Jiangling Motors Corporation, Ltd.

2025 Annual Report

2026-03

Chapter I Important Notes, Contents and Abbreviations

Important NoteThe Board of Directors and its members, and the senior executives are jointly andseverally liable for the truthfulness, accuracy and completeness of the informationdisclosed in the report and confirm that the information disclosed herein does notcontain any false statement, misrepresentation or major omission.

Chairman Qiu Tiangao, CFO Li Weihua and Chief of Finance Department, HuHanfeng, confirm that the Financial Statements in this Annual Report are truthfuland complete.

All Directors were present at the Board meeting to review this Annual Report.

Future plans, development strategies and other forward-looking statements in thisreport do not constitute a substantial commitment of the Company to investors.Investors are advised to pay attention to investment risks.

The Company's possible risks and countermeasures are described in Section 3 ofthis report, "Management Discussion and Analysis". Please investors pay attentionto the relevant content.

The Annual Report is prepared in Chinese and English. In case of discrepancy,the Chinese version will prevail.

The year 2025 profit distribution proposal approved by the Board of Directors is asfollows:

A cash dividend of RMB 5.5581 (including tax) will be distributed for every 10shares held based on the total share capital of 854,581,922 shares, and there isno stock dividend. The Board decided not to convert capital reserve to sharecapital this time.

Contents

Chapter I Important Notes, Contents and Abbreviations ...... 2

Chapter II Brief Introduction and Operating Highlight ...... 5

Chapter III Management Discussion and Analysis ...... 10Chapter IV Corporate Governance Structure Environment and Social ..... 33Chapter V Major events ...... 55

Chapter VI Share Capital Changes & Shareholders ...... 60

Chapter VII Bond related Information ...... 66

Chapter VIII Financial Statements ...... 67

Catalogue on Documents for Reference

1. Originals of 2025 financial statements signed by legal representative, ChiefFinancial Officer and Chief of Finance Department.

2. Originals of the Independent Auditor’s Reports signed by independent

accountants and stamped by the accounting firm.

3. Originals of all the documents and public announcements disclosed innewspapers designated by CSRC in 2025.

4. The Annual Report in the China GAAP.

Abbreviations:

CSRC China Securities Regulatory CommissionJMCG Jiangling Motors Group Co., Ltd.Ford Ford Motor CompanyJIC Nanchang Jiangling Investment Co., Ltd.JMC or the Company Jiangling Motors Corporation, Ltd.JMCH JMC Heavy Duty Vehicle Co., Ltd.EVP Executive Vice PresidentCFO Chief Financial OfficerVP Vice President

Chapter II Brief Introduction and Operating Highlight

1. Company’s Information

2. Contact Person and Method

3. Information Disclosure and Place for Achieving Annual Report

4. Changes of Registration

5. Other Information

Accounting Firm Appointed by JMC for Audit

The recommendation agency engaged by the Company executing the persistentsupervision responsibilities in the reporting period

□Applicable ?Not Applicable

The financial consultant engaged by the Company performing the duties ofpersistent supervision and guidance in the reporting period

□Applicable ?Not Applicable

6. Main accounting data and financial ratios

Unit: RMB

The lower of the Company’s net profit before and after deduction of non-recurringgains and losses in the most recent three fiscal years is negative, and the auditreport of the most recent year shows that the Company’s ability to continueoperations is uncertain

□Yes ?No

The lower of the audited total profit, the audited net profit, and the audited netprofit after deducting non-recurring gains and losses is negative

□Yes ?No

7. Accounting data difference between China GAAP and IFRS

I. Differences in net profit and net assets in financial statements between inaccordance with international accounting standards and Chinese accountingstandards

□Applicable ?Not Applicable

II. Differences in net profit and net assets in financial statements between inaccordance with overseas accounting standards and Chinese accountingstandards

□Applicable ?Not Applicable

8. Main accounting data quarterly

Unit: RMB

Whether the above mentioned financial indicators or the total number aresignificantly different from the financial indicators related to the disclosed quarterlyand half-year reports of the Company

□Yes ?No

9. Non-recurring profit and loss items and amounts

?Applicable □Not Applicable

Unit: RMB

Details of other profit and loss items that meet the definition of non-recurring profitand loss

□Applicable ?Not Applicable

There is no other profit and loss items that meet the definition of non-recurringprofit and loss in the Company.

The description of that the non-recurring profit and loss items listed in CorporateInformation Disclosure of Public Issuing Securities No.1 are defined as recurringprofit and loss items

□Applicable ?Not Applicable

The Company does not have a situation in which the non-recurring profit and lossitems listed in No.1 of Corporate Information Disclosure Announcement No.1 aredefined as recurring profit and loss.

Chapter III Management Discussion and Analysis

1. Company’s Core Business during the Reporting Period

During the reporting period, the Company's main business is the production andsale of commercial vehicles, passenger vehicle SUVs and related components.The main products include JMC light truck, Pickup, light bus, Ford-branded lightbus, MPV, Pickup and other commercial vehicle products, and passenger vehicleSUV products. JMC also produces engines, frame, axle and components. TheCompany takes high quality development as the main line, anchoring its strategyaround three core directions: intelligent connectivity, new energy, and globalexpansion, focuses on value, lean operation, and transforms from scale expansiondevelopment to lean value growth.

In 2025, JMC continued to increase its technological reserves and investment innew products, intelligent connection network, new energy and lightweighting, andstrengthened its digital operation capability to realize the transformation of “fouronline”, including “products online”, “customers online”, “processes online” and“employees online”. Through digital technology, the Company improvedoperational efficiency, optimized business processes and innovated businessmodels, and focused on customer-centered integration of the whole value chain.Driven by innovation, we are transforming our marketing approach, continuouslyoptimizing channel structures and layouts to enhance synergistic efficiency.Together with our distributors, we are forging a more integrated “united front”model to accelerate market responsiveness. We are innovating our transportcapacity operations, focusing on scenario-based requirements to establish anintelligent operational framework, while strengthening collaborations with logisticsenterprises to expand transport capacity partnerships, and gradually formed acustomer-centered commercial vehicle ecosystem to focus on the entire life cycleof automobiles and provided customers with all-around solutions. JMC actively laidout the RV business and off-road pickup and modified car market to create uniqueproducts and lead the market trend; at the same time, the Company steadilyadvanced the scenario-based implementation of intelligent driving technologies todevelop industry-leading autonomous driving solutions. JMC strengthened exportcooperation and synergy, seized globalisation opportunities, optimised resourceallocation across products, channels and after-sales services, and continuouslyforged new drivers for the Company's development.

In 2025, JMC planned the productivity of 320 thousand units and the utilization ratewas 118%.

Vehicle manufacturing and operation?Applicable □Not Applicable

Production and Sales Volume Information

Reasons for the year-on-year change of more than 30%?Applicable □Not Applicable

The 34.35% year-on-year increase in Truck sales was mainly due to the increasein overseas sales.Component Kit System ConstructionJMC owns in-house R&D and manufacturing capability for key components, withsuch important components as engine, body parts, frame, and front axle, etc.developed and manufactured independently. For some other key components,JMC keeps strategic cooperation with industry leading suppliers, e.g. Bosch,Baosteel, Garrett, ZF, Magna, Autoliv, and Dicastal. JMC has established deepcooperation with such leading enterprises as CATL, FinDreams Battery, Sunwodaand CALB on new energy development. For smart connectivity, JMC conducteddiversified cooperation with such giants as Hengrun, Baidu, Desay SV, Momenta,and ThunderSoft, etc. for ecology development. With the vision of achievingcustomer success, JMC cooperates with suppliers to create a customer-centeredvehicle experience and strives to build a sustainable agile supply system. Throughinnovative thinking and digitalization, JMC has established a complete supplieraccess, capability improvement and supplier control mechanism from theperspectives of technology, quality, cost, delivery and service, thus effectivelypromoting the competitiveness of the supply system.

Production and operation of auto parts during the reporting period

□Applicable ?Not Applicable

The Company carries out auto finance business

□Applicable ?Not Applicable

The Company carries out new energy vehicle related business?Applicable □Not Applicable

Production and operation of new energy vehicles and parts

2. The industry situation of the Company during the reporting period

During the reporting period of 2025, the automotive industry withstood externalpressures such as trade protectionism and the restructuring of global industrialchains. It overcame multiple challenges including technological breakthroughs andindustry-wide competition, demonstrating formidable resilience and vitality in itsdevelopment. This resulted in a dual enhancement of both industrial scale anddevelopment quality. Annual automobile production and sales totalled 34.53 millionunits and 34.40 million units respectively, representing year-on-year increases of

10.4% and 9.4%. This marks the 17th consecutive year China has maintained itsposition as the world's largest automotive market. In 2025, policies supporting neweconomic entities and new social organisations were intensified and expanded,ensuring a smooth transition and orderly integration. With enterprises launchingnew products in rapid succession and sustained growth in end-user demand,annual automobile production and sales achieved growth exceeding expectations.Among these, the passenger vehicle market, as a core component of automotiveconsumption, has demonstrated steady growth, effectively driving the overallexpansion of the automotive sector. The commercial vehicle market has shownsigns of recovery and improvement, with production and sales returning to levelsexceeding 4 million units. Passenger vehicle production and sales reached 30.27million units and 30.10 million units respectively, representing year-on-yearincreases of 10.2% and 9.2%. All major passenger vehicle segments maintainedgrowth. By 2025, the commercial vehicle market exhibited a dual growth trend inboth domestic demand and exports. Driven by robust policies for new energy andnew business models, the penetration rate of new energy commercial vehicles hassurged rapidly. Coupled with sustained export growth, China's commercial vehiclemarket has achieved a recovery and structural expansion. Throughout the year,commercial vehicle production and sales reached 4.261 million units and 4.296million units respectively, representing year-on-year increases of 12% and 10.9%.Among the principal commercial vehicle categories, both production and sales ofbus and truck increased year-on-year compared with the same period last year.Within the main truck segments, production and sales of heavy truck and light truckrose, while those of medium truck and micro truck declined. Within the main bussegments, sales of large, medium and light bus all grew, with light bus recording ahigher growth rate than the others. In 2025, total vehicle exports reached 7.098

million units, representing a year-on-year increase of 21.1%. Of this total,passenger vehicle exports amounted to 6.038 million units, rising by 21.9%,commercial vehicle exports reached 1.06 million units, rising by 17.2%. Bycategory, exports of conventional fuel vehicles reached 4.483 million units, a 2%year-on-year decrease, while new energy vehicle exports amounted to 2.615million units, a 103.7% year-on-year increase. In 2025, production and sales ofnew energy vehicles reached 16.626 million units and 16.49 million unitsrespectively, representing year-on-year growth of 29% and 28.2%. New energyvehicle sales accounted for 47.9% of total new vehicle sales, an increase of 7percent points compared with the same period last year. Among the principalcategories of new energy vehicles, production and sales across all types recordeddouble-digit growth compared with the previous year.

