Changchai Company, Limited 2025 Annual Report Abstract
Stock code: 000570, 200570 Stock name: Changchai A, Changchai B Announcement Number: 2026-004
Changchai Company, Limited 2025 Annual Report Abstract
I. Important Notes
This annual report abstract is derived from the full text of the annual report. To obtain a comprehensive
understanding of the Company's operating results, financial position, and future development plans, investors
should carefully read the full text of the annual report on the media designated by the China Securities Regulatory
Commission.
All directors attended the board meeting to deliberate on this report.
Non-standard Audit Opinion
Applicable Not Applicable
Profit Distribution Proposal or Capital Reserve Conversion Proposal Deliberated by the Board for the Reporting
Period
Applicable Not Applicable
Whether to Convert Capital Reserve into Share Capital
Yes No
The profit distribution proposal approved by the Board is as follows:
Base: 705,692,507 shares
Cash Dividend: RMB 0.22 per 10 shares (tax inclusive)
Bonus Shares: 0 shares (tax inclusive)
Capital Reserve Conversion into Share Capital: Not applicable
Profit Distribution Proposal for Preferred Shares Deliberated and Approved by the Board for the Reporting
Period
Applicable Not Applicable
II. Corporate Information
Changchai A,
Stock name Stock code 000570, 200570
Changchai B
Stock exchange for stock
Shenzhen Stock Exchange
listing
Contact Information Board Secretary Securities Representative
Name He Jianjiang
Address
Changzhou, Jiangsu, China
Changchai Company, Limited 2025 Annual Report Abstract
Fax (86) 519-86630954
Tel. (86) 519-68683155
Email address cchjj@changchai.com
(1) Principal Operations of the Company
We mainly specialize in the R&D, manufacture and sales of diesel engines under the brand "Changchai" and
gasoline engines under the brand "Robin". Our products are mainly used in agricultural machinery, small
engineering machinery, generator sets and shipborne machinery and other fields closely related to people's
livelihood.
In the Reporting Period, there were no major changes in the Company's core business and main products.
(2) Main Products of the Company
Our main products are divided into two categories: diesel engines and gasoline engines. The details are as follows:
Main
Product Application
produc Graphic display Product description
features fields
ts
Our diesel engine products include
single-cylinder diesel engines and High power, low Agricultural
multi-cylinder engines, covering oil consumption, machinery,
power range from 3kW to 180kW, low noise, construction
Diesel
and cylinder diameters from 70mm compact machinery,
engine
to 140mm. Besides sale in domestic structure, low generator sets,
market, our diesel engines are sold emission, good shipborne
to Southeast Asia, South America, reliability machinery
the Middle East and Africa.
Our gasoline engines are mainly
general-purpose small gasoline
engines, covering the power range Agricultural
Simple structure,
Gasolin from 1.5kW to 9.0kW. Besides sale machinery,
good reliability,
e in domestic market, our gasoline small
easy
engine engines are sold to Southeast Asia, construction
maintenance
the Middle East, Europe and machinery
America, Africa, Japan and other
countries and regions.
(3) Industry Overview
We are a manufacturer of internal combustion engines and fittings in general equipment manufacturing. According
to the classification of fuel used, internal combustion engines are mainly divided into diesel engines and gasoline
engines. Our diesel engines and gasoline engines are mainly used in non-road mobile machinery fields such as
harvesters, tractors, plant protection machinery, small engineering machinery, and shipborne machinery.
The internal combustion engine is an important support for China's manufacturing industry security, energy
security and national defense security, and an important basic industry of national economy and national defense
construction. The internal combustion engine is the most power-dense, thermally efficient and widely used heat
engine power unit.
In order to implement the national overall development strategy of energy conservation, emission reduction,
transformation, and upgrading, the internal combustion engine industry and agricultural machinery industry will
strengthen independent innovation and research and development, accelerate the construction of a common basic
technology platform, optimize the construction of the upstream and downstream industry chain, implement
intelligent manufacturing, and actively carry out international exchange and cooperation to accelerate the
realization of industrial technology upgrading.
