instruments)
Financial assets measured at fair value through other comprehensive income (debt
instruments) include accounts receivable financing, other debt investments, etc.
They are initially measured at fair value, and the related transaction costs are
included in the initial recognition amount. These financial assets are subsequently
measured at fair value. Except for the interest calculated using the effective interest
method, impairment losses or gains, and exchange gains or losses, all fair - value
changes are included in other comprehensive income.
Upon derecognition, the cumulative gains or losses previously included in other
comprehensive income are transferred from other comprehensive income to the
current profit or loss.
（ 3 ） Financial Assets Measured at Fair Value through Other Comprehensive
Income (Equity Instruments)
Financial assets measured at fair value through other comprehensive income
(equity instruments) include other equity instrument investments, etc. They are
initially measured at fair value, and the related transaction costs are included in the
initial recognition amount. These financial assets are subsequently measured at fair
value, and the fair - value changes are included in other comprehensive income.
Dividends received are included in the current profit or loss.
Upon derecognition, the cumulative gains or losses previously included in other
comprehensive income are transferred from other comprehensive income to
Notes to the Financial Statements Page9
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
retained earnings.
（4） Financial Assets Measured at Fair Value through Profit or Loss
Financial assets measured at fair value through profit or loss include trading
financial assets, derivative financial assets, other non - current financial assets, etc.
They are initially measured at fair value, and the related transaction costs are
included in the current profit or loss. These financial assets are subsequently
measured at fair value, and the fair - value changes are included in the current
profit or loss.
（5）Financial Liabilities Measured at Fair Value through Profit or Loss
Financial liabilities measured at fair value through profit or loss include trading
financial liabilities, derivative financial liabilities, etc. They are initially measured
at fair value, and the related transaction costs are included in the current profit or
loss. These financial liabilities are subsequently measured at fair value, and the fair
- value changes are included in the current profit or loss.
Upon derecognition, the difference between the carrying amount and the
consideration paid is included in the current profit or loss.
（6）Financial Liabilities Measured at Amortized Cost
Financial liabilities measured at amortized cost include short - term borrowings,
notes payable, accounts payable, other payables, long - term borrowings, bonds
payable, long - term payables. They are initially measured at fair value, and the
related transaction costs are included in the initial recognition amount.
During the holding period, the interest calculated using the effective interest
method is included in the current profit or loss.
Upon derecognition, the difference between the consideration paid and the carrying
amount of the financial liability is included in the current profit or loss.
Financial Assets and the Transfer of Financial Assets
The Company derecognizes a financial asset when one of the following conditions
is met:
－ The contractual right to receive cash flows from the financial asset expires;
Notes to the Financial Statements Page10
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
－ The financial asset is transferred, and almost all the risks and rewards
associated with the ownership of the financial asset are transferred to the
transferee;
－ The financial asset is transferred, and although the Company has neither
transferred nor retained almost all the risks and rewards associated with the
ownership of the financial asset, it has not retained control over the financial asset.
If the Company modifies or renegotiates the contract with the counterparty and the
modification is substantial, the original financial asset is derecognized, and a new
financial asset is recognized in accordance with the modified terms.
When a financial asset is transferred, if the Company retains almost all the risks
and rewards associated with the ownership of the financial asset, the financial asset
is not derecognized.
In determining whether a financial asset transfer meets the above - mentioned
financial asset derecognition conditions, the principle of substance over form is
applied.
The Company classifies financial asset transfers into overall transfers and partial
transfers of financial assets. When an overall transfer of a financial asset meets the
derecognition conditions, the difference between the following two amounts is
recognized in the current profit and loss:
（1）The carrying amount of the transferred financial asset;
（2）The sum of the consideration received from the transfer and the cumulative
amount of changes in fair value that have been directly recognized in the owner's
equity (in the case where the transferred financial asset is a financial asset
measured at fair value with its changes recognized in other comprehensive income
(debt instrument)).
When a partial transfer of a financial asset meets the derecognition conditions, the
carrying amount of the entire transferred financial asset is allocated between the
derecognized part and the non - derecognized part based on their respective relative
fair values, and the difference between the following two amounts is recognized in
Notes to the Financial Statements Page11
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
the current profit and loss:
（1）The carrying amount of the derecognized part;
（2） The sum of the consideration for the derecognized part and the amount of the
cumulative changes in fair value that have been directly recognized in the owner's
equity corresponding to the derecognized part (in the case where the transferred
financial asset is a financial asset measured at fair value with its changes
recognized in other comprehensive income (debt instrument)).
If a financial asset transfer does not meet the derecognition conditions, the
financial asset is continued to be recognized, and the consideration received is
recognized as a financial liability.
When all or part of the current obligations of a financial liability have been
discharged, the financial liability or a part of it is derecognized. If the Company
enters into an agreement with the creditor to replace the existing financial liability
by assuming a new financial liability, and the contractual terms of the new financial
liability are substantially different from those of the existing financial liability, the
existing financial liability is derecognized, and a new financial liability is
recognized simultaneously.
When the contractual terms of all or part of the existing financial liability are
substantially modified, the existing financial liability or a part of it is derecognized,
and at the same time, the financial liability with the modified terms is recognized
as a new financial liability.
When all or part of a financial liability is derecognized, the difference between the
carrying amount of the derecognized financial liability and the consideration paid
(including the transferred non-cash assets or the assumed new financial liability) is
included in the current profit or loss.
If the Company repurchases part of a financial liability, on the repurchase date, the
carrying amount of the entire financial liability is allocated according to the relative
fair values of the part that continues to be recognized and the part that is
derecognized. The difference between the carrying amount allocated to the
derecognized part and the consideration paid (including the transferred non-cash
assets or the assumed new financial liability) is included in the current profit or
loss.
Notes to the Financial Statements Page12
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Liabilities
For financial instruments with an active market, their fair values are determined
based on the quoted prices in the active market. For financial instruments without
an active market, valuation techniques are used to determine their fair values.
When conducting valuation, the Company applies valuation techniques that are
applicable under the current circumstances and are supported by sufficient
available data and other information. It selects input values that are consistent with
the characteristics of the assets or liabilities considered by market participants in
transactions of the relevant assets or liabilities, and gives priority to using relevant
observable input values. Only when relevant observable input values cannot be
obtained or are not practically obtainable will unobservable input values be used.
Financial Instruments
The Company conducts impairment accounting treatment based on expected credit
losses for financial assets measured at amortized cost, financial assets measured at
fair value through other comprehensive income (debt instruments), financial
guarantee contracts, etc.
The Company considers reasonable and well-founded information such as relevant
past events, current conditions, and forecasts of future economic conditions, and
calculates the probability-weighted amount of the present value of the difference
between the contractually receivable cash flows and the expected receivable cash
flows, weighted by the risk of default, to recognize expected credit losses.
For accounts receivable and contract assets arising from transactions governed by
Accounting Standards for Enterprises No. 14 - Revenue, regardless of whether they
contain a significant financing component, the Company always measures their
loss allowances at an amount equivalent to the expected credit losses over their
entire remaining lives.
For lease receivables arising from transactions governed by Accounting Standards
for Enterprises No. 21 - Leases, the Company chooses to always measure their loss
allowances at an amount equivalent to the expected credit losses over their entire
remaining lives.
Notes to the Financial Statements Page13
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
For other financial instruments, the Company assesses the changes in the credit
risks of the relevant financial instruments since their initial recognition at each
balance sheet date.
The Company determines the relative change in the risk of default over the
expected remaining life of the financial instrument by comparing the risk of default
of the financial instrument at the balance sheet date with the risk of default at the
initial recognition date, so as to evaluate whether the credit risk of the financial
instrument has increased significantly since its initial recognition. Generally, if the
overdue period exceeds 30 days, the Company deems that the credit risk of the
financial instrument has increased significantly, unless there is conclusive evidence
to prove that the credit risk of the financial instrument has not increased
significantly since its initial recognition.
If the credit risk of a financial instrument is low at the balance sheet date, the
Company deems that the credit risk of the financial instrument has not increased
significantly since its initial recognition.
If the credit risk of a financial instrument has increased significantly since its initial
recognition, the Company measures its loss allowance at an amount equivalent to
the expected credit losses over the entire remaining life of the financial instrument;
if the credit risk of the financial instrument has not increased significantly since its
initial recognition, the Company measures its loss allowance at an amount
equivalent to the expected credit losses over the next 12 months of the financial
instrument. The increase or reversal amount of the loss allowance thus formed is
recognized as an impairment loss or gain in the current profit or loss. For financial
assets measured at fair value through other comprehensive income (debt
instruments), the loss allowance is recognized in other comprehensive income, and
the impairment loss or gain is recognized in the current profit or loss, and the
carrying amount of the financial asset presented in the balance sheet is not reduced.
(X) Inventories
Inventories are classified as goods in transit, raw materials, turnover materials,
finished goods, work in progress, goods shipped but not yet delivered, goods
entrusted for processing, etc.
Inventories are initially measured at cost, and the cost of inventories includes the
Notes to the Financial Statements Page14
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
purchase cost, processing cost, and other expenditures incurred to bring the
inventories to their present location and condition..
The weighted average method is adopted.
The perpetual inventory system is adopted.
（1）Low-value consumables are amortized using the one-time write-off method
（2）Packaging materials are amortized using the one-time write-off method.
Provisions
At the balance sheet date, inventories shall be measured at the lower of cost and net
realizable value. When the cost of inventories is higher than their net realizable
value, inventory write-down provisions shall be made. The net realizable value
refers to the amount obtained by deducting the estimated costs to be incurred until
completion, estimated selling expenses, and relevant taxes and fees from the
estimated selling price of the inventories in the ordinary course of business.
For finished goods, goods in stock, and materials directly for sale, the net realizable
value is determined by deducting the estimated selling expenses and relevant taxes
and fees from the estimated selling price of the inventories in the normal
production and operation process; for materials that need to be processed, the net
realizable value is determined by deducting the estimated costs to be incurred until
completion, estimated selling expenses, and relevant taxes and fees from the
estimated selling price of the finished products produced in the normal production
and operation process; for inventories held for the execution of sales contracts or
labor contracts, the net realizable value is calculated based on the contract price. If
the quantity of inventories held is more than the quantity ordered in the sales
contract, the net realizable value of the excess part of the inventories is calculated
based on the general selling price
After the inventory write-down provisions are made, if the factors that previously
Notes to the Financial Statements Page15
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
caused the decrease in the value of the inventories have disappeared, resulting in
the net realizable value of the inventories being higher than their carrying amount,
the write-down shall be reversed within the amount of the previously provided
inventory write-down provisions, and the reversed amount shall be included in the
current profit or loss.
(XI) Contract Assets
The Company presents contract assets or contract liabilities in the balance sheet
based on the relationship between the performance of performance obligations and
customer payments. The right of the Company to receive consideration for the
transfer of goods or provision of services to customers (and this right depends on
factors other than the passage of time) is presented as a contract asset. Contract
assets and contract liabilities under the same contract are presented on a net basis.
The Company's unconditional right (depending only on the passage of time) to
receive consideration from customers is presented separately as accounts
receivable.
Credit Losses of Contract Assets
The determination methods and accounting treatment methods for the expected
credit losses of contract assets are detailed in "III. (9) 6. Testing Methods and
Accounting Treatment Methods for the Impairment of Financial Instruments" of
these notes.
(XII) Held - for - Sale and Discontinued Operations
Non - current assets or disposal groups that are recovered through sale (including
non - monetary asset exchanges with commercial substance) rather than through
continuous use are classified as held - for - sale.
The Company classifies non - current assets or disposal groups as held - for - sale if
they meet the following conditions simultaneously:
（ 1 ） They are immediately available for sale in their present condition, in
accordance with the customary practices for selling such assets or disposal groups
Notes to the Financial Statements Page16
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
in similar transactions.
（2）The sale is highly probable, meaning that the Company has made a decision
on a sale plan and has obtained a firm purchase commitment, and it is expected that
the sale will be completed within one year. Where relevant regulations require the
approval of the Company's relevant authority or regulatory department before the
sale can be made, such approval has been obtained.
For non - current assets (excluding financial assets, deferred tax assets, and assets
formed by employee compensation) or disposal groups classified as held - for - sale,
if their carrying amount is higher than the net amount of fair value less selling costs,
the carrying amount is written down to the net amount of fair value less selling
costs. The amount of the write - down is recognized as an asset impairment loss,
which is included in the current profit or loss, and at the same time, an impairment
provision for held - for - sale assets is made.
(XIII) Long-term Equity Investments
Joint control refers to the shared control over an arrangement in accordance with
relevant agreements, and the relevant activities of this arrangement must be
decided upon with the unanimous consent of the participating parties sharing the
control rights. When the Company, together with other joint venturers, exercises
joint control over an investee and has rights to the net assets of the investee, the
investee is a joint venture of the Company.
Significant influence refers to the power to participate in the financial and
operating decision-making of an investee, but without the ability to control or
jointly control, together with other parties, the formulation of these policies. When
the Company is able to exert significant influence on an investee, the investee is an
associate of the Company.
（1）Long-term Equity Investments Formed through Business Combinations
For long-term equity investments in subsidiaries formed through business
combinations under the same control, on the combination date, the share of the
carrying value of the owners' equity of the combined party in the consolidated
financial statements of the ultimate controlling party is taken as the initial
Notes to the Financial Statements Page17
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
investment cost of the long-term equity investment. The difference between the
initial investment cost of the long-term equity investment and the carrying value of
the consideration paid is adjusted against the share premium in capital reserve; if
the share premium in capital reserve is insufficient to cover the difference, the
retained earnings are adjusted. When the Company is able to exercise control over
the investee under the same control due to additional investment and other reasons,
the difference between the initial investment cost of the long-term equity
investment confirmed in accordance with the above principles and the sum of the
carrying value of the long-term equity investment before the combination and the
carrying value of the additional consideration paid for the newly acquired shares on
the combination date is adjusted against the share premium. If the share premium is
insufficient to cover the difference, the retained earnings are reduced.
For long-term equity investments in subsidiaries formed through business
combinations not under the same control, the combination cost determined on the
acquisition date is taken as the initial investment cost of the long-term equity
investment. When the Company is able to exercise control over the investee not
under the same control due to additional investment and other reasons, the sum of
the carrying value of the original equity investment and the cost of the newly added
investment is taken as the initial investment cost.
（2）Long-term Equity Investments Obtained through Other Means than Business
Combinations
For long-term equity investments obtained by paying cash, the actual purchase
price paid is taken as the initial investment cost.
For long-term equity investments obtained by issuing equity securities, the fair
value of the issued equity securities is taken as the initial investment cost.
（1） Long-term Equity Investments Accounted for under the Cost Method
The Company's long-term equity investments in subsidiaries are accounted for
under the cost method, unless the investment meets the conditions for being
classified as held for sale. Except for the declared but unpaid cash dividends or
profits included in the actual payment price or consideration when the investment
is acquired, the Company recognizes the current investment income according to
the cash dividends or profits declared and distributed by the investee that the
Notes to the Financial Statements Page18
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Company is entitled to.
（2）Long-term Equity Investments Accounted for under the Equity Method
Long-term equity investments in associates and joint ventures are accounted for
under the equity method. If the initial investment cost is greater than the share of
the fair value of the identifiable net assets of the investee that the Company is
entitled to at the time of investment, the initial investment cost of the long-term
equity investment is not adjusted; if the initial investment cost is less than the share
of the fair value of the identifiable net assets of the investee that the Company is
entitled to at the time of investment, the difference is included in the current profit
or loss, and at the same time, the cost of the long-term equity investment is
adjusted.
The Company respectively recognizes investment income and other comprehensive
income according to the share of the net profit or loss and other comprehensive
income realized by the investee that the Company is entitled to or should bear, and
at the same time, adjusts the carrying value of the long-term equity investment;
calculates the share it is entitled to according to the profits or cash dividends
declared and distributed by the investee, and correspondingly reduces the carrying
value of the long-term equity investment; for other changes in the owners' equity of
the investee other than net profit or loss, other comprehensive income and profit
distribution (referred to as "other changes in owners' equity" for short), adjusts the
carrying value of the long-term equity investment and includes it in the owners'
equity.
When confirming the share of the net profit or loss, other comprehensive income
and other changes in owners' equity of the investee that the Company is entitled to,
based on the fair value of the identifiable net assets of the investee at the time of
investment, and in accordance with the Company's accounting policies and
accounting periods, the Company adjusts the net profit and other comprehensive
income of the investee before confirmation.
The portion of the unrealized internal transaction profits and losses that occur
between the Company and its associates or joint ventures and that belongs to the
Company, calculated according to the proportion the Company is entitled to, is
offset, and on this basis, the investment income is recognized, except when the
invested or sold assets constitute a business. The unrealized internal transaction
losses that occur with the investee, if they are asset impairment losses, are fully
Notes to the Financial Statements Page19
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
recognized.
The Company's share of the net losses incurred by a joint venture or an associate is
limited to reducing the carrying value of the long-term equity investment and other
long-term interests that substantially constitute a net investment in the joint venture
or the associate to zero, except for the obligation to bear additional losses. When
the joint venture or the associate realizes a net profit in the future, the Company
resumes recognizing the share of the profit after the share of the profit offsets the
unrecognized share of the losses.
（3）Disposal of Long-term Equity Investments
The difference between the carrying value of a long-term equity investment and the
actual proceeds obtained from its disposal is included in the current profit or loss.
When disposing of part of a long-term equity investment accounted for under the
equity method and the remaining equity is still accounted for under the equity
method, the other comprehensive income recognized under the original equity
method accounting is transferred out in proportion based on the same basis as that
for the investee's direct disposal of the relevant assets or liabilities, and the other
changes in owners' equity are transferred into the current profit or loss in
proportion.
When the Company loses joint control or significant influence over the investee
due to the disposal of equity investments and other reasons, the other
comprehensive income recognized due to the equity method accounting for the
original equity investment is accounted for based on the same basis as that for the
investee's direct disposal of the relevant assets or liabilities when the equity method
accounting is terminated, and the other changes in owners' equity are all transferred
into the current profit or loss when the equity method accounting is terminated.
When the Company loses control over the investee due to the disposal of part of
the equity investment and other reasons, when preparing individual financial
statements, if the remaining equity enables the Company to exercise joint control
or significant influence over the investee, the accounting method is changed to the
equity method, and the remaining equity is adjusted as if the equity method had
been applied since its acquisition. The other comprehensive income recognized
before obtaining control over the investee is transferred out in proportion based on
the same basis as that for the investee's direct disposal of the relevant assets or
liabilities, and the other changes in owners' equity recognized due to the equity
Notes to the Financial Statements Page20
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
method accounting are transferred into the current profit or loss in proportion; if
the remaining equity cannot enable the Company to exercise joint control or
significant influence over the investee, it is recognized as a financial asset, and the
difference between its fair value and carrying value on the date of losing control is
included in the current profit or loss, and the other comprehensive income and
other changes in owners' equity recognized before obtaining control over the
investee are all transferred out.
When disposing of the equity investment in a subsidiary step by step through
multiple transactions until the control is lost, if it is a package of transactions, each
transaction is accounted for as a transaction of disposing of the equity investment
in the subsidiary and losing control; before losing control, the difference between
the consideration received from each disposal and the carrying value of the
long-term equity investment corresponding to the disposed equity is, in individual
financial statements, first recognized as other comprehensive income, and then
transferred into the current profit or loss of the period when the control is lost. If it
is not a package of transactions, each transaction is accounted for separately.
(XIV) Investment Real Estate
Investment real estate refers to real estate held for the purpose of earning rental income or
capital appreciation, or both, including leased land use rights, land use rights held and
intended to be transferred after appreciation, and leased buildings (including buildings
used for lease upon the completion of self-construction or development activities, as well
as buildings under construction or development that will be used for lease in the future).
Subsequent expenditures related to investment real estate are included in the cost of
investment real estate when it is highly probable that the relevant economic benefits will
flow in and the cost can be reliably measured; otherwise, they are included in the current
profit or loss when they occur.
The Company measures existing real estate investment using the cost model. For
investment real estate measured using the cost model, the depreciation policy for leased
buildings is the same as that for the Company's fixed assets, and the amortization policy
for leased land use rights is implemented in the same way as that for intangible assets.
(XV) Fixed Assets
Notes to the Financial Statements Page21
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Fixed assets refer to tangible assets held for the production of goods, the provision
of labor services, lease, or for business management purposes, and with a useful
life exceeding one accounting year. Fixed assets are recognized when the following
conditions are simultaneously met:
（1）It is highly probable that the economic benefits related to the fixed asset will
flow into the enterprise.
（2）The cost of the fixed asset can be reliably measured.
Fixed assets are initially measured at cost (taking into account the impact of
estimated disposal expenses).
Subsequent expenditures related to fixed assets are included in the cost of fixed
assets when it is highly probable that the economic benefits related to them will
flow in and their costs can be reliably measured; for the replaced parts, their
carrying values are derecognized; all other subsequent expenditures are included in
the current profit or loss when they occur.
Depreciation of fixed assets is calculated and provided for by category using the
straight-line method. The depreciation rate is determined according to the
categories of fixed assets, their estimated useful lives, and the estimated residual
value rates. For fixed assets for which impairment provisions have been made, the
depreciation amount in future periods is determined based on the carrying value
after deducting the impairment provisions and the remaining useful life. If the
useful lives of the various components of a fixed asset are different or they provide
economic benefits to the enterprise in different ways, different depreciation rates or
depreciation methods are selected to calculate and provide for depreciation
separately.
The depreciation methods, useful lives, residual value rates, and annual
depreciation rates of various types of fixed assets are as follows:
Estimated residual
Category Service life Annual depreciation rate
value rate
Buildings and structures 20-35 years 3% 2.77-4.85%
Machinery and equipment 5-20 years 3% 4.85-19.40%
Transportation vehicles 4-10 years 3% 9.70-24.25%
Other equipment 3-21 years 3% 4.62-32.33%
Notes to the Financial Statements Page22
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Note: For the molds among the machinery and equipment, depreciation is
calculated using the units-of-production method.
When a fixed asset is disposed of, or it is expected that no economic benefits can
be generated through its use or disposal, the fixed asset is derecognized. The
amount obtained by deducting the carrying value and relevant taxes and fees from
the disposal proceeds of a fixed asset from its sale, transfer, scrapping, or damage
is included in the current profit or loss.
(XVI) Construction in Progress
Construction in progress is measured at the actual cost incurred. The actual cost includes
construction costs, installation costs, borrowing costs that meet the capitalization
conditions, and other necessary expenditures incurred before the construction in progress
reaches the intended usable state. When the construction in progress reaches the intended
usable state, it is transferred to fixed assets, and depreciation is provided starting from the
following month.
(XVII) Borrowing Costs
Borrowing costs incurred by the Company can be directly attributed to the
acquisition, construction, or production of assets that meet the capitalization
conditions are capitalized and included in the cost of the relevant assets; other
borrowing costs are recognized as expenses based on the amount incurred when
they occur and are included in the current profit or loss.
Assets that meet the capitalization conditions refer to fixed assets, investment real
estate, inventories, and other assets that require a substantial period of acquisition,
construction, or production activities to reach the intended usable or salable state.
The capitalization period refers to the period from the starting point of capitalizing
borrowing costs to the stopping point of capitalizing borrowing costs, excluding the
period during which the capitalization of borrowing costs is suspended.
The capitalization of borrowing costs begins when the following conditions are
Notes to the Financial Statements Page23
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
simultaneously met:
（ 1） Asset expenditures have occurred. Asset expenditures include expenditures
made in the form of cash payments, transfer of non-cash assets, or assumption of
interest-bearing debts for the acquisition, construction, or production of assets that
meet the capitalization conditions;
（2）Borrowing costs have occurred;
（3）The acquisition, construction, or production activities necessary for the asset
to reach the intended usable or salable state have started.
When the asset that meets the capitalization conditions and is under acquisition,
construction, or production reaches the intended usable or salable state, the
capitalization of borrowing costs stops.
If there is an abnormal interruption during the acquisition, construction, or
production of assets that meet the capitalization conditions, and the interruption
period exceeds 3 months continuously, the capitalization of borrowing costs is
suspended; if this interruption is a necessary procedure for the asset that meets the
capitalization conditions and is under acquisition, construction, or production to
reach the intended usable or salable state, the capitalization of borrowing costs
continues. The borrowing costs incurred during the interruption period are
recognized as current profit or loss until the acquisition, construction, or production
activities of the asset resume and the capitalization of borrowing costs continues.
Borrowing Costs
For specific borrowings borrowed for the acquisition, construction, or production
of assets that meet the capitalization conditions, the capitalized amount of
borrowing costs is determined by subtracting the interest income obtained from
depositing the unused borrowing funds in the bank or the investment income
obtained from temporary investments from the borrowing costs actually incurred in
the current period for the specific borrowings.
For general borrowings used for the acquisition, construction, or production of
assets that meet the capitalization conditions, the amount of borrowing costs that
should be capitalized for the general borrowings is calculated and determined by
Notes to the Financial Statements Page24
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
multiplying the weighted average of the asset expenditures exceeding the specific
borrowings by the capitalization rate of the general borrowings used. The
capitalization rate is calculated and determined based on the weighted average
actual interest rate of the general borrowings.
During the capitalization period, the exchange differences on the principal and
interest of specific foreign currency borrowings are capitalized and included in the
cost of assets that meet the capitalization conditions. The exchange differences on
the principal and interest of other foreign currency borrowings other than specific
foreign currency borrowings are included in the current profit or loss.
(XVIII) Intangible Assets
（1）The Company initially measures intangible assets at cost when it obtains them；
The cost of externally purchased intangible assets includes the purchase price,
relevant taxes and fees, as well as other expenditures directly attributable to
bringing the asset to its intended use.
（2）Subsequent Measurement
When obtaining an intangible asset, the Company analyzes and determines its
useful life.
For intangible assets with a finite useful life, they are amortized over the period
during which they bring economic benefits to the enterprise. For intangible assets
for which it is not possible to foresee the period during which they will bring
economic benefits to the enterprise, they are regarded as intangible assets with an
indefinite useful life and are not amortized.
Project Estimated Useful Life Amortization Method
Right to Use Land 33 - 50 years Straight-line Method
Right to Use Software 2 years Straight-line Method
Right to Use Trademark 10 years Straight-line Method
Non-patented Technology 5 - 11 years Straight-line Method
Patented Technology 10 years Straight-line Method
Notes to the Financial Statements Page25
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Development Stage
The expenditures of the Company's internal research and development projects are
divided into research stage expenditures and development stage expenditures.
Research Stage: It refers to the stage of original and planned investigations and
research activities carried out to acquire and understand new scientific or technical
knowledge, etc.
Development Stage: It refers to the stage of activities in which research
achievements or other knowledge are applied to a certain plan or design before
commercial production or use, in order to produce new or substantially improved
materials, devices, products, etc.
Expenditures incurred in the research stage are recognized as current profit or loss
when they occur. Development stage expenditures that simultaneously meet the
following conditions are recognized as intangible assets, and development stage
expenditures that do not meet the following conditions are recognized as current
profit or loss:
(1) It is technically feasible to complete the intangible asset so that it can be used or
sold;
(2) There is the intention to complete the intangible asset and use or sell it；
(3) The way in which the intangible asset generates economic benefits, including
being able to prove that there is a market for the products produced by applying the
intangible asset or that there is a market for the intangible asset itself. If the
intangible asset will be used internally, it is necessary to be able to prove its
usefulness；
(4) There are sufficient technical, financial and other resources to support the
completion of the development of the intangible asset, and there is the ability to use
or sell the intangible asset；
(5) The expenditures attributable to the development stage of the intangible asset
can be reliably measured.
If it is impossible to distinguish between research stage expenditures and
development stage expenditures, all the research and development expenditures
Notes to the Financial Statements Page26
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
incurred will be recognized as current profit or loss.