3. Core Competitiveness Analysis

The Company is a modern Sino-foreign joint venture that integrates automobileresearch and development, manufacturing and sales. It is a pioneer in the Chineseauto industry that provides excellent products and solutions for the intelligentlogistics field by relying on the market leadership and advanced technology of lightcommercial vehicles. It owns the titles of National High-tech Enterprise, NationalInnovation Pilot Enterprise, National Enterprise Technology Center, NationalIndustrial Design Center, National Intellectual Property Demonstration Enterprise,and National Vehicle Export Base. It has been ranking among the top 100 mostvaluable automobile brands in the world for many consecutive years. In 2025, JMClight bus ranked No.1 in the segment, Pickup ranked No.2 in the segment, andlight truck ranked No.7 in the segment. Jiangling Ford Automobile Technology(Shanghai) Co., Ltd. achieved sales of 29,793 units in 2025, with the Bronco andRanger models both securing the top annual market share position in theirrespective segments. JMC export sales have made sustained growth, with salesof 160 thousand units, a year-on-year increase of 38.4%.

The Company has always adhered to a customer-centric approach, has been afull scenario solution provider for light commercial vehicles. The Companyproviding customized and scalable integrated solutions based on customer usagescenarios. JMC light bus has an insight into customers’ needs and the light busoperation scenarios, and has launched high-quality, excellent and cost-effectivelight bus product portfolios, achieving the full coverage of scenarios like freight,and passenger transport. At the same time, it also continues to hold the first placein the market in light passenger conversion scenarios such as traveling, camping,services and ambulance. JMC Light Trucks has launched its new E shunda smalllight truck (3.5 T) and E shunda small light truck (4.5T) based on in-depth customerinsights, significantly expanding the Company's new energy truck applicationscenarios. The Company has released a new generation of Shunda productsfeaturing a new cab and a new Blue Flame engine, further enhancing vehiclecomfort and fuel efficiency to better serve urban distribution customers. In 2025,JMC Pickup completed the iteration of its two product series, launching the all-new

Baodian and the all-new Yuhu. The all-new Baodian achieved a revolutionaryupgrade in wealth-creation tool pickups with its exceptional durability, outstandingfuel efficiency, superior loading capacity, and great convenience. Meanwhile, theall-new Yuhu delivers value enhancements for upgrading users, offering excellentappearance, superb drivability, and remarkable ease of use. At the same time, theDaDao pickup series introduced a mountain version with a flat-bottom cargo box,further refining product offerings for specific scenarios based on the Off-roadEdition and Extreme cold edition, solidifying its brand positioning as "China'sPickup Expert in All Scenarios." JMC Pickup's three major product series continueto be refreshed, forming a product matrix covering the full price range of the pickupmarket, while continuously improving coverage of segmented scenarios andenhancing the customer experience.

The Company adheres to the dual-brand strategy of Self-owned and Ford, givingfull play to its own advantages while deeply integrating Ford's global system. Interms of technology research and development, with the help of Ford's globalplatform, the Company has gradually formed the core competitiveness ofindependent research and development, established an independent research anddevelopment system, built an advanced global digital design platform, and jointlydevelops, designs and launches specific new products with Ford. The Companyhas been an industry-leading technology center and industrial design center.

In terms of brand ecosystem, the Ford brand has created a unique "Ford Beyond"lifestyle system, covering four key areas: " Z-Horizon Experience Hub”, "Z-HorizonTribe", "Z-Horizon Accessories for Retrofitting", and "Z-Horizon Service". Thissystem fosters a lifestyle centered on outdoor leisure, exploration, off-roadadventures, and outdoor fun, providing users with a "full-scenario outdoorexperience." It empowers users to navigate diverse life scenarios, offering reliablesupport and driving enjoyment whether on wilderness expeditions or urbancommutes.

In terms of brand channels, the Company's commercial vehicle segment currentlyhas 368 authorized first-tier distributors and over 1,200 registered secondarynetworks and has established a modern marketing system through the four-in-onefranchise model of sales, accessories, service and information. At the same time,the Ford Beyond Space has formed a three-center model consisting of brandcenters, order centers, and maintenance centers.

In terms of product launches, the first all-terrain camping SUV—the Ford BroncoBasecamp—made its global debut at the 2025 Chengdu International Auto Showand officially announced its market launch in Nanchang in December. The FordBronco Basecamp is built on the "Ford Fun Domain" native intelligent new energytechnology architecture, representing a perfect integration of Ford's century-longprofessional technical heritage with China's leading intelligent new energy vehicleindustry chain. It breaks down scenario boundaries, providing a new generation ofusers with an ultimate "all-scenario, all-weather, all-terrain" solution, transforming

vehicles from mere modes of transportation into empowering tools for excitingoutdoor lifestyles. The domestically produced Ford Bronco, a pure-blood hardcoreoff-road vehicle, has maintained the top market share in the mid-size traditionalfuel SUV segment priced above RMB 300,000. In March 2025, the Desert RunnerLimited Edition was officially launched, elevating the overall positioning of theBronco family. Following that, the Ford Bronco 1966 Special Edition made its debutat the Shanghai International Auto Show in April and officially hit the market inSeptember, highlighting the Bronco brand's historical heritage and retro trendappeal. The Ford Bronco family fully embodies diverse charms ranging fromultimate performance to ultimate freedom and ultimate style, interpreting the off-road attitude of "Play Unconstrained, Go Wild" with strength. Additionally, theCompany has established a comprehensive product matrix for Ford Ranger acrossthree series—XLS, XLT, Wildtrak, and FX4—along with multiple versions, to bettermeet customer demand for premium, passenger-oriented, and intelligent features.

In terms of manufacturing management, the Company has vehicle productionbases such as Xiaolan Plant and Fushan Plant, covering stamping, welding,painting, diesel engines, gasoline engines and other advanced manufacturingtechnology, to create a highly intelligent, highly flexible smart manufacturing center,it is a demonstration enterprise for the integration of informatization andindustrialization in Jiangxi Province.

In terms of autonomous driving, the Company deepening the commercialisation ofL4-level autonomous freight vehicles, focusing on the development and operationof autonomous driving for urban freight scenarios, by advancing the full-stack in-house development of the iDEA architecture and end-to-end intelligent drivingalgorithms, integrating central computing architecture, cockpit-driving integration,and full-scenario intelligent driving technologies, the Company promotes thetransformation of its entire commercial vehicle product line into intelligent mobileterminals.

In terms of new energy, adhering to the strategic plan of "striving for progress whilemaintaining stability," the Company strengthens market development, acceleratesthe layout of electrified products, and makes every effort to increase the productionand sales of new energy vehicles. In the passenger vehicle segment, it globallylaunched the Ford all-terrain camping SUV—the Bronco Basecamp—providingusers with an "all-scenario, all-weather, all-terrain" solution. In the commercialvehicle segment, it commenced production of the E-Fushun, E-Shunda, andheavy-duty wide-body high-capacity electric light truck models, optimizing the newenergy product lineup for commercial vehicles. With larger loading space, strongerhauling capacity, and lower usage costs, these models effectively addresscustomer pain points.

In terms of export business, the all-new second-generation Ford Equator sportmodel has been launched, featuring both traditional gasoline-powered models anda new hybrid variant. These models are available in the Middle East, Africa, LatinAmerica, the Philippines, and countries in the Indochina Peninsula. The Equator

sport is currently popular in many countries (regions) worldwide, thanks not onlyto its diversified market expansion strategy but also to its exceptional productquality.

4. Core Business Analysis

I. SummaryDuring the reporting period, in response to intensifying market competition, stricterregulations and rising costs, the Company focused on quality enhancement, newproduct development, cost control and efficiency optimisation, while implementingmultiple marketing measures to mitigate market risks. In 2025, JMC achieved salesvolume of 377,253 units, including 99,770 light buses, 83,207 trucks, 59,681Pickups and 134,595 SUVs, with a year-on-year increase of 10.56%. In 2025, thetotal production volume was 378,338 units, including 101,228 light buses, 82,619trucks, 59,224 Pickups and 135,267 SUVs, with a year-on-year increase of 9.71%.