Changchai Company, Limited 2025 Annual Report Abstract
The "15th Five-Year Plan" period marks a crucial stage for China to achieve its carbon peaking goal, and the
internal combustion engine (ICE) industry is entering a strategic window for transformation and reshaping. The
"two new" policies of 2026 provide clear guidance for the promotion of green and intelligent products and the
low-carbon upgrading of industries, making energy conservation and carbon reduction the core task for high-
quality development in the sector. Driven by both policy guidance and market demand, the industry is accelerating
its layout of a diversified fuel power technology system, with the application of low-carbon and zero-carbon fuels
becoming an important direction. Hybrid power (including extended range) serves as a key path for the transition
from internal combustion power to new energy, continuously playing an irreplaceable role in the commercial
vehicle and non-road sectors. Through the concerted efforts of combustion optimization, emission control, and
intelligent monitoring, ICEs are accelerating their upgrade towards high efficiency, intelligence, cleanliness, and
low carbon. The deep integration of digital technology and manufacturing processes, coupled with continuously
enhanced synergy across the industrial chain, is injecting new momentum into the industry's leap towards high-
end development. Relying on technological breakthroughs and systematic innovations, the ICE industry will
continue to consolidate its foundation as a driving force for national economic and defense security.
In recent years, the country has introduced a series of policies to support the development of the agricultural
machinery market, including policies on agricultural machinery purchase subsidies, scrapping and renewal
subsidies, and support for the agricultural machinery circulation industry. The No. 1 central document of 2026
focuses on agricultural and rural modernization and comprehensive rural revitalization. With the core objectives
of enhancing comprehensive agricultural production capacity and stabilizing food security, it proposes three major
upgrading directions for agricultural machinery: high-end intelligence, green and low-carbon, and hillside
adaptability. By optimizing subsidies and expanding scenarios, it aims to release industrial dividends and promote
the transformation of agricultural machinery equipment into new productive forces.
In 2025, influenced by factors such as low grain prices and frequent abnormal weather, China's agricultural
machinery market as a whole performed below expectations. The industry underwent accelerated differentiation
amidst adjustments, with the trend of structural transformation becoming increasingly evident. In terms of product
structure, traditional mainstay products exhibited sluggish performance, but there was uneven performance in
different segments. The tractor market saw a year-on-year decline in production, yet large tractors achieved
growth, and high-end models such as power-shift tractors experienced leapfrog growth, breaking the dominant
position of traditional mechanical-shift tractors. The harvesting machinery market declined overall, but its
structure continued to be optimized, with an increase in the proportion of large-feed models, and tracked
harvesters bucked the trend with their export advantages. The rice transplanter market showed differentiation,
with high-speed riding models experiencing a decline in production due to subsidy adjustments, while hand-
guided models achieved growth due to price advantages and adjusted agronomic needs. Micro-tillers, as a
representative category of mechanization in hilly and mountainous areas, performed impressively.
From the perspective of competition, the industry reshuffle is accelerating, and market concentration is
continuously increasing. Leading enterprises, leveraging their technological, channel, and brand advantages, have
steadily expanded their market share and occupy a dominant position in niche areas. Most small and medium-
sized enterprises operate on a smaller scale and face increased survival pressures. Looking at the trend of
upgrading, high-end and intelligent products have become the focus of enterprises' efforts. High-end tractors such
as power shift and infinitely variable speed have entered large-scale applications; the integration of high-precision
automatic drive systems with Beidou is accelerating; the industrialization of new energy agricultural machinery is
accelerating, with breakthroughs in hybrid tractors and electric drive seeders. In terms of export performance,
agricultural machinery exports have become an important driving force for industry development, with a rapid
growth in total volume, with countries along the Belt and Road contributing the majority of the share. Looking at
policy orientation, 2026, as the first year of the 15th Five-Year Plan, will see continued efforts in large-scale
equipment renewal and subsidies for agricultural machinery purchase and application, with policies oriented
towards "preferential subsidies for superior machinery" forcing enterprises to transform towards high-tech and
high-value-added fields. With technological development, agricultural machinery is shifting towards high-end,
Changchai Company, Limited 2025 Annual Report Abstract
intelligent, digital, and green directions, with significant growth potential in areas such as intelligent agricultural
machinery equipment, machinery for hilly and mountainous areas and specialty economic crops, new energy
agricultural machinery, agricultural robots and unmanned systems, and agricultural machinery after-market
services. In the process of national strategic deployment and transformation and upgrading, the agricultural
machinery market still has vast potential for development.