(XIX) Impairment of Long-term Assets
Long-term assets such as long-term equity investments, investment real estate measured
using the cost model, fixed assets, construction in progress, right-of-use assets, and
intangible assets with a finite useful life are subject to an impairment test if there are
indications of impairment at the balance sheet date. If the results of the impairment test
indicate that the recoverable amount of an asset is lower than its carrying amount, an
impairment provision is made for the difference and recognized as an impairment loss.
The recoverable amount is the higher of the net amount of the fair value of the asset less
disposal costs and the present value of the expected future cash flows of the asset.
Impairment provisions for assets are calculated and recognized on the basis of individual
assets. If it is difficult to estimate the recoverable amount of an individual asset, the
recoverable amount of the asset group to which the asset belongs is determined. An asset
group is the smallest combination of assets that can generate cash inflows independently.
For goodwill formed through business combinations, intangible assets with an indefinite
useful life, and intangible assets that have not yet reached the usable state, an impairment
test is carried out at least at the end of each year, regardless of whether there are
indications of impairment.
When the Company conducts an impairment test on goodwill, the carrying amount of the
goodwill formed through business combinations is allocated to the relevant asset groups
in a reasonable manner since the acquisition date; if it is difficult to allocate it to the
relevant asset groups, it is allocated to the relevant asset group combinations. The relevant
asset groups or asset group combinations are those that can benefit from the synergistic
effects of the business combination.
When conducting an impairment test on the relevant asset groups or asset group
combinations that include goodwill, if there are indications of impairment in the asset
groups or asset group combinations related to the goodwill, an impairment test is first
carried out on the asset groups or asset group combinations that do not include goodwill,
the recoverable amount is calculated, and it is compared with the relevant carrying
amount to recognize the corresponding impairment loss. Then, an impairment test is
carried out on the asset groups or asset group combinations that include goodwill, and
their carrying amount is compared with the recoverable amount. If the recoverable
amount is lower than the carrying amount, the amount of the impairment loss first offsets
Notes to the Financial Statements Page27
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
the carrying amount of the goodwill allocated to the asset groups or asset group
combinations, and then, according to the proportion of the carrying amount of each of the
other assets in the asset groups or asset group combinations except for the goodwill, the
carrying amounts of the other assets are offset proportionally. Once the above-mentioned
asset impairment losses are recognized, they will not be reversed in subsequent
accounting periods.
(XX) Long-term Prepaid Expenses
Long-term prepaid expenses refer to various expenses that have already been incurred but
should be borne by the current period and subsequent periods, with an amortization period
of more than one year.
(XXI) Contract Liabilities
The Company presents contract assets or contract liabilities in the balance sheet based on
the relationship between the fulfillment of performance obligations and customers'
payments. The obligation to transfer goods or provide services to customers for which the
Company has received or is entitled to receive consideration from customers is presented
as contract liabilities. Contract assets and contract liabilities under the same contract are
presented on a net basis.
(XXII) Employee Salaries and Benefits
During the accounting period when employees provide services to the Company,
the Company recognizes the actual short-term employee benefits incurred as
liabilities and includes them in the current profit or loss or the cost of relevant
assets.
The social insurance premiums and housing provident funds paid by the Company
for employees, as well as the trade union funds and employee education funds
withdrawn according to regulations, are calculated and determined as the
corresponding employee salary and benefit amounts during the accounting period
when employees provide services to the Company, based on the specified accrual
basis and accrual ratio.
The employee welfare expenses incurred by the Company are included in the
current profit or loss or the cost of relevant assets according to the actual amount
Notes to the Financial Statements Page28
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
incurred at the time of occurrence. Among them, non-monetary welfare benefits are
measured at fair value.
（1）Defined Contribution Plan
The Company pays basic endowment insurance and unemployment insurance for
employees in accordance with the relevant regulations of the local government.
During the accounting period when employees provide services to the Company,
the payable amount is calculated according to the local specified payment base and
ratio, recognized as a liability, and included in the current profit or loss or the cost
of relevant assets. In addition, the Company also participates in the enterprise
annuity plan approved by the relevant national departments. The Company
contributes to the annuity plan at a certain percentage of the total employee salaries,
and the corresponding expenditures are included in the current profit or loss or the
cost of relevant assets.
（2）Defined Benefit Plan
The Company attributes the welfare obligations arising from the defined benefit
plan to the period when employees provide services according to the formula
determined by the projected unit credit method and includes them in the current
profit or loss or the cost of relevant assets.
The deficit or surplus formed by subtracting the fair value of the defined benefit
plan assets from the present value of the defined benefit plan obligations is
recognized as a net defined benefit liability or net asset. When there is a surplus in
the defined benefit plan, the Company measures the net defined benefit plan asset
at the lower of the surplus of the defined benefit plan and the asset ceiling.
All defined benefit plan obligations, including those expected to be paid within
twelve months after the end of the annual reporting period during which employees
provide services, are discounted based on the market yield of national bonds or
high-quality corporate bonds in an active market that match the term and currency
of the defined benefit plan obligations as of the balance sheet date.
The service cost arising from the defined benefit plan and the net interest on the net
defined benefit liability or net asset are included in the current profit or loss or the
cost of relevant assets; the changes arising from the remeasurement of the net
defined benefit liability or net asset are included in other comprehensive income
Notes to the Financial Statements Page29
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
and will not be reversed to profit or loss in subsequent accounting periods. When
the original defined benefit plan is terminated, the part originally included in other
comprehensive income is all transferred to the undistributed profit within the scope
of equity.
When settling the defined benefit plan, the settlement gain or loss is recognized
based on the difference between the present value of the defined benefit plan
obligations determined on the settlement date and the settlement price.
When the Company provides termination benefits to employees, it recognizes the
employee salary and benefit liability arising from the termination benefits at the
earlier of the following two dates and includes it in the current profit or loss: when
the Company cannot unilaterally withdraw the termination benefits provided due to
the labor relationship termination plan or the downsizing proposal; when the
Company recognizes the costs or expenses related to the restructuring involving the
payment of termination benefits.
(XXIII) Provision Liabilities
The Company recognizes a provision liability when the obligations related to a contingent
event simultaneously meet the following conditions:
（1）The obligation is a present obligation that the Company undertakes；
（2）It is highly probable that the performance of this obligation will result in an outflow
of economic benefits from the Company；
（3）The amount of the obligation can be reliably measured。
Provision liabilities are initially measured at the best estimate of the expenditure required
to settle the relevant present obligation.
When determining the best estimate, factors such as risks, uncertainties, and the time
value of money related to the contingent event are comprehensively considered. For those
with a significant impact of the time value of money, the best estimate is determined by
discounting the relevant future cash outflows.
If all or part of the expenditure required to settle the provision liability is expected to be
compensated by a third party, the compensation amount, when it is virtually certain to be
Notes to the Financial Statements Page30
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
received, is recognized as an asset separately, and the recognized compensation amount
shall not exceed the carrying value of the provision liability.
The Company reviews the carrying value of the provision liability at the balance sheet
date. If there is conclusive evidence indicating that the carrying value does not reflect the
current best estimate, the carrying value is adjusted according to the current best estimate.
(XXIV) Share-based Payments
The share-based payments of the Company refer to transactions in which equity
instruments are granted or liabilities determined based on equity instruments are assumed
in order to obtain services provided by employees or other parties. The share-based
payments of the Company are divided into share-based payments settled in equity and
share-based payments settled in cash.
For share-based payments settled in equity in exchange for services provided by
employees, they are measured at the fair value of the equity instruments granted to
employees. For share-based payment transactions that can be exercised
immediately upon grant, on the grant date, the fair value of the equity instruments
is included in the relevant costs or expenses, and the capital reserve is increased
accordingly. For share-based payment transactions that can only be exercised after
the completion of the vesting period and the satisfaction of the specified
performance conditions, at each balance sheet date during the vesting period, the
Company, based on the best estimate of the number of exercisable equity
instruments, includes the services obtained during the current period in the relevant
costs or expenses according to the fair value on the grant date, and increases the
capital reserve accordingly.
If the terms of the share-based payment settled in equity are modified, the services
obtained are recognized at least in accordance with the situation where the terms
have not been modified. In addition, any modification that increases the fair value
of the granted equity instruments or any change that is favorable to employees on
the modification date shall result in the recognition of an increase in the services
obtained.
During the vesting period, if the granted equity instruments are cancelled, the
Company treats the cancellation of the granted equity instruments as an accelerated
Notes to the Financial Statements Page31
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
exercise of rights, immediately includes the amount that should be recognized
during the remaining vesting period in the current profit or loss, and recognizes the
capital reserve at the same time. However, if new equity instruments are granted
and it is determined on the grant date of the new equity instruments that the granted
new equity instruments are used to replace the cancelled equity instruments, the
granted replacement equity instruments shall be treated in the same way as the
modification of the terms and conditions of the original equity instruments.
Share-based payments settled in cash are measured at the fair value of the liabilities
calculated and determined by the Company based on shares or other equity
instruments. For share-based payment transactions that can be exercised
immediately upon grant, on the grant date, the Company includes the fair value of
the assumed liabilities in the relevant costs or expenses according to the fair value
of the assumed liabilities, and increases the liabilities accordingly. For share-based
payment transactions that can only be exercised after the completion of the vesting
period and the satisfaction of the specified performance conditions, at each balance
sheet date during the vesting period, the Company, based on the best estimate of
the exercisability situation, includes the services obtained during the current period
in the relevant costs or expenses according to the fair value of the liabilities
assumed by the Company, and includes them in the liabilities accordingly. At each
balance sheet date before the settlement of the relevant liabilities and on the
settlement date, the fair value of the liabilities is remeasured, and the changes are
included in the current profit or loss.
If the Company modifies the terms and conditions in the share-based payment
agreement settled in cash to make it a share-based payment settled in equity, on the
modification date (whether it occurs during the vesting period or after the end of
the vesting period), the Company measures the share-based payment settled in
equity at the fair value of the granted equity instruments on that day, includes the
services already obtained in the capital reserve, and at the same time terminates the
recognition of the liabilities already recognized for the share-based payment settled
in cash on the modification date. The difference between the two is included in the
current profit or loss. If the vesting period is extended or shortened due to the
modification, the Company shall conduct accounting treatment according to the
Notes to the Financial Statements Page32
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
modified vesting period.
(XXV) Revenue
The Company recognizes revenue when it fulfills its performance obligations under
a contract, i.e., when the customer obtains control of the relevant goods or services.
Control of goods or services refers to the ability to direct the use of and obtain
substantially all the economic benefits from the goods or services
For contracts containing two or more performance obligations, the Company allocates the
transaction price to each separate performance obligation at the inception of the contract
based on the relative stand-alone selling prices of the goods or services promised under
each obligation. Revenue is measured based on the transaction price allocated to each
separate performance obligation.
The transaction price is the amount of consideration the Company expects to be
entitled to in exchange for transferring goods or services to customers, excluding
amounts collected on behalf of third parties or expected to be refunded to
customers. The Company determines the transaction price based on the contract
terms and its past practices, taking into account factors such as variable
consideration, significant financing components in the contract, non-cash
consideration, and consideration payable to customers. The Company determines
the transaction price including variable consideration to the extent that it is highly
probable that a significant reversal of cumulative revenue recognized will not occur
when the uncertainty is resolved. For contracts with significant financing
components, the Company determines the transaction price as the amount the
customer would have paid if control of the goods or services had been transferred
at the time of payment in cash, and amortizes the difference between the
transaction price and the contract consideration over the contract term using the
effective interest method.
A performance obligation is satisfied over time if it meets one of the following
criteria; otherwise, it is satisfied at a point in time:
• The customer simultaneously receives and consumes the economic benefits of
the Company’s performance as the Company performs.
• The customer controls the goods being created or enhanced during the
Notes to the Financial Statements Page33
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Company’s performance.
• The goods produced by the Company’s performance have no alternative use,
and the Company has an enforceable right to payment for performance completed
to date.
For performance obligations satisfied over time, the Company recognizes revenue
over the period of performance based on the progress toward completion, unless
the progress cannot be reasonably measured. The Company determines the
progress toward completion using either an output or input method, depending on
the nature of the goods or services. If the progress cannot be reasonably determined,
revenue is recognized to the extent of costs incurred that are expected to be
recoverable until the progress can be reasonably measured.
For performance obligations satisfied at a point in time, the Company recognizes
revenue when the customer obtains control of the goods or services. In determining
whether the customer has obtained control, the Company considers the following
indicators:
• The Company has a present right to payment for the goods or services, i.e., the
customer has a present obligation to pay.
• The Company has transferred legal title of the goods to the customer.
• The Company has physically transferred the goods to the customer.
• The Company has transferred the significant risks and rewards of ownership
of the goods to the customer.
• The customer has accepted the goods or services.
The Company determines whether it acts as a principal or an agent in a transaction
based on whether it controls the goods or services before they are transferred to the
customer. If the Company controls the goods or services before transfer, it acts as a
principal and recognizes revenue based on the gross amount of consideration
received or receivable; otherwise, it acts as an agent and recognizes revenue based
on the amount of commission or fee it expects to be entitled to.
measurement approaches by business type
The Company recognizes revenue when it fulfills its performance obligations under
Notes to the Financial Statements Page34
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
a contract, i.e., when the customer obtains control of the relevant goods or services.
Control of goods or services refers to the ability to direct the use of and obtain
substantially all the economic benefits from the goods or services.
（1）Sales contracts
Sales contracts between the Company and its customers typically include
performance obligations such as the transfer of goods. The Company generally
recognizes revenue at the point in time when each performance obligation is
satisfied, considering factors such as the present right to payment, transfer of
significant risks and rewards of ownership, transfer of legal title, physical transfer
of goods, and customer acceptance.
（2）Service contracts
For service contracts, the performance obligations are satisfied over time because
the customer simultaneously receives and consumes the economic benefits of the
Company’s performance, and the Company has an enforceable right to payment
for performance completed to date. Revenue is recognized based on the progress
toward completion, unless the progress cannot be reasonably measured. The
Company uses the output method, determining progress based on products
completed or delivered. If the progress cannot be reasonably determined, revenue
is recognized to the extent of costs incurred that are expected to be recoverable
until the progress can be reasonably measured.
（3）Variable consideration
Some contracts with customers include sales rebate arrangements, resulting in
variable consideration. The Company estimates the variable consideration using
either the expected value or the most likely amount, but the transaction price
including variable consideration does not exceed the amount for which it is highly
probable that a significant reversal of cumulative revenue recognized will not occur
when the uncertainty is resolved.
（4）Warranty obligations
In accordance with contractual terms or legal requirements, the Company provides
quality assurance for sold goods. For service-type warranties that provide a
separate service beyond ensuring that the goods comply with agreed-upon
Notes to the Financial Statements Page35
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
standards, the Company treats them as a separate performance obligation. The
transaction price is allocated between the goods and the service-type warranty
based on their relative stand-alone selling prices, and revenue is recognized when
the customer obtains control of the service. In assessing whether a warranty
provides a separate service, the Company considers factors such as whether the
warranty is a legal requirement, the warranty period, and the nature of the tasks the
Company promises to perform.
（5）Loyalty points program
When selling goods or providing services, the Company grants customers loyalty
points that can be redeemed for free or discounted goods or services. The loyalty
points program provides customers with a material right, which the Company treats
as a separate performance obligation. The transaction price is allocated between the
goods or services and the loyalty points based on their relative stand-alone selling
prices, and revenue is recognized when the customer redeems the points or when
the points expire.
（6）Principal/agent considerations
For arrangements where the Company directs a third party to provide services on
its behalf and has the right to determine the price of the goods or services traded,
i.e., the Company controls the goods before they are transferred to the customer,
the Company acts as a principal and recognizes revenue based on the gross amount
of consideration received or receivable. Otherwise, the Company acts as an agent
and recognizes revenue based on the amount of commission or fee it expects to be
entitled to, which is determined as the net amount after deducting amounts payable
to other parties or based on a predetermined commission rate or amount.
(XXVI) Contract Costs
Contract costs include costs to fulfill a contract and costs to obtain a contract.
Costs incurred by the Company to fulfill a contract that are not within the scope of other
standards (e.g., inventories, fixed assets, or intangible assets) are recognized as an asset if
the following conditions are met:
• The costs are directly related to a current or anticipated contract.
• The costs increase the Company’s resources for fulfilling performance obligations in
Notes to the Financial Statements Page36
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
the future.
• The costs are expected to be recovered.
Incremental costs incurred to obtain a contract that are expected to be recovered are
recognized as an asset.
Assets related to contract costs are amortized on the same basis as the recognition of
revenue from the related goods or services. However, if the amortization period of costs to
obtain a contract does not exceed one year, the Company recognizes them as an expense
when incurred.
If the carrying amount of an asset related to contract costs exceeds the difference
between:
or services;
the Company recognizes an impairment loss for the excess amount. If factors leading to
prior impairment subsequently change, resulting in the difference exceeding the carrying
amount, the Company reverses the impairment loss to the extent that the carrying amount
does not exceed what it would have been had no impairment been recognized.
(XXVII) Government Grants
Government grants are monetary or non-monetary assets received by the Company
from the government without compensation. They are classified into grants related
to assets and grants related to income.
Grants related to assets are those received for the purchase or construction of
long-term assets. Grants related to income are all other government grants.
Government grants are recognized when the Company meets the attached
conditions and can receive the grants.
The Company accounts for government grants using the net method.
Grants related to assets are deducted from the carrying amount of the related asset
or recognized as deferred income. If recognized as deferred income, they are
amortized to profit or loss over the useful life of the related asset using a systematic
and rational method.
Notes to the Financial Statements Page37
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Grants related to income that compensate for future related costs or losses are
recognized as deferred income and amortized to profit or loss or deducted from
related costs or losses when the costs or losses are recognized. Grants that
compensate for already incurred costs or losses are directly recognized in profit or
loss or deducted from related costs or losses.
For preferential loan interest subsidies received, the Company accounts for them as
follows:
（1）If the subsidy is disbursed to the lending bank, which then provides loans to
the Company at a preferential interest rate, the Company records the loan at the
actual amount received and calculates interest expense based on the principal and
preferential interest rate
（2）If the subsidy is disbursed directly to the Company, the Company offsets the
subsidy against the related interest expense.
(XXVIII)Deferred Tax Assets and Deferred Tax Liabilities
Income tax includes current tax and deferred tax. Except for income tax arising from
business combinations or transactions directly recognized in equity (including other
comprehensive income), the Company recognizes current tax and deferred tax in profit or
loss.
Deferred tax assets and deferred tax liabilities are recognized based on temporary
differences between the tax bases and carrying amounts of assets and liabilities.
Deferred tax assets are recognized for deductible temporary differences to the extent that
it is probable that taxable profit will be available against which the temporary differences
can be utilized. For deductible losses and tax credits that can be carried forward, deferred
tax assets are recognized to the extent that it is probable that future taxable profit will be
available.
Deferred tax liabilities are recognized for taxable temporary differences, except in certain
circumstances.
Deferred tax assets or liabilities are not recognized in the following circumstances:
Notes to the Financial Statements Page38
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
• Initial recognition of goodwill;
• Transactions or events that are not business combinations and do not affect accounting
profit or taxable profit (or deductible losses) at the time of occurrence, and for which the
initial recognition of assets and liabilities does not create equal taxable and deductible
temporary differences.
Deferred tax liabilities are recognized for taxable temporary differences related to
investments in subsidiaries, associates, and joint ventures, unless the Company can
control the timing of the reversal and it is probable that the temporary differences will not
reverse in the foreseeable future. Deferred tax assets are recognized for deductible
temporary differences related to such investments if it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available.
At the balance sheet date, the Company reviews the carrying amount of deferred tax
assets. If it is no longer probable that sufficient taxable profit will be available to utilize
the deferred tax asset, the carrying amount is reduced. Any reduction is reversed if it
becomes probable that sufficient taxable profit will be available.
When the Company has the legal right to settle current tax assets and liabilities on a net
basis and intends to do so, they are presented net in the balance sheet.
Deferred tax assets and liabilities are presented net in the balance sheet if the following
conditions are met:
• The Company has the legal right to settle current tax assets and liabilities on a net
basis;
• The deferred tax assets and liabilities relate to income tax levied by the same tax
authority on the same taxable entity or different entities that intend to settle current tax
assets and liabilities on a net basis or simultaneously realize the assets and settle the
liabilities in each future period.
(XXIX) Leases
A lease is a contract that conveys the right to use an asset for a period of time in exchange
for consideration. At the inception of a contract, the Company assesses whether the
contract is or contains a lease. If the contract transfers the right to control the use of one or
more identified assets for a period of time in exchange for consideration, it is or contains a
lease.
If a contract contains multiple leases, the Company separates the contract and accounts
Notes to the Financial Statements Page39
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
for each lease separately. If a contract contains both lease and non-lease components, the
Company separates the lease and non-lease components.
（1）Right-of-use assets
At the commencement date of the lease, the Company recognizes a right-of-use
asset for leases other than short-term leases and leases of low-value assets. The
right-of-use asset is initially measured at cost, which includes:
? The initial measurement amount of the lease liability;
? Lease payments made at or before the commencement date, less any lease
incentives received;
? Initial direct costs incurred by the Company;
? Estimated costs of dismantling, removing, or restoring the leased asset or the
site, unless incurred to produce inventories.
Subsequently, the Company depreciates the right-of-use asset on a straight-line
basis. If the Company is reasonably certain to obtain ownership of the leased asset
by the end of the lease term, the asset is depreciated over its remaining useful life;
otherwise, it is depreciated over the shorter of the lease term and the remaining
useful life.
（2）Lease liability
At the commencement date of the lease, the Company recognizes a lease liability
for leases other than short-term leases and leases of low-value assets. The lease
liability is initially measured at the present value of unpaid lease payments, which
include:
? Fixed payments (including in-substance fixed payments), less any lease
incentives;
? Variable lease payments that depend on an index or rate;
? Amounts expected to be payable under residual value guarantees;
? The exercise price of purchase options, if the Company is reasonably certain
to exercise the option;
? Termination penalties, if the lease term reflects the Company’s exercise of a
termination option.
The Company uses the interest rate implicit in the lease as the discount rate, but if
Notes to the Financial Statements Page40
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
this cannot be readily determined, it uses the incremental borrowing rate.
Interest expense on the lease liability is calculated using the periodic interest rate
and recognized in profit or loss or capitalized into the cost of related assets.
Variable lease payments not included in the measurement of the lease liability are
recognized in profit or loss or capitalized into the cost of related assets when
incurred.
After the commencement date, the Company remeasures the lease liability and
adjusts the right-of-use asset in the following circumstances:
? If the assessment of purchase, renewal, or termination options changes, or if
the actual exercise of such options differs from the original assessment, the
Company remeasures the lease liability based on the revised lease payments
and discount rate;
? If in-substance fixed payments, residual value guarantees, or the index or rate
used to determine lease payments change, the Company remeasures the lease
liability based on the revised lease payments and the original discount rate,
unless the change is due to a floating interest rate, in which case the revised
discount rate is used.
（3）Short-term leases and leases of low-value assets
For short-term leases and leases of low-value assets where the Company chooses
not to recognize a right-of-use asset and lease liability, lease payments are
recognized in profit or loss or capitalized into the cost of related assets on a
straight-line basis over the lease term. A short-term lease is one with a lease term of
asset lease is one for which the underlying asset is of low value when new. If the
Company subleases or expects to sublease the asset, the original lease is not a
low-value asset lease.
（4）Lease modifications
A lease modification is accounted for as a separate lease if it meets both of the
following conditions:
? It increases the scope of the lease by adding one or more underlying assets;
? The increase in consideration is commensurate with the stand-alone price of
the added scope, adjusted for the circumstances of the contract.
If the modification is not accounted for as a separate lease, the Company reassigns
the consideration, redetermines the lease term, and remeasures the lease liability
Notes to the Financial Statements Page41
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
based on the revised lease payments and discount rate at the effective date of the
modification.
If the modification reduces the scope or shortens the lease term, the Company
reduces the carrying amount of the right-of-use asset and recognizes a gain or loss.
Other modifications that require remeasurement of the lease liability result in
corresponding adjustments to the right-of-use asset.
At the commencement date of the lease, the Company classifies leases as finance
leases or operating leases. A finance lease is one that transfers substantially all the
risks and rewards incidental to ownership of the underlying asset, regardless of
legal ownership. An operating lease is any lease other than a finance lease. When
acting as an intermediate lessor, the Company classifies the sublease based on the
right-of-use asset arising from the head lease.
（1）Operating lease accounting
Lease receipts from operating leases are recognized as rental income on a
straight-line basis over the lease term. Initial direct costs incurred are capitalized
and amortized to profit or loss on the same basis as rental income recognition.
Variable lease payments not included in lease receipts are recognized in profit or
loss when incurred. If an operating lease is modified, the Company accounts for it
as a new lease from the effective date, treating any prepaid or accrued lease
receipts as receipts under the new lease
（2）Finance lease accounting
At the commencement date of a finance lease, the Company recognizes a finance
lease receivable and derecognizes the leased asset. The finance lease receivable is
initially measured at the net investment in the lease, which is the sum of the present
value of unguaranteed residual value and lease receipts not yet received at the
commencement date, discounted using the interest rate implicit in the lease.
Interest income is recognized over the lease term using the periodic interest rate.
Derecognition and impairment of finance lease receivables are accounted for in
accordance with the policies in Note 3(9) "Financial Instruments."
Variable lease payments not included in the net investment in the lease are
Notes to the Financial Statements Page42
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
recognized in profit or loss when incurred.
A finance lease modification is accounted for as a separate lease if it meets both of
the following conditions:
? It increases the scope of the lease by adding one or more underlying assets;
? The increase in consideration is commensurate with the stand-alone price of
the added scope, adjusted for the circumstances of the contract.
If the modification is not accounted for as a separate lease, the Company accounts
for it as follows:
? If the modified lease would have been classified as an operating lease had it
been in effect at the commencement date, the Company accounts for it as a
new operating lease from the effective date, using the net investment in the
lease as the carrying amount of the leased asset;
? If the modified lease would still have been classified as a finance lease, the
Company accounts for it in accordance with the policies in Note 3(9)
"Financial Instruments" for contract modifications or reassessments.
The Company assesses whether a sale has occurred in a sale and leaseback
transaction based on the principles in Note 3(25) "Revenue."
（1）As a lessee
If the transfer of the asset in a sale and leaseback transaction qualifies as a sale, the
Company measures the right-of-use asset arising from the leaseback at the portion
of the carrying amount of the asset related to the right of use retained, and
recognizes only the gain or loss related to the rights transferred to the lessor.
If the transfer does not qualify as a sale, the Company continues to recognize the
transferred asset and recognizes a financial liability equal to the transfer proceeds.
The accounting for financial liabilities is detailed in Note 3(9) "Financial
Instruments."
（2）As a lessor
If the transfer qualifies as a sale, the Company accounts for the purchase of the
asset and leases it out in accordance with the policies above for lessors. If the
transfer does not qualify as a sale, the Company does not recognize the transferred
asset but recognizes a financial asset equal to the transfer proceeds. The accounting
Notes to the Financial Statements Page43
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
for financial assets is detailed in Note 3(9) "Financial Instruments."