In 2025, the operation revenue reached RMB 39,170 million, up 2.07% year-on-year. The operation cost was RMB 33,852 million, up 2.73% year-on-year. Themarketing expense was RMB 9,000 million, down 15.04% year-on-year. Theadministration expense was RMB 1,050 million, up 11.29% year-on-year. The R&Dcost was RMB 1,216 million, down 7.5% year-on-year. The financial expense wasRMB -132 million, up 13.27% year-on-year.

II. Revenue and Cost(a) Composition of Sales Revenue

Unit: RMB

(b) Reach 10% of Revenue or Profit by Industry, Product, Region or Sales Model?Applicable □Not Applicable

Unit: RMB

If the Company’s core business scope is adjusted during the reporting period, theCompany’s core business data of last year need to be adjusted per the scope inthis year

□Applicable ?Not Applicable

(c) Whether the Company’s Goods Revenue Higher Than Service Revenue?Yes □No

Explanation on YOY change of over 30%

□Applicable ?Not Applicable

(d) Execution of the Company’s Signed Major Sales Contracts and MajorPurchase Contracts as of the Reporting Period

□Applicable ?Not Applicable

(e) Composition of Operating CostProduct categories

Unit: RMB

(f) Whether the Consolidated Scope was Changed During the Reporting Period

□Yes ?No

(g) Major Change or Adjustment on Business, Products or Services During theReporting Period

□Applicable ?Not Applicable

(h) Main Customers and SuppliersMain Customers

Top 5 Customers

Other introduction to main customers?Applicable □Not ApplicableJiangxi Jiangling Motors Imp. & Exp. Co., Ltd. and Ford Global Technologies, LLCare related parties of the Company.

Main Suppliers:

Top 5 Suppliers:

Other introduction to main suppliers?Applicable □Not ApplicableMagna PT Powertrain (Jiangxi) Co., Ltd., Jiangxi Jiangling Chassis Co., Ltd.Jiangxi Jiangling Lear Interior System Co., Ltd. and Jiangxi Zhonglian IntelligentLogistics Co., Ltd. are related parties of the Company.

During the reporting period, the Company's trading business revenue accountedfor more than 10% of its total operating revenue.

□Applicable ?Not Applicable

III. Expense

Unit: RMB

IV. Research & Development

Company R & D personnel

R&D Investment

Causes and impacts of major changes in the composition of R&D personnel

□Applicable ?Not Applicable

Reason for the substantial change of R&D investment as % of revenue

□Applicable ?Not Applicable

Reason and rationality of the substantial change in the capitalization rate of R &D investment

□Applicable ?Not Applicable

V. Cash Flow Analysis

Unit: RMB

Explanation on the major factors regarding major change of related data?Applicable □Not Applicable

The change in net cash flows generated from/(used in) financing activities is mainlydue to the cash capital increase received by subsidiaries from minorityshareholders this year.

The change in the net increase in cash and cash equivalents is primarily attributedto the increase in net cash flows from financing activities.

Explanation on significant difference between net cash generated from operatingactivities and net profit during the reporting period.

□Applicable ?Not Applicable

5. Non- core business analysis

□Applicable ?Not Applicable

6. Analysis of Assets and Liabilities

I. Major changes

Unit: RMB

Foreign assets account for a relatively high proportion

□Applicable ?Not Applicable

II. The fair value of the assets and liabilities.

Unit: RMB

Other changeNone.

Whether there is a significant change in the measurement attributes of theCompany's main assets during the reporting period

□Applicable ?Not Applicable

III. Restriction on Assets Rights as of the End of the Reporting Period

Units: RMB

7. Investment Analysis

I. Summary

□Applicable ?Not Applicable

II. Obtained Major Equity Investment during the Reporting Period

□Applicable ?Not Applicable

III. Ongoing Major Non-Equity Investment during the Reporting Period

□Applicable ?Not Applicable

IV. Financial Assets Investment(a) Stock Investment

□Applicable ?Not Applicable

There was no financial assets investment during the reporting period.

(b) Derivative Investment?Applicable □Not Applicable

(1) Derivative investments for hedging purposes during the reporting period?Applicable □Not Applicable

Units: RMB’000

(2) Derivative investments for speculative purposes during the reporting period

□Applicable ?Not Applicable

During the reporting period, the Company did not engage in any derivativeinvestments for speculative purposes.

8. Sales of Major Assets and Equity

I. Sale of Major Assets

□Applicable ?Not Applicable

II. Sales of Major Equity

□Applicable ?Not Applicable

9. Analysis of major shareholding companies

?Applicable □Not ApplicableMain Subsidiaries and the Joint-Stock Companies whose operating resultsimpact on JMC’s net profit more than 10%

Unit: RMB’000

Acquisition and disposal of the subsidiaries

□Applicable ?Not Applicable

Description of the main holding and participating companiesThe changes in various data of Jiangling Ford Automotive Technology (Shanghai)Co., Ltd. are mainly due to the impact of the business adjustments of JianglingFord Automotive Technology (Shanghai) Co., Ltd.

10. Structured Entities Controlled by JMC

□Applicable ?Not Applicable

11. Outlook

I Industry DevelopmentDriven by the sustained vitality of macroeconomic policies, the steady emergenceof the "Two New" policy effects, and the continuous expansion of overseas marketcapacity, China's automotive market is expected to maintain a stable growthtrajectory in 2026. Total sales are projected to reach 34.75 million vehicles,representing a year-on-year increase of 1.0%. Among these, passenger vehiclesales are forecasted to reach 30.25 million units, up 0.5% year-on-year, whilecommercial vehicle sales are expected to hit 4.5 million units, reflecting a year-on-year growth of 4.7%. New energy vehicles will continue to experience rapid growth,with annual sales anticipated to reach 19 million units, achieving a year-on-yearincrease of 15.2%. Regarding automotive exports, growth expectations havemoderated due to uncertainties in the external environment, with sales projectedto reach 7.4 million units in 2026, representing a year-on-year growth of 4.3%.

II Company StrategyGuided by the development vision of "Connecting the World, Leading withIntelligent Mobility," the Company will adhere to the theme of high-qualitydevelopment, anchor on the three key directions of intelligent connectivity, newenergy, and globalization, and continuously enhance core competitiveness. Thiswill drive comprehensive improvements in operational quality, product mix, anddevelopment momentum. In the commercial vehicle segment, the Company willfocus on specialized scenarios such as urban logistics to accelerate the launchand upgrade of core products, continuously consolidate competitive advantages inmarket segments, and steadily enhance customer value. In the passenger vehiclesegment, the Company will target specific demands such as off-road driving tointroduce differentiated products and deliver exceptional customer experiences. Atthe same time, the Company will keep pace with trends in the automotive industryby accelerating the transition to new energy, increasing investment in research anddevelopment, and advancing technological and product innovation. In terms ofoverseas market expansion, the Company will further refine its local operationsand management capabilities, continuously improve its international marketingservice system and brand image, consolidate and expand export volumes in keycountries and regions, and cultivate export business as a new growth driver. TheCompany will comprehensively deploy technologies related to the "New Four"trends, continuously strengthen its presence in core areas such as new energyvehicles, intelligent connected vehicles, and autonomous driving, and build afuture-oriented, globally competitive business ecosystem through integrated andsynergistic development. Additionally, the Company will persistently advance itsdigital systems, leveraging data mining and demand analysis to continuously alignproduct design, manufacturing, delivery, and after-sales service with user needs,

thereby steadily improving operational efficiency and digital competitiveadvantages.

III Business PlanIn 2025, the Company achieved sales of 377 thousand vehicles and operatingrevenue of RMB 39.17 billion. Based on the actual operating performance in 2025and a comprehensive analysis of domestic and international economic conditions,the automotive industry, raw material markets, and national policies in 2026, theCompany has set its 2026 business targets: sales of 430 thousand vehicles andoperating revenue of RMB 42 billion.

The Company will adhere to strategic leadership, strengthen the implementationof its strategy, and continue to focus on making breakthroughs in three coredirections: intelligence, new energy, and global expansion. At the same time, it willcontinuously innovate marketing models, deepen private domain marketing, drivebrand upgrades and channel renovations, enhance customer loyalty through high-quality products and services, and steadily increase product sales. The Companywill persistently advance its product research and development capabilities,particularly in achieving technological breakthroughs in key core areas such asnew energy, intelligence, and software development. It will uphold a quality-firststrategy, promote the high-quality and efficient launch of new products,comprehensively enhance cost efficiency and reduce costs, continuously optimizeits cost structure, further improve the Company's operational level, and achievehigh-quality development. In 2026, the Company will focus on the following areas:

(1) Accelerating the development of intelligent capabilities and the enhancementof R&D capabilities. By achieving breakthroughs in platform-based technologiesand improving in-house R&D capabilities, the Company will build a new-generationintelligent architecture platform for vehicles covering multiple powertrain routes,thereby enhancing the versatility and scalability of its technologies. Focusing oncentral computing architecture, cockpit-driving integration, and full-scenariointelligent driving, the Company will tackle key areas such as service-orientedarchitecture, full-stack in-house OTA development, and the application of large AImodels. It will implement the core objectives of "high scalability, high commonality,high safety, and high cost-performance ratio" to accelerate the development of itsintelligent connected vehicle technologies. Guided by market demand, theCompany will uphold a quality-first strategy, continuously increase investment inproduct R&D, and focus on enhancing its reserve of R&D capabilities. It willsteadily advance product development, iteration, and upgrades, launchingprecisely customized and differentiated products for different usage scenarios tofurther enrich its product portfolio. By delivering high-performance, high-qualityproducts to meet market demand, the Company will enhance the all-aroundcompetitiveness of its products.