(4) The Company's Market Position
The Company mainly engages in R&D, production and sales of "Changchai" brand diesel engines and "Robin"
brand gasoline engines. Through its development, it has successfully developed multiple advanced core
technologies with independent intellectual property rights. For diesel engines, according to China Internal
Combustion Engine Industry Association statistics, the Company's single-cylinder engine products hold relatively
high market shares, ranking among the top nationally for certain power range single-cylinder diesel engines. Over
the years, while achieving steady corporate economic development, the Company has cultivated and developed
"Changchai"-a famous Chinese brand in the small diesel engine industry with independent IP and
domestic/international recognition.
(1) Major Accounting Data and Financial Indicators for the Past Three Years
Whether the Company Needs to Retrospectively Adjust or Restate Prior Years' Accounting Data
Yes No
Unit: RMB
Change of
December
Total assets (RMB) 5,578,281,300.02 5,381,900,903.82 3.65% 5,159,394,958.92
Equity attributable to the listed
company’s shareholders (RMB)
(%)
Operating revenue (RMB) 2,476,325,822.68 2,415,869,028.32 2.50% 2,155,698,787.49
Net profit attributable to the
listed company’s shareholders 50,820,986.84 18,489,896.00 174.86% 108,495,607.05
(RMB)
Net profit attributable to the
listed company’s shareholders
before exceptional gains and
losses (RMB)
Net cash generated from/used in
operating activities (RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return on 1.49% 0.55% 0.94% 3.19%
Changchai Company, Limited 2025 Annual Report Abstract
equity (%)
(2) Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 897,763,657.72 663,422,968.11 501,193,579.88 413,945,616.97
Net profit attributable to the listed
company’s shareholders
Net profit attributable to the listed
company’s shareholders before 40,468,902.21 15,828,598.38 -40,744,294.49 5,020,372.12
exceptional gains and losses
Net cash generated from/used in
-14,769,195.97 -59,536,914.66 -140,609,621.01 504,478,280.71
operating activities
Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs
materially from what have been disclosed in the Company’s quarterly or interim reports.
□ Yes √ No
(1) Table of Ordinary Shareholders and Shareholders with Restored Voting Rights of Preferred Shares,
and Shareholding Details of the Top 10 Shareholders
Unit: share
Number of Number Number of
ordinary of preferred
shareholders preferred shareholders with
Number of
at the sharehol resumed voting
ordinary 45,144 45,635 0 0
month-end ders with rights at the
shareholders
prior to the resumed month-end prior
disclosure of voting to the disclosure
this Report rights of this Report
Shareholding of the top 10 shareholders (excluding shares lent through refinancing)
Number of Restricted shares held
shares
Name of Nature of Shareholdin Total shares held with
shareholder shareholder g percentage at the period-end restricted Status Shares
trading
conditions
Changzhou State-
Investment Group owned legal 32.26% 227,663,417
Co., Ltd person
Domestic
Chen Jian natural 0.71% 4,988,800
person
KGI ASIA Foreign
LIMITED legal person 0 N/A 0
BARCLAYS Foreign
BANK PLC legal person
Bank of China
Limited -
Huashang Other 0.41% 2,895,200
Zhenxuan Return
Hybrid Securities
Changchai Company, Limited 2025 Annual Report Abstract
Investment Fund
Domestic
Dai Xuerong natural 0.34% 2,396,600
person
Domestic
Lv Qiang natural 0.34% 2,383,800
person
Goldman Sachs
Foreign
International - 0.32% 2,257,888
legal person
Own Funds
China Minsheng
Banking Corp.,
Ltd. - Jinyuan
Shun'an Yuanqi
Other 0.29% 2,072,600
Flexible
Allocation Hybrid
Securities
Investment Fund
Domestic
Li Suinan natural 0.23% 1,602,000
person
Explanation of the It is unknown whether there is among the top 10 public shareholders and the
aforementioned shareholder top 10 unrestricted public shareholders any related parties or acting-in-
related-party relationships or concert parties as defined in the Administrative Measures for Information
concerted actions Regarding Shareholding Alteration.