(XXX) Materiality Standards and Selection Basis
Item Materiality Standard
Subsidiary’s net assets accounting for over 5% of the Company’s
Significant non-wholly owned subsidiaries consolidated net assets or net profit accounting for over 10% of the
Company’s consolidated net profit
Investment income under the equity method accounting for over 10% of
Significant joint ventures and associates
the Company’s consolidated net profit
Single write-off amount exceeding 5% of the total bad debt provision for
Significant write-offs of receivables
receivables or exceeding RMB 15 million
Significant recoveries or reversals of bad debt Single recovery or reversal amount exceeding 5% of the total bad debt
provisions for receivables provision for receivables or exceeding RMB 15 million
Single amount exceeding 5% of total prepayments or exceeding RMB 15
Significant prepayments aged over 1 year
million
Significant payables aged over 1 year or Single amount exceeding 5% of total payables or exceeding RMB 15
overdue million
Significant construction in progress Project balance exceeding RMB 50 million
(XXXI) Changes in Significant Accounting Policies and Estimates
Implementation of "Accounting Standards for Business Enterprises Interpretation
No. 18" regarding the accounting treatment for warranty-type quality assurance
that does not constitute a separate performance obligation
On December 6, 2024, the Ministry of Finance issued "Accounting Standards for
Business Enterprises Interpretation No. 18" (Cai Kuai [2024] No. 24, hereinafter
referred to as "Interpretation No. 18"), which came into effect on the date of
issuance and allows companies to adopt it early in their annual reports.
Interpretation No. 18 stipulates that when accounting for estimated liabilities
arising from warranty-type quality assurance that does not constitute a separate
performance obligation, companies should debit "Cost of Sales" or "Other
Operating Costs" and credit "Estimated Liabilities" in accordance with
"Accounting Standards for Business Enterprises No. 13 — Contingencies," and
present the amounts in "Cost of Sales" in the income statement and "Other Current
Liabilities," "Non-current Liabilities Due Within One Year," or "Estimated
Liabilities" in the balance sheet.
When first applying the interpretation, if the original provision for warranty-type
quality assurance was recorded in "Selling Expenses," the Company retrospectively
Notes to the Financial Statements Page44
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
adjusts the accounting policy change. The main impact of adopting this
interpretation from 2024 is as follows:
Content and
Affected financial Consolidated Parent Company
reason for
statement items
accounting policy
change 2024 2023 2024 2023
Implementation
of "Accounting
Standards for Cost of Sales 2,097,922,084.25 1,667,654,042.97 891,328,215.46 1,129,775,535.65
Business
Enterprises
Interpretation No. Selling Expenses -2,097,922,084.25 -1,667,654,042.97 -891,328,215.46 -1,129,775,535.65
IV、 Tax Items
(I) Major taxes and tax rates
Tax type Tax basis Tax rate（%）
Calculated based on output tax on sales of goods and taxable
Value-added tax 6、7、9、13
services, minus input tax deductible in the current period
Consumption tax Based on taxable sales revenue 1、3、5
Urban maintenance
Based on actual VAT and consumption tax paid 5、7
and construction tax
Corporate income tax Based on taxable income 15-41
Education surcharge Based on actual VAT and consumption tax paid 3
Based on actual VAT
and consumption tax
Based on actual VAT and consumption tax paid 2
paid
(II) Tax incentives
tax incentives, the Company and the following subsidiaries are recognized as high-tech
enterprises and enjoy a preferential corporate income tax rate of 15% during specified
periods: the Company (2024 – 2026),Beijing Changan Automobile Engineering
Technology Research Co., Ltd. (from 2024 to 2026),Hebei Changan Automobile Co., Ltd.
(2023–2025), and Shenlan Automobile Technology Co., Ltd. (2023to2025)。
Western Development" (Announcement [2020] No. 23) jointly issued by the Ministry of
Notes to the Financial Statements Page45
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Finance, the State Taxation Administration, and the National Development and Reform
Commission, from January 1, 2021, to December 31, 2030, encouraged industrial
enterprises in western regions are subject to a reduced corporate income tax rate of 15%.
The Company’s subsidiaries, including Chongqing Changan Automobile International
Sales Service Co., Ltd., Chongqing Changan Special Purpose Vehicle Co., Ltd.,
Chongqing Changan Automobile Customer Service Co., Ltd., Chongqing Changan
Automobile Software Technology Co., Ltd., Chongqing Changan Technology Co., Ltd.,
Chongqing Xingzhi Technology Co., Ltd. ,Chongqing Lingyao Automobile Co., Ltd., and
Chongqing Chehemei Technology Co., Ltd., meet the requirements and calculate
corporate income tax at the 15% rate.
Micro Enterprises and Individual Businesses" (Announcement [2023] No. 12), small and
micro-profit enterprises are taxed at 20% on 25% of taxable income. The Company ’ s
subsidiaries, including Shanghai Chang'an Zhixing Technology Co., Ltd., Xiamen
Chang'an New Energy Vehicle Sales and Service Co., Ltd., Shenlan Automobile Nanjing
Research Institute Co., Ltd., Shenlan Automotive Marketing Services (Shenzhen) Co.,
Ltd., are recognized as small and micro-profit enterprises and enjoy this tax incentive.
Advanced Manufacturing Enterprises" (Announcement [2023] No. 43), from January 1,
an additional 5% of deductible input tax from payable VAT. The Company 、 Hebei
Changan Automobile Co., Ltd.and Shenlan Automobile Technology Co., Ltd. met the
conditions in 2025.
Notes to the Financial Statements Page46
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
V、 Notes to Consolidated Financial Statement Items
(I) Cash and Cash Equivalents
Item Ending balance Beginning balance
Cash on hand 18,757.73 17,882.93
Bank deposits 39,929,836,510.36 31,420,742,183.93
Other cash and cash equivalents 911,014,156.74 632,635,145.29
Deposits with finance companies 13,180,865,840.46 32,128,700,450.59
Total 54,021,735,265.29 64,182,095,662.74
Including: Amounts held overseas 4,732,403,202.98 1,700,478,478.22
Note 1: As of December 31,2025, the company held overseas funds with restricted
repatriation, amounting to a deposit of RMB 21,791,863.71.
Note 2: The monetary funds held by the company in financial companies affiliated to the
company are detailed in Note 12(v)4.
(II) Financial Assets at Fair Value Through Profit or Loss
Beginning
Item Ending balance
balance
Financial assets at fair value through profit or loss
Including: Equity instrument investments 155,013,154.45
Others
Total 155,013,154.45
(III) Notes Receivable
Items Closing balance Balance at the end of last year
Bank acceptance bills 19,000,946,520.12 32,432,000,085.43
Commercial acceptance bills 13,996,998,569.07 13,148,904,497.29
Total 32,997,945,089.19 45,580,904,582.72
Notes to the Financial Statements Page47
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount （%） Amount （%） Amount （%） Amount （%）
Provision based on
credit risk 32,997,945,089.19 100.00 32,997,945,089.19 45,580,904,582.72 100.00 45,580,904,582.72
characteristics
Total 32,997,945,089.19 100.00 32,997,945,089.19 45,580,904,582.72 100.00 45,580,904,582.72
Notes to the Financial Statements Page48
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Provision based on credit risk characteristics:
Ending balance
Name
Notes receivable Bad debt provision Provision rate (%)
Bank acceptance
bills
Commercial
acceptance bills
Total 32,997,945,089.19
Item Ending pledged amount
Bank acceptance bills 5,319,644,475.35
Total 5,319,644,475.35
sheet date
Ending derecognized Ending unrecognized
Item
amount amount
Bank acceptance bills 14,711,047,274.83
Commercial acceptance bills 1,005,400,000.00
Total 15,716,447,274.83
(IV) Accounts Receivable
Aging Ending balance Beginning balance
Within 1 year (inclusive) 4,229,717,717.10 3,446,137,716.23
Over 3 years 185,165,040.70 182,615,371.52
Notes to the Financial Statements Page49
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Aging Ending balance Beginning balance
Subtotal 4,433,705,669.44 3,647,531,157.55
Less: Bad debt provision 236,861,022.29 249,053,432.80
Total 4,196,844,647.15 3,398,477,724.75
Notes to the Financial Statements Page50
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount （%） Amount （%） Amount （%） Amount （%）
Specific
provision
Provision
based on
credit risk
characteristics
Total 4,433,705,669.44 100.00 236,861,022.29 4,196,844,647.15 3,647,531,157.55 100.00 249,053,432.80 3,398,477,724.75
Notes to the Financial Statements Page51
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Provision based on credit risk characteristics:
Ending balance
Name
Accounts receivable Bad debt provision Provision rate (%)
Within 1 year
(inclusive)
Over 3 years 124,123,153.32 118,489,623.99 95.46
Total 4,298,968,390.76 119,340,772.26
Changes during the period
Beginning Ending
Category Recoveries Other
balance Provision Write-offs balance
or reversals changes
Specific
provision
Provision
based on
credit risk
characteristics
Total 249,053,432.80 11,068,963.94 8,365,208.28 14,896,166.17 236,861,022.29
Particulars Write-off Amount
Accounts Receivable Actually Written Off 14,896,166.17
Among which, significant write-offs of accounts receivable:
Name of Entity Nature of Write-off Reason for Write-off Whether the
Accounts Amount Write-off Procedures Amount
Notes to the Financial Statements Page52
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Receivable Performed Arose from
Related Party
Transactions
unit A Litigation Approved by
Rent 14,483,467.21 concluded with no the General No
enforceable assets Manager's
of the counterparty Office Meeting
As of December 31, 2025, the top five accounts receivable totaled RMB2,944,576,741.97,
accounting for 56.02% of the total ending balance.
(V) Prepayments
Ending balance Beginning balance
Aging
Amount % Amount %
Within 1 year
(inclusive)
Over 3 years 30,000.00 0.01 268,916.65 0.05
Total 492,287,143.77 100.00 507,313,682.07 100.00
As of December 31, 2025, the top five prepayments totaled RMB 393,556,809.08,
accounting for 79.94% of the total prepayments.
(VI) Other Receivables
Item Ending balance Beginning balance
Other receivables 882,272,960.21 2,386,898,598.92
Notes to the Financial Statements Page53
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Item Ending balance Beginning balance
Total 882,272,960.21 2,386,898,598.92
（1）By aging
Aging Ending balance Beginning balance
Within 1 year (inclusive) 752,443,662.80 2,317,334,638.91
Over 3 years 58,940,761.15 59,730,163.91
Subtotal 893,226,981.18 2,395,386,123.39
Less: Bad debt provision 10,954,020.97 8,487,524.47
Total 882,272,960.21 2,386,898,598.92
Notes to the Financial Statements Page54
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
（2）By bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount % Amount % Amount % Amount %
Specific provision 7,259,741.71 0.81 7,259,741.71 100.00 7,376,768.78 0.31 7,376,768.78 100.00
Provision based on
credit risk 885,967,239.47 99.19 3,694,279.26 0.42 882,272,960.21 2,388,009,354.61 99.69 1,110,755.69 0.05 2,386,898,598.92
characteristics
Total 893,226,981.18 100.00 10,954,020.97 882,272,960.21 2,395,386,123.39 100.00 8,487,524.47 2,386,898,598.92
Notes to the Financial Statements Page55
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Provision based on credit risk characteristics:
Ending balance
Name
Other receivables Bad debt provision Provision rate (%)
Within 1 year
(inclusive)
Over 3 years 51,741,883.97 930,354.05 1.80
Total 885,967,239.47 3,694,279.26
（3）Bad debt provision details
Stage 1 Stage 2 Stage 3
Lifetime Lifetime
Bad debt provision expected credit expected credit Total
expected credit
loss (not loss
loss
credit-impaired) (credit-impaired)
Beginning balance 1,110,755.69 7,376,768.78 8,487,524.47
-Transfers to Stage2
-Transfers to Stage3
-Return to Stage2
-Return to Stage1
Provision
Recoveries or reversals
Write-offs
Other changes
Ending balance
（4）Changes in bad debt provision during the period
Category Beginning Changes during the period Ending
balance balance
Notes to the Financial Statements Page56
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Recoveries Other
Provision Write-offs
or reversals changes
Specific
provision
Provision
based on
credit risk
characteristics
Total 8,487,524.47 3,284,852.21 818,355.71 10,954,020.97
（5）By nature
Nature Ending carrying amount Beginning carrying amount
Subsidy receivables 306,292,934.00 287,383,193.00
Prepaid equity investment 3,112,440.00 1,207,100,000.00
Petty cash 57,611,056.67 58,038,264.36
Deposits and guarantees 40,499,372.49 90,018,699.02
Land acquisition receivables 249,001,679.00 557,988,400.00
Others 236,709,499.02 194,857,567.01
Total 893,226,981.18 2,395,386,123.39
（6）Top five other receivables by debtor
As of December 31, 2025, the top five other receivables totaled RMB
Notes to the Financial Statements Page57
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
(VII) Inventories
Ending balance Beginning balance
Provision for Provision for
Category decline/contract decline/contract
Carrying amount Carrying value Carrying amount Carrying value
fulfillment cost fulfillment cost
impairment impairment
Raw materials 1,135,459,985.00 56,372,428.95 1,079,087,556.05 350,940,520.59 74,247,850.42 276,692,670.17
Goods in transit 133,511,351.78 133,511,351.78 64,421,443.50 64,421,443.50
Consigned processing
materials
Work in progress 1,703,295,662.07 82,615,815.74 1,620,679,846.33 1,148,535,803.86 43,894,048.28 1,104,641,755.58
Finished goods 19,536,728,819.47 189,212,925.86 19,347,515,893.61 15,493,584,058.93 129,017,809.55 15,364,566,249.38
Others 337,491,722.87 337,491,722.87 255,131,560.45 255,131,560.45
Total 22,846,487,541.19 328,201,170.55 22,518,286,370.64 17,328,530,366.83 247,159,708.25 17,081,370,658.58
Notes to the Financial Statements Page58
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Increase during the period Decrease during the period
Category Beginning balance Ending balance
Provision Others write-offs Reversal
Raw materials 74,247,850.42 17,724,965.97 35,600,387.44 56,372,428.95
Work in progress 43,894,048.28 64,318,800.11 25,597,032.65 82,615,815.74
Finished goods 129,017,809.55 119,645,463.26 13,199,604.47 72,649,951.42 189,212,925.86
Total 247,159,708.25 201,689,229.34 13,199,604.47 133,847,371.51 328,201,170.55
The Company assesses whether the cost of inventories exceeds their net realizable value to determine the provision for inventory impairment. Net
realizable value is the estimated selling price in the ordinary course of business, less estimated costs to complete and sell the inventory. The reversal or
write-off of inventory impairment this year is due to an increase in the net realizable value of inventories previously impaired or the sale of such
inventories during the year.
Notes to the Financial Statements Page59
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
(VIII) Contract Assets
Ending balance Beginning balance
Item Carrying Impairment Impairment
Carrying value Carrying amount Carrying value
amount provision provision
Contract
assets
Total 822,590,180.23 667,318,643.16 155,271,537.07 1,275,581,683.29 683,154,858.55 592,426,824.74
Item Change amount Reason for change
New energy subsidies 437,155,287.67 Partial recovery of payments
Total 437,155,287.67
Notes to the Financial Statements Page60
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Ending balance Beginning balance
Category Carrying amount Impairment provision Carrying amount Impairment provision
Carrying value Carrying value
Amount % Amount % Amount % Amount %
Specific provision 822,590,180.23 100.00 667,318,643.16 81.12 155,271,537.07 1,275,581,683.29 100.00 683,154,858.55 53.56 592,426,824.74
Total 822,590,180.23 100.00 667,318,643.16 155,271,537.07 1,275,581,683.29 100.00 683,154,858.55 592,426,824.74
Notes to the Financial Statements Page61
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2025
Change amount
Balance at the Reversals
Items Closing balance
end of last year Provision Reversals or Others
write-offs
Contract
assets
Total 683,154,858.55 1,665,140.14 17,501,355.53 667,318,643.16
(IX) Non-current Assets Due Within One Year
Item Ending balance Beginning balance
Long-term receivables due within one year 254,821,266.90 254,821,266.90
Time deposits and large-denomination CDs
due within one year
Total 1,490,708,211.34 309,148,116.22
(X) Other Current Assets
Item Ending balance Beginning balance
Deductible input VAT 3,585,954,836.25 1,691,898,079.82
Prepaid taxes 755,648,767.95 443,749,745.68
Time deposits and others 7,456,317,494.47 39,308,007.51
Total 11,797,921,098.67 2,174,955,833.01
Notes to the Financial Statements Page62
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XI) Long-term Receivables
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Long-term receivables 1,528,927,601.39 1,528,927,601.39 1,783,748,868.29 1,783,748,868.29
Subtotal 1,528,927,601.39 1,528,927,601.39 1,783,748,868.29 1,783,748,868.29
Less: Portion due within one
year
Total 1,274,106,334.49 1,274,106,334.49 1,528,927,601.39 1,528,927,601.39
(XII) Long-term Equity Investments
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Nanchang Jiangling Holding Co., Ltd. 2,420,750,943.20 242,152,464.18 2,662,903,407.38
Notes to the Financial Statements Page63
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Changan Mazda Automobile Co., Ltd. 733,965,602.46 -95,953,584.47 638,012,017.99
Changan Mazda Engine Co., Ltd. 806,511,751.50 3,051,468.88 809,563,220.38
Changan Ford Automobile Co., Ltd. 712,215,024.57 465,353,053.62 1,177,568,078.19
Subtotal 4,673,443,321.73 614,603,402.21 5,288,046,723.94
Chongqing Changan Kuayue Automobile Co., Ltd. 241,095,703.97 17,902,702.25 258,998,406.22
Chongqing Chang'an Kuayue Vehicles Marketing Co., Ltd. 1,239,482.34 1,239,482.34
Changan Automobile Financing Co.,Ltd 3,299,303,386.01 2,304,417,728.13 5,603,721,114.14
Nanjing Chelai Travel Technology Co., Ltd. 326,813.01 18.46 326,831.47
Hunan Guoxin Semiconductor Technology Co., Ltd. 28,169,167.08 41,994.11 28,211,161.19
Nanjing Leading Equity Investment Management Co., Ltd.
(Limited Partnership) ）
Nanjing Leading Equity Investment Partnership 1,100,720.88 -5,910.88 1,094,810.00
Zhongqi Chuangzhi Technology Co., Ltd. 429,748,700.86 -9,452,144.75 420,296,556.11
Chongqing Changxin Zhiqi Private Equity Investment Fund
Partnership (Limited Partnership)
Anhe (Chongqing) Equity Investment Fund Management 62,062,151.97 959.64 62,063,111.61
Notes to the Financial Statements Page64
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Co., Ltd.
Avatr Technology (Chongqing) Co., Ltd. 4,897,868,333.37 -1,211,568,180.53 3,686,300,152.84
Chongqing Chang'an Chuangxin Private Equity Investment
Fund Partnership (Limited Partnership)
Chongqing Changyu Private Equity Investment Fund
Partnership (Limited Partnership)
Hangzhou Chelizi Intelligent Technology Co., Ltd. 771,661.12 -771,661.12
Western Car Network (Chongqing) Co., Ltd. 5,563,451.32 -1,116,896.85 4,446,554.47
Anhe (Chongqing) Private Equity Investment Fund
Management Co., Ltd.
Chongqing Changxian Intelligent Technology Co., Ltd 116,078,353.40 10,023,495.77 126,101,849.17
Changan Ford Automobile Co., Ltd. 132,045,405.31 21,102,698.10 153,148,103.41
Chenzhi Anqi (Chongqing) Recycling Technology Co., Ltd. 10,804,724.73 10,808,067.98 21,612,792.71
Master Changan Motors Limited 43,462,121.96 58,137,377.71 101,599,499.67
Chongqing Anda Semiconductor Co., Ltd. 44,581,458.09 -2,919,029.90 41,662,428.19
Chongqing Wutong Chelian Technology Co., Ltd. 79,880,742.52 6,180,269.88 86,061,012.40
Times FAW Power Battery Co., Ltd. 334,981,934.05 25,292,895.88 360,274,829.93
Notes to the Financial Statements Page65
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Era Chang'an Power Battery Co., Ltd 490,644,789.41 50,162,813.04 540,807,602.45
Subtotal 13,852,232,560.77 1,286,403,098.19 15,138,635,658.96
Total 18,525,675,882.50 1,901,006,500.40 20,426,682,382.90
Notes to the Financial Statements Page66
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XIII) Other equity instrument investments
Changes in This Period The cumulative gains The cumulative losses
The dividend Reasons for designating as
included in other included in other
Balance at the Gains included in Losses included in Closing income financial assets at fair value
Items comprehensive income comprehensive income
end of last year Additional other comprehensive other comprehensive balance recognized in this through other comprehensive
as of the end of this as of the end of this
income for the current income for the current period income
period period
period period
investment
China South Industries
Unlisted equity instruments
Group Finance Co., Ltd. 351,900,000.00 900,000.00 351,000,000.00 193,979,200.00
National Innovation
Center of Intelligent and Unlisted equity instruments
connected Vehicles 58,000,000.00 8,000,000.00 50,000,000.00
Guolian Automobile
Power Battery Research Unlisted equity instruments
Institute Co.,Ltd. 30,390,000.00 1,610,000.00 32,000,000.00 8,000,000.00
China South Industries
Financial Leasing Co., Unlisted equity instruments
Ltd. 38,180,000.00 2,180,000.00 36,000,000.00 5,448,000.00
Zhong Fa Lian
Unlisted equity instruments
Investment Co., Ltd. 14,801,858.72 14,801,858.72 12,692,880.00 6,198,141.28
CAERI(Beijing)
automobile Lightweight
Unlisted equity instruments
Technology Research 3,252,414.81 1,147,585.19 4,400,000.00 1,400,000.00
Institution Co., Ltd.
China South Industries
Unlisted equity instruments
Group Finance Co., Ltd. 91,538,462.00 5,461,538.00 97,000,000.00 5,461,538.00
National Innovation
Center of Intelligent and Unlisted equity instruments
connected Vehicles 111,123,985.46 4,123,985.46 107,000,000.00 4,123,985.46
Total
Notes to the Financial Statements Page67
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XIV) Investment property
Items Buildings Total
（1）Balance at the end of last year 10,050,100.00 10,050,100.00
（2）Increase in the current period
（3）Decrease in the current period
（4）Balance at the end of the period 10,050,100.00 10,050,100.00
（1）Balance at the end of last year 4,080,808.08 4,080,808.08
（2）Increase in the current period 226,711.56 226,711.56
—Provision or amortization 226,711.56 226,711.56
（3）Decrease in the current period
（4）Balance at the end of the period 4,307,519.64 4,307,519.64
（1）Balance at the end of last year
（2）Increase in the current period
（3）Decrease in the current period
（4）Balance at the end of the period
（1）Closing balance of carrying amount 5,742,580.36 5,742,580.36
（2）Carrying amount at the end of last year 5,969,291.92 5,969,291.92
(XV) Fixed assets
Balance at the end of last
Items Closing balance
year
Fixed assets 22,048,786,066.87 21,773,526,063.55
Total 22,048,786,066.87 21,773,526,063.55
Notes to the Financial Statements Page68
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
（1）Balance at the end of last year 11,294,445,819.72 28,226,777,591.83 292,830,139.80 10,428,744,777.20 50,242,798,328.55
（2）Increase in the period 663,984,388.23 1,794,539,657.17 13,426,053.89 825,854,590.54 3,297,804,689.83
—Purchase 9,387,105.61 37,730,468.61 1,455,623.93 14,177,775.03 62,750,973.18
—Transferred from construction
in progress
—Exchange rate fluctuation 22,897,232.08 9,707,897.04 649,907.10 33,255,036.22
（3）Decrease in the period 94,730,580.04 954,343,874.83 16,649,925.87 613,564,523.96 1,679,288,904.70
—Disposal or scrapping 94,730,580.04 798,188,876.83 16,649,925.87 610,057,847.09 1,519,627,229.83
—Government grants 155,843,323.13 3,506,676.87 159,350,000.00
—Exchange rate fluctuation 311,674.87 311,674.87
（4）Closing balance 11,863,699,627.91 29,066,973,374.17 289,606,267.82 10,641,034,843.78 51,861,314,113.68
（1）Balance at the end of last year 3,159,607,410.26 17,244,065,286.31 173,224,350.11 5,509,538,447.80 26,086,435,494.48
（2）Increase in the period 400,227,964.41 1,812,969,810.99 8,423,826.23 592,824,396.66 2,814,445,998.29
—Provision 396,798,465.98 1,806,364,170.02 8,423,826.23 592,647,741.94 2,804,234,204.17
Notes to the Financial Statements Page69
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
—Exchange rate fluctuation 3,429,498.43 6,605,640.97 176,654.72 10,211,794.12
（3）Decrease in the period 65,248,843.00 474,207,927.14 14,162,451.21 479,694,630.60 1,033,313,851.95
—Disposal or scrapping 65,248,843.00 474,207,927.14 14,162,451.21 479,694,630.60 1,033,313,851.95
（4）Closing balance 3,494,586,531.67 18,582,827,170.16 167,485,725.13 5,622,668,213.86 27,867,567,640.82
（1）Balance at the end of last year 62,245,995.84 2,046,046,753.52 1,190,791.87 273,353,229.29 2,382,836,770.52
（2）Increase in the period 52,938.34 210.51 53,148.85
—Provision 52,938.34 210.51 53,148.85
（3）Decrease in the period 25,684,861.93 301,887,609.37 299,845.50 110,057,196.58 437,929,513.38
—Disposal or scrapping 25,684,861.93 301,887,609.37 299,845.50 110,057,196.58 437,929,513.38
（4）Closing balance 36,561,133.91 1,744,212,082.49 890,946.37 163,296,243.22 1,944,960,405.99
（1）Closing balance of carrying
amount
（2）Carrying amount at the end of
last year
Notes to the Financial Statements Page70
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
As of December 31, 2025, the fixed assets with a book value of RMB
idle due to product upgrades and other reasons.
Original carrying Provision for
Items Accumulated depreciation Carrying amount l
amount impairment
Bulidings 3,158,336,270.66 982,789,752.40 13,554,778.92 2,161,991,739.34
As of December 31, 2025, the company has no fixed assets with incomplete
property ownership certificates.