(2) Promoting the accelerated development of new energy vehicles. The Companywill pursue key breakthroughs in the new energy sector, accelerating the launch of

new energy commercial vehicle models featuring larger battery capacities andextended range for specific market segments such as logistics and passengertransport. By integrating key technologies and coordinating operations acrossmultiple business formats, the Company aims to achieve leapfrog growth in its newenergy business. In its new energy transport capacity operations, the Companywill deeply cultivate the urban delivery sector while simultaneously laying outrelated businesses such as used vehicles, battery-swapping light trucks, andunmanned vehicles. This will solidify an integrated transport capacity serviceecosystem. At the same time, the Company will strengthen asset risk control topromote the sustained and healthy development of the business.

(3) Further expanding overseas business. The Company will adhere to the "dual-brand + dual-channel" export strategy, enrich its product portfolio, andcontinuously enhance the competitiveness of its overseas products. At the sametime, the Company will conduct in-depth research on overseas markets, activelyexplore new markets, strengthen the promotion of new models and thedevelopment of localized overseas operational capabilities, improve thefundamental overseas brand system, enhance overseas brand management, andelevate the overseas brand image. Through initiatives such as pilot customerservice centers, promoting the Customer Satisfaction Index (CSI), signing off onservice channels, and empowering general agents, the Company will promote itsservice brand, continuously improve its overseas market service levels, andexpand its export scale.

(4) Deepening marketing innovation and transformation. The Company will adhereto a customer-centric approach, focus on market demand, and deeply cultivatespecific segments. JMC will concentrate on key markets and high-potential regions,driving channel deepening and reform through standardized measures such asrapid response mechanisms, dedicated teams, and the development of asecondary network. Through the refined and systematic operation ofcommunication matrices and innovative marketing initiatives, the Company willcontinuously expand its brand influence, deepen private domain marketing, andenhance customer loyalty. The Company will fully explore opportunities in the high-end hardcore off-road vehicle market, formulate a portfolio-based product mixmarketing strategy, fully leverage the combat effectiveness of newly addedchannel resources, and continue to promote an exclusive owner ecosystem tobuild sustained momentum for sales growth.

(5) Comprehensively advancing digital transformation and upgrading themanagement structure. The Company will leverage the value of data to empowerthe entire business chain, promoting a comprehensive transformation towardsdigital intelligence in areas such as production and R&D, and advancing theconstruction of an enterprise digital intelligence AI online platform. Through costcontrol across the entire chain and the activation of organizational talent, JMC willbuild a solid foundation for long-term development. Efforts will be focused ondriving cost reduction and efficiency enhancement across all areas including sales,

procurement, manufacturing, R&D, and management, deepening the awarenessof cost efficiency among all employees, further activating organizationalmomentum, and improving operational efficiency.

IV Potential Risks and SolutionsThe global economic recovery in 2026 is expected to be fraught with challengesand uncertainties, exacerbated by geopolitical tensions and shifts in trade policies,leading to increasingly intense and complex international competition. The CentralEconomic Work Conference has clearly emphasized the overarching principle of"pursuing progress while ensuring stability." The fundamental trend of the domesticeconomy's long-term positive growth remains unchanged. However, under thedual pressures of a strained macroeconomic environment and the reduction of newenergy vehicle subsidies, China's automotive market has fully entered a new cyclecharacterized by "stock competition" and "structural divergence." The continuousupgrading of new energy product structures and the intensifying industrycompetition pose significant challenges to the Company's operations. To maintainsteady and robust growth, the Company will focus on the following key areas:

(1) Market Competition and Shifts in Demand

Challenges and Risks: in 2026, the global economic landscape will continue toundergo adjustments, with geopolitical conflicts introducing significant uncertainty.Domestically, although incremental policies such as expanding domestic demand,promoting consumption, strengthening industries, and advancing reforms arebeing continuously implemented, the rising penetration rate of new energy vehicles,the accelerated development of intelligence and digitalization, and the furtherincrease in market concentration are intensifying industry competition. Thesefactors pose considerable challenges to the Company's operations.

Countermeasures: the Company will adhere to a customer-centric approach, baseits strategies on evolving customer demands and market conditions, andsteadfastly accelerate its strategic shift toward new energy vehicles. JMC willspeed up the transformation and upgrading of intelligence and digitalization,continuously explore new business growth areas, and seize opportunities in therapidly developing industry. At the same time, the Company will strengtheninnovation in marketing models, persist in deepening private domain marketing,drive brand upgrading, deepen channel reforms and market penetration, andcontinuously enhance the competitiveness of its products and services bymaintaining ongoing insights into market and customer needs.

(2) Industry Transformation and Technological Revolution

Challenges and Risks: the accelerated iteration of new energy and intelligentconnected vehicle technologies in the automotive industry, along with furtherstandardization of compliance requirements such as power consumption limits,battery safety, and intelligent driving regulations, has raised the industry'stechnological entry barriers. This places higher demands on the Company's R&Dcapabilities and management standards.

Countermeasures: The Company will focus on key technologies in the new fourmodernizations areas (electrification, intelligence, connectivity, and sharing), witha particular emphasis on breakthroughs in core technologies such as new energypowertrains, intelligent connectivity, and new platforms. JMC will enhance itshardware capabilities for product and technology R&D, build a talent team capableof independent core technology development, and continuously increase R&Dinvestment, especially in key core technology areas. The Company will furtherdeepen its digital transformation, strengthen collaboration with advanced domesticAI large-model enterprises, universities, and research institutions, and acceleratethe application of AI technology in practical business scenarios. These efforts aimto expedite the Company's development in electrification, intelligence, sharing, andconnectivity.

(3) Cost Competitiveness and Profitability

Challenges and Risks: amidst intensifying industry competition and a shift incustomer demand towards low costs and high cost-performance ratios, China'sautomotive industry as a whole is caught in a predicament of increasing revenuewithout profit growth. In 2025, the industry's average profit margin hit a new low,and the competitive landscape is expected to further intensify in 2026.Concurrently, factors such as persistently rising raw material market prices,shortages and sharp price increases in chip supply, and international tradedisputes, among other adverse supply chain factors, are further squeezing profitmargins. This puts pressure on the Company's product cost competitiveness andprofitability.

Countermeasures: the Company will focus on continuously promoting costreduction and efficiency enhancement, deepening marketing innovation andtransformation, and increasing product sales and service revenue. JMC willimplement a company-wide special initiative for cost reduction, promoting theoptimized allocation of resources across all areas including production,manufacturing, product R&D, procurement costs, sales, logistics, andmanagement. The goal is to improve the effectiveness of resource investment andoperational management efficiency. Through these concrete actions, theCompany aims to enhance its overall cost competitiveness and profitability, andgenerate ample cash flow to support its high-quality development.

12. External Research, Communication, and Media Interview to the Company?Applicable □Not Applicable

on the internetplatform

13. Development and implementation of the market value management systemand valuation enhancement planWhether the Company has a market value management system in place.

□Yes ?No

Whether the Company has disclosed plans for valuation enhancement.

□Yes ?No

14. Implementation of the action program "Double Enhancement of Quality andReturn"Whether the Company has disclosed the action plan of "Double Enhancement ofQuality and Return".

□Yes ?No

Chapter IV Corporate Governance Structure Environment and

Social

1. Status of the Corporate Governance in JMC

During the reporting period, the Company strictly abided by the Company Law, theSecurities Law, the Code of Corporate Governance for Listed Companies in China,the Rules Governing Listing of Stock on Shenzhen Stock Exchange, as well asrelevant laws and regulations, to carry out corporate governance activities andcontinued to improve its corporate governance.

Whether there are significant differences between the actual situation of corporategovernance in the company and the laws, administrative regulations and those ofregulations on corporate governance of listed companies promulgated by CSRC

□Yes ?No

There is no significant difference between the actual situation of corporategovernance in JMC and the laws, administrative regulations and those ofregulations on corporate governance of listed companies promulgated by CSRC.

2. Separation between JMC and the Controlling Shareholders and actual controllerin respect of Personnel, Assets and Finance, and Independence concerningOrganization and Business:

(1) With respect to personnel matters, the positions of chairman and president areheld by different individuals; JMC’s senior management do not hold positions otherthan director positions with its controlling shareholders; JMC senior managementpersonnel are paid by JMC; labor, personnel matters and compensationmanagement of JMC are completely independent.

(2) With respect to assets, JMC assets are complete. The assets utilized by JMC,including production system, supporting production system and peripheral facilities,and non-patent technology, are owned and/or controlled by JMC.

(3) With respect to finance, JMC has an independent finance department andindependent accounting system, and has a uniform and independent accountingsystem and financial control system for its branches and subsidiaries. JMC has itsown bank accounts, and there are no bank accounts jointly owned by JMC and itscontrolling shareholders. JMC pays taxes independently in accordance withrelevant laws.

(4) With respect to organization, JMC’s organization is independent, complete andscientifically established with a sound and efficient operating mechanism. Theestablishment and the operation of JMC’s corporate governance are strictly carriedout per the Articles of Association of JMC. Production and administrativemanagement are independent from the controlling shareholders. JMC hasestablished an organization structure that meets the need for ongoing development.

(5) With respect to business, JMC has independent purchasing, production andsales systems. The purchasing, production and sales of main materials andproducts are carried out through its own purchasing, production & sales functions.JMC is independent from the controlling shareholders in respect to its business, andhas independent and complete business and self-sufficient operating capability.