Explanation of shareholders
involved in margin trading and Shareholder Chen Jian holds 4,988,800 shares of the company's stock
securities lending business (if through a credit account.
any)
Information on shares lent by shareholders holding more than 5% of the shares, top 10 shareholders, and top 10
shareholders of unrestricted tradable shares participating in the refinancing business
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the
previous period due to refinancing lending/return reasons
□ Applicable √ Not applicable
(2) Table of Total Number of Preferred Share Shareholders and Shareholding Details of the Top 10
Preferred Share Shareholders
□ Applicable √ Not applicable
The Company had no preferred share shareholders during the reporting period.
Changchai Company, Limited 2025 Annual Report Abstract
(3) Disclosure of Ownership and Control Relationships Between the Company and Its Ultimate
Controlling Party in Diagram Form
Applicable Not Applicable
III. Significant Events
On February 26, 2025, the company received the "Announcement on the Publication of the 'Changzhou City
Urban Rail Transit Line 5 Project Xiheng Street Station Project Housing Expropriation Compensation Plan' and
Solicitation of Opinions" issued by the People's Government of Zhonglou District, Changzhou City. Due to
public interest requirements, the People's Government of Zhonglou District, Changzhou City intends to
expropriate part of the houses at No. 123 Huaide Middle Road, Changzhou City (i.e., the company's
headquarters street-side shops). On July 21, 2025, the company held the fourth extraordinary meeting of the
board of directors and the third extraordinary meeting of the board of supervisors in 2025, and deliberated and
approved the "Proposal on Signing the 'Changzhou City State-owned Land Housing Expropriation
Compensation Agreement' for the headquarters street-side shops". This matter was deliberated and approved by
the second extraordinary shareholders' meeting in 2025 on August 6, 2025, agreeing to the company signing a
compensation agreement with the Zhonglou District Housing and Urban-Rural Development Bureau. The total
compensation amount agreed upon in the agreement is 48.7877 million yuan. On August 7, 2025, the company
signed the "Changzhou City State-owned Land Housing Expropriation Compensation Agreement" with the
Housing and Urban-Rural Development Bureau of Zhonglou District, Changzhou City, and received the first
installment of compensation totaling 14.6363 million yuan in September 2025. In November 2025, the company
received the remaining compensation amount of 34.1514 million yuan. As of the end of the reporting period, the
company has received the full amount of compensation for the headquarters street-side shops.
On March 6, 2025, the company received the "Decision on the Expropriation of Houses on State-owned Land
by the People's Government of Xinbei District, Changzhou City" (Changxin Zheng [2025] No. 1) issued by the
People's Government of Xinbei District, Changzhou City. Due to the public interest in the reconstruction of the
old urban area, the People's Government of Xinbei District, Changzhou City, decided to expropriate the houses
within the scope of the old urban area reconstruction project (Phase I) of the company's foundry and
surrounding plots in Sanjing Street. On May 8, 2025, the company held the second extraordinary meeting of the
board of directors and the second extraordinary meeting of the board of supervisors in 2025, and deliberated and
Changchai Company, Limited 2025 Annual Report Abstract
approved the "Proposal on Signing the Foundry's 'Changzhou Xinbei District Non-Residential House
Expropriation Compensation Agreement'". This matter was deliberated and approved by the first extraordinary
shareholders' meeting in 2025 on May 26, 2025, agreeing to the company signing compensation agreements
with the Xinbei District Housing and Urban-Rural Development Bureau and Sanjing Street. The total
compensation amount agreed upon in the agreement is 346.8569 million yuan, and the expropriation
compensation agreement is yet to be signed.
Changtou Xinhui No.1 Equity Investment Fund (Limited Partnership)
On November 5, 2025, the company held the eighth extraordinary meeting of the board of directors in 2025,
which deliberated and approved the "Proposal on Jointly Establishing an Equity Investment Fund with
Changzhou Investment Group Co., Ltd." The wholly-owned subsidiary, Changzhou Horizon Investment Co.,
Ltd., served as a limited partner, contributing 30 million yuan to jointly establish the Changzhou Changtou
Xinhui No.1 Equity Investment Fund (Limited Partnership) (hereinafter referred to as "Xinhui No.1 Fund") with
the company's controlling shareholder, Changzhou Investment Group Co., Ltd. (hereinafter referred to as
"Investment Group"), and the controlling shareholder's wholly-owned subsidiary, Changzhou Xinhui Private
Equity Fund Management Co., Ltd. (hereinafter referred to as "Xinhui Private Equity"). The fund invests in
advanced manufacturing projects, focusing on strategic emerging industries and future industries such as high-
end manufacturing, intelligent agricultural machinery, new energy, and new power. In November 2025, Horizon
Investment, Investment Group, and Xinhui Private Equity jointly signed the "Partnership Agreement for
Changzhou Changtou Xinhui No.1 Equity Investment Fund (Limited Partnership)". The initial contribution of
obtained a business license issued by the Zhonglou District Government Service Management Office of
Changzhou City, completed the private equity fund filing procedures with the Asset Management Association
of China, and obtained the "Private Equity Fund Filing Certificate".