(XVI) Construction in progress
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Construction
in progress
Total 1,056,595,927.21 27,861,352.87 1,028,734,574.34 1,624,245,622.47 27,861,352.87 1,596,384,269.60
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Production line
construction and
Notes to the Financial Statements Page71
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
technological
renovation projects
Engineering
construction project
Engine Technical
Renovation Project
Others 414,432,041.17 6,939,668.81 407,492,372.36 422,926,871.24 6,939,668.81 415,987,202.43
Total 1,056,595,927.21 27,861,352.87 1,028,734,574.34 1,624,245,622.47 27,861,352.87 1,596,384,269.60
Notes to the Financial Statements Page72
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Accumulated
Of which: amount Interest
Amount transferred Other investment in Project Accumulated
Balance at the end Increase in the of interest capitalized rate
Items Budgeted amount in fixed Assets for decreases for Closing balance project as a progress amount of interest Sources of fund
of last year period capitalized for the for the period
the period the period percentage of （%） capitalized
period （%）
total budget（%）
Production line
construction and
technological renovation
projects
Engineering
construction project
Engine Technical
Renovation Project
Self-raised funds
Others 422,926,871.24 572,905,317.07 581,400,147.14 414,432,041.17
and financing
Total 1,624,245,622.47 2,634,148,985.17 3,201,798,680.43 1,056,595,927.21
Notes to the Financial Statements Page73
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the changes in the current period
Closing reason for
Items end of last
Provision Write-off Others balance provision
year
Engine
technical
transformation
project
Others 6,939,668.81 6,939,668.81
Total 27,861,352.87 27,861,352.87
(XVII) Right-of-use assets
Machinery and
Items Buildings Total
equipment
（1）Balance at the end of last
year
（2）Increase in the period 270,249,827.82 217,161.30 270,466,989.12
—Additional lease 269,041,340.59 217,161.30 269,258,501.89
—Exchange rate
fluctuation
（3）Decrease in the period 88,497,964.41 88,497,964.41
—Disposal 88,497,964.41 88,497,964.41
（4）Closing balance 594,981,585.09 14,367,603.77 609,349,188.86
（1）Balance at the end of last
year
（2）Increase in the period 124,657,493.70 1,714,178.93 126,371,672.63
—Provision 124,008,709.35 1,714,178.93 125,722,888.28
—Exchange rate 648,784.35 648,784.35
Notes to the Financial Statements Page74
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Machinery and
Items Buildings Total
equipment
fluctuation
（3）Decrease in the period 67,710,065.02 67,710,065.02
—Disposal 67,710,065.02 67,710,065.02
（4）Closing balance 208,308,512.14 4,435,417.87 212,743,930.01
（1）Balance at the end of last
year
（2）Increase in the period
—Provision
（3）Decrease in the period
—Disposal
（4）Closing balance
（1）Closing balance of
carrying amount
（2）Opening balance of
carrying amount
Notes to the Financial Statements Page75
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XVIII) Intangible assets
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
amount
（1）Balance at the
end of last year
（2）Increase in the
period
—Purchase 3,602,115.93 79,688,064.23 20,981,023.99 1,212,532.22 105,483,736.37
—Internal
research and 1,824,495.65 3,744,264,822.72 3,746,089,318.37
development
—Exchange
rate fluctuation
（3）Decrease in the
period
—Disposal 36,302,142.25 225,024.26 36,527,166.51
Notes to the Financial Statements Page76
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
—Exchange
rate fluctuation
（4）Closing balance 2,447,798,267.89 982,952,871.84 2,649,538,294.87 26,088,185,410.01 85,581,514.70 32,254,056,359.31
amortization
（1）Balance at the
end of last year
（2）Increase in the
period
—Provision 53,580,175.83 49,501,885.88 251,718,455.70 2,998,093,518.76 8,558,151.45 3,361,452,187.62
—Exchange
rate fluctuation
（3）Decrease in the
period
—Disposal 15,774,883.40 15,774,883.40
—Exchange
rate fluctuation
（4）Closing balance 489,411,233.43 835,133,054.13 926,040,739.02 12,223,961,561.20 32,802,297.88 14,507,348,885.66
Notes to the Financial Statements Page77
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
impairment
（1）Balance at the
end of last year
（2）Increase in the
period
—Provision 16,683,419.81
（3）Decrease in the
period
—Disposal
（4）Closing balance 23,617,923.17 22,381,216.63 475,609,566.32 521,608,706.12
（1）Closing balance
of carrying amount
（2）Opening balance
of carrying amount
Note: In 2025, after evaluation, the company determined that the recoverable amount of the relevant assets was below their book value, resulting in an
impairment provision of 1668.34 million yuan for the period.
Notes to the Financial Statements Page78
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
As of December 31,2025, the company has no land use rights with incomplete property ownership certificates.
Notes to the Financial Statements Page79
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XIX) Goodwill
Names of investees or Increase for the period Decrease for the period
Balance at the end
items By business Closing balance
of last year Others Disposal Others
resulting in goodwill combination
Original carrying amount
Nanjing Changan
Automobile Co., Ltd.
Hebei Changan
Automobile Co., Ltd.
Deep Blue Automotive
Technology Co., Ltd.
Subtotal 1,884,195,778.16 1,884,195,778.16
Provision for impairment
Nanjing Changan
Automobile Co., Ltd.
Subtotal 73,465,335.00 73,465,335.00
Carrying amount 1,810,730,443.16 1,810,730,443.16
Note: During the impairment test for goodwill, the Company compares the
Carrying amount of the related assets or asset groups (including goodwill) with
their recoverable amounts. If the recoverable amount is lower than the Carrying
amount, the relevant difference is recognized in the current period's profit or loss.
In 2024, when conducting an impairment test on the goodwill formed from the
business combination of Shenlan Automobile Technology Co., Ltd., our company
regarded the asset group containing the goodwill as a whole. At the end of the year,
the present value of the expected future cash flows of such asset group was taken
as its recoverable amount. The management engaged an independent third party,
Sichuan Tianjian Huaheng Assets Appraisal Co., Ltd., to assess the recoverable
amount of such asset group. The future cash flows were calculated based on the
financial budgets for the years from 2025 to 2032 approved by the management.
The key assumptions used for calculating the present value of the expected future
Notes to the Financial Statements Page80
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
cash flows include: based on the past performance of the asset group and market
expectations, the growth rate of sales revenue during the forecast period and the
growth rate of sales revenue during the stable period are both 0%; and the pre-tax
discount rate is 11.37%. According to the relevant assessments and tests, at the end
of the year, the recoverable amount of such asset group was greater than its
carrying value, and there were no indications of impairment.
(XX) Long-term deferred expenses
Balance at the
Increase in the Amortisation Other Closing
Items end of last
period for the period decreases balance
year
Premium for
extended 21,709,036.17 6,631,516.77 15,077,519.40
warranty
Others 2,453,183.89 1,022,005.83 1,178,595.41 641,665.94 1,654,928.37
Total 24,162,220.06 1,022,005.83 7,810,112.18 641,665.94 16,732,447.77
(XXI) Deferred tax assets and deferred tax liabilities
Closing balance Balance at the end of last year
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
Provision for asset
impairment
Accrued expenses
and contingent 10,862,131,182.01 1,645,402,612.29 11,361,903,139.00 1,720,368,405.84
liabilities
Unpaid tech
development 26,127,221.76 3,919,083.27 201,717,814.00 30,257,672.10
expense
Notes to the Financial Statements Page81
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
andadvertisement
expense
deferred income 3,233,350,682.85 526,405,634.13 3,015,492,016.33 492,368,621.35
Unpaid salary and
bonus and others
Available-for-sale
financial assets on
the changes in fair 4,123,985.46 1,030,996.37
value recorded in
capital reserve
Total 23,194,802,069.21 3,555,494,338.07 23,556,765,730.76 3,606,651,645.92
Closing balance Balance at the end of last year
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
liabilities liabilities
differences differences
Available-for-sale
financial assets on
the changes in fair 192,090,596.72 28,813,589.51 250,964,630.18 37,644,694.53
value recorded in
capital reserve
Fair value
adjustment of
business
combination not
under common
control
Notes to the Financial Statements Page82
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
liabilities liabilities
differences differences
Long-term equity
investment
Others 1,868,672,681.02 282,840,389.55 2,572,489,279.25 389,709,175.51
Total 10,852,849,350.28 1,630,466,889.94 12,488,470,306.04 1,877,106,329.53
Closing balance Balance as at the end of last year
Offset amount of Balance of deferred Offset amount of Balance of deferred
Items
deferred income tax income tax assets or deferred income tax income tax assets or
assets and liabilities liabilities after offset assets and liabilities liabilities after offset
Deferred tax assets 60,023,567.50 3,495,470,770.57 42,391,398.35 3,564,260,247.57
Deferred tax
liabilities
Balance at the end of
Items Closing balance
last year
The deductible temporary difference 1,267,396,960.13 1,537,577,954.97
The deductible tax loss 9,162,011,203.99 11,267,351,181.99
Total 10,429,408,164.12 12,804,929,136.96
in the following years
Balance at the end of
Year Closing balance Notes
last year
Notes to the Financial Statements Page83
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the end of
Year Closing balance Notes
last year
Total 9,162,011,203.99 11,267,351,181.99
(XXII) Other non-current assets
Closing balance Balance at the end of last year
Provision Provision
Items
Book balance for Carrying amount Book balance for Carrying amount
impairment impairment
Certificates
of deposit
and time
deposit
Advance
payment for
project
construction
Total 2,591,246,110.90 2,591,246,110.90 3,705,745,345.02 3,705,745,345.02
Notes to the Financial Statements Page84
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XXIII) Assets with restricted ownership or use rights
Closing The end of last year
Items Type of Circumstances of Type of Circumstances of
Book balance Carrying amount Book balance Carrying amount
restriction restriction restriction restriction
Security deposit Security deposit Security deposit Security deposit
Monetary funds 1,028,564,112.54 1,028,564,112.54 907,719,149.74 907,719,149.74
and others and others and others and others
Notes
receivable
Total 6,348,208,587.89 6,348,208,587.89 7,477,192,466.74 7,477,192,466.74
Notes to the Financial Statements Page85
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XXIV) Short-term loans
Balance at the end of last
Items Closing balance
year
Credit loan 512,275,913.93 40,036,055.69
Total 512,275,913.93 40,036,055.69
Note: As of December 31, 2025, the annual interest rate for the aforementioned
loan is 2.11%.
As of December 31, 2025, there are no overdue short-term loans.
(XXV) Notes payable
Balance at the end of last
Category Closing balance
year
Bank acceptance bill 43,111,562,471.54 32,776,976,747.35
Commercial acceptance bill 867,961,309.25 2,033,628,765.26
Total 43,979,523,780.79 34,810,605,512.61
(XXVI) Accounts payable
Balance at the end of last
Items Closing balance
year
Accounts payable for goods 29,841,076,563.69 43,835,671,129.12
Total 29,841,076,563.69 43,835,671,129.12
Notes：As of December 31, 2025, there were no significant accounts payable with
an aging period of more than one year.
(XXVII) Advances from customers
Notes to the Financial Statements Page86
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Advance rental receipts 408,273.22 477,390.93
Total 408,273.22 477,390.93
(XXVIII) Contract liabilities
Balance at the end of last
Items Closing balance
year
Advance payment 5,356,608,912.37 9,559,537,581.14
Advance service payment 1,552,000,145.85 1,328,359,414.35
Total 6,908,609,058.22 10,887,896,995.49
(XXIX) Payroll payable
Balance at the end Increase for Decrease for
Items Closing balance
of last year the period the period
Short-term benefits 3,109,857,464.99 12,420,329,300.82 11,411,318,155.70 4,118,868,610.11
Post-employment
benefits –
defined contribution
scheme
Termination benefits 5,608,815.98 49,563,868.87 23,950,821.80 31,221,863.05
Total 3,209,780,953.87 13,552,490,582.24 12,524,770,191.55 4,237,501,344.56
Balance at the
Items Increase for Decrease for Closing balance
end of last year
（1）Salary, bonus,
allowance and subsidy
Notes to the Financial Statements Page87
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the
Items Increase for Decrease for Closing balance
end of last year
（2）Staff welfare 21,188,802.76 430,333,326.10 443,785,082.02 7,737,046.84
（3）Social insurance 34,368,576.87 730,521,919.90 715,848,852.95 49,041,643.82
Including: Medical
insurance
Work-related
injury insurance
Maternity
insurance
Others 111,632.83 15,059,342.32 76.12 15,170,899.03
（4）Housing provident
fund
（5）Labour union
expenses and employee 497,192,242.34 359,164,019.49 448,959,052.29 407,397,209.54
education expenses
（6）Short-term paid
absence
（7）Short-term
profit-sharing program
（8）Employee
rewards, welfare funds, 83,759,297.67 68,106,270.01 15,653,027.66
and labor fees
Total 3,109,857,464.99 12,420,329,300.82 11,411,318,155.70 4,118,868,610.11
Balance at the Closing
Items Increase for Decrease for
end of last year balance
Basic pension insurance 84,945,276.46 1,049,048,499.21 1,056,081,849.62 77,911,926.05
Unemployment
insurance
Total 94,314,672.90 1,082,597,412.55 1,089,501,214.05 87,410,871.40
Notes to the Financial Statements Page88
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XXX) Taxes payable
Balance at the end of last
Items Closing balance
year
Value-added tax 384,399,469.16 651,591,146.50
Consumption tax 86,908,290.34 320,098,460.23
Corporate income tax 229,680,979.77 197,097,687.96
Urban maintenance and construction tax
and educational surtax
Others 91,612,765.90 283,885,526.69
Total 852,993,806.83 1,528,582,531.63
(XXXI) Other payables
Balance at the end of last
Items Closing balance
year
Other payables 5,871,006,412.33 6,407,775,538.76
Total 5,871,006,412.33 6,407,775,538.76
Presented by nature of the payments
Balance at the end of last
Items Closing balance
year
Purchase and construction of fixed assets,
intangible assets and engineering deposits
Customer and supplier margin 583,101,361.16 919,342,648.61
Storage fees and freight 667,558,777.74 740,108,278.96
Advertisement fees 599,206,406.43 623,231,036.19
Maintenance fees 349,430,390.33 267,001,396.64
Treasury stock repurchase 3,395,829.33 169,261,662.73
Advance appropriation of national subsidies 124,313,570.00
Notes to the Financial Statements Page89
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Others 1,808,847,575.72 1,801,228,037.37
Total 5,871,006,412.33 6,407,775,538.76
(XXXII) Non-current liability within 1 year
Balance at the end of last
Items Closing balance
year
Long-term loan within 1 year 36,000,000.00 36,000,000.00
A defined benefit plan maturing within 1
year
Commissioned loan maturing within 1
year
Lease liabilities within 1 year 161,478,036.89 91,942,461.78
Total 698,694,814.67 128,914,461.78
(XXXIII) Other current liabilities
Balance at the end of last
Items Closing balance
year
Accrued commercial discount payable 7,580,250,063.83 7,251,765,781.00
Accrued market development expense 1,610,436,757.73 1,931,380,802.93
Accrued technical transfer and
development fees
Accrued transportation fee 1,134,888,892.69 414,807,693.98
Tax on Resale Items 938,930,344.49 1,497,625,575.87
Accrued negative points for fuel
consumption
Accrued maintenance cost 60,784,887.39 56,134,938.45
Others 115,591,505.12 457,449,255.17
Total 13,157,375,543.64 12,507,633,539.96
Notes to the Financial Statements Page90
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XXXIV) Long-term Loan
Balance at the end of last
Items Closing balance
year
Credit loan 36,000,000.00
Total 36,000,000.00
(XXXV) Bonds Payable
Balance at the end of last
Items Closing balance
year
Corporate Bonds 999,803,773.56 999,705,660.36
Total 999,803,773.56 999,705,660.36
Notes to the Financial Statements Page91
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Issue for Whether
Accrue interest Amortization of
Name of Coupon Issue Bond Balance at the the Repayment in Closing there is a
Face value Issue amount based on the face premium or
Bond rate（%） date maturity end of last year current this period balance breach of
value discount
period contract
Science and
Technology
Innovation
Bond
Total 1,000,000,000.00 1,000,000,000.00 999,705,660.36 30,000,000.00 98,113.20 30,000,000.00 999,803,773.56
Notes to the Financial Statements Page92
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XXXVI) Lease liabilities
Balance at the end of last
Items Closing balance
year
Lease liabilities 460,625,265.61 361,153,870.84
Less：Lease liabilities within 1 year 161,478,036.89 91,942,461.78
Total 299,147,228.72 269,211,409.06
(XXXVII) Long-term payables
Balance at the end of last
Items Closing balance
year
Long-term payables 2,053,422,868.05 2,028,479,306.93
Special payables 491,064,477.16 428,048,564.78
Total 2,544,487,345.21 2,456,527,871.71
Balance at the end of last
Items Closing balance
year
Accounts payable for entrusted
construction project fees
Total 2,053,422,868.05 2,028,479,306.93
Balance at the end of
Items Increase for Decrease for Closing balance
last year
Intelligent
manufacturing 352,922,438.33 246,185,853.33 187,631,824.01 411,476,467.65
project
Lightweight
design of
Notes to the Financial Statements Page93
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the end of
Items Increase for Decrease for Closing balance
last year
automobile
structure
Others 73,263,317.09 75,724,952.86 72,145,307.15 76,842,962.80
Total 428,048,564.78 323,075,270.34 260,059,357.96 491,064,477.16
(XXXVIII) Long-term payroll payable
Balance at the end of last
Items Closing balance
year
I. Post-employment benefits- Defined net
liabilities of benefit scheme
II. Termination benefits 2,463,373.29 3,094,372.65
Total 24,579,373.29 26,693,372.65
（1）Present Value of Defined Benefit Plan Obligations
Amount for the current Amount for the previous
Items
period period
current period's profit or loss
（1）Current service cost 61,000.00
（2）Past service cost 172,000.00 -4,168,000.00
（3）Settlement gains (losses are indicated by
“-”)
（4）Net interest 392,000.00 742,000.00
（5）cost of severance benefits 85,000.00
-79,000.00 2,180,000.00
comprehensive income
Notes to the Financial Statements Page94
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
（1）Actuarial gains (losses are indicated by
-79,000.00 2,180,000.00
“-”)
（1）Benefits paid -472,000.00 -2,151,000.00
Note: In addition to participating in the endowment insurance and unemployment
insurance plans managed by the local government, our company also provides
extra-plan pensions of varying monthly standards and annual condolence money to
some retired employees until their death; provides hardship subsidies to retired
employees who participated in combat operations; and pays internal early
retirement salaries of varying monthly standards to employees on internal early
retirement, and contributes to their social insurance premiums and housing
provident funds until they reach the official retirement age. The contribution
amounts for various social insurances and housing provident funds are determined
according to the contribution base and contribution rate, and the enterprise
contribution rate is determined in accordance with the local social insurance
contribution policies.
The present value of the obligation of this defined benefit plan as of December 31,
projected unit credit method.
（2）Defined benefit plan net liability (net asset)
Amount for the current Amount for the previous
Items
period period
period's profit and loss
-79,000.00 2,180,000.00
Comprehensive Income
Notes to the Financial Statements Page95
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
(XXXIX) Provision
Balance at the end Reasons for
Items Increase for Decrease for Closing balance
of last year formation
Product quality
assurance
Estimated liability
for contract 293,547,668.77 21,190,428.36 81,689,140.84 233,048,956.29
performance
Total 7,704,647,749.44 1,981,084,819.01 1,540,978,011.52 8,144,754,556.93
(XL) Deferred income
Balance at the end of
Items Increase for Decrease for Closing balance
last year
Related to assets 52,133,744.00 159,350,000.00 159,350,000.00 52,133,744.00
Among which: Production and
construction subsidy
Related to gains 132,063,475.64 22,797,062.89 126,294,889.95 28,565,648.58
Among which: R&D
technology subsidy
Other
government subsidies
Total 184,197,219.64 182,147,062.89 285,644,889.95 80,699,392.58
(XLI) Other non-current liabilities
Balance at the end of last
Items Closing balance
year
Notes to the Financial Statements Page96
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Advance received for services 1,252,965,662.48 1,718,489,394.88
Entrusted Loan of China South
Industries Group Finance Co., Ltd.
Total 1,252,965,662.48 2,218,489,394.88
(XLII) Share capital
Increase(+)/decrease (-) for the period Shares
Balance at the transferred
Items Issue of Bonus Closing balance
end of last year from Others Subtotal
new shares issue
reserve
Total shares 9,914,086,060.00 9,914,086,060.00
(XLIII) Capital reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Share premium 7,119,416,303.03 321,269,227.56 7,440,685,530.59
other capital reserves 1,806,382,547.11 54,909,879.88 321,269,227.56 1,540,023,199.43
Total 8,925,798,850.14 376,179,107.44 321,269,227.56 8,980,708,730.02
(XLIV) Treasury stock
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Treasury stock 169,261,662.73 165,865,833.40 3,395,829.33
Total 169,261,662.73 165,865,833.40 3,395,829.33
Note: In 2025, the decrease in treasury stock is due to the unlocking of equity incentives
by the company.
Notes to the Financial Statements Page97
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XLV) Other comprehensive income
Amount for the current period
Deduct: amounts
Deduct: amounts transferred transferred to
Attributable
Balance at the end of last to income statement which Attributable to retained earnings which
Items Amount before tax for the Less: to minority Closing balance
year were recognized in other the Company were
period Income tax interests
comprehensive income in after tax recognized in other
after tax
prior period comprehensive
income in prior period
will not be reclassified to profit 160,857,631.69 -8,773,954.45 -1,460,127.89 -7,313,826.56 153,543,805.13
or loss
Among which: Changes in the re - measurement of the
-1,825,000.00 79,000.00 79,000.00 -1,746,000.00
defined benefit plan
Other comprehensive income that cannot be
-3,026,120.81 -1,868,092.18 -1,868,092.18 -4,894,212.99
reclassified to profit or loss under the equity method
Changes in the fair value of other equity
instrument investments
Notes to the Financial Statements Page98
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current period
Deduct: amounts
Deduct: amounts transferred transferred to
Attributable
Balance at the end of last to income statement which Attributable to retained earnings which
Items Amount before tax for the Less: to minority Closing balance
year were recognized in other the Company were
period Income tax interests
comprehensive income in after tax recognized in other
after tax
prior period comprehensive
income in prior period
profit or loss
Among which: Other comprehensive income that can be
-5,881,941.93 1,857,177.13 1,857,177.13 -4,024,764.80
reclassified to profit or loss under the equity method
Exchange differences on translating foreign
-147,452,330.99 -154,610,242.86 -136,863,192.56 -17,747,050.30 -284,315,523.55
currency financial statements
Total 7,523,358.77 -161,527,020.18 -1,460,127.89 -142,319,841.99 -17,747,050.30 -134,796,483.22
Notes to the Financial Statements Page99
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(XLVI) Special reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Safety fund 95,013,488.38 101,499,833.93 77,149,496.61 119,363,825.70
Total 95,013,488.38 101,499,833.93 77,149,496.61 119,363,825.70
(XLVII) Surplus reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Statutory surplus 4,957,043,030.00 4,957,043,030.00
Total 4,957,043,030.00 4,957,043,030.00
(XLVIII)Undistributed profits
Amount for the current Amount for the previous
Items
period period
Undistributed profits at end of last year before
adjustment
Adjustment for undistributed profits at beginning of
year (“+” for plus; “-” for less)
Undistributed profits at beginning of year after
adjustment
Add: N et profit attributable to owners of the
Company during the period
Less: Withdrawal of statutory surplus reserves 680,797,165.36
Withdrawal of discretionary surplus reserve
Withdrawal of general risk reserve
Dividend payable on ordinary shares 3,418,076,157.12 3,412,477,663.18
Ordinary shares dividends transferred to share
capital
Notes to the Financial Statements Page100
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Undistributed profits at end of period 53,503,168,524.85 52,846,021,500.43
(XLIX) Operating revenue and cost
Amount for the current period Amount for the previous period
Items
Revenue Costs Revenue Costs
Main
businesses
Other
businesses
Total 163,999,803,875.87 138,514,092,642.11 159,733,034,213.25 135,869,023,071.45
Details of operating revenue：
Amount for the current Amount for the previous
Items
period period
Revenue from customer contracts 163,945,439,313.62 159,490,083,620.53
Lease income 54,364,562.25 242,950,592.72
Total 163,999,803,875.87 159,733,034,213.25
The revenue situation generated from customer contracts is as follows：
Operating revenue
Category
Amount for the current period Amount for the previous period
Type of business：
Sales of goods 155,739,237,303.79 152,192,280,870.19
Provision of services and others 8,206,202,009.83 7,297,802,750.34
Total 163,945,439,313.62 159,490,083,620.53
Classification by the time of goods
Notes to the Financial Statements Page101
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Operating revenue
Category
Amount for the current period Amount for the previous period
transfer：
Recognition at a specific point in time 162,349,582,779.38 158,046,027,665.88
Recognition over a specific period of
time
Total 163,945,439,313.62 159,490,083,620.53
Classification by region：
Domestic 130,741,774,255.03 127,063,702,246.58
Overseas 33,203,665,058.59 32,426,381,373.95
Total 163,945,439,313.62 159,490,083,620.53
(L) Tax and surcharges
Amount for the current Amount for the previous
Items
period period
Consumption tax 2,656,241,846.03 3,321,502,858.56
City maintenance and construction tax 319,732,986.49 383,677,349.65
Educational surcharge 232,057,866.97 172,951,765.77
Others 363,300,574.74 472,339,452.42
Total 3,571,333,274.23 4,350,471,426.40
(LI) Operating expenses
Amount for the current Amount for the previous
Items
period period
Sales service fee 4,048,615,611.27 3,261,764,821.64
Promotion, advertising fee 3,346,159,053.08 2,456,180,404.33
Payroll and welfare 1,107,916,825.84 985,056,908.38
Transportation and storage fees 587,206,533.29 378,551,852.64
Travelling expenses 350,105,881.37 172,055,226.26
Package expenses 288,699,121.64 84,599,624.41
Consulting fee 67,241,965.84 21,558,374.68
Notes to the Financial Statements Page102
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Training fee 7,434,445.05 11,796,111.41
Others 189,613,061.66 166,789,089.41
Total 9,992,992,499.04 7,538,352,413.16
(LII) General and administrative expenses
Amount for the current Amount for the previous
Items
period period
Payroll and welfare 3,000,225,900.23 3,032,419,886.90
Depreciation and amortization 610,659,516.66 548,417,580.78
Administrative expenses 604,415,350.78 551,242,661.67
Traffic expenses 60,447,023.73 54,560,945.74
Safety production expenses 58,079,015.52 57,072,340.66
Travelling expenses 43,012,389.13 32,015,557.72
Share-based payments 20,066,621.43 89,968,232.48
Others 126,136,558.19 35,528,812.31
Total 4,523,042,375.67 4,401,226,018.26
(LIII) Research and development expenses
Amount for the current Amount for the previous
Items
period period
Depreciation and amortization 3,366,335,711.94 2,571,685,965.24
Payroll and welfare 1,549,780,310.18 1,975,412,543.02
Subcontract fee 944,744,159.89 829,642,591.23
Material fee 724,196,680.22 662,579,044.45
Test fee 162,215,505.36 153,698,592.98
Others 410,326,559.65 312,427,942.32
Total 7,157,598,927.24 6,505,446,679.24
(LIV) Finance costs
Notes to the Financial Statements Page103
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Interest income 106,577,955.08 118,238,961.52
Less: Foreign exchange gain or loss 1,100,271,951.60 1,160,421,476.17
Interest expense -1,453,354,241.05 61,276,842.30
Others 44,794,059.37 46,528,359.30
Total -2,402,254,178.20 -934,377,313.05
(LV) Other income
Items Amount for the current period Amount for the previous period
Government subsidies related to daily
activities
Among which：Production and
construction subsidies
Other government
subsidies
Total 1,357,914,805.40 2,125,703,705.22
(LVI) Investment income
Amount for the Amount for the
Items
current period previous period
Long-term equity investment gains measured under
-429,539,756.41 36,975,796.30
equity method
The investment income of financial asset
held for trading during its holding period
Investment income from disposal of financial assets
at fair value through profit and loss of the period
Dividend income from remaining investments
in other equity instruments
Others 117,423,015.01 105,250,765.95
Notes to the Financial Statements Page104
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Items
current period previous period
Total -296,603,500.26 187,658,837.46
(LVII) Fair value change
Amount for the Amount for the
The source of gains from changes in fair value
current period previous period
Trading financial assets 36,940,795.56 -27,460,945.49
Notes to trading financial items -143,200.00
Total 36,797,595.56 -27,460,945.49
(LVIII) Impairment loss of credit
Amount for the current Amount for the previous
Items
period period
Bad debt for account receivable 2,703,755.66 -205,095.94
Bad debt for other receivables 2,466,496.50 818,099.96
Total 5,170,252.16 613,004.02
(LIX) Impairment loss on assets
Amount for the current Amount for the previous
Items
period period
Loss on decline in value of inventories
and Loss on impairment of contract 199,957,352.30 114,303,418.32
performance costs
Impairment of fixed assets 53,148.85 67,160,848.12
Impairment of contract assets -15,836,215.39 21,810,151.17
Impairment of intangible assets 16,683,419.81 11,214,517.59
Total 200,857,705.57 214,488,935.20
(LX) Gain on disposal of assets
Notes to the Financial Statements Page105
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount included in
Amount for the Amount for the
Items non-recurring profit or loss for
current period previous period
the period
Gain on disposal of
fixed-assets
Gain on disposal of
intangible assets
Others 1,858,939.65 -30,691,738.25 1,858,939.65
Total 173,691,537.39 2,550,458,320.83 173,691,537.39
(LXI) Non-operating income
Amount included in
Amount for the Amount for the
Items non-recurring profit
current period previous period
or loss for the period
Penalty income and others 208,504,882.00 155,290,275.84 208,504,882.00
Total 208,504,882.00 155,290,275.84 208,504,882.00
(LXII) Non-operating expenses
Amount included in
Amount for the Amount for the
Items non-recurring profit
current period previous period
or loss for the period
Donation 14,708,927.72 11,611,789.67 14,708,927.72
Fines and penalties 21,165,291.49 6,451,303.37 21,165,291.49
Compensation expenses 21,472,229.37 1,002,418.00 21,472,229.37
Others 2,491,248.15 2,846,754.14 2,491,248.15
Total 59,837,696.73 21,912,265.18 59,837,696.73
(LXIII) Income tax expense
Notes to the Financial Statements Page106
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Current income tax expense 883,499,738.78 699,569,748.76
Deferred income tax expense -193,553,572.52 -46,216,369.36
Total 689,946,166.26 653,353,379.40
Amount for the current
Items
period
Total profit 3,857,438,001.41
Tax at the legal [or applicable] tax rate 578,615,700.21
Impact of different tax rates of subsidiaries 17,477,892.82
Impact of income tax for the period before adjustment 182,659,341.80
Impact of non-taxable income -93,592,087.00
Impact of cost, expenses and losses not deductible for tax 133,500,355.82
Impact of deductible loss of deferred income tax assets not
-119,239,766.65
recognized at the beginning of the period
Impact of deductible temporary differences and deductible loss of
deferred income tax assets not recognized for the period
Additional deduction for technical development expenses -743,707,103.57
Others 84,093,139.65
Income tax expenses 689,946,166.26
(LXIV) Earnings per share
Basic earnings per share is calculated by dividing the consolidated net profit
attributable to the parent company's ordinary shareholders by the weighted average
number of ordinary shares issued and outstanding by the company.