3. Horizontal Competition

□Applicable ?Not Applicable

4.Directors and senior managers

(1) Basic information

Whether there are any outgoing Directors and Supervisors and the dismissal ofsenior management personnel during the reporting period??Yes □NoPlease refer to " Changes of Directors and Senior Management"

Changes of Directors and Senior Management?Applicable □Not Applicable

(2). Employment

The current Directors and Senior Executives’ professional background, mainworking experience and main responsibilities in the Company:

Directors:

Mr. Qiu Tiangao, born in 1966, holds a Bachelor Degree in MechanicalManufacturing and a Master Degree in Industrial Engineering from HuazhongUniversity of Science and Technology, and is Chairman of JMCG, Chairman ofNanchange Jiangling Investment Co., Ltd., Chairman of JMC, Chairman of JiangxiISUZU Co., Ltd., and Chairman of JMCG New Energy Vehicle Co., Ltd. Mr. QiuTiangao held various positions including General Manager, Chairman of NanchangGear Co., Ltd., Chairman of Jiangxi JMCG Gear Co., Ltd., Vice President ofJiangling Motor Holdings Co., Ltd., and Director & General Manager of JMCG.

Mr. Shengpo Wu, born in 1966, holds a Bachelor’s Degree in Thermal EnergyEngineering from Tsinghua University in Beijing and Master’s Degrees inMechanical Engineering and Information Management, respectively, from theUniversity of Nebraska-Lincoln and the Keller Graduate School of Management ofDeVry University, and is a Group Vice President of Ford, President and ChiefExecutive Officer of Ford China and International Markets Group, Chairman andPresident & Chief Executive Officer of Ford Motor (China) Ltd., Vice Chairman ofJMC, and Vice Chairman of Changan Ford Automobile Co., Ltd. Mr. Shengpo Wuheld various positions including Vice President and Regional General Manager forHoneywell Process Solutions in Greater China, President and CEO of Osram’s

Asia-Pacific business, President, Asia Pacific, and a member of the GlobalExecutive Committee for Whirlpool Corporation.

Mr. Ryan Anderson, born in 1973, holds a Bachelor’s Degree in Economics fromUniversity of Chicago and a Master’s Degree in Business Administration fromUniversity of Michigan - Ann Arbor, and is Director and CFO of Ford Motor (China)Ltd., a Director of JMC, a Director of Changan Ford Automobile Co., Ltd., a Directorof Fuqi Trading (Shanghai) Ltd., Chairman of Ford Motor Sales Service (Shanghai)Co., Ltd., and a Director of Ford Model e Technology (Nanjing) Co., Ltd. Mr. RyanAnderson has held various positions including Treasurer of Ford Europe, ProductDevelopment Controller, Marketing & Sales Controller of Ford Asia Pacific, Directorof Corporate Financial Planning and Analysis for Ford Motor Company.

Mr. Yuan Mingxue, born in 1968, holds a Bachelor’s Degree in Auto Engineeringfrom Beijing Institute of Technology and an EMBA from China Europe InternationalBusiness School, and is Chief Expert of Chongqing Chang’an Automobile CompanyLimited, Senior Consultant of Chairman business team, Chief Representative inEurope, and a Director of JMC. Mr. Yuan Mingxue has held various positionsincluding Assistant to the President of Chang’an Auto and Executive Vice Presidentof Jiangling Holdings Limited Company, Assistant to the President and Director ofStrategy Planning Department for Chang’an Auto, Assistant to the President andDirector of Overseas Development Department for Chang’an Auto, deputySecretary of the Party Committee, Vice President, Executive Vice President,Chairman of the Labor Union for Chang’an Auto.

Ms. Xiong Chunying, born in 1964, senior engineer, holds a Bachelor Degree inAutomobile Engineering from Jiangsu Engineering College, a Master Degree inIndustrial Economics from Jiangxi University of Finance and Economics and anEMBA Degree from China Europe International Business School, and is Directorand President of JMC, and a Director of Ford Motor Sales Service (Shanghai) Co.,Ltd. Ms. Xiong Chunying held various positions including Chief of QualityManagement Department, Assistant to the President, Vice President, ExecutiveVice President, a Director for JMC.

Ms. Zhong Junhua, born in 1976, graduated in Financial Accounting from School ofManagement, Shijiazhuang Tiedao University, holds a Bachelor’s Degree inEconomics and a MBA Degree, Certified Public Accountant, Senior Accountant, andis a Director of Nanchang Jiangling Investment Co., Ltd., and Director & EVP ofJMC, an Executive Director & General Manager of Jiangling Motor Sales Co., Ltd.,Chairman of Jiangling Ford Automobile Technology (Shanghai) Co., Ltd., in chargeof marketing sales & service, and assist the President to manage the Company. Ms.Zhong Junhua held various positions including chief of Assets and FinanceDepartment for JMCG, Chairman of JMCG Finance Co., Ltd., General Manager,Chairman of Nanchang Jiangling Dingsheng Investment Management Co., Ltd.,Vice General Manager of JMCG, Chairman of Jiangxi JMCG Specialty Vehicles Co.,Ltd., Chairman of Jiangxi Jiangling Group Special Vehicle Co., Ltd., and a Directorof JMCG,

Mr. Yu Zhuoping, born in 1960, holds a Bachelor's Degree in MechanicalEngineering and a Master's degree in Mechanical Engineering from TongjiUniversity and a Doctor's Degree in Automotive Engineering from Tsinghua

University, and is Director of Collaborative Innovation Center for Intelligent EnergyVehicles of Tongji University, Chairman of Tongji Automobile Design and ResearchInstitute Co., Ltd., Chairman and General Manager of Shanghai Intelligent NewEnergy Vehicle Science and Technology Innovation Function Platform Co., Ltd., aCounsellor of Shanghai Municipal People's Government, a Deputy Chief Supervisorof China Society of Automotive Engineers, an Independent Director of JMC, anIndependent Director of Ningbo Shenglong Automotive Powertrain System Co., Ltd.,an Independent Director of Huayu Automotive Systems Co., Ltd. Mr. Yu Zhuopingheld various positions including Director of School of Mechanical Engineering,Executive Deputy Director of New Energy Vehicle Engineering Center, ExecutiveVice Dean, Dean of School of Automotive Studies for Tongji University, andAssistant to the President of Tongji University.

Mr. Chen Jiangfeng, born in 1979, holds a Bachelor’s Degree and Master’s Degreein Law from International Law Department, Foreign Affairs College, and is SeniorDeputy General Counsel & Executive Director of Gilead (Shanghai) PharmaceuticalTechnology Co., and an Independent Director of JMC. Mr. Chen Jiangfeng has heldvarious positions including Legal Counsel of Ford Motor (China) Ltd., Legal Counselof Ford Motor Research & Engineering (Nanjing) Co., Ltd./ Chang’an Ford MazdaAutomobile Corporation, Ltd., Nanjing Company/Chang’an Ford Mazda EngineCompany, Ltd., Senior Legal Counsel & Compliance Officer of Ford Asia Pacific &Africa, Senior Legal Counsel of BMW China Automotive Trading Ltd., and Memberof China Country Council, Head of legal, Director, Merck Healthcare China.

Ms. Wang Yue, born in 1978, holds a Bachelor’s Degree in Accountancy fromHenan University, a Master’s Degree in Accountancy from Zhongnan University ofEconomics and Law, and a Doctor’s Degree in Accountancy from ShanghaiUniversity of Financial and Economics, and is a Professor of School of Accountancyfor Shanghai University of Financial and Economics, an Independent Director ofJMC, an Independent Director of Shanghai Chemspec Corporation and anIndependent Director of Shanghai Dearer Medical Equipment Co., Ltd.. Ms. WangYue has served as Research Assistant at The Hong Kong Polytechnic Universityand China Europe International School, during 2012~2013, served as VisitingScholar at Zimmerman Center for University of Illinois at Urbana-Champaign. during2023~2024, served as visiting scholar at the Newcastle University Business Schoolin the United Kingdom.

Mr. Chen Ping, born in 1965, holds a Bachelor’s degree in Radio Technology fromZhejiang University and an EMBA from China Europe International Business School(CEIBS), is a recipient of the State Council’s Special Government Allowance. Hecurrently serves as a Director of Shanghai Electrical Apparatus Research Institute(Group) Co., Ltd., a Director of Jiangsu Luokai Electromechanical Co., Ltd., aDirector of Shanghai Hi-Tech Control System Co., Ltd., Chairman of ShanghaiDianke Venture Capital Co., Ltd., a Director of Shanghai Electric Power ResearchInstitute Technology Co., Ltd., and a Director of Shanghai Seari Intelligent SystemCo., Ltd. He also holds dual roles as Supervisor of Shanghai Association for Quality,Supervisor of Shanghai Invention Association, Chairman of Shanghai YangtzeRiver Delta Advanced Manufacturing Development Research Institute andIndependent Director of JMC. His career includes serving as Vice President,President, Chairman, and Party Secretary of Shanghai Electrical ApparatusResearch Institute (Group) Co., Ltd. Mr. Chen Ping has been honored with the First

Prize of Shanghai Municipal Science and Technology Progress Award by theShanghai Municipal People's Government and the Second Prize of NationalScience and Technology Progress Award by the State Council.

Mr. Liu Niansheng, born in 1967, holds a Bachelor’s Degree in Forging Technologyand Equipment from Jiangxi Industry University and Postgraduate degree inEconomics and Management from Renmin University of China. He currently holdsthe positions of Employee Representative Director and Chairman of the TradeUnion at JMC. He has served as Deputy Director of the Chassis Plant at JMC,Deputy County Governor of Boyang County in Jiangxi Province, Deputy Director ofthe Manufacturing Department, Director of the Chassis Plant, Director of the TransitPlant and Assistant President of JMC.