Xingyu (Changzhou) Equity Investment Partnership (Limited Partnership)
On December 4, 2025, the company held the ninth extraordinary meeting of the board of directors in 2025, and
deliberated and approved the "Proposal on the Subsidiary Participating in the Establishment of Equity
Investment Funds and Related Transactions". Changzhou Housen Investment Co., Ltd., a wholly-owned
subsidiary, contributed 50 million yuan as a limited partner to establish the Yuanzhi Changtou Xingyu
(Changzhou) Equity Investment Partnership (Limited Partnership) together with Changzhou Investment Group
Co., Ltd., a controlling shareholder, Changzhou Xinhui Private Equity Fund Management Co., Ltd., a wholly-
owned subsidiary of the controlling shareholder, Shenzhen Yuanzhi Venture Capital Co., Ltd., Changzhou
Xingyu Industrial Investment Co., Ltd., Changzhou Xingyu Investment Management Co., Ltd., Shenzhen
Capital Operation Group Co., Ltd., Shanghai Zhuguang Julian Hard Technology Venture Capital Partnership
(Limited Partnership), and Changzhou Zhonglou Science and Technology Innovation Investment Partnership
(Limited Partnership). The partnership focuses on the upstream and downstream industrial chain of new energy
vehicles and new energy, including but not limited to equipment, materials, and components.
On November 22, 2024, the Company held the Fifth Interim Board Meeting of 2024 and passed the Proposal on
the Merger between Changzhou Changchai Horizon Agricultural Equipment Co., Ltd. and Changzhou Fuji
Changchai Robin Gasoline Engine Co., Ltd. The Board approved the wholly-owned subsidiary Changzhou Fuji
Changchai Robin Gasoline Engine Co., Ltd. to absorb and merge another wholly-owned subsidiary, Changzhou
Changchai Horizon Agricultural Equipment Co., Ltd., inheriting all assets, liabilities, business operations, and
other rights and obligations. Post-merger, Changchai Robin continues normal operations, while Horizon
Agricultural Equipment’s legal entity status has been deregistered. In February 2025, the Company received the
Registration Notice (No. Deng Zi [2025] 02270081) issued by the Government Services Management Office of
Changzhou National Hi-Tech District (Xinbei District), confirming the completion of Horizon Agricultural
Changchai Company, Limited 2025 Annual Report Abstract
Equipment’s business deregistration procedures.
On June 9, 2025, the company held the third extraordinary meeting of the board of directors in 2025, which
deliberated and approved the "Proposal on the Merger of Changzhou Changchai Benniu Diesel Engine Parts
Co., Ltd. and Changzhou Changniu Machinery Co., Ltd.". The board of directors agreed that Changzhou
Changniu Machinery Co., Ltd. (hereinafter referred to as "Changniu Company") would merge with Changzhou
Changchai Benniu Diesel Engine Parts Co., Ltd. (hereinafter referred to as "Changben Company") through an
overall merger, incorporating all assets, liabilities, businesses, and all other rights and obligations of Changben
Company, and inheriting the original registered capital, equity structure, and governance structure of Changben
Company. In September 2025, the company received the "Registration Notice" (Deng Zi [2025] No. 09080200)
and "Registration Notice" (Deng Zi [2025] No. 09080101) issued by the Government Service Management
Office of Changzhou High-tech Industrial Development Zone (Xinbei District). Changben Company completed
the industrial and commercial deregistration, and Changniu Company completed the industrial and commercial
change registration, marking the completion of the merger.
In August 2025, the company acquired a 3% equity stake held by six individual shareholders of Zhenjiang
Siyang, a controlling subsidiary, for a price of RMB 3.06 million. As of the end of the reporting period, the
company held a total of 52% equity in Zhenjiang Siyang, remaining its largest shareholder.
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