Amount for the current Amount for the previous
Items
period period
Consolidated net profit attributable to holders 4,075,223,181.54 7,303,882,698.84
Notes to the Financial Statements Page107
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
of ordinary shares of the Company（after adjustment）
Weighted average number of ordinary shares
in issue of the Company（after adjustment）
Basic earnings per share 0.41 0.74
Including: Basic earnings per share relating to
continuing operations
Basic earnings per share relating to
discontinued operations
Diluted earnings per share is calculated by dividing the consolidated net profit
attributable to the parent company's ordinary shareholders (diluted) by the
weighted average number of ordinary shares outstanding (diluted)：
Amount for the current Amount for the
Items
period previous period
Consolidated net profit attributable to holders
of ordinary shares of the Company (diluted)
Weighted average number of ordinary shares
in issue of the Company (diluted)
Diluted earnings per share 0.41 0.74
Including: Basic diluted earnings per share
relating to continuing operations
Basic diluted earnings per
share relating to discontinued
operations
(LXV) Cash Flow Statement Items
（1）Other cash received related to operating activities
Notes to the Financial Statements Page108
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the Current Amount for the Previous
Items
Period Period
Interest Income 1,100,271,951.60 1,160,421,476.17
Government Subsidies 1,705,299,308.82 2,045,217,580.13
Others 262,170,103.23 337,350,625.36
Total 3,067,741,363.65 3,542,989,681.66
（2）Other cash paid related to operating activities
Amount for the Current Amount for the Previous
Items
Period Period
Selling Expenses 8,840,211,471.02 6,527,630,896.94
Administrative Expenses 892,090,337.35 730,420,318.10
Research and Development Expenses 2,241,482,905.12 1,958,348,170.98
Others 666,337,138.87 1,158,959,685.17
Total 12,640,121,852.36 10,375,359,071.19
（1）Other cash received related to investing activities
Amount for the Current Amount for the Previous
Items
Period Period
Time deposits and others 199,892,777.78 8,070,026,424.80
Total 199,892,777.78 8,070,026,424.80
（2）Other cash paid related to investing activities
Amount for the Current Amount for the Previous
Items
Period Period
Time deposits and large - value deposits 7,430,000,000.00 3,304,127,222.22
Total 7,430,000,000.00 3,304,127,222.22
Notes to the Financial Statements Page109
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
（1）Other cash received related to financing activities
Amount for the Current Amount for the Previous
Items
Period Period
Cash received from the recovery of acceptance
bill margin
Total 36,004,710.83 470,003,596.92
（2）Other cash paid related to financing activities
Amount for the Current Amount for the Previous
Items
Period Period
Cash paid for acceptance bill margin and others 132,192,998.82 384,604,266.30
Others 118,297,309.96 143,272,005.27
Total 250,490,308.78 527,876,271.57
（3）Changes in various liabilities arising from financing activities
Balance at the Increase in the Current Period Decrease in the Current Period
End - of - period
Items end of the Non - cash Non - cash
Cash Chang Cash Chang balance
previous year Changes Changes
Bank
borrowings
and interest
Lease
liabilities
(LXVI) Supplementary Information for the Cash Flow Statement
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
Activities
Net profit 3,167,491,835.15 6,104,174,527.85
Notes to the Financial Statements Page110
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
Add: Credit impairment losses 5,170,252.16 613,004.02
Asset impairment provisions 200,857,705.57 214,488,935.20
Depreciation of fixed assets. 2,804,234,204.17 3,020,779,255.10
Depreciation and amortization of investment property 226,711.56 226,711.56
Depreciation of right - of - use assets 125,722,888.28 102,643,683.09
Amortization of intangible assets 3,361,452,187.62 2,682,738,344.15
Amortization of long -term prepaid expenses 11,579,265.89 7,810,112.18
Loss on disposal of fixed assets, intangible assets and
other long - term assets (gains are presented with a -173,691,537.39 -2,550,458,320.83
“-” sign)
Loss on scrapping of fixed assets (gains are presented
with a “-” sign)
Loss on fair value changes (gains are presented with a
-36,797,595.56 27,460,945.49
“-” sign)
Financial expenses (gains are presented with a “-”
sign)
Investment losses (gains are presented with a "_" sign) 296,603,500.26 -187,658,837.46
Decrease in deferred income tax assets (increases are
presented with a "_" sign)
Increase in deferred income tax liabilities (decreases
-245,741,876.74 269,789,820.56
are presented with a "_" sign)
Decrease in inventories (increases are presented with a
-5,517,957,174.36 -3,218,353,689.82
“_" sign)
Decrease in operating receivables (increases are
-1,021,953,107.02 -9,086,489,039.97
presented with a “_" sign)
Increase in operating payables (decreases are
-1,300,290,160.33 7,862,898,858.93
presented with a "_" sign)
Others
Net cash flow from operating activities 1,835,673,358.56 4,849,398,813.14
involving cash receipts and payments
Notes to the Financial Statements Page111
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
Debt converted into capital
Convertible corporate bonds maturing within one yea!
Obtaining right -of-use assets by assuming lease
liabilities
End - of - period balance of cash 52,993,171,152.75 63,274,376,513.00
Less: Beginning -of- period balance of cash 63,274,376,513.00 63,925,957,901.11
Add: End - of - period balance of cash equivalents
Less: Beginning - of - period balance of cash
equivalents
Net increase in cash and cash equivalents -10,281,205,360.25 -651,581,388.11
End - of - period Balance at the end of
Items
balance the previous year
一、Cash 52,993,171,152.75 63,274,376,513.00
Including: Cash on hand 18,757.73 17,882.93
Digital currency available for immediate payment
Bank deposits available for immediate payment 52,976,635,475.83 63,267,781,756.86
Other monetary funds available for immediate
payment
Funds deposited with the central bank available for
payment
Deposits with other financial institutions
Loans to other financial institutions
二、Cash Equivalents
Including: Bond investments maturing within three
months
三、End -of _ period balance of cash and cash
equivalents
Notes to the Financial Statements Page112
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
End - of - period Balance at the end of
Items
balance the previous year
Including: Cash and cash equivalents held but not
available for use by the parent company or
othersubsidiaries within the group
Monetary funds that are not classified as cash and cash equivalents:
Balance at the end of the Reason for not being cash
Items End - of - period balance
previous year or cash equivalents
Restricted funds, unable to
Bill margin and others 1,028,564,112.54 907,719,149.74
be freely withdrawn
Total 1,028,564,112.54 907,719,149.74
(LXVII) Foreign Currency Monetary Items
End - of - period End - of - period RMB
Exchange rate
Items foreign currency balance after conversion
for conversion
balance
Monetary funds 2,092,193,508.10
Including: US dollars 61,344,773.74 7.0288 431,180,145.66
Euros 21,925,374.84 8.2355 180,566,424.49
British pounds 12,807,541.91 9.4346 120,834,034.88
United Arab Emirates
dirhams
Thai baht 4,630,089,486.21 0.2225 1,030,194,910.68
Russian rubles 991,037,462.54 0.0881 87,310,400.45
Japanese yen 196,415,506.25 0.0448 8,799,414.68
Mexican pesos 593,349,335.98 0.3899 231,346,906.10
Accounts receivable 2,057,291,389.61
Including: US dollars 99,239,204.61 7.0288 697,532,521.36
Euros 38,619,882.98 8.2355 318,054,046.29
Notes to the Financial Statements Page113
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
End - of - period End - of - period RMB
Exchange rate
Items foreign currency balance after conversion
for conversion
balance
Thai baht 275,413,557.17 0.2225 61,279,516.47
Russian rubles 356,912,820.32 0.0881 31,444,019.47
Mexican pesos 2,433,909,428.11 0.3899 948,981,286.02
Other receivables 121,525,737.39
Including: Euros 3,533,473.30 8.2355 29,099,919.34
British pounds 2,431,387.04 9.4346 22,939,164.18
United Arab Emirates
dirhams
Japanese yen 17,408,320.00 0.0448 779,892.74
Thai baht 307,736,813.66 0.2225 68,471,441.04
Mexican pesos 472,723.93 0.3899 184,315.06
Accounts payable 2,755,340,822.75
Including: Euros 4,658,414.41 8.2355 38,364,371.88
Russian rubles 2,815,802,930.52 0.0881 248,072,238.18
Thai baht 1,033,940,788.25 0.2225 230,051,825.39
Japanese yen 14,205,264.06 0.0448 636,395.83
Mexican pesos 5,740,487,282.56 0.3899 2,238,215,991.47
Other payables 55,459,443.98
Including: Euros 475,651.54 8.2355 3,917,228.25
British pounds 2,047,059.01 9.4346 19,313,182.91
Thai baht 128,141,884.27 0.2225 28,511,569.25
Mexican pesos 9,534,402.59 0.3899 3,717,463.57
Other current liabilities 537,613,798.66
Including: US dollars 76,487,280.71 7.0288 537,613,798.66
(LXVIII)Leases
Amount for the Current Amount for the
Items
Period Previous Period
Notes to the Financial Statements Page114
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for the Current Amount for the
Items
Period Previous Period
Interest expense on lease liabilities 16,748,919.41 42,623,899.74
Simplified short - term lease expenses recoanized
in the cost of related assets or current - period 25,846,804.29 68,173,260.47
profit or loss
Simplified low - value asset lease expenses
recognized in the cost of related assets or current
- period profit or loss (excluding short - term
lease expenses for low - value assets)
Total cash outflows related to leases 129,302,167.04 122,150,467.13
（1）Operating Leases
Amount for the Current Amount for the
Period Previous Period
Operating lease income 54,364,562.25 242,950,592.72
The following is the amount of undiscounted lease receivables that will be received
after the balance sheet date:
Amount for the Current Amount for the
Remaining lease term
Period Previous Period
Within 1 year 34,995,242.75 8,675,240.58
More than 5 years 30,450,000.00 7,000,144.32
Total 192,353,886.15 97,986,792.16
Notes to the Financial Statements Page115
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
VI、 R & D Expenditure
(I) R & D Expenditure
Items Amount for the Current Period Amount for the Previous Period
Employee compensation 3,763,480,281.13 4,108,202,495.09
Depreciation and
amortization
Outsourcing fees 2,838,474,254.14 1,436,710,996.83
Material costs 1,005,202,800.05 818,426,341.74
Testing fees 311,122,838.54 592,734,950.61
Other expenses 1,286,369,321.35 625,240,648.15
Total 12,575,697,920.60 10,159,144,236.45
Including: Expensed R & D
expenditure
Capitalized R & D
expenditure
(II) Development expenditure
Amount of increase in the Amount of decrease in the current
current period period
Balance at the end End -of - period
Items Internal
of the previous year Recognized as balance
development Others Others
intangible assets
expenditure
Automobile
development
Sub - total 1,729,932,488.67 5,418,098,993.36 3,746,089,318.37 6,267,400.19 3,395,674,763.46
Less:
Impairment
provisions
Total 1,729,932,488.67 5,418,098,993.36 3,746,089,318.37 6,267,400.19 3,395,674,763.46
VII、 Changes in the Scope of Consolidation
Notes to the Financial Statements Page116
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
None
VIII、 lnterests in Other Entities
(I) Interests in Subsidiaries
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands of Direct Indirect
yuan)
Chongqing Changan
Automobile
International Sales
&Service Co., Ltd.
Chongqing Changan
Vehicle Connectivity 8,850.00 Chongqing Chongqing Leasing 100.00 Establishment
Technology Co., Ltd.
Chongqing Changan
Special-Purpose 2,000.00 Chongqing Chongqing Sales 50.00 Establishment
Vehicle Co., Ltd.
Chongqing Changan
Automobile Customer 3,000.00 Chongqing Chongqing Sales 99.00 1.00 Establishment
Service Co., Ltd.
Chongqing Zhilaidao Research and
New Energy Co., Ltd. Development
Chongqing Changan
Bologna, Research and
European Design 1,738 Euros Bologna, Italy 100.00 Establishment
Italy Development
Center Co., Ltd.
Changan Automobile
UK R & D Center Co., 100.00 Establishment
Pounds UK UK Development
Ltd.
Beijing Changan 100.00 Beijing Beijing Research and 100.00 Establishment
Notes to the Financial Statements Page117
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands of Direct Indirect
yuan)
Automobile Development
Engineering
TechnologyResearch
Co., Ltd.
Changan Japan Design Hamamatsu, Hamamatsu, Research and
Japanese 100.00 Establishment
Center Co., Ltd. Japan Japan Development
Yen
Changan USA R & D 154 US Research and
Novi, USA Novi, USA 100.00 Establishment
Center Inc. Dollars Development
Changan Automobile
Investment (Shenzhen) 76,488.95 Shenzhen Shenzhen Sales 100.00 Establishment
Co., Ltd.
Nanjing Changan New
Energy Automobile
Sales & Service Co.,
Ltd.
Chongqing Anyi
Automobile
Technology Service
Co., Ltd.
Xiamen Changan New
Energy Automobile 200.00 Xiamen Xiamen Sales 100.00 Establishment
Sales & ServiceCo.,Ltd.
Shanghai Changan
Intelligent Mobility 400.00 Shanghai Shanghai Sales 100.00 Establishment
Technology Co.,Ltd.
Chongqing Chehemei
Technology Co., Ltd.
Notes to the Financial Statements Page118
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands of Direct Indirect
yuan)
Chongqing Changan
Kaicheng Automobile 142,371.45 Chongqing Chongqing Sales 65.90 Establishment
Technology Co., Ltd.
Chongqing Changan
Research and
Automobile Software 9,900.00 Chongqing Chongqing 100.00 Establishment
Development
Technology Co., Ltd.
Chongqing Xingzhi
Technology Co., Ltd.
Chongqing Changan Research and
Technology Co., Ltd. Development
Chongqing
Changanxing 2,000.00 Chongqing Chongqing Leasing 100.00 Establishment
Automobile Co., Ltd.
Business
Nanjing Changan combination under
Automobile Co., Ltd. non - common
control
Business
Chongqing Lingyao combination under
Automobile Co., Ltd. non - common
control
Business
Deep Blue Automobile combination under
Technology Co., Ltd. non - common
control
Business
Hefei Changan
Automobile Co., Ltd.
common control
Notes to the Financial Statements Page119
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Profit or Loss Dividends Declared
Balance of Minority
Minority Attributable to and Distributed to
Shareholders' Equity
Name of Subsidiary Shareholding Minority Minority
at the End ofthe
Ratio Shareholders in the Shareholders in the
Period
Current Period Current Period
Deep Blue Automobile Technology
Co., Ltd
Notes to the Financial Statements Page120
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
End - of - Period Balance Previous Year - end Balance
Name of
Non -current Non -current Non -current Non -current
Subsidiary Current Assets Total Assets Current Liabilities Total Liabilities Current Assets Total Assets Current Liabilities Total Liabilities
Assets Liabilities Assets Liabilities
Deep Blue
Automobile
Technology
Co., Ltd
Amount for the Current Period Amount for the Previous Period
Total Cash Flow from Total Cash Flow from
Name of Subsidiary
Operating Revenue Net Profit Comprehensive Operating Operating Revenue Net Profit Comprehensive Operating
lncome Activities lncome Activities
Deep Blue Automobile
Technology Co., Ltd
(II) Interests in Joint Arrangements or Associated Enterprises
Notes to the Financial Statements Page121
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Shareholding Ratio (%) Accounting Treatment for
Whether It Has a Strategic
Main Place of Place of Nature of Investments in Joint
Name of Joint Venture or Associated Enterprise Impact on the Company's
Operation Registration Business Direct Indirect Ventures or Associated
Activities
Enterprises
Automobile
Changan Ford Automobile Co., Ltd. Chongqing Chongqing manufacturing and 50.00 Equity Method Yes
sales
Notes to the Financial Statements Page122
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
End-of-Period Balance/Current Period Previous Year-end Balance/Previous Period
Amount Amount
Changan Ford Automobile Co., Ltd. Changan Ford Automobile Co., Ltd.
Current Assets 13,229,796,476.83 16,377,739,563.80
Non -current Assets 9,799,477,103.13 11,762,860,932.34
Total Assets 23,029,273,579.96 28,140,600,496.14
Current Liabilities 17,164,149,707.34 20,644,064,530.01
Non-current Liabilities 3,244,020,964.12 5,834,665,675.53
Total Liabilities 20,408,170,671.46 26,478,730,205.54
Minority Shareholders'
Equity
Shareholders' Equity
Attributable to Parent 2,467,954,805.09 1,529,824,885.29
Company
Share of Net Assets
Calculated Based on 1,233,977,402.55 764,912,442.65
Shareholding Ratio
Adjustment Items -56,409,324.36 -52,697,418.08
Carrying Value of Equity
Investment in Joint 1,177,568,078.19 712,215,024.57
ventures Enterprises
Fair Value of Equity
Investment in Joint
ventures Enterprises with
Public Quotations
Net Profit 952,478,678.35 2,089,573,046.44
Net Profit from
Discontinued Operations
Other Comprehensive
Income
Total Comprehensive
Income
Dividends Received from
Joint ventures Enterprises
during the Current Period
Associated Enterprises
Previous Year-end
End-of-Period Balance/Current
Balance/Previous Period
Period Amount
Amount
Joint Ventures:
Total Carrying Value of Investments 4,110,478,645.75 3,961,228,297.16
Total Amounts Calculated Based on
Notes to the Financial Statements Page123
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Previous Year-end
End-of-Period Balance/Current
Balance/Previous Period
Period Amount
Amount
Shareholding Ratiofor the Following
ltems
-Net Profit 151,118,440.77 170,583,425.51
-Other Comprehensive Income -1,868,092.18 1,193,152.92
-Total Comprehensive lncome 149,250,348.59 171,776,578.43
Associated Enterprises:
Total Carrying Value of Investments 11,452,335,506.12 8,954,364,227.40
Total Amounts Calculated Based on
Shareholding Ratiofor the Following
ltems
-Net Profit 453,794,161.69 844,880,455.37
-Other Comprehensive Income 1,505,344.19 -5,967,137.61
-Total Comprehensive lncome 455,299,505.88 838,913,317.76
Our company has no obligation to bear additional losses for Jiangling Holdings Co.,
Ltd. Therefore, when excess losses occur, only the long - term equity investments
are written down to zero, and the excess losses related to the investments in the
above - mentioned companies are not recognized.
IX、 Government Grants
ltems Current - Period Amount Prior - Period Amount
Government grants related to assets
grants related to income
Total
Notes to the Financial Statements Page124
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount
Amount Amount Offset
Amount of New Recognized in
Previous Year - Transferred to Against Cost and End - of - Period Related to Assets/
Liability ltems Grants in Current Non -operating Other Changes
end Balance Other Income in Expenses in Balance Related to Income
Period Income in
Current Period Current Period
Current Period
Deferred Income 52,133,744.00 192,260,000.00 192,260,000.00 52,133,744.00 Related to Assets
Deferred Income 132,063,475.64 22,797,062.74 126,294,889.81 28,565,648.58 Related to Income
Notes to the Financial Statements Page125
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
X、 Risks Related to Financial Instruments
(I) Types of Risks Arising from Financial Instruments
Our company faces various financial risks in the course of its operations: credit risk,
liquidity risk, and market risk (including foreign exchange risk, interest rate risk, and
other price risks). The above - mentioned financial risks and the risk management policies
adopted by our company to mitigate these risks are described as follows:
Credit risk refers to the risk that a counter - party fails to fulfill its contractual
obligations, resulting in financial losses for our company. Our company's credit
risk mainly stems from monetary funds, notes receivable, accounts receivable,
receivables financing, other receivables, as well as debt instrument investments
measured at fair value through profit or loss that are not included in the scope of
impairment assessment.
Most of our company's monetary funds are bank deposits placed in state - owned
banks and other large - and medium - sized listed banks with good reputations and
high credit ratings. We believe that there are no significant credit risks, and there is
almost no chance of significant losses caused by bank defaults.
In addition, for notes receivable, accounts receivable, receivables financing,
contract assets, and other receivables, our company has established relevant
policies to control credit risk exposure. We assess the creditworthiness of
customers based on their financial conditions, the likelihood of obtaining
guarantees from third parties, credit records, and other factors such as the current
market situation, and set appropriate credit periods. We regularly monitor
customers' credit records. For customers with poor credit records, we will take
measures such as sending written collection letters, shortening credit periods, or
canceling credit periods to ensure that the overall credit risk of our company
remains within a controllable range.
Liquidity risk refers to the risk that an enterprise may experience a shortage of
funds when fulfilling its obligations to settle in the form of delivering cash or other
financial assets.
Notes to the Financial Statements Page126
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Our company's policy is to ensure that there is sufficient cash to repay maturing
debts. Liquidity risk is centrally controlled by our company's finance department.
The finance department ensures that the company has sufficient funds to repay
debts under all reasonably foreseeable circumstances by monitoring cash
balances,marketable securities that can be readily liquidated, and a rolling forecast
of cash flows over the next 12months. At the same time, it continuously monitors
whether the company complies with the provisions of borrowing agreements and
obtains commitments from major financial institutions to provide sufficient standby
funds to meet short - term and long - term funding requirements.
The financial liabilities of our company are presented below by due date based
on undiscounted contractual cash flows:
End - of - Period Balance
Total
ltems Repayable
Within 1 Year 1 -2 Years 2 -5 Years Over 5 Years Undiscounted Carrying Amount
lmmediately
Contract Amount
Short -term
Loans
Notes Payable 43,979,523,780.79 43,979,523,780.79 43,979,523,780.79
Accounts
Payable
Other Payables 5,871,006,412.33 5,871,006,412.33 5,871,006,412.33
Non -current
Liabilities Due
within One
Year
Lease
Liabilities
Long -term
Payables
Bonds Payable 30,000,000.00 1,030,000,000.00 1,060,000,000.00 999,803,773.56
Total 80,465,690,821.20 1,134,056,295.62 61,703,700.69 2,350,502,621.23 84,011,953,438.74 84,746,015,832.90
ltems Previous Year - end Balance
Notes to the Financial Statements Page127
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Total
Repayable Within 1 Over 5 Undiscounted Carrying
lmmediately Year Years Contract Amount
Amount
Short -term Loans 40,442,694.58 40,442,694.58 40,036,055.69
Notes Payable 34,810,605,512.61 34,810,605,512.61 34,810,605,512.61
Accounts Payable 43,835,671,129.12 43,835,671,129.12 43,835,671,129.12
Other Payables 6,238,513,876.03 6,238,513,876.03 6,407,775,538.76
Non -current
Liabilities Due 188,983,976.87 188,983,976.87 128,914,461.78
within One Year
Long -term Loans 451,000.00 36,065,000.00 36,516,000.00 36,000,000.00
Lease Liabilities 137,414,287.00 89,386,322.61 226,800,609.61 269,211,409.06
Long -term
Payables
Bonds Payable 30,000,000.00 30,000,000.00 1,030,000,000.00 1,090,000,000.00 999,705,660.36
Total 85,144,668,189.21 203,479,287.00 1,119,386,322.61 2,998,964,516.85 89,466,498,315.67 88,556,399,074.31
Market risk of financial instruments refers to the risk that the fair value or future
cash flows of financial instruments fluctuate due to changes in market prices,
including foreign exchange risk, interest rate risk, and other price risks.
（1）Interest Rate Risk
Interest rate risk refers to the risk that the fair value or future cash flows of
financial instruments fluctuate due to changes in market interest rates.
Interest - bearing financial instruments with fixed and floating interest rates expose
our company to fair - value interest - rate risk and cash - flow interest - rate risk
respectively. Our company determines the proportion of fixed - and floating - rate
instruments based on market conditions and maintains an appropriate mix of fixed -
and floating - rate instruments through regular reviews and monitoring. When
necessary, our company uses interest - rate swap instruments to hedge interest - rate
risk.
Notes to the Financial Statements Page128
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The income and operating cash flows of our company are basically unaffected by
fluctuations in market interest rates. As of December 31, 2024, all of our company's
bank borrowings and bonds payable accrue interest at fixed interest rates. Our
company does not currently hedge interest - rate risk.
（2）Foreign Exchange Risk
Foreign exchange risk refers to the risk that the fair value or future cash flows of
financial instruments fluctuate due to changes in foreign exchange rates.
Our company continuously monitors the scale of foreign currency transactions,
foreign currency assets, and liabilities to minimize the foreign exchange risks it
faces. In addition, the company may enter into forward foreign exchange contracts
or currency swap contracts to hedge foreign exchange risks. During the current and
previous periods, our company did not enter into any forward foreign exchange
contracts or currency swap contracts.
The foreign exchange risks faced by our company mainly stem from financial
assets and liabilities denominated in US dollars. The amounts of foreign currency
financial assets and liabilities translated into RMB are shown as follows:
End - of - Period Balance Previous Year - end Balance
ltems Other Foreign Other Foreign
US Dollar Total US Dollar Total
Currencies Currencies
Monetary Funds 431,180,145.66 1,661,013,362.44 2,092,193,508.10 207,403,382.74 1,817,492,961.31 2,024,896,344.05
Accounts
Receivable
Other Receivables 121,525,737.39 121,525,737.39 18,402.30 95,509,535.16 95,527,937.46
Total 1,128,712,667.02 3,142,297,968.08 4,271,010,635.11 425,545,381.02 1,930,483,131.42 2,356,028,512.44
Accounts Payable 2,755,340,822.75 2,755,340,822.75 15,663.81 433,127,807.93 433,143,471.74
Other Payables 55,459,443.98 55,459,443.98 25,375.05 59,877,652.92 59,903,027.97
other current
Liabilities
Total 537,613,798.66 2,810,800,266.73 3,348,414,065.39 41,038.86 493,005,460.85 493,046,499.71
As of December 31, 2025, assuming all other variables remain unchanged, if the
RMB appreciates or depreciates against the US dollar by 5%, the company's net
Notes to the Financial Statements Page129
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
profit will increase or decrease by25,121,701.91yuan (as of December 31, 2024:
reasonable range within which the RMB may fluctuate against the US dollar in the
next fiscal year.
（3）Other Price Risks
Other price risks refer to the risks that the fair value or future cash flows of
financial instruments fluctuate due to market price changes other than foreign
exchange rate risks and interest rate risks.
The other price risks of our company mainly stem from various equity instrument
investments, and there is a risk of price fluctuations in equity instruments.