Senior management:

Ms. Xiong Chunying, please refer to the part of Directors for her resume.

Ms. Zhong Junhua, please refer to the part of Directors for her resume.

Mr. Ding Wenmin, born in 1972, holds a Bachelor’s Degree in Automobile Exertionfrom Wuhan University of Technology, and is an Executive Vice President of JMC,in charge of the Company's product research and development. Mr. Ding Wenminheld various positions including Deputy Chief of Product Development Center, Chiefof Product Planning & Program Management Department, and Assistant to thePresident for JMC, Vice President of JMC, and a Director of JMCG.

Ms. Li Weihua, born in 1977, holds a Bachelor’s Degree in International EconomicLaw from Shanghai University of Finance and Economics and a MBA from CanadaYork University Schulich School of Business, and is CFO of JMC, a Director ofJiangling Ford Automobile Technology (Shanghai) Co., Ltd. Ms. Li Weihua has heldvarious positions including Finance Analyst of Ford China, Finance Analyst, andFinance Manager of Ford Motor Research & Engineering (Nanjing) Co., Ltd., MFGFinance Manager, PD Finance Manager, MFG Finance Controller, and PD FinanceController for C and C SUV of Ford AP, CFO of Ford Lioho, CFO of JMC, FinancialVice President of Changan Ford Automobile Co., Ltd., and a Director of HanonSystems (Nanchang) Co., Ltd.

Mr Eric Hermann, born in 1964, holds a Bachelor’s Degree in EngineeringMechanical and a Master’s Degree in Engineering Mechanical from University ofMichigan, and is a Vice President of JMC, in charge of the Company's productresearch and development. Mr. Eric Hermann held various positions in Ford MotorCompany including Light Truck Exhaust Design Engineer, Vehicle NVH Supervisor,VE Launch Leader, Exhaust, AIS & Clutch Supervisor, AIS, Cooling, Exhaust & CAEManager, BoF Cooling & Mounts Manager, Unibody Exhaust & AIS Manager, andGlobal AIS Manager, as well as the Director of Powertrain Engineering Departmentand Assistant President for JMC.

Mr. Wu Xiaojun, born in 1974, holds an Automobile Design Bachelor’s Degree fromWuhan University of Technology and a MBA from Jiangxi University of Finance andEconomics, and is a Vice President of JMC, CEO of New Energy Division for JMC,Executive Director and General Manager of Jiangling Heavy Vehicle Co., Ltd., incharge of the new energy business of commercial vehicles for the Company. Mr.

Wu Xiaojun held various positions including Chief of Quality Department, Assistantto the President for JMC, and Executive Deputy General Manager of JMC HeavyDuty Vehicle Co., Ltd.

Ms. Xu Lanfeng, born in 1969, holds a Bachelor’s Degree in Forging Technologyand Equipment from Jiangxi Industry University and a MBA from University ofInternational Business and Economics, and is a Vice President and the BoardSecretary of JMC, in charge of the Company’s human resources and relevant dutiesof Board Secretary. Ms. Xu Lanfeng held various positions in JMC including DeputyPlant Manager of Framing Plant, Deputy Chief, Chief of Manufacture Departmentand Assistant to the President for JMC.

Ms. Wu Jiehong, born in 1976, holds a Bachelor’s Degree in Finance Managementfrom Nanchang University and a MBA from Jiangxi University of Finance andEconomics, and is a Vice President of JMC, in charge of the strategic developmentof the Company and assist the CFO to support the financial work. Ms. Wu Jiehongheld various positions including Assistant to the Chief of Financial Department,Chief of Internal Audit Office, and Chief of Financial Department for JMC, FinanceManager for Ford APA, Chief of Planning Department, and Assistant to thePresident for JMC.

Mr. Zeng Fafa, born in 1978, holds a Bachelor's Degree in Automotive Engineeringfrom Nanchang University, China, and is a Vice President of JMC, in charge ofmanufacturing business. Mr. Zeng Fafa held various positions including DeputyDirector of Quality Control Department, Director of New Model Program Department,Director of Quality Control Department, Director of Quality Control & New ModelProgram Department, Director of Manufacture Department, and an Assistant to thePresident for JMC.

Mr. Sam Lo, born in 1979, holds a Bachelor's Degree in Mechanical Engineeringfrom National Taiwan University of S&T, China, a Master's degree in MechanicalEngineering from National Taiwan University, China, and is a Vice President of JMC,in charge of manufacturing business of the Company. Mr. Sam Lo held variouspositions including Welding Area Manufacturing Engineer, Craft Engineer,Production Superintendent and ME Manager of Ford Lio Ho Motor Company,VOME Implementation Body Manager and Final Assembly Manager of Ford Asia &Pacific, Body Area Manager Advisor of Changan Ford Motor Co., Ltd. Harbin Branch,Plant Launch Manager and Plant Manager of Changan Ford Motor Co., Ltd.Hangzhou Branch.

Mr. Chen Lei, born in 1979, holds a Bachelor's degree in Electrical Automation fromJiangsu University of Science and Technology and an MBA degree from NanjingUniversity of Aeronautics and Astronautics, is a Vice President of JMC, in charge ofprocurement. Mr. Chen Lei has served as the Director of Supplier TechnicalAssistance (STA) and Electrified Propulsion Engineering (EPE) Supply Chain forFord China, EPE Supply Chain Director for Ford China’s EV Business, STA Directorfor Ford China, STA Director for Changan Ford, and the Senior Manager ofElectrical STA for Ford Asia Pacific.

Positions at the shareholder entities?Applicable □Not Applicable

Positions in other entities?Applicable □Not Applicable

Name

Penalties from securities regulator to the present and resigned Directors,Supervisors and Senior Executives in the recent three years

□Applicable ?Not Applicable

(3). Compensation of Directors and Senior Executives

Decision-making procedure, determination of basis, and actual payment regardingthe compensation of the Directors and Senior Executives

Directors who did not concurrently hold other management positions in JMC werenot paid by JMC. Director Qiu Tiangao is paid by JMCG. Director Shengpo Wu andDirector Ryan Anderson were paid by Ford. Director Yuan Mingxue was paid byChongqing Chang’an Automobile Co., Ltd.

(a) In accordance with JMC Executive Compensation Scheme approved by theBoard of Directors, the compensation for the Chinese-side senior managementconsists of base salary and floating bonus. The base salary level is determinedaccording the grade of the senior executives, and the floating bonus shall be paidaccording to the operating performance. 70% of the bonus will be distributed in thisyear, and the rest 30% will be distributed in the next three years. In 2025, theCompany paid annual compensation before tax of approximately RMB 1,500thousand to EVP Zhong Junhua, paid approximately RMB 1,810 thousand to EVPDing Wenmin, paid approximately RMB 1,650 thousand to VP Wu Xiaojun, paid

approximately RMB 1,660 thousand to VP & Board Secretary Xu Lanfeng, paidapproximately RMB 1,690 thousand to VP Wu Jiehong, paid approximately RMB1,660 thousand to VP Zeng Fafa. The total compensation before tax paid by JMCfor the aforesaid persons was about RMB 9.97 million in the reporting period,including the long-term incentive of RMB 830 thousand deferred from the previousyears.

(b)JMC pays annual compensation for Ford-seconded senior managementpersonnel to Ford in accordance with the Personnel Secondment Agreement signedbetween JMC and Ford & Ford Affiliates. In 2025, the Company should payapproximately RMB 1,100 thousand to Ford for Director and President XiongChunying, pay approximately RMB 180 thousand for CFO Li Weihua, pay US$ 500thousand for VP Eric Hermann, pay RMB 1,100 thousand for VP Sam Lo, pay RMB1,100 thousand for VP Chen Lei, and paid annual compensation before tax ofapproximately RMB 960 thousand to Ex-CFO Joey Zhu, pay RMB 3,150 thousandfor Ex-VP Anderson Liu, These payments made by JMC to Ford do not reflect theactual salaries earned by Ford-seconded senior management.

(c) Pursuant to the resolutions of JMC 2011 Annual Shareholder’s Meeting, theannual compensation for the JMC Independent Directors is RMB 100 thousand perperson, and JMC bears their travel-related expenses associated with JMC’sbusiness. In 2025, the Company paid annual compensation before tax of RMB 100thousand to Independent Director Yu Zhuoping, Independent Director ChenJiangfeng, and Independent Director Wang Yue respectively.

Table on compensation of the Directors and Senior Executives in the reportingperiod

Unit: RMB’ 000

*See the instructions in the previous paragraph.# Liu Niansheng was appointed as the Employee Representative Director of the Company onDecember 30, 2025.

Explanation of Other Situations

□Applicable ?Not Applicable

5. Directors’ Performance of Duty

(1) Particulars about the Directors’ attendance to the Board meeting and theShareholders’ Meeting

Name

Statements on failure to attend Board meetings in person for two consecutiveoccasionsNone.

Chen Ping was appointed as an Independent Director of the Company onDecember 30, 2025, and Liu Niansheng was appointed as the EmployeeRepresentative Director of the Company on December 30, 2025.

(2) Dissent from Directors

□Yes ?No

The Directors of the Company had no dissent to the relevant proposals of theCompany in the reporting period.

(3) Other introduction to Directors’ Performance of Duty

Whether the Directors' suggestions on the Company have been adopted?Yes □NoStatement of the adoption or not of the Directors’ suggestions on the CompanyAll the Directors of the Company fulfill their duties diligently, actively pay attentionto the Company’s management information, financial situation, and major issues,make a thorough study and discussion on the proposals submitted to the Board ofDirectors and put forward their respective opinions, make recommendations for theCompany's business development, fully consider the interests and demands ofminority shareholders while making decisions, which strengthens the scientific ofthe Board’s decision, and promotes the sustainable, stable and healthydevelopment of the Company’s operation.

6. Situation of the Committees under the Board of Directors in the Reporting Period

(1) Audit Committee

Members:

Chairman: Wang YueMember: Ryan Anderson, Yuan Mingxue, Yu Zhuoping, Chen JiangfengSecretary: Li Weihua

The number of meetings held in the reporting period: nine.

The first Audit Committee meeting of 2025 was convened on January 17,2025. Meeting contents:

Reviewed the 2024 Annual Financial and Accounting Statements of JMC, andwould review the Company's financial and accounting statements again after theauditor forms the preliminary audit opinions.

Important comments and suggestions made: None.

Other performance of duties: None.

Details of the objection to matter: None.

The second Audit Committee meeting of 2025 was convened on February 28,2025. Meeting contents:

Reviewed the Company's financial report after the certified auditor issued itsinitial audit opinions.

Important comments and suggestions made: None.

Other performance of duties: None.

Details of the objection to matters: None.

The third Audit Committee meeting of 2025 was convened on March 13, 2025.Meeting contents:

1. Reviewed the Ernst & Young Report;

2. Reviewed the 2024 Financial Report audited by the auditor and agreed tosubmit it to the Board of Directors for approval;

3. Reviewed the Evaluation of the Auditor’s Performance in 2024 and thePerformance of the Audit Committee’s Supervision Responsibilities;

4. Reviewed the 2024 Internal Control Self-Evaluation Report and agreed tosubmit it to the Board of Directors for approval;

5. Reviewed the Audit Committee Performance Report and agreed to submit itto the Board of Directors for approval;

Important comments and suggestions made: None.

Other performance of duties: None.

Details of the objection to matters: None.

The forth Audit Committee meeting of 2025 was convened on April 18, 2025.Meeting contents:

Reviewed the First Quarter FY2025 Financial Accounting Statements andagreed to submit this proposal to Board of Directors for approval.

Important comments and suggestions made: None

Other performance of duties: None.

Details of the objection to matters: None.

The fifth Audit Committee meeting of 2025 was convened on June 24, 2025.Meeting contents:

1.Reviewed the Internal Control Work Report for the first half of 2024 and theWork Plan for the second half of 2024;

2. Reviewed the Ernst & Young Report.

Important comments and suggestions made: None

Other performance of duties: None.

Details of the objection to matters: None.

The sixth Audit Committee meeting of 2025 was convened on August 13,2025. Meeting contents:

Reviewed the First Half FY2025 Financial Accounting Statements and agreedto submit this proposal to Board of Directors for approval.Important comments and suggestions made: NoneOther performance of duties: None.Details of the objection to matters: None.

The seventh Audit Committee meeting of 2025 was convened on October 14,2025. Meeting contents:

Reviewed the First Quarter FY2025 Financial Accounting Statements andagreed to submit this proposal to Board of Directors for approval.

Important comments and suggestions made: None

Other performance of duties: None.

Details of the objection to matters: None.

The eighth Audit Committee meeting of 2025 was convened on October 16,2025. Meeting contents:

Approved Mr. Joey Zhu would no longer serve as the Company's CFO, andappointed Ms. Li Weihua as the Company's CFO, and agreed to submit it to theBoard for approval.

Important comments and suggestions made: None

Other performance of duties: None.

Details of the objection to matters: None.

The ninth Audit Committee meeting of 2025 was convened on December 19,2025. Meeting contents:

1.Reviewed the Ernst & Young Report;

2.Reviewed the Year 2025 Assets Impairment Provision Report and agreed tosubmit it to the Board for review;

3.Reviewed and approved the 2025 annual financial report audit timing plan;

4.Reviewed the 2025 Internal Control Work Report and approved the InternalAudit Work Plan for 2026.

Important comments and suggestions made: None

Other performance of duties: None.

Details of the objection to matters: None.

(2) Compensation Committee

Members:

Chairman: Chen Jiangfeng

Member: Qiu Tiangao, Ryan Anderson, Yu Zhuoping, Wang Yue

Secretary: Xu Lanfeng

The number of meetings held in the reporting period: one.

A Compensation Committee meeting was convened on March 13, 2025.Meeting contents:

1. Reviewed and approved the Proposal on 2024 Year-end Bonus for theCompany’s senior executives;

2. Reviewed and approved the adjustment of the annual total cash incometarget of the Company’s senior executives in 2025;

3. Reviewed and approved the KPIs for the Company’s senior executives in2025;

5. Reviewed and approved the 2024 Due Diligence Report of theCompensation Committee.Important comments and suggestions made: None.Other performance of duties: None.Details of the objection to matters: None.

(3) Strategy Committee

Members:

Chairman: Qiu Tiangao

Member: Shengpo Wu, Ryan Anderson, Yuan Mingxue, Xiong Chunying,Zhong Junhua

Secretary: Wu Jiehong

The number of meetings held in the reporting period: one.

A Strategy Committee meeting was convened on December 19, 2025.Meeting contents:

Review the Company's "Fifteenth Five-Year Strategic Plan."

Important comments and suggestions made: None.

Other performance of duties: None.

Details of the objection to matters: None.

8. Works of Audit Committee

Risks found by the Audit Committee in the reporting period

□Yes ?No

The Audit Committee had no dissent on inspection items in the reporting period.

9. Employees

(1) Employees, Professional Structure and Educational Level

(2) Compensation Policy

JMC strictly abided by the relevant requirements of national labor laws andregulations, and provided safe and comfortable work places. The Company alsoestablished and improved the incentive system that can effectively help therealization of the Company’s strategy and targets, based on the characteristics ofthe business and talents. The Company promoted the multi-talent incentive systemwith orientation on value, ability and contribution, so as to accelerate the growth ofnew automobile talents. The Company also strengthened the connection betweenpersonal interests of core talents and the company's medium and long-termstrategic goals, thus driving the achievement of business objectives. At the sametime, the Company constantly improved employee welfare policies to meet thediversified individual needs of employees and improve the employees’ experienceand satisfaction.

(3) Training

By conducting training needs surveys for all employees and building a differentiatedtalent development and empowerment system, the Company continuously providesemployees with comprehensive and diverse learning opportunities, encouragingand supporting them to pursue continuous, efficient, and lifelong learning. In 2025,closely aligned with industry development trends, the Company strategicallyfocused on two core areas: "Artificial Intelligence" and "Global Talent for OverseasExpansion." This forward-looking approach aims to achieve a dual enhancement oforganizational effectiveness and employees' core competitiveness. In terms ofdigital and intelligent transformation, the Company launched a series of AIempowerment initiatives, helping employees master cutting-edge AI tools throughsystematic training, driving the evolution of work models from traditional to intelligent,and stimulating individual innovation. In terms of globalization, tailored trainingprograms were developed to support the Company's overseas expansion strategy,including cross-cultural communication, localized operations, and overseas legalcompliance, cultivating comprehensive talent with an international perspective tosupport the Company's global business expansion. At the same time, the Companycontinued its partnership with Tongji University for the specialized cultivation ofhigh-level talent, leveraging postdoctoral workstations at universities such asNanchang University to deepen the integration of industry, academia, and research,continuously expanding the depth and breadth of university-industry cooperation.

The Company leverages multi-path synergies to continuously advance its "NewFour Modernizations" talent development program while keenly seizingopportunities presented by AI transformation and globalization. By buildingdiversified growth platforms for employees across different business sectors, it notonly helps individuals achieve their career aspirations but also fully fulfils itsresponsibility as an engine of social innovation.

(4) Labour outsourcing

□Applicable ?Not Applicable

9. Profit distribution and capital reserve conversion

Establishment, implementation or adjustment of profit distribution policy, esp. cashdividend distribution policy, regarding common stock during the reporting period?Applicable □Not ApplicableIn accordance with the requirements of laws, regulations and the Articles ofAssociation of the Company, the Company's profit distribution policy maintainscontinuity and stability, and the Company pays attention to the reasonable return toinvestors. The Company gives priority to cash dividend, and subject to theprovisions of laws, regulations and the Articles of Association of the Company, theBoard of Directors can put forward a mid-term or special profit distribution proposal.The Company's profit distribution policy is in line with the CSRC's guidance onencouraging cash dividends for listed companies.

The Company made a profit during the reporting period and the profit of the parentcompany distributable to the common shareholders is positive, but a distributionplan of cash dividends for the common shares is not put forward

□Applicable ?Not Applicable

Proposal on Year 2025 Profit Distribution Plan or Capital Reserve Conversion?Applicable □Not Applicable

Stock dividend (share) for every 10 shares

10. Implementation of Equity Incentive Plan, Employee Stock Ownership Plan andOther Employee Incentive Method

□Applicable ?Not Applicable

There was neither equity incentive plan or ESOP, nor other employee incentivemethod during the reporting period.

11. Internal control system construction and implementation during the reportingperiod

(1) Internal control construction and implementation

According to the requirements of the Basic Standard for Enterprise Internal Control(C-SOX) along with its Application Guidelines and Internal Control Guidelines forPublic Companies listed on the Shenzhen Stock Exchange jointly issued by theMinistry of Finance and China Security Regulation Commission, the Company hasestablished a set of sound and effective internal control system, and at the sametime, combined with the internal and external environment, internal institutions andmanagement requirements, so as to make the internal control system designscientific, simple, applicable and effective operation.

The Company has reasonably planned the organizational structure, and establisheda control structure with the full participation of the Audit Committee, ExecutiveCommittee, senior management and business level under the leadership of theBoard of Directors. The company has established a "Three Lines of Defense"internal control system: First Line: Various business/functional departments directlyidentify and manage risks in daily operations, assuming primary responsibility.Second Line: Risk management/compliance departments such as Legal, Quality,and Safety formulate policies, supervise, coordinate, and provide professionalsupport. Third Line: The Audit Committee has an audit department, whichsupervises and evaluates the operation of the Company's internal control systemthrough internal audit.

Through the operation, analysis and evaluation of the internal control system, theCompany has effectively prevented the risks in the operation and management, andpromoted the realization of the internal control objectives.

This year, the Company's internal control can cover the main aspects of theCompany's operation and management without major omissions; the units,businesses and matters and high-risk areas included in the evaluation scope coverthe main aspects of the Company's operation and management without majoromissions.

(2) Major defect of internal control in the reporting period

□Yes ?No

12.The Company's management control over the subsidiaries during the reportingperiod

□Applicable ?Not Applicable

During the reporting period, the Company has not purchased new subsidiaries.

13. Internal Control Self-Assessment Report or Internal Control Audit Report

(1) Internal Control Self-Assessment Report

(2). Internal Control Audit Report

?Applicable □Not Applicable

Abnormal opinion issued by the accounting firm

□Yes ?No

Whether the Opinion issued by the accounting firm keeps the same with that of self-assessment report made by the Board??Yes □NoWhether a non-standard audit opinion on internal control was issued during thereporting period or the previous year.

□Yes ?No

14.Situation of Problem Rectification for the self-inspection of the special action forthe governance of listed companies

After the Company's self-inspection, the Company’s overall compliance operationwas found to be in order and no rectification was found.

15. Environmental Information Disclosure Status

Whether the listed company and its major subsidiaries are included in the list ofenterprises required to disclose environmental information in accordance with thelaw.?Applicable □Not Applicable

Minor Deficiency: All the deficienciesthat don’t meet the quantitativecriteria for significant

Opinions in the Internal Control Audit Report

2. Nanchang Industrial Solid Waste Regulatory

Platformhttp://117.40.240.237:10086/index.jsp

3. Credit China

https://www.creditchina.gov.cn/

16. Corporation Social Responsibilities

Details are contained in the Company's Environmental, Social and Governance(ESG) Report, which was disclosed on March 28, 2026.

17. The consolidation and expansion of poverty alleviation achievements and ruralrevitalizationJMC actively fulfils its corporate social responsibility by fully participating in ruralrevitalization. Through diversified cooperation models and empowerment initiatives,the Company contributes solid strength to building a new pattern of urban-ruralintegration and common prosperity.

The Company continues to use "consumption assistance" as a key entry point,deepening the model of "industrial chain collaboration + public welfareempowerment." This year, the Company precisely connected with and procured avariety of high-quality agricultural products through the "purchase instead ofassistance" approach, including yellow peaches from Luoyang Village, SuichuanCounty, Jiangxi Province and Xinfeng navel oranges, with a cumulativeprocurement volume exceeding 24,000 units, totalling RMB 1.38 million. Thiseffectively supported the stable development of rural specialty industries andstimulated the endogenous momentum of the local economy.

In 2025, JMC once again donated RMB 2 million to build 13 convenient bridges inYongshun County of Hunan Province, Ningdu County of Jiangxi Province, andXinfeng County of Jiangxi Province. The “JMC Xiqiao Project”, initiated in 2007 bythe China Foundation for Rural Development and Jiangling Motors Corporation, Ltd.,has adhered to the mission of "Building Rural Bridges, Connecting RevitalizationRoads" for nearly 20 years. By the end of 2025, JMC has invested over RMB 43.9million in the project, donating and constructing 465 bridges across 132 counties in25 provinces (municipalities and autonomous regions), benefiting nearly 700,000rural residents in underdeveloped areas.

Chapter V Major events

1. Commitments

(1) Commitments of actual controlling parties, shareholders, related parties,acquirers and the Company finished in the reporting period or overdue unfinishedby the end of the reporting period

□Applicable ?Not Applicable

There is no commitment of actual controlling parties, shareholders, related parties,acquirers and the Company finished in the reporting period or overdue unfinishedby the end of the reporting period.

(2) Earnings forecast of the assets or project and the explanations

□Applicable ?Not Applicable

(3) The company is involved in performance commitments.

□Applicable ?Not Applicable

2. Non-operating funding in the Company occupied by controlling shareholder andits affiliates

□Applicable ?Not Applicable

There was no non-operating funding in the Company occupied by controllingshareholder and its affiliates.

3. Illegal outside guarantee

□Applicable ?Not Applicable

The Company had no illegal outside guarantee during the reporting period.

4.The Board's explanation of the situation related to the latest "non-standard auditReport"

□Applicable ?Not Applicable

5. Explanation of the Board of Directors, Supervisory Board and IndependentDirectors to abnormal opinions from accounting firm

□Applicable ?Not Applicable

6. Description of changes in accounting policies, accounting estimates, or correctionof major accounting errors compared to the financial report of the previous year

□Applicable ?Not Applicable

The Company had no changes in accounting policies, accounting estimates, ormaterial accounting error corrections during the reporting period.

7.Description of changes in the scope of consolidated statements as comparedwith the financial statements of the previous year

□Applicable ?Not Applicable

There was no change in the scope of the consolidated statements during thereporting period.

8. Appointment or Dismissal of Accounting Firm

Current appointed accounting firm

Dismissal of accounting firm

□Yes ?No

Appointment of C-SOX auditor, financial consultant or sponsor?Applicable □Not ApplicableUpon the approval of 2024 Third Special Shareholders’ Meeting, JMC appointedErnst & Young Hua Ming LLP as JMC’s 2024 to 2026 C-SOX auditor. In 2025, JMCpaid RMB 430 thousand to Ernst & Young Hua Ming LLP for the C-SOX audit.

9. Suspension and Termination of Listing after Annual Report Disclosed

□Applicable ?Not Applicable

10. Related Matters regarding Bankruptcy

□Applicable ?Not Applicable

There was no matter involving bankruptcy during the reporting period.

11. Major Litigation or Arbitration

□Applicable ?Not Applicable

There was no major litigation or arbitration during the reporting period.

12. Punishment

□Applicable ?Not Applicable

Neither JMC nor its Directors or senior management were punished by regulatoryauthorities during the reporting period.

13. Honesty and credit of JMC and its controlling shareholder or actual controllingparty

□Applicable ?Not Applicable

14. Major Related Transactions

(1) Routine related party transactions

Please refer to the Note 8 related party transactions of the notes to the consolidatedfinancial statements in the Chapter VIII Financial Statements for details.

(2) Major related party transaction concerning transfer of assets or equity

□Applicable ?Not Applicable

There was no major related party transaction concerning transfer of assets orequity in the reporting period.

(3) Related party transaction concerning outside co-investmentPlease refer to the details in Section VI, "17. Other Major Events " in this report.

(4) Related credit and debt

?Applicable □Not ApplicableIs there non-operating related credit and debt?

□Yes ?No

The Company had no non-operating related credit and debt in the reportingperiod.

(5) Transaction with related financial companies or financial companies that thecompany holds?Applicable □Not ApplicableDeposit business

* Note: JMC applies the consolidated deposit limit in JMCG Finance Company atthe end of each month to the lower of the following: 1) 25% of JMCG FinanceCompany absorbed deposits in prior year end; or 2) 12% of JMC’s consolidatedtotal cash reserve.

Loan business

Granting credit or other financial business

(6) The transactions between the financial company controlled by the company andits related parties

□Applicable ?Not Applicable

The Company has no controlling financial company.

(7) Other major related party transactions

?Applicable □Not Applicable

Information on the disclosure website of the interim report of major related partytransactions:

15. Major Contracts and Execution

(1) Entrustment, contract or lease

a. Entrustment

□Applicable ?Not Applicable

There was no entrustment in the reporting period.

b. Contract

□Applicable ?Not Applicable

There was no contract in the reporting period.

c. Lease?Applicable □Not ApplicablePlease refer to the Note 5 (14), Note 5 (16), note 5 (32), Note 5 (63) and note 8 (5)(b) of the financial statements in the Chapter VIII Financial Statements for detail.

Project of which the profit and loss brought to the company reaches more than 10%of the total profit of the company during the reporting period

□Applicable ?Not Applicable

There was no leasing project of which the profit and loss brought to the Companyreached more than 10% of the total profit of the Company during the reporting period.

(2) Major guarantee

□Applicable ?Not Applicable

The Company had no outside guarantee in the reporting period.

(3) Entrustment on cash asset management

a. Trust investment

□Applicable ?Not Applicable

There was no trust investment in the reporting period.

b. Entrusted loan

□Applicable ?Not Applicable

There was no entrusted loan in the reporting period.

(4) Other major contract

□Applicable ?Not Applicable

There was no other major contract in the reporting period.

16. Usage of Raised Fund

□Applicable ?Not Applicable

There was no usage of raised fund in the reporting period.

17. Other Major Events

?Applicable □Not Applicable

Matters regarding the Company's share repurchaseThe Company's Board of Directors reviewed and approved the "Proposal on theRepurchase of the Company's A-Shares" in form of paper meeting from April 10 toApril 11, 2025.

Please refer to the relevant announcements disclosed on the websitehttp://www.cninfo.