XI、 Disclosure of Fair Value
The inputs used in fair - value measurement are classified into three levels:
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or
liabilities available at the measurement date.
Level 2 inputs are inputs other than Level 1 inputs that are directly or indirectly
observable for the related assets or liabilities.
Level 3 inputs are unobservable inputs for the related assets or liabilities.
The level to which a fair - value measurement result belongs is determined by the lowest -
level input that is significant to the fair - value measurement as a whole.
(I) The ending fair values of assets and liabilities measured at fair value
Ending Fair Value
Level 1 Fair - Level 2 Fair - Level 3 Fair -
ltems
Value Value Value Total
Measurement Measurement Measurement
一、Continuous Fair -Value
Measurement
◆Other Equity Instrument
Investments
Assets measured at fair value 692,201,858.72 692,201,858.72
Notes to the Financial Statements Page130
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Ending Fair Value
Level 1 Fair - Level 2 Fair - Level 3 Fair -
ltems
Value Value Value Total
Measurement Measurement Measurement
on a continuing basis
Notes to the Financial Statements Page131
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(II) For items measured at fair value on a continuous basis at Level 3, reconciliation information between the carrying amounts at the end of the
previous year and the end of the current period, and sensitivity analysis of unobservable parameters.
Total Gains or Losses in the For assets
Purchase, lssuance, Sale and Settlement
Current Period held at the end
of the
reporting
period,
Previous Year - Transfer to Transfer from Included in End - of - Period
ltems Included in unrealized
end Balance Level 3 Level 3 Other Balance
Profit or Purchase lssuance Sale Settlement gains or losses
Comprehensive
Loss recognized in
Income
profit or loss
in the current
period
◆Other equity
instrument investments
Notes to the Financial Statements Page132
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
XII、 Related Parties and Related -Party Transactions
(I) Information about the Parent Company of Our Company
Equity - Voting -
Holding Right
Proportion Proportion
Name of Parent Registered Registered of Parent of Parent
Business Nature
Company Place Capital Company Company in
in Our Our
Company Company
(%) (%)
Manufacturing
Chenzhi
and sales of
Automobile
Beijing automobiles, their 6,092,273,400.00 20.84 20.84
Technology Group
engines,and spare
Co., Ltd.
parts
Note: The ultimate controlling party of our company is China Changan Automobile
Group Co., Ltd.
(II) Information about Subsidiaries of Our Company
Details about the subsidiaries of our company can be found in Note "VIII. interests in
Other Entities".
(III) Information about Joint Ventures and Associates of Our Company
Details about the significant joint ventures and associates of our company can be found in
Note "VIII. Interests in Other Entities".
(IV) Information about Other Related Parties
Name of Other Related Party Relationship with Our Company
Under the control of the same ultimate
Chongqing Qingshan Industrial Co., Ltd.
holding company
Chongqing Changan Minsheng Logistics Co., Ltd. Under the control of the same ultimate
Notes to the Financial Statements Page133
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
holding company
Under the control of the same ultimate
Sichuan Jian'an Industrial Co., Ltd.
holding company
Under the control of the same ultimate
Chenzhi (Chongqing) Braking System Co., Ltd.
holding company
Under the control of the same ultimate
Harbin Dongan Engine Manufacturing Co., Ltd.
holding company
Under the control of the same ultimate
Sichuan Ningjiang Shanchuan Machinery Co., Ltd.
holding company
Under the control of the same ultimate
South Nightstar Air Conditioning Co., Ltd.
holding company
Under the control of the same ultimate
Chengdu Huachuan Electrical Equipment Co., Ltd.
holding company
Under the control of the same ultimate
South Faurecia Automotive Parts Co., Ltd.
holding company
Under the control of the same ultimate
Harbin Dongan Auto Engine Co., Ltd.
holding company
Under the control of the same ultimate
Chongqing Wanyou Economic Development Co., Ltd.
holding company
Chengdu Wanyou Xiangyu Auto Sales & Service Co., Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Ya'an Wanyou Auto Sales & Service Co., Ltd.
holding company
Under the control of the same ultimate
Beijing Zhongbing Insurance Brokers Co., Ltd.
holding company
Chongqing Wanyou Zunda Auto Sales & Service Co., Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Yunnan Wanyou Auto Sales & Service Co., Ltd.
holding company
Under the control of the same ultimate
Guizhou Wanyou Auto Sales & Service Co., Ltd.
holding company
Jiangsu Wanyou Auto Sales & Service Co., Ltd. Under the control of the same ultimate
Notes to the Financial Statements Page134
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
holding company
Under the control of the same ultimate
Chongqing Fuji Supply Chain Management Co., Ltd.
holding company
Under the control of the same ultimate
Chengdu Wanyou Auto Trade & Service Co., Ltd.
holding company
Under the control of the same ultimate
China Changan Auto Group Tianjin Sales Co., Ltd.
holding company
Under the control of the same ultimate
Anhui Wanyou Auto Sales & Service Co., Ltd.
holding company
Chongqing Wanyou Chengxing Auto Sales & Service Under the control of the same ultimate
Co., Ltd. holding company
Under the control of the same ultimate
Beijing North Changfu Auto Sales Co., Ltd.
holding company
Under the control of the same ultimate
Wanyou Auto Investment Co., Ltd.
holding company
Under the control of the same ultimate
Chengdu Wanyou Auto Sales & Service Co., Ltd.
holding company
Chongqing Wanyou Ducheng Auto Sales & Service Co., Under the control of the same ultimate
Ltd. holding company
Chongqing Wanyou Xingjian Auto Sales & Service Co., Under the control of the same ultimate
Ltd. holding company
Chongqing Wanyou Zhicheng Auto Sales & Service Co., Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Panzhihua Wanyou Auto Sales & Service Co., Ltd.
holding company
Under the control of the same ultimate
Chengdu Wanyou Trade Co., Ltd.
holding company
Chongqing Changxiang Supply Chain Technology Co., Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Chongqing Saimei Digital Technology Co., Ltd.
holding company
Luzhou Wanyou Auto Service Co., Ltd. Under the control of the same ultimate
Notes to the Financial Statements Page135
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
holding company
Under the control of the same ultimate
Chenzhi (Chongqing) Lightweight Technology Co., Ltd.
holding company
Under the control of the same ultimate
Chongqing Jianshe Vehicle Air Conditioner Co., Ltd.
holding company
Under the control of the same ultimate
Hunan Tianyan Machinery Co., Ltd.
holding company
Under the control of the same ultimate
Chenzhi (Chengdu) Intelligent Suspension Co., Ltd.
holding company
Under the control of the same ultimate
Longchang Shanchuan Machinery Co., Ltd.
holding company
Under the control of the same ultimate
Chenzhi Technology Co., Ltd.
holding company
Under the control of the same ultimate
Chongqing Qingshan Transmission Sales Co., Ltd.
holding company
Under the control of the same ultimate
Dali Wanfu Auto Sales & Service Co., Ltd.
holding company
Under the control of the same ultimate
Chongqing Anfu Auto Marketing Co., Ltd.
holding company
Under the control of the same ultimate
Ordnance Equipment Group Finance Co., Ltd.
holding company
China Ordnance Equipment Group Commercial Under the control of the same ultimate
Factoring Co., Ltd. holding company
Under the control of the same ultimate
Changan Financing Leasing Co., Ltd.
holding company
Under the control of the same ultimate
Harbin Hafei Auto Industry Group Co., Ltd.
holding company
Companies in which the ultimate holding
GKN Driveline (Chongqing) Co., Ltd.
company holds shares
Benteler Jian'an Automotive Systems (Chongqing) Co., Companies in which the ultimate holding
Ltd. company holds shares
Hafei Motor Co., Ltd. Companies in which the ultimate holding
Notes to the Financial Statements Page136
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
company holds shares
Beijing Wutong Chelian Technology Co., Ltd. Other related party
Shanghai Jiaxing Auto Service Co., Ltd. Other related party
Shenzhen Yinwang Intelligent Technology Co., Ltd. Other related party
Avita (Chongqing) Auto Sales & Service Co., Ltd. Other related party
Taizhou Lingxing Zhixiang Technology Co., Ltd. Other related party
Hangzhou Lingxing Yuexiang Auto Service Co., Ltd. Other related party
Jiangling Motors Co., Ltd. Other related party
Nanjing Linghang Technology Co., Ltd. Other related party
Chongqing Zhichuang Guoli Precision Machinery Company formerly with equity participation
Manufacturing Co., Ltd. from Ordnance Equipment Group
Company formerly controlled by Ordnance
Hubei Huazhong Marelli Automotive Lighting Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chongqing Jianshe Transmission Technology Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chongqing Shangfang Auto Parts Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chengdu Wanyou Filter Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Hubei Huazhong Auto Lamp Co., Ltd.
Equipment Group
Chongqing Changan Intelligent Industry Technology Company formerly controlled by Ordnance
Service Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
China Ordnance News
Equipment Group
Chongqing Changan Smart City Operation Management Company formerly controlled by Ordnance
Co., Ltd. Equipment Group
Southwest Ordnance Industry Chongqing Environmental Company formerly controlled by Ordnance
Protection Research Institute Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
Chongqing Southwest Inspection & Testing Co., Ltd.
Equipment Group
Xi'an Ordnance Industry Special Equipment Inspection Company formerly controlled by Ordnance
Notes to the Financial Statements Page137
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
China Ordnance Equipment Group Research Institute
Equipment Group
China Ordnance Equipment Group Human Resources Company formerly controlled by Ordnance
Development Center Equipment Group
China Ordnance Equipment Group Information Center Company formerly controlled by Ordnance
Co., Ltd. Equipment Group
China Ordnance Equipment Group Automation Research Company formerly controlled by Ordnance
Institute Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
Zhejiang Zhongbing Health Care Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chengde Sulian Yinhe Auto Parts Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chengdu Lingchuan Vehicle Fuel Tank Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chongqing Dajiang Jiexin Forging Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chongqing Yihong Defense Technology Co., Ltd.
Equipment Group
China Ordnance Equipment Group No. 59 Research Company formerly controlled by Ordnance
Institute Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
Jianshe Industry Group (Yunnan) Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Nanyang Lida Optoelectronics Co., Ltd.
Equipment Group
Chengdu Jialing Huaxi Optical Precision Machinery Co., Company formerly controlled by Ordnance
Ltd. Equipment Group
Chongqing Zhujiang Optoelectronic Technology Co., Company formerly controlled by Ordnance
Ltd. Equipment Group
Company formerly controlled by Ordnance
Chongqing Dajiang Yuqiang Plastic Products Co., Ltd.
Equipment Group
Beijing Beiji Electromechanical Industry Co., Ltd. Company formerly controlled by Ordnance
Notes to the Financial Statements Page138
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Equipment Group
Company formerly controlled by Ordnance
South Industries Asset Management Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
China Ordnance Equipment Group Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chongqing Hongyu Precision Industry Group Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chongqing Jianshe Industry (Group) Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Zhongguang Group Co., Ltd.
Equipment Group
Southwest Ordnance Industry (Chongqing) Smart Company formerly controlled by Ordnance
Technology Co., Ltd. Equipment Group
Hubei Huazhong Changjiang Optoelectronic Technology Company formerly controlled by Ordnance
Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
Chongqing Changan Industry (Group) Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Chengdu Lingchuan Special Industry Co., Ltd.
Equipment Group
Chongqing Changjiang Electrician Industry Group Co., Company formerly controlled by Ordnance
Ltd. Equipment Group
Company formerly controlled by Ordnance
Harbin Botong Auto Parts Manufacturing Co., Ltd.
Equipment Group
Changan Reis (Chongqing) Robot Intelligent Equipment Company formerly controlled by Ordnance
Co., Ltd. Equipment Group
Company formerly controlled by Ordnance
Hangzhou Zhiyuan Research Institute Co., Ltd.
Equipment Group
Company formerly controlled by Ordnance
Baoding Tianwei Group Special Transformer Co., Ltd.
Equipment Group
China Ordnance Equipment Group Ordnance Equipment Company formerly controlled by Ordnance
Research Institute Equipment Group
Chongqing Nexteer Steering Systems Co., Ltd. Company formerly with equity participation
Notes to the Financial Statements Page139
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
from Ordnance Equipment Group
United Automotive Electronic Systems (Chongqing) Co., Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Company formerly with equity participation
Chongqing Dajiang Dongyang Plastic Products Co., Ltd.
from Ordnance Equipment Group
Company formerly with equity participation
Chongqing Dajiang Yapu Auto Parts Co., Ltd.
from Ordnance Equipment Group
Company formerly with equity participation
Chongqing Wanyou Talent Service Co., Ltd.
from Ordnance Equipment Group
Lear Changan (Chongqing) Automotive Systems Co., Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Chengdu Zhongzi Guangming Catalytic Technology Co., Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Chongqing Lingchuan Auto Parts Manufacturing Company formerly with equity participation
Technology Co., Ltd. from Ordnance Equipment Group
Tenneco Lingchuan (Chongqing) Exhaust Systems Co., Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Chongqing Jianshe Hanon Automotive Thermal Company formerly with equity participation
Management Systems Co., Ltd. from Ordnance Equipment Group
Company formerly with equity participation
Henan Du’bang Optoelectronics Co., Ltd.
from Ordnance Equipment Group
(V) Related -Party Transaction Information
and Receiving Labor Services
Table of Goods Purchased/Labor Services Received
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Purchase components and parts
Chongqing Qingshan Industrial Co., Ltd. 8,739,750,220.22 8,629,997,498.38
and Receive labor services
Times Changan Power Battery Co., Ltd. Purchase components and parts 6,971,698,295.25 5,053,358,710.82
Notes to the Financial Statements Page140
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Chongqing Changan Minsheng Logistics Purchase components and parts
Co., Ltd. and Receive labor services
Purchase components and parts
Jiangling Holdings Co., Ltd. 3,486,949,951.31 5,553,351,208.06
and Receive labor services
Chongqing Wutong Chelian Technology Purchase components and parts
Co., Ltd. and Receive labor services
Hubei Huazhong Marelli Automotive Purchase components and parts
Lighting Co., Ltd. and Receive labor services
Chongqing Nexteer Steering Systems Purchase components and parts
Co., Ltd. and Receive labor services
Purchase components and parts
Sichuan Jian'an Industrial Co., Ltd. 1,126,939,032.34 1,176,754,243.23
and Receive labor services
Shenzhen Yinwang Intelligent
Purchase components and parts 1,046,501,403.08
Technology Co., Ltd.
Chenzhi (Chongqing) Braking System Purchase components and parts
Co., Ltd. and Receive labor services
Harbin Dongan Engine Manufacturing Purchase components and parts
Co., Ltd. and Receive labor services
Chenzhi (Chongqing) Lightweight
Purchase components and parts 738,294,149.66
Technology Co., Ltd.
Avita (Chongqing) Auto Sales & Service
Purchase components and parts 686,794,016.28 110,515,542.23
Co., Ltd.
Sichuan Ningjiang Shanchuan Machinery Purchase components and parts
Co., Ltd. and Receive labor services
Lear Changan (Chongqing) Automotive
Purchase components and parts 635,580,695.83 250,856,034.67
Systems Co., Ltd.
South Nightstar Air Conditioning Co., Purchase components and parts
Ltd. and Receive labor services
Chengdu Huachuan Electrical Equipment Purchase components and parts
Co., Ltd. and Receive labor services
South Faurecia Automotive Parts Co., Purchase components and parts 594,639,343.17 657,155,505.27
Notes to the Financial Statements Page141
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Ltd. and Receive labor services
Chongqing Changxian Intelligent Purchase components and parts
Technology Co., Ltd. and Receive labor services
United Automotive Electronic Systems Purchase components and parts
(Chongqing) Co., Ltd. and Receive labor services
Purchase components and parts
GKN Driveline (Chongqing) Co., Ltd. 447,449,563.47 412,259,857.54
and Receive labor services
Chongqing Dajiang Dongyang Plastic Purchase components and parts
Products Co., Ltd. and Receive labor services
Chongqing Zhichuang Guoli Precision Purchase components and parts
Machinery Manufacturing Co., Ltd. and Receive labor services
Chongqing Jianshe Vehicle Air
Purchase components and parts 319,000,979.01 171,970,343.84
Conditioner Co., Ltd.
Chongqing Jianshe Transmission Purchase components and parts
Technology Co., Ltd. and Receive labor services
Chengdu Zhongzi Guangming Catalytic
Purchase components and parts 286,268,805.58 419,639,817.19
Technology Co., Ltd.
Purchase components and parts
Harbin Dongan Auto Engine Co., Ltd. 267,294,021.49 269,628,465.00
and Receive labor services
Hunan Tianyan Machinery Co., Ltd. Purchase components and parts 265,711,723.52 157,002,932.22
Chongqing Dajiang Yapu Auto Parts Co., Purchase components and parts
Ltd. and Receive labor services
Chongqing Lingchuan Auto Parts
Purchase components and parts 187,683,497.71 193,123,964.60
Manufacturing Technology Co., Ltd.
Chongqing Anda Semiconductor Co.,
Purchase components and parts 179,456,123.00
Ltd.
Chongqing Shangfang Auto Parts Co., Purchase components and parts
Ltd. and Receive labor services
Purchase components and parts
Chengdu Wanyou Filter Co., Ltd. 145,289,480.28 123,078,320.69
and Receive labor services
Hubei Huazhong Auto Lamp Co., Ltd. Purchase components and parts 143,235,579.28 155,709,252.63
Notes to the Financial Statements Page142
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
and Receive labor services
Purchase components and parts
Changan Ford Automobile Co., Ltd. 126,685,841.03 3,449,926.34
and Receive labor services
Chenzhi (Chengdu) Intelligent
Purchase components and parts 113,569,766.75 23,358,495.90
Suspension Co., Ltd.
Chengde Sulian Yinhe Auto Parts Co.,
Purchase components and parts 111,570,441.53
Ltd.
Tenneco Lingchuan (Chongqing) Exhaust Purchase components and parts
Systems Co., Ltd. and Receive labor services
Chongqing Changan Industry (Group)
Utilities Payment 75,027,088.26 67,891,580.56
Co., Ltd.
Chengdu Lingchuan Vehicle Fuel Tank
Purchase components and parts 61,304,624.48 57,515,999.70
Co., Ltd.
Chongqing Wanyou Economic Purchase components and parts
Development Co., Ltd. and Receive labor services
Chongqing Dajiang Jiexin Forging Co.,
Purchase components and parts 52,675,472.69 29,589,566.67
Ltd.
Yunnan Wanyou Auto Sales & Service
Receive labor services 50,340,637.99 34,796,059.38
Co., Ltd.
Chongqing Changan Intelligent Industry Purchase components and parts
Technology Service Co., Ltd. and Receive labor services
Guizhou Wanyou Auto Sales & Service
Receive labor services 48,822,975.26 24,755,324.21
Co., Ltd.
Jiangsu Wanyou Auto Sales & Service
Receive labor services 47,844,732.69 23,344,020.90
Co., Ltd.
Chongqing Yihong Defense Technology
Purchase components and parts 44,621,954.90 58,913,150.80
Co., Ltd.
Beijing Wutong Chelian Technology Co., Purchase components and parts
Ltd. and Receive labor services
Chengdu Wanyou Xiangyu Auto Sales & Purchase components and parts
Service Co., Ltd. and Receive labor services
Notes to the Financial Statements Page143
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Purchase components and parts
Avita Technology (Chongqing) Co., Ltd. 33,889,113.30 45,560,794.65
and Receive labor services
Chongqing Jianshe Hanon Automotive
Purchase components and parts 26,629,532.07 93,176,772.64
Thermal Management Systems Co., Ltd.
Purchase components and parts
China Automotive Innovation Corp. 26,228,500.00 11,628.90
and Receive labor services
Chongqing Fuji Supply Chain
Receive labor services 24,283,459.26 76,965.09
Management Co., Ltd.
Chengdu Wanyou Auto Trade & Service
Receive labor services 16,434,464.55 10,356,719.32
Co., Ltd.
Longchang Shanchuan Machinery Co.,
Purchase components and parts 15,756,806.11 19,656,326.97
Ltd.
China Changan Auto Group Tianjin Sales
Receive labor services 14,259,132.41 12,114,410.55
Co., Ltd.
Anhui Wanyou Auto Sales & Service
Receive labor services 11,950,034.91 10,385,865.27
Co., Ltd.
Chenzhi Automotive Technology Group Purchase components and parts
Co., Ltd. and Receive labor services
Chongqing Changan Smart City
Receive labor services 9,133,202.59 9,208,950.03
Operation Management Co., Ltd.
Chongqing Wanyou Chengxing Auto
Receive labor services 8,785,409.26 3,860,376.79
Sales & Service Co., Ltd.
Beijing North Changfu Auto Sales Co.,
Receive labor services 7,860,409.72 723,218.80
Ltd.
Wanyou Auto Investment Co., Ltd. Receive labor services 7,255,089.89 3,780,185.72
Southwest Ordnance Industry Chongqing
Environmental Protection Research Receive labor services 7,096,208.93 17,758,031.18
Institute Co., Ltd.
Purchase components and parts
Nanjing Lingxing Technology Co., Ltd. 7,030,047.36 86,621.45
and Receive labor services
Chengdu Wanyou Auto Sales & Service Receive labor services 6,561,322.07 2,581,405.61
Notes to the Financial Statements Page144
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co., Ltd.
Chenzhi Technology Co., Ltd. Purchase components and parts 6,549,772.38 12,923,678.84
Chongqing Wanyou Ducheng Auto Sales
Receive labor services 6,424,813.10 3,812,996.54
& Service Co., Ltd.
Chongqing Changan Kuayue Vehicles Purchase components and parts
Co., Ltd. and Receive labor services
China Ordnance Equipment Group No.
Purchase components and parts 4,430,477.23
Chongqing Wanyou Talent Service Co.,
Receive labor services 2,298,902.23 31,062,986.46
Ltd.
Chongqing Changan Intelligent Industry Purchase engineering materials
Technology Service Co., Ltd. and supplies
Jianshe Industry Group (Yunnan) Co.,
Purchase components and parts 1,887,880.01 147,187,109.84
Ltd.
Purchase components and parts
Changan Mazda Engine Co., Ltd. 1,819,921.60 13,983,620.07
and Receive labor services
Chongqing Wanyou Xingjian Auto Sales
Receive labor services 1,801,193.02 2,874,074.26
& Service Co., Ltd.
Chongqing Saimei Digital Technology Purchase engineering materials
Co., Ltd. and supplies
Nanyang Lida Optoelectronics Co., Ltd. Purchase components and parts 1,157,640.00 482,340.66
Chongqing Southwest Inspection &
Receive labor services 1,139,694.19 1,800,862.37
Testing Co., Ltd.
Ya'an Wanyou Auto Sales & Service Co., Purchase components and parts
Ltd. and Receive labor services
Xi'an Ordnance Industry Special
Receive labor services 630,215.74
Equipment Inspection Co., Ltd.
Beijing Zhongbing Insurance Brokers Purchase components and parts
Co., Ltd. and Receive labor services
Changan Auto Finance Co., Ltd. Receive labor services 440,614.07 20,382,386.87
Chongqing Qingshan Transmission Sales Purchase components and parts 428,159.38 44,442,269.68
Notes to the Financial Statements Page145
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co., Ltd.
Chongqing Wanyou Zunda Auto Sales & Purchase components and parts
Service Co., Ltd. and Receive labor services
Chongqing Wanyou Zhicheng Auto Sales
Receive labor services 353,217.46
& Service Co., Ltd.
Panzhihua Wanyou Auto Sales & Service
Receive labor services 307,036.11 745,707.44
Co., Ltd.
Chengdu Jialing Huaxi Optical Precision
Purchase components and parts 271,091.37 275,250.53
Machinery Co., Ltd.
China Ordnance Equipment Group
Receive labor services 61,320.75 42,358.49
Research Institute
Chongqing Zhujiang Optoelectronic
Purchase components and parts 13,380.36
Technology Co., Ltd.
Chengdu Wanyou Trade Co., Ltd. Receive labor services 4,577.18 36,741.44
China Ordnance Equipment Group
Receive labor services 1,792.45 41,971.70
Human Resources Development Center
Harbin Hafei Auto Industry Group Co.,
Receive labor services 59,136,548.68
Ltd.
Chongqing Changan Industry (Group) Purchase components and parts
Co., Ltd. and Receive labor services
Chongqing Changxiang Supply Chain
Receive labor services 719,921.32
Technology Co., Ltd.
Chongqing Saimei Digital Technology
Receive labor services 355,000.00
Co., Ltd.
Changan Mazda Automobile Co., Ltd. Receive labor services 212,576.11
China Ordnance Equipment Group
Receive labor services 159,245.28
Information Center Co., Ltd.
Luzhou Wanyou Auto Service Co., Ltd. Receive labor services 139,830.99
Chongqing Dajiang Yuqiang Plastic
Purchase components and parts 90,868.64
Products Co., Ltd.
Chongqing Qingshan Industrial Co., Ltd. Purchase engineering materials 36,186.02
Notes to the Financial Statements Page146
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
and supplies
Beijing Beiji Electromechanical Industry
Purchase components and parts 24,494.80
Co., Ltd.
Purchase components and parts
China Ordnance News 12,311.32
and Receive labor services
Shanghai Jiaxing Auto Service Co., Ltd. Receive labor services 11,151.69
China Ordnance Equipment Group
Receive labor services 1,698.11
Automation Research Institute Co., Ltd.
Zhejiang Zhongbing Health Care Co.,
Receive labor services 849.06
Ltd.
Statement of Goods Sold/ Labor Services Provided
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Sell complete vehicle parts and
Avita Technology (Chongqing) Co., Ltd. components and provide labor 3,590,872,713.26 3,545,912,925.84
services
Chongqing Wanyou Zunda Auto Sales & Sell parts and components and
Service Co., Ltd. provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Xiangyu Auto Sales &
components and provide labor 2,610,554,462.83 2,560,954,240.83
Service Co., Ltd.
services
Sell complete vehicle parts and
Chongqing Wanyou Economic
components and provide labor 2,479,737,890.75 1,669,176,840.92
Development Co., Ltd.
services
Sell complete vehicle parts and
Wanyou Auto Investment Co., Ltd. components and provide labor 1,956,642,338.98 691,951,708.66
services
Guizhou Wanyou Auto Sales & Service Sell complete vehicle parts and 1,626,555,078.64 1,703,466,813.81
Notes to the Financial Statements Page147
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co., Ltd. components and provide labor
services
Sell complete vehicle parts and
Master Changan Automobile Co., Ltd. components and provide labor 1,178,250,746.02 685,011,995.56
services
Chongqing Wanyou Zhicheng Auto Sales
Sell complete vehicles 869,837,584.20 1,135,629,281.78
& Service Co., Ltd.
Sell complete vehicle parts and
Jiangsu Wanyou Auto Sales & Service
components and provide labor 809,177,036.54 1,287,150,633.14
Co., Ltd.
services
Sell complete vehicle parts and
Changan Mazda Automobile Co., Ltd. components and provide labor 799,322,856.30 442,265,277.20
services
Sell complete vehicle parts and
Yunnan Wanyou Auto Sales & Service
components and provide labor 682,444,223.84 1,228,151,892.06
Co., Ltd.
services
Changan Auto Finance Co., Ltd. Provide labor services 473,823,707.35 74,923,741.22
Sell complete vehicle parts and
Anhui Wanyou Auto Sales & Service
components and provide labor 360,030,927.42 405,366,552.77
Co., Ltd.
services
Sell parts and components and
Changan Mazda Engine Co., Ltd. 188,152,380.62 31,823,562.00
provide labor services
Sell parts and components and
Changan Ford Automobile Co., Ltd. 180,070,169.69 291,965,933.06
provide labor services
Sell complete vehicle parts and
China Changan Auto Group Tianjin
components and provide labor 164,119,529.33 225,284,281.97
Sales Co., Ltd.
services
Chongqing Changan Kuayue Vehicles Sell parts and components and
Co., Ltd. provide labor services
Chengdu Wanyou Auto Trade & Service Sell complete vehicle parts and
Co., Ltd. components and provide labor
Notes to the Financial Statements Page148
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
services
Sell parts and components and
Jiangling Holdings Co., Ltd. 59,574,764.09 79,780,337.37
provide labor services
Taizhou Lingxing Zhixiang Technology
Sell complete vehicles 51,106,193.60
Co., Ltd.
Sell complete vehicle parts and
Chongqing Anfu Auto Marketing Co.,
components and provide labor 45,120,838.99 47,716,725.76
Ltd.
services
Ordnance Equipment Group Finance Co.,
Provide labor services 35,595,662.26 19,485,773.58
Ltd.
Sell parts and components and
Chongqing Qingshan Industrial Co., Ltd. 35,559,128.20 16,224,015.54
provide labor services
Chenzhi Automotive Technology Group Sell parts and components and
Co., Ltd. provide labor services
Chongqing Changxian Intelligent
Provide labor services 26,360,649.97 5,095,395.18
Technology Co., Ltd.
Sell complete vehicle parts and
Beijing North Changfu Auto Sales Co.,
components and provide labor 24,538,729.36 1,906,219.88
Ltd.
services
Provide personnel and technical
Changan Mazda Automobile Co., Ltd. 22,260,468.68 53,908,116.64
support
Provide personnel and technical
Changan Ford Automobile Co., Ltd. 16,651,540.18 14,796,508.84
support
Chenzhi (Chongqing) Lightweight
Provide labor services 16,300,477.13
Technology Co., Ltd.
Provide personnel and technical
Changan Mazda Engine Co., Ltd. 13,966,829.36 12,315,939.07
support
China Ordnance Equipment Group
Provide labor services 13,207,547.16
Commercial Factoring Co., Ltd.
China Changan Automotive Group Co., Sell parts and components and
Ltd. provide labor services
Notes to the Financial Statements Page149
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Changan Financing Leasing Co., Ltd. Provide labor services 9,160,566.04 6,745,494.75
Changan Ford New Energy Vehicle Provide personnel and technical
Technology Co., Ltd. support
Chongqing Changxian Intelligent Provide personnel and technical
Technology Co., Ltd. support
Avita (Chongqing) Auto Sales & Service
Provide labor services 4,804,577.32 13,132.10
Co., Ltd.
Hangzhou Lingxing Yuexiang Auto
Sell complete vehicles 4,159,292.00
Service Co., Ltd.
Chongqing Wanyou Chengxing Auto Sell parts and components and
Sales & Service Co., Ltd. provide labor services
Provide personnel and technical
Times Changan Power Battery Co., Ltd. 3,000,000.00 1,853,256.70
support
Sell complete vehicle parts and
Chengdu Wanyou Auto Sales & Service
components and provide labor 2,845,748.71 19,512,442.80
Co., Ltd.
services
Chongqing Changan Intelligent Industry
Provide labor services 2,784,521.98 12,658,659.67
Technology Service Co., Ltd.
Chongqing Changan Minsheng Logistics
Provide labor services 2,485,522.05 3,498,850.35
Co., Ltd.
Chongqing Changan Kuayue Vehicles Provide personnel and technical
Co., Ltd. support
Sell complete vehicle parts and
Chongqing Wanyou Ducheng Auto Sales
components and provide labor 2,218,935.66 4,204,247.18
& Service Co., Ltd.
services
South Industries Asset Management Co.,
Provide labor services 2,182,789.63
Ltd.
Chongqing Wutong Chelian Technology
Provide labor services 1,841,061.24 706,691.17
Co., Ltd.
Chongqing Wutong Chelian Technology Provide personnel and technical
Co., Ltd. support
Notes to the Financial Statements Page150
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Provide personnel and technical
Avita Technology (Chongqing) Co., Ltd. 844,105.34
support
Chenzhi Anqi (Chongqing) Circular Provide personnel and technical
Technology Co., Ltd. support
Chongqing Wanyou Xingjian Auto Sales Sell parts and components and
& Service Co., Ltd. provide labor services
Chongqing Changan Kuayue Vehicle
Sell parts and components 713,749.47 552,228.25
Marketing Co., Ltd.
Guizhou Wanyou Auto Sales & Service Interest income from deferred
Co., Ltd. payment of funds
Chongqing Changan Minsheng Logistics Provide personnel and technical
Co., Ltd. support
Sell complete vehicle parts and
Ya'an Wanyou Auto Sales & Service
components and provide labor 577,904.72 2,064,820.56
Co., Ltd.
services
Chengdu Wanyou Xiangyu Auto Sales & Interest income from deferred
Service Co., Ltd. payment of funds
Jiangsu Wanyou Auto Sales & Service Interest income from deferred
Co., Ltd. payment of funds
Chenzhi Technology Co., Ltd. Provide labor services 443,396.22 438,207.54
Chengdu Wanyou Auto Trade & Service Interest income from deferred
Co., Ltd. payment of funds
Chongqing Wanyou Economic Interest income from deferred
Development Co., Ltd. payment of funds
China Ordnance Equipment Group Co.,
Provide labor services 339,622.64 656,603.77
Ltd.
Chenzhi Automotive Technology Group Provide personnel and technical
Co., Ltd. support
Chengdu Huachuan Electrical Equipment
Provide labor services 230,716.97 95,928.49
Co., Ltd.
Chongqing Hongyu Precision Industry Provide labor services 193,300.00
Notes to the Financial Statements Page151
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Group Co., Ltd.
Yunnan Wanyou Auto Sales & Service Interest income from deferred
Co., Ltd. payment of funds
Sell complete vehicle parts and
Panzhihua Wanyou Auto Sales & Service
components and provide labor 154,309.76 834,324.62
Co., Ltd.
services
Interest income from deferred
Wanyou Auto Investment Co., Ltd. 148,614.51 4,141.59
payment of funds
Changan Ford New Energy Vehicle
Provide labor services 148,500.00 1,905,273.58
Technology Co., Ltd.
Chongqing Fuji Supply Chain
Sell complete vehicles 120,300.88 109,212,762.45
Management Co., Ltd.
Anhui Wanyou Auto Sales & Service Interest income from deferred
Co., Ltd. payment of funds
Chongqing Jianshe Industry (Group) Co.,
Provide labor services 108,490.57
Ltd.
Interest income from deferred
Changan Auto Finance Co., Ltd. 108,253.25
payment of funds
Henan Du’bang Optoelectronics Co.,
Provide labor services 89,141.51
Ltd.
Chongqing Jianshe Transmission
Provide labor services 88,307.11 5,882.83
Technology Co., Ltd.
Zhongguang Group Co., Ltd. Provide labor services 84,905.66 84,905.66
Hubei Huazhong Marelli Automotive
Provide labor services 78,600.00
Lighting Co., Ltd.
Chenzhi (Chongqing) Braking System
Provide labor services 71,239.03 30,081.15
Co., Ltd.
Provide personnel and technical
Jiangling Motors Co., Ltd. 53,029.62 3,293,728.39
support
Provide personnel and technical
Jiangling Holdings Co., Ltd. 50,292.50 10,914,746.19
support
Notes to the Financial Statements Page152
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Lear Changan (Chongqing) Automotive
Provide labor services 46,371.69 5,886.79
Systems Co., Ltd.
Tenneco Lingchuan (Chongqing)
Sell parts and components 27,066.00
Exhaust Systems Co., Ltd.
Nanjing Lingxing Technology Co., Ltd. Provide labor services 23,728.14 140,962.77
Southwest Ordnance Industry
Provide labor services 19,839.00
(Chongqing) Smart Technology Co., Ltd.
Hubei Huazhong Auto Lamp Co., Ltd. Provide labor services 12,264.15 9,433.96
Chongqing Zhichuang Guoli Precision
Provide labor services 10,513.27 62,135.77
Machinery Manufacturing Co., Ltd.
Dali Wanfu Auto Sales & Service Co.,
Sell parts and components 9,223.10 143,213.28
Ltd.
South Nightstar Air Conditioning Co.,
Provide labor services 7,023.06 14,063.55
Ltd.
Chongqing Shangfang Auto Parts Co.,
Provide labor services 2,867.26 35,221.24
Ltd.
Chengdu Lingchuan Vehicle Fuel Tank
Provide labor services 1,911.50 30,053.10
Co., Ltd.
Chongqing Wanyou Talent Service Co.,
Provide labor services 1,886.79
Ltd.
Sichuan Jian'an Industrial Co., Ltd. Provide labor services 1,324.37 147,924.52
Sichuan Ningjiang Shanchuan Machinery
Provide labor services 1,296.86 139,211.60
Co., Ltd.
Ordnance Equipment Group Finance Co., Interest income from deferred
Ltd. payment of funds
Southwest Ordnance Industry Chongqing
Environmental Protection Research Provide labor services 2,299,226.01
Institute Co., Ltd.
Western Car Network (Chongqing) Co.,
Provide labor services 297,054.72
Ltd.
Chongqing Nexteer Steering Systems Sell parts and components and 226,415.09
Notes to the Financial Statements Page153
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co., Ltd. provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Trade Co., Ltd. components and provide labor 154,902.13
services
China Ordnance Equipment Group
Provide labor services 141,509.43
Information Center Co., Ltd.
Times Changan Power Battery Co., Ltd. Provide labor services 112,400.00
Hubei Huazhong Changjiang
Provide labor services 84,905.66
Optoelectronic Technology Co., Ltd.
Sell complete vehicle parts and
Luzhou Wanyou Auto Service Co., Ltd. components and provide labor 54,476.22
services
Chongqing Changan Smart City
Provide labor services 32,839.77
Operation Management Co., Ltd.
Chongqing Dajiang Dongyang Plastic Sell parts and components and
Products Co., Ltd. provide labor services
Chengdu Lingchuan Vehicle Fuel Tank Interest income from deferred
Co., Ltd. payment of funds
China Ordnance Equipment Group
Provide labor services 13,207.55
Human Resources Development Center
South Faurecia Automotive Parts Co.,
Provide labor services 5,886.80
Ltd.
Chongqing Dajiang Yapu Auto Parts Co.,
Provide labor services 5,554.41
Ltd.
China Changan Auto Group Tianjin Interest income from deferred
Sales Co., Ltd. payment of funds
Chongqing Lingchuan Auto Parts Sell parts and components and
Manufacturing Technology Co., Ltd. provide labor services
Chongqing Jianshe Vehicle Air Sell parts and components and
Conditioner Co., Ltd. provide labor services
Chongqing Dajiang Yuqiang Plastic provide labor services 17.94
Notes to the Financial Statements Page154
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Products Co., Ltd.
Our company acts as the lessor:
Lease income
Types of leased Lease income recognized
Name of the lessee recognized in the
assets in the previous period
current period
Chongqing Wanyou Development Buildings and
Co., Ltd. lands
AVATR (Chongqing) Automobile
Vehicle 589,263.87
Sales Service Co., Ltd.
Chongqi Changan Mingshen
Building 543,540.72 672,559.62
Logistics Co., Ltd.
Avatr Technology (Chongqing) Co.,
Vehicle 41,075.17 245,268.68
Ltd.
Shanghai Jiaxing Automobile
Vehicle 14,030,159.79
Service Co., Ltd.
Chongqing changan Industry
Building 6,566,747.42
(Group) Co., Ltd.
Notes to the Financial Statements Page155
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Our company acts as the lessee:
Amount for the current period Amount for the previous period
Rental expenses for Interest
Variable lease Rent expense for short Variable lease
short - term leases Interest expense
Type of payments not - term leases and low - payments not Increased
Name of the lessor and low - value expense on Increased right - incurred on
leased asset included in the Rent paid value asset leases included in the Rent paid right - of -
asset leases that are lease liabilities of - use asset the lease
measurement of accounted for under measurement of use asset
simply accounted assumed liability
lease liabilities the simplified approach lease liabilities.
for assumed
Chongqing Chang an Min 12,749,740.
warehouse 13,860,539.07 14,513,769.09 343,368.19 19,688,242.43 10,059,282.58 23,575,546.64 1,159,658.59
sheng Logistics Co., Ltd. 81
Chongqing Chang an
Intelligent City Operation and Lands 4,479,448.66 4,882,599.04 5,955,322.40 5,955,322.40
Management Co., Ltd.
Chongqing Wan you Zhicheng
Automobile Sales and Service Vehical 400,833.84 401,964.59 177,300.00 177,300.00
Co., Ltd.
Notes to the Financial Statements Page156
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount for Amount for
item
the current period the previous period
Compensation of key management
personnel
（1）Matters regarding deposits and loans with China South Industries Group Finance Co.,
Ltd.:
Contents of related - party
Related party 2025.12.31/2025.1-12
transactions
China South Industries Group Finance Co., Ltd. Deposit in the bank 13,180,865,840.46
China South Industries Group Finance Co., Ltd. Receive interest 342,041,611.06
China South Industries Group Finance Co., Ltd. Commercial acceptance bill 1,941,308,791.12
China South Industries Group Finance Co., Ltd. Fixed deposit 6,800,000,000.00
China South Industries Group Finance Co., Ltd. Short-term borrowing 12,000,000.00
China South Industries Group Finance Co., Ltd. Entrusted loan 500,000,000.00
Long - term loans due within
China South Industries Group Finance Co., Ltd. 36,000,000.00
one year
China South Industries Group Finance Co., Ltd. Pay interest and handling fees 30,297,413.50
（2）Matters regarding deposits and loans with Changan Automobile Finance Co., Ltd.:
Contents of related - party
Related party 2025.12.31/2025.1-12
transactions
Chang an Auto Finance Co., Ltd. Deposit in the bank 11,260,000,000.00
Chang an Auto Finance Co., Ltd. Receive interest 306,125,000.00
(VI) Related party unsettled items such as accounts receivable and accounts payable
The balance at the
Project Name Related party Ending balance
end of last year
Accounts
Notes to the Financial Statements Page157
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
receivable
AVATR Technology (Chongqing) Co., Ltd. 1,270,441,118.13 777,209,315.29
Changan Mazda Automobile Co., Ltd. 489,818,149.57 394,684,921.38
Changan Ford Automobile Co., Ltd. 72,068,853.21 309,006,186.36
Changan Mazda Engine Co., Ltd. 67,208,668.30 37,151,442.58
Master Changan Automobile Co., Ltd. 39,068,423.29 66,120,525.00
Chongqing Changan Kuayue Vehicle Co., Ltd. 28,133,895.43 41,454,930.04
Chongqing Changxian Intelligent Technology Co., Ltd. 18,316,422.57 4,140,425.78
Jiangling Holdings Co., Ltd. 12,819,563.72 10,737,001.40
Yunnan Wanyou Automobile Sales Service Co., Ltd. 11,314,945.40 100,070.00
AVATR (Chongqing) Automobile Sales Service Co.,
Ltd.
Chenzhi Automotive Technology Group Co., Ltd. 4,748,610.84 62,543.59
Chongqing Wanyou Zhicheng Automobile Sales
Service Co., Ltd.
Times Changan Power Battery Co., Ltd. 1,530,000.00 530,000.00
Chongqing Wutong Cheilian Technology Co., Ltd. 1,250,000.00 271,992.26
Chongqing Changan Minsheng Logistics Co., Ltd. 1,222,115.79 1,032,148.06
Chenzhi Anqi (Chongqing) Recycling Technology Co.,
Ltd.
Changan Ford New Energy Vehicle Technology Co.,
Ltd.
Times FAW Power Battery Co., Ltd. 477,000.00 477,000.00
Chongqing Fuji Supply Chain Management Co., Ltd. 224,215.89
Chongyo Qingshan Industrial Co., Ltd. 155,000.00 40,000.00
Chongqing Hongyu Precision Industry Group Co., Ltd. 143,428.60 -
Chongqing Jianshe Industry (Group) Co., Ltd. 115,000.00 -
Chongqing Changan Kuayue Vehicle Marketing Co.,
Ltd.
Changan Automotive Finance Co., Ltd. 66,718.80 9,540,270.17
Nanjing Lingxing Technology Co., Ltd. 66,389.36 336,623.98
Notes to the Financial Statements Page158
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
China Ordnance Equipment Group No. 59 Research
Institute Co., Ltd.
Guizhou Wanyou Automobile Sales Service Co., Ltd. 398.00
Chengdu Wanyou Automobile Sales Service Co., Ltd. 50.00
China South Industries Group Finance Co., Ltd. 8,410,150.94
Jiangling Motors Co., Ltd. 2,400,000.00
Changan Financial Leasing Co., Ltd. 455,400.00
Western Vehicle Network (Chongqing) Co., Ltd. 314,878.00
Chongqing Changan Intelligent Industrial Technology
Service Co., Ltd.
China Ordnance Equipment Group Co., Ltd. 260,000.00
Jiangsu Wanyou Automobile Sales Service Co., Ltd. 88,001.63
Chengdu Wanyou Xiangyu Automobile Sales Service
Co., Ltd.
South Faurecia Automotive Parts Co., Ltd. 3,120.00
Chongqing Wanyou Economic Development Co., Ltd. 350.00
Notes
Receivable
Wanyou Automotive Investment Co., Ltd. 2,551,100,000.00 3,547,990,000.00
AVATR Technology (Chongqing) Co., Ltd. 1,453,315,665.60 781,817,170.73
Chongqing Wanyou Economic Development Co., Ltd. 280,000,000.00
Guizhou Wanyou Automobile Sales Service Co., Ltd. 240,000,000.00 165,080,000.00
Chengdu Wanyou Xiangyu Automobile Sales Service
Co., Ltd.
Chongqing Changan Kuayue Vehicle Marketing Co.,
Ltd.
Chongqing Qingshan Industrial Co., Ltd. 11,652,674.47 9,798,141.24
Jiangling Holdings Co., Ltd. 79,557.88
Jiangsu Wanyou Automobile Sales Service Co., Ltd. 455,000,000.00
Chongqing Changan Minsheng Logistics Co., Ltd. 790,456.20
Harbin Dongan Automotive Engine Manufacturing 142,620.83
Notes to the Financial Statements Page159
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Co., Ltd.
Other
receivables
Chongqing Changxin Zhiqi Private Equity Investment
Fund Partnership (Limited Partnership)
Anhe Chongqing Dingfeng Automotive Contract-based
Private Equity Investment Fund
Chongqing Wanyou Economic Development Co., Ltd. 183,750.00
AVATR (Chongqing) Automobile Sales Service Co.,
Ltd.
Prepaid
Accounts
Beijing Wutong Cheilian Technology Co., Ltd. 598,369.42
Beijing Zhongbing Insurance Brokers Co., Ltd. 143,832.00
AVATR (Chongqing) Automobile Sales Service Co.,
Ltd.
Chongqing Wanyou Zunda Automobile Sales Service
Co., Ltd.
Benteler Jian'an Automotive Systems (Chongqing) Co.,
Ltd.
The balance at the end
Project Name Related party Ending balance
of last year
Accounts
Payable
Times Changan Power Battery Co., Ltd. 2,519,052,360.07 3,678,801,613.64
Chongqing Qingshan Industrial Co., Ltd. 1,468,049,625.71 1,470,629,556.19
Jiangling Holdings Co., Ltd. 457,192,515.37 2,478,593,080.08
Chenzhi (Chongqing) Lightweight Technology Co., 320,506,825.72
Notes to the Financial Statements Page160
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Ltd.
Hubei Huazhong Marelli Automotive Lighting Co.,
Ltd.
Lear Changan (Chongqing) Automotive Systems Co.,
Ltd.
Chongqing Nexteer Steering Systems Co., Ltd. 265,248,181.97 540,536,765.59
South Faurecia Automotive Parts Co., Ltd. 189,247,048.62 171,077,248.65
Sichuan Ningjiang Shanchuan Machinery Co., Ltd. 179,208,240.58 149,468,056.13
AVATR (Chongqing) Automobile Sales Service Co.,
Ltd.
South YTE Air Conditioning Co., Ltd. 155,311,164.28 286,068,717.64
Chenzhi (Chongqing) Brake Systems Co., Ltd. 150,880,885.56 287,792,573.82
Sichuan Jian'an Industrial Co., Ltd. 132,027,650.33 202,374,745.73
Chongqing Changan Minsheng Logistics Co., Ltd. 131,362,395.58 34,393,559.10
Chongqing Dajiang Dongyang Plastic Products Co.,
Ltd.
Chongqing Wutong Chelian Technology Co., Ltd. 99,418,495.36 90,746,489.67
Chongqing Jianshe Vehicle Air Conditioner Co., Ltd. 92,373,439.43 76,171,906.33
GKN Driveline (Chongqing) Co., Ltd. 83,830,554.09 157,896,846.84
Chongqing Zhichuang Guoli Precision Machinery
Manufacturing Co., Ltd.
Chongqing Jianshe Drive Technology Co., Ltd. 77,570,902.89 105,518,975.57
Hunan Tianyan Machinery Co., Ltd. 73,806,737.54 57,356,290.41
Chengdu Huachuan Electric Parts Co., Ltd. 73,350,307.68 170,985,575.26
Harbin Dongan Automotive Engine Manufacturing
Co., Ltd.
Chongqing Anda Semiconductor Co., Ltd. 51,711,529.84
Chengdu Zhongzi Guangming Catalytic Technology
Co., Ltd.
Chongqing Dajiang YAPP Automotive Parts Co., Ltd. 46,462,288.18 149,388,962.40
Chengdu Wanyou Filter Co., Ltd. 40,054,476.35 40,463,626.12
Notes to the Financial Statements Page161
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chongqing Lingchuan Automotive Parts
Manufacturing Technology Co., Ltd.
Hubei Huazhong Auto Lamp Co., Ltd. 36,924,298.33 39,519,253.31
Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. 34,664,284.48 24,669,839.13
Chongqing Shangfang Auto Parts Co., Ltd. 34,420,344.53 75,558,624.60
Harbin Dongan Automotive Engine Power Co., Ltd. 34,365,293.06 38,544,239.61
United Automotive Electronic Systems (Chongqing)
Co., Ltd.
Shenzhen Yinwang Intelligent Technology Co., Ltd. 20,010,735.96
Chengde Sukan Yinhe Auto Parts Co., Ltd. 17,297,067.71
Chengdu Lingchuan Vehicle Fuel Tank Co., Ltd. 14,132,224.87 21,860,214.71
Tenneco Lingchuan (Chongqing) Exhaust Systems
Co., Ltd.
Chongqing Yihong Defense Technology Co., Ltd. 8,882,622.79 16,396,833.50
Chongqing Dajiang Jiexin Forging Co., Ltd. 6,993,115.96 14,617,501.70
Beijing Wutong Chelian Technology Co., Ltd. 3,263,596.94 8,158,071.16
Chongqing Wanyou Economic Development Co., Ltd. 2,283,835.00 4,441,680.85
Chongqing Jianshe Hanon Automotive Thermal
Management Systems Co., Ltd.
China Ordnance Equipment Group No. 59 Research
Institute Co., Ltd.
Nanjing Lingxing Technology Co., Ltd. 1,634,432.50
Longchang Shanchuan Machinery Co., Ltd. 1,094,139.85 4,276,276.97
Chenzhi Technology Co., Ltd. 1,063,880.66 13,309,661.05
Chenzhi Automotive Technology Group Co., Ltd. 655,689.19 261,353,608.25
Chongqing Jianshe Industry (Group) Co., Ltd. 575,587.79 575,587.79
Changan Mazda Engine Co., Ltd. 252,693.00 9,404,278.40
Chongqing Changan Industry (Group) Co., Ltd. 218,468.87 477,500.98
Chengdu Jialing Huaxi Optical Precision Machinery
Co., Ltd.
Chongqing Qingshan Transmission Sales Co., Ltd. 133,928.83 2,516,240.52
Notes to the Financial Statements Page162
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chengdu Lingchuan Special Industry Co., Ltd. 101,585.16 101,585.16
Nanyang Lida Optoelectronics Co., Ltd. 48,895.00 105,044.95
Chongqing Changjiang Electrician Industry Group Co.,
Ltd.
Jianshe Industry Group (Yunnan) Co., Ltd. 18,798.73 32,673,654.73
Hangzhou Che Lizi Intelligent Technology Co., Ltd. 12,350.00 12,350.00
AVATR Technology (Chongqing) Co., Ltd. 6,859.51 3,404,083.46
Chengdu Wanyou Xiangyu Automobile Sales Service
Co., Ltd.
China Changan Automobile Group Tianjin Sales Co.,
Ltd.
Chongqing Dajiang Yuqiang Plastic Products Co., Ltd. 3,520,886.79
Chongqing Changan Intelligent Industrial Technology
Service Co., Ltd.
Hafei Automobile Co., Ltd. 287,996.57
Chongqing Wanyou Talent Service Co., Ltd. 142,239.90
Chongqing Changxiang Supply Chain Technology Co.,
Ltd.
Harbin Botong Automobile Parts Manufacturing Co.,
Ltd.
Notes Payable
Times Changan Power Battery Co., Ltd. 2,942,318,849.83 658,593,414.62
Jiangling Holdings Co., Ltd. 1,168,985,198.42 2,508,252,356.10
Chongqing Qingshan Industrial Co., Ltd. 828,756,707.82 1,536,670,062.86
Chongqing Changan Minsheng Logistics Co., Ltd. 495,189,780.65 411,048,880.83
Hubei Huazhong Marelli Automotive Lighting Co.,
Ltd.
South YTE Air Conditioning Co., Ltd. 194,397,790.26 212,005,855.60
GKN Driveline (Chongqing) Co., Ltd. 158,555,586.28 114,248,089.68
Hunan Tianyan Machinery Co., Ltd. 148,756,855.34 106,130,000.00
South Faurecia Automotive Parts Co., Ltd. 107,121,575.53 39,579,745.73
Notes to the Financial Statements Page163
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chongqing Anda Semiconductor Co., Ltd. 106,110,908.41
Chongqing Dajiang Dongyang Plastic Products Co.,
Ltd.
Chongqing Dajiang YAPP Automotive Parts Co., Ltd. 92,942,388.71 172,602,914.11
Chengdu Zhongzi Guangming Catalytic Technology
Co., Ltd.
Chenzhi (Chongqing) Brake Systems Co., Ltd. 81,882,526.12 40,529,388.36
Tenneco Lingchuan (Chongqing) Exhaust Systems
Co., Ltd.
Harbin Dongan Automotive Engine Manufacturing
Co., Ltd.
Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. 56,213,167.59
Chenzhi (Chongqing) Lightweight Technology Co.,
Ltd.
Sichuan Jian'an Industrial Co., Ltd. 45,560,000.00 2,170,000.00
Chongqing Shangfang Auto Parts Co., Ltd. 44,319,796.09 36,905,405.68
Harbin Dongan Automotive Engine Power Co., Ltd. 41,164,010.46 18,120,000.00
Chongqing Lingchuan Automotive Parts
Manufacturing Technology Co., Ltd.
Chongqing Dajiang Jiexin Forging Co., Ltd. 34,206,541.87 15,470,000.00
Sichuan Ningjiang Shanchuan Machinery Co., Ltd. 29,932,721.08 91,509,988.21
Chongqing Jianshe Drive Technology Co., Ltd. 27,492,312.38 20,065,137.06
Chengdu Wanyou Filter Co., Ltd. 24,641,534.71 33,120,000.00
Chongqing Yihong Defense Technology Co., Ltd. 20,307,787.77 18,460,000.00
Hubei Huazhong Auto Lamp Co., Ltd. 19,135,621.64 37,590,000.00
Chenzhi Automotive Technology Group Co., Ltd. 17,801,268.06
Chongqing Jianshe Hanon Automotive Thermal
Management Systems Co., Ltd.
Chengdu Huachuan Electric Parts Co., Ltd. 5,625,504.00 2,380,000.00
China Ordnance Equipment Group No. 59 Research
Institute Co., Ltd.
Notes to the Financial Statements Page164
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Nanyang Lida Optoelectronics Co., Ltd. 1,348,790.75 440,000.00
AVATR Technology (Chongqing) Co., Ltd. 1,221,863.37
Longchang Shanchuan Machinery Co., Ltd. 1,209,670.71 4,800,000.00
Chengdu Lingchuan Vehicle Fuel Tank Co., Ltd. 961,311.52 8,200,000.00
Chongqing Jianshe Vehicle Air Conditioner Co., Ltd. 782,839.01 71,180,000.00
Chengdu Jialing Huaxi Optical Precision Machinery
Co., Ltd.
Chongqing Nexteer Steering Systems Co., Ltd. 75,120,000.00
Southwest Ordnance Industry Chongqing
Environmental Protection Research Institute Co., Ltd.
Changan Reis (Chongqing) Robot Intelligent
Equipment Co., Ltd.
Chongqing Zhichuang Guoli Precision Machinery
Manufacturing Co., Ltd.
Chongqing Wanyou Economic Development Co., Ltd. 377,400.96
Chongqing Changan Intelligent Industrial Technology
Service Co., Ltd.
Other
#N/A
Payables
Chongqing Changan Minsheng Logistics Co., Ltd. 834,089,329.59 852,862,018.72
Chongqing Changxian Intelligent Technology Co., Ltd. 71,122,203.75 55,384,464.59
Changan Ford Automobile Co., Ltd. 69,791,577.55 459,267.98
Times Changan Power Battery Co., Ltd. 19,342,287.18 42,857,507.55
Shenzhen Yinwang Intelligent Technology Co., Ltd. 15,935,987.44
Chongqing Qingshan Industrial Co., Ltd. 12,829,021.25 22,153,385.89
AVATR Technology (Chongqing) Co., Ltd. 9,913,578.31 1,898,924.58
Jiangsu Wanyou Automobile Sales Service Co., Ltd. 6,091,338.00 10,001,282.00
Chongqing Wanyou Economic Development Co., Ltd. 4,275,792.00 6,499,209.00
Chongqing Changan Smart City Operation
Management Co., Ltd.
United Automotive Electronic Systems (Chongqing) 3,956,563.83 56,500.00
Notes to the Financial Statements Page165
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Co., Ltd.
Yunnan Wanyou Automobile Sales Service Co., Ltd. 3,382,108.00 7,371,200.00
Chongqing Changan Intelligent Industrial Technology
Service Co., Ltd.
Sichuan Jian'an Industrial Co., Ltd. 2,326,580.42 3,939,084.64
China Automotive Innovation Corporation Co., Ltd. 2,231,088.00
Harbin Dongan Automotive Engine Manufacturing
Co., Ltd.
Chongqing Saimei Digital Intelligence Technology
Co., Ltd.
Wanyou Automotive Investment Co., Ltd. 1,290,929.00 778,154.00
Harbin Dongan Automotive Engine Power Co., Ltd. 994,371.75
Chengdu Wanyou Xiangyu Automobile Sales Service
Co., Ltd.
Chongqing Changan Industry (Group) Co., Ltd. 933,552.33 1,074,923.61
Chenzhi Automotive Technology Group Co., Ltd. 911,597.56 4,697,870.54
Chenzhi (Chongqing) Lightweight Technology Co.,
Ltd.
China Changan Automobile Group Tianjin Sales Co.,
Ltd.
Southwest Ordnance Industry Chongqing
Environmental Protection Research Institute Co., Ltd.
Lear Changan (Chongqing) Automotive Systems Co.,
Ltd.
Hangzhou Zhiyuan Research Institute Co., Ltd. 747,500.00
Guizhou Wanyou Automobile Sales Service Co., Ltd. 727,500.00 4,624,832.00
South YTE Air Conditioning Co., Ltd. 704,965.20 1,963,075.46
Chengdu Wanyou Automobile Trade Service Co., Ltd. 682,028.00 792,364.00
Anhui Wanyou Automobile Sales Service Co., Ltd. 618,529.00 748,157.00
Hubei Huazhong Marelli Automotive Lighting Co.,
Ltd.
Notes to the Financial Statements Page166
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Shanghai Jiaxing Automobile Service Co., Ltd. 443,272.50 448,272.50
Chengdu Wanyou Automobile Sales Service Co., Ltd. 349,366.00 3,130,000.00
GKN Driveline (Chongqing) Co., Ltd. 313,658.96 415,865.99
Xi'an Ordnance Industry Special Equipment Inspection
Co., Ltd.
Beijing Beifang Changfu Automobile Sales Co., Ltd. 200,000.00 300,000.00
Chongqing Southwest Inspection & Testing Co., Ltd. 161,621.43 12,425.01
Chongqing Wanyou Zhicheng Automobile Sales
Service Co., Ltd.
Chengdu Wanyou Filter Co., Ltd. 120,000.00 873,484.00
Chongqing Shangfang Auto Parts Co., Ltd. 112,642.92 115,745.90
Chongqing Nexteer Steering Systems Co., Ltd. 109,360.11 3,670,690.24
Changan Mazda Engine Co., Ltd. 66,838.01 20,982.88
Chongqing Wutong Chelian Technology Co., Ltd. 66,732.76 173,532.45
Chongqing Wanyou Chengxing Automobile Sales
Service Co., Ltd.
Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. 33,499.20 16,624.56
Chongqing Wanyou Zunda Automobile Sales Service
Co., Ltd.
Chengdu Huachuan Electric Parts Co., Ltd. 28,137.00
Chongqing Dajiang YAPP Automotive Parts Co., Ltd. 13,225.52 27,653.36
Chongqing Fuji Supply Chain Management Co., Ltd. 6,000.00
Chongqing Wanyou Ducheng Automobile Sales
Service Co., Ltd.
Chongqing Wanyou Xingjian Automobile Sales
Service Co., Ltd.
Chongqing Wanyou Talent Service Co., Ltd. 7,338,194.24
Chongqing Zhichuang Guoli Precision Machinery
Manufacturing Co., Ltd.
Chenzhi (Chongqing) Brake Systems Co., Ltd. 459,501.90
Ya'an Wanyou Automobile Sales Service Co., Ltd. 314,830.00
Notes to the Financial Statements Page167
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Jiangling Holdings Co., Ltd. 232,185.41
Chenzhi Technology Co., Ltd. 203,400.00
China Ordnance News Agency 150,000.00
Baoding Tianwei Group Special Transformer Co., Ltd. 150,000.00
Luzhou Wanyou Automobile Service Co., Ltd. 100,000.00
Sichuan Ningjiang Shanchuan Machinery Co., Ltd. 89,719.30
Chongqing Changxiang Supply Chain Technology Co.,
Ltd.
China Ordnance Equipment Group Automation
Research Institute Co., Ltd.
Dali Wanfu Automobile Sales Service Co., Ltd. 47,538.00
Hubei Huazhong Auto Lamp Co., Ltd. 4,483.80
Contract
#N/A
Liabilities
Chongqing Wanyou Economic Development Co., Ltd. 188,226,536.62 135,302,227.62
Wanyou Automotive Investment Co., Ltd. 168,512,424.89 256,445,461.50
Chongqing Wanyou Zunda Automobile Sales Service
Co., Ltd.
Chengdu Wanyou Xiangyu Automobile Sales Service
Co., Ltd.
Guizhou Wanyou Automobile Sales Service Co., Ltd. 54,348,387.54 266,786,932.64
Yunnan Wanyou Automobile Sales Service Co., Ltd. 37,893,132.10 80,298,461.05
Anhui Wanyou Automobile Sales Service Co., Ltd. 29,364,968.26 31,250,458.31
Jiangsu Wanyou Automobile Sales Service Co., Ltd. 28,757,008.91 460,178,281.28
China Changan Automobile Group Co., Ltd. 16,968,311.32
Chongqing Wanyou Zhicheng Automobile Sales
Service Co., Ltd.
China Changan Automobile Group Tianjin Sales Co.,
Ltd.
Master Changan Automobile Co., Ltd. 10,784,533.95 9,876,498.33
Beijing Beifang Changfu Automobile Sales Co., Ltd. 6,918,517.43 233,663.00
Notes to the Financial Statements Page168
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chengdu Wanyou Automobile Trade Service Co., Ltd. 5,866,177.17 4,566,319.93
Chenzhi (Chongqing) Lightweight Technology Co.,
Ltd.
Chenzhi Anqi (Chongqing) Recycling Technology Co.,
Ltd.
China Ordnance Equipment Group Ordnance Research
Institute
Changan Automotive Finance Co., Ltd. 606,371.69 2,174,120.64
Chongqing Changan Minsheng Logistics Co., Ltd. 439,504.23 180,446.22
Chongqing Wanyou Chengxing Automobile Sales
Service Co., Ltd.
Chongqing Wanyou Ducheng Automobile Sales
Service Co., Ltd.
Chengdu Wanyou Automobile Sales Service Co., Ltd. 135,054.95
Chongqing Changan Industry (Group) Co., Ltd. 14,221.90 12,585.75
Chongqing Shangfang Auto Parts Co., Ltd. 3,980.00 3,522.12
Chongqing Fuji Supply Chain Management Co., Ltd. 602.65 8,940,530.23
Panzhihua Wanyou Automobile Sales Service Co., Ltd. 93.51 25,980.39
Dali Wanfu Automobile Sales Service Co., Ltd. 9.69 2,914.20
Changan Ford Automobile Co., Ltd. 1.84 0.32
AVATR Technology (Chongqing) Co., Ltd. 5,060,580.84
Chengdu Wanyou Trading Co., Ltd. 392,425.29
Chongqing Wanyou Xingjian Automobile Sales
Service Co., Ltd.
Ya'an Wanyou Automobile Sales Service Co., Ltd. 10,596.14
Changan Mazda Automobile Co., Ltd. 5,595.44
Luzhou Wanyou Automobile Service Co., Ltd. 4,678.56
Notes to the Financial Statements Page169
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
XIII、 Share-based Payment
(I) Overall Situation of Share - based Payment
The equity instruments granted in All types of equity instruments All equity instruments exercised in All equity instruments that became
Grantee the current period unlocked in the current period the current period invalid in the current period
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Employee 49,785,081.00 165,865,833.40
Total 49,785,081.00 165,865,833.40
Notes to the Financial Statements Page170
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(II) Share - based payment expense
Amount for the current period Amount for the previous period
Grant Equity - settled Cash-settled Equity - settled Cash-settled
recipient share - based share-based Total share - based share-based Total
payment payment payment payment
Employee 20,066,621.43 20,066,621.43 89,968,232.48 89,968,232.48
Total 20,066,621.43 20,066,621.43 89,968,232.48 89,968,232.48
XIV、 Commitments and Contingencies
(I) Material Commitment Items
contracted but not provisioned
Balance at the end of the
Ending balance
previous year
Capital commitment
Investment commitment
Total
Notes to the Financial Statements Page171
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
XV、 Events occurring after the balance sheet date
(I) Profit distribution situation
The Company's 2025 profit distribution proposal, approved at the 56th meeting of the 9th
Board of Directors, is as follows: Based on the total share capital of 9,912,924,112 shares
as of April 8, 2026, the Company will distribute a cash dividend of RMB 1.15 (tax
inclusive) for every 10 shares held by all shareholders. The total cash dividend to be
distributed by the Company is RMB 1,139,986,272.88 (tax inclusive). No bonus shares
will be issued, and no capital reserves will be converted into share capital...
(II) Matters regarding the proposed change of the controlling shareholder
Based on the Company's confidence in its strategic development and intrinsic value, and
to safeguard the legitimate rights and interests of all shareholders, the Company plans to
use its own funds to repurchase its A shares and B shares through the Shenzhen Stock
Exchange trading system by means of centralized bidding, taking into account its current
financial position and operational plans. The repurchase price for A shares shall not
exceed 17.16 yuan per share, and for B shares shall not exceed 6.17 Hong Kong dollars
per share. The total repurchase amount shall be no less than RMB 1000 million (inclusive)
and no more than RMB 2000 million (inclusive). Based on the maximum repurchase price,
the aggregate shares to be repurchased represent approximately 0.97% to 1.93% of the
Company's total issued share capital. The specific number of shares to be repurchased
shall be determined based on the actual number of shares repurchased upon the expiry or
completion of the repurchase period. The implementation period of this share repurchase
shall not exceed twelve months, commencing from the date on which the repurchase plan
is approved by the shareholders' meeting.
wholly-owned subsidiary of the Company
To support the implementation of its intelligent strategy and accelerate technology and
product development, Chongqing Changan Automobile Co., Ltd., China Changan
Automobile Group Co., Ltd. and Chenzhi Automotive Technology Group Co., Ltd. intend
to enter into a Capital Increase Agreement with Chongqing Chang’an Technology Co.,
Ltd. (the “Capital Increase Agreement”). The total capital increase amount for Chongqing
Chang’an Technology Co., Ltd. is RMB 3000 million, of which Chongqing Changan
Automobile Co., Ltd. will contribute RMB 600 million, ultimately holding 75% equity;
Notes to the Financial Statements Page172
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
China Changan Automobile Group Co., Ltd. will contribute RMB 2100 million,
ultimately holding 22% equity; and Chenzhi Automotive Technology Group Co., Ltd. will
contribute RMB 300 million, ultimately holding 3% equity. Upon completion, the
registered capital of Chongqing Chang’an Technology Co., Ltd. will increase to RMB
Chongqing Chang’an Technology Co., Ltd. will remain a controlling subsidiary of the
Company, and the scope of consolidated financial statements will remain unchanged. As
of the date of this report, the capital increase has not yet been completed.
XVI、 Other Important matters
(I) The indirect controlling shareholder has changed from the Weapons and Equipment
Group to China Changan Automobile Group Co., Ltd.
The industrial and commercial registration in connection with the demerger of China
South Industries Group Corporation (the “CSGC”), the former indirect controlling
shareholder of Changan Automobile, into CSGC (as the surviving entity) and China
Changan Automobile Group Co., Ltd. (the “China Changan Automobile”) (as the newly
established entity) was completed on July 27, 2025. On July 27, 2025, the Arms and
Equipment Group signed the “Separation Agreement of China Arms and Equipment
Group Co., Ltd.” (hereinafter referred to as the “Separation Agreement”) with China
Changan Automobile. Under the Separation Agreement, the Arms and Equipment Group
will fully transfer its 14.23% stake in Changan Automobile and 100% ownership of
Chenzhi Automobile Technology Group Co., Ltd. (hereinafter referred to as “Chenzhi
Group”) to China Changan Automobile. This separation does not involve the payment of
any consideration. Following the separation, the main entity of the Military Equipment
Group will be retained, while a new state-owned central enterprise, China Changan
Automobile, will be established. Its automotive business and related assets will be
incorporated into the new company. This separation resulted in Changan Automobile’s
indirect controlling shareholder changing from the Weapons and Equipment Industry
Group to China Changan Automobile, The actual controller remains the State-owned
Assets Supervision and Administration Commission of the State Council.
(II) Issuance of A-share shares to a specific entity – the controlling shareholder, China
Changan Automobile Group Co., Ltd.
The company plans to issue shares to specific entities and raise funds of up to 5.267
billion yuan to be used for the development of new energy vehicle models and digital
Notes to the Financial Statements Page173
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
platforms, the construction of global research and development centers, and core
capability enhancement projects. The proposed number of shares to be issued is
shares will be fully cash-redeemed by the indirect controlling shareholder, China Changan
Automobile. Prior to the issuance, China Changan Automobile and its controlled entities
collectively held 35.07% of the company’s shares; after the issuance, the shareholding
percentage will increase to 38.53%.
This issuance plan was approved at the 50th meeting of the Company’s Ninth Board of
Directors held on December 29, 2025, and at the 2026 First Extraordinary Shareholders’
Meeting held on January 16, 2026. It was accepted by the Shenzhen Stock Exchange on
January 23, 2026. As of the date of the report, it is still under review.
XVII、 Notes to the main items in the financial statements of the parent company
(I) Accounts receivable
Balance at the end of the
Account age Ending balance
previous year
Less than 1 year (including 1 year) 23,856,071,074.50 13,241,984,905.86
Over 3 years 243,748,449.85 653,299,180.59
Subtotal 24,273,538,602.95 13,901,994,607.64
Less：Provision 70,362,828.48 66,843,763.12
Total 24,203,175,774.47 13,835,150,844.52
Notes to the Financial Statements Page174
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Ending balance Balance at the end of the previous year
Balance Provision Balance Provision
Category
Provision Provision Carrying value Provisio Provisio Carrying value
Amount Amount Amount Amount
（%） （%） n（%） n（%）
Make provisions
on an individual
item
basisProvision
Provision for
bad debts is
made by
combining credit
risk
characteristics
Total 24,273,538,602.95 100.00 70,362,828.48 24,203,175,774.47 13,901,994,607.64 100.00 66,843,763.12 13,835,150,844.52
Notes to the Financial Statements Page175
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Provision for bad debts is made by combining according to the characteristics of
credit risk
Ending balance
Name
Accounts receivable bad debt provision provision ratio（%）
Less than 1 year
(including 1 year)
years)
years)
Over 3 years 206,095,603.65 32,657,737.65 15.85
Total 24,226,451,794.49 32,709,982.28
period
Balance at the Amount of change in the current period
Category end of the Recover or Write - off or Other Ending balance
Provide for
previous year reverse cancel changes
Make provisions
on an individual
item basis
Provision
Make provisions
for bad debts
based on
combinations of
credit risk
characteristics.
Total 66,843,763.12 3,519,065.36 70,362,828.48
Notes to the Financial Statements Page176
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
debtors in terms of the ending balance by debtor - by - debtor aggregation is
as follows:
As of December 31, 2025, the total balance of the top five accounts receivable
amounted to 20,380,214,579.69 yuan, accounting for 83.34% of the total ending
balance of accounts receivable.
(II) Other receivables
Balance at the end of
Item Ending balance
the previous year
Other receivables item 222,763,091.21 1,487,531,844.07
Total 222,763,091.21 1,487,531,844.07
（1）disclosure by age of accounts
Balance at the end of the
Account age Ending balance
previous year
Less than 1 year (including 1 year) 207,731,911.19 1,466,768,959.69
Over 3 years 8,112,192.38 8,089,565.38
Subtotal 230,031,940.65 1,494,598,068.42
Less：Provision 7,268,849.44 7,066,224.35
Total 222,763,091.21 1,487,531,844.07
Notes to the Financial Statements Page177
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
（2）disclose according to the classification of bad debt provision methods
Ending balance Balance at the end of the previous year
Balance Provision Balance Provision
Category
Provision Provision Carrying value Provision Provision Carrying value
Amount Amount Amount Amount
（%） （%） （%） （%）
Make provisions on
an individual item 6,842,932.77 2.97 6,842,932.77 100.00 6,842,932.77 0.46 6,842,932.77 100.00
basisProvision
Provision for bad
debts is made by
combining according 223,189,007.88 97.03 425,916.67 0.19 222,763,091.21 1,487,755,135.65 99.54 223,291.58 0.02 1,487,531,844.07
to the characteristics
of credit risk
Total 230,031,940.65 100.00 7,268,849.44 222,763,091.21 1,494,598,068.42 100.00 7,066,224.35 1,487,531,844.07
Notes to the Financial Statements Page178
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Provision for bad debts is made by combining according to the characteristics of
credit risk
Ending balance
Name Other receivables
bad debt provision provision ratio（%）
item
Less than 1 year
(including 1 year)
years)
years)
Over 3 years 1,840,303.92 331,530.50 18.01
Total 223,189,007.88 425,916.67
（3）The provisioning situation for bad debts
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Expected credit losses over the
Provision entire expected life Total
losses in the next entire expected life
(no credit
impairment has
has occurred)
occurred)
Balance at the end of the
previous year
Balance at the end of the
previous yearin this period
--Transfer to Stage 2
--Transfer to Stage 3
--Reverse to Stage 2
-Reverse to Stage 1
Provision made in this 202,625.09 202,625.09
Notes to the Financial Statements Page179
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Expected credit losses over the
Provision entire expected life Total
losses in the next entire expected life
(no credit
impairment has
has occurred)
occurred)
period
Reversal in this period
Write - off in this period
Write-off during the current
period
Other changes
Ending balance 425,916.67 6,842,932.77 7,268,849.44
（4）The situation of provision, reversal, or recovery of bad debt provisions in the
current period
Amount of change in the current period
Balance at the end
Category recovery or Write - off or Ending balance
of the previous year provide for Other changes
reversal cancel
Make
provisions on
an individual 6,842,932.77 6,842,932.77
item basis
Provision
Provide for
bad debts by
combining
according to 223,291.58 202,625.09 425,916.67
the
characteristics
of credit risk
Notes to the Financial Statements Page180
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Amount of change in the current period
Balance at the end
Category recovery or Write - off or Ending balance
of the previous year provide for Other changes
reversal cancel
Total 7,066,224.35 202,625.09 7,268,849.44
（5）Classification of amounts according to their nature
Book balance at the end of the
Nature of the funds Ending balance of the account
previous year
Pre - paid equity investment
funds
Subsidy receivable 71,382,934.00 76,563,193.00
Petty cash 46,884,458.39 44,505,591.24
Internal transactions 5,444,971.04 16,535,272.55
others 103,207,137.22 80,793,208.53
Total 230,031,940.65 1,494,598,068.42
（6）Information on the top five other receivables by ending balance grouped by
debtors at the end of the period.
As of December 31, 2025, the total ending balance of the top five other receivables
amounted to 123,667,675.26 yuan, accounting for 53.76% of the total ending
balance of other receivables.
(III) long - term equity investment
Ending balance Balance at the end of the previous year
Item impairment impairment
Balance Carrying value Balance Carrying value
provision provision
Investment in subsidiaries 12,614,133,927.68 49,194,195.00 12,564,939,732.68 9,021,409,139.12 49,194,195.00 8,972,214,944.12
Investment in associated
and joint venture 18,236,929,191.74 18,236,929,191.74 16,410,122,824.34 16,410,122,824.34
enterprises
Total 30,851,063,119.42 49,194,195.00 30,801,868,924.42 25,431,531,963.46 49,194,195.00 25,382,337,768.46
Notes to the Financial Statements Page181
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
impairment
Increase or decrease changes in the impairment provisionEnding
Investee Balance at the end of the previous year provisionBalance at the end Ending balance
current period balance
of the previous year
Nanchang Jiangling Investment Co., Ltd. 2,420,750,943.20 242,152,464.18 2,662,903,407.38
Changan Mazda Automobile Corporation Ltd. 733,965,602.46 -95,953,584.47 638,012,017.99
Chang'an Mazda Engine Co., Ltd. 806,511,751.50 3,051,468.88 809,563,220.38
Changan Ford Motor Co., Ltd. 712,215,024.57 465,353,053.62 1,177,568,078.19
Subtotal 4,673,443,321.73 614,603,402.21 5,288,046,723.94
Changan Auto Finance Co.,ltd. 3,299,303,386.01 2,304,417,728.13 5,603,721,114.14
Nanjing Lingxing Equity Investment Partnership Enterprise (Limited Partnership) 3,118,918,021.61 4,634,068.63 3,123,552,090.24
Zhongqi Chuangzhi Technology Co., Ltd. 429,748,700.86 -9,452,144.75 420,296,556.11
Chongqing Chang'an Kuayue Vehicles Co., Ltd. 241,095,703.97 17,902,702.25 258,998,406.22
Chongqing Changxin Zhiqi Private Equity Investment Fund Partnership Enterprise
(Limited Partnership)
Era Chang'an Power Battery Co., Ltd. 190,253,138.30 16,542,297.60 206,795,435.90
Chongqing Changxian Intelligent Technology Co., Ltd. 113,913,983.02 9,108,093.90 123,022,076.92
Notes to the Financial Statements Page182
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
impairment
Increase or decrease changes in the impairment provisionEnding
Investee Balance at the end of the previous year provisionBalance at the end Ending balance
current period balance
of the previous year
Chongqing Chang'an Innovation Private Equity Investment Fund Partnership
Enterprise (Limited Partnership)
Changan Ford New Energy Vehicle Technology Co., Ltd. 132,045,405.31 21,102,698.10 153,148,103.41
Anhe(Chongqing) Private Equity Investment Management Co.,Ltd. 62,062,151.97 959.64 62,063,111.61
Hunan Guoxin Semiconductor Technology Co., Ltd. 28,169,167.08 41,994.11 28,211,161.19
Nanjing Lingxing Equity Investment Management Co., Ltd. 1,100,720.88 -5,910.88 1,094,810.00
Nanjing Chelai Chuxing Technology Co., Ltd. 326,813.01 18.46 326,831.47
Avita Technology (Chongqing) Co., Ltd. 3,601,007,135.51 -1,163,682,130.64 2,437,325,004.87
Chongqing Changyu Private Equity Investment Fund Partnership Enterprise (Limited
Partnership)
Chongqing Chang'an Kuayue Vehicles Marketing Co., Ltd. 1,239,482.34 1,239,482.34
Chenzhi Anqi (Chongqing) Recycling Technology Co., Ltd. 10,804,724.73 10,808,067.98 21,612,792.71
Jiangling MOTOR Holding Co., Ltd. 11,736,679,502.61 1,212,202,965.19 12,948,882,467.80
Subtotal 16,410,122,824.34 1,826,806,367.40 18,236,929,191.74
Notes to the Financial Statements Page183
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
(IV) Operating revenue and cost
Amount for the current periodt Amount for the previous periodt
Item
Revenue Cost Revenue Cost
Primary
Operation
Other
Operation
Total 108,837,387,472.90 94,127,333,074.92 111,908,716,676.01 98,055,163,152.00
(V) Investment income
Amount for the current Amount for the
Item
periodt previous periodt
Investment income from long - term equity investments
accounted for under the cost method
Investment income from long - term equity - accounted
-542,225,495.08 133,847,483.26
investments
Investment income obtained during the holding period
of transactional financial assets
Interest income obtained during the holding period of
time deposits
Dividend income from other equity instrument
investments that are still held
Others -88,087.00 2,188,460.37
Total 771,393,955.79 851,239,258.25
XVIII、 Supplementary Information
(一) Schedule of Non - recurring Gains and Losses for the Current Period
Item Amount Explanation
Gain or loss on disposal of non - current assets, including the
reversal of the provision for asset impairment that has been
Notes to the Financial Statements Page184
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Item Amount Explanation
made.
Government subsidies recognized in the current profit and
loss, excluding those government subsidies that are closely
related to the company's normal business operations, comply
with the provisions of national policies, are enjoyed
according to certain standards, and have a continuous impact
on the company's profit and loss.
Except for the effective hedging operations related to the
company's normal business operations, the fair value change
gains and losses arising from the non - financial enterprise's
holding of financial assets and financial liabilities, as well as
the gains and losses arising from the disposal of financial
assets and financial liabilities.
Fund occupation fees charged to non - financial enterprises
recognized in the current profit and loss.
Reversal of impairment provision for accounts receivable
that is tested for impairment individually.
Other non - operating income and expenses other than the
above items
Other profit and loss items that meet the definition of non -
recurring profit and loss.
Subtotal 1,551,821,996.18
The amount of impact from income tax 113,524,549.02
The impact amount of minority shareholders' equity (after
tax)
Total 1,280,197,926.26
(I) Return on Net Assets and Earnings per Share
Profit for the reporting period Weighted average Earnings per Share (yuan)
return on net assets
Notes to the Financial Statements Page185
Chongqing Changan Automobile Co., Ltd.
Notes to the Financial Statements
For the Year 2024
Diluted
Basic Earnings
Earnings per
per Share (EPS)
Share (EPS)
Net profit attributable to common
shareholders of the company
Deduct non - recurring gains and Losses
net profit attributable to common 3.67 0.28 0.28
shareholders of the company
Chongqing Changan Automobile Company Limited
（Affix the official seal）
Notes to the Financial Statements Page186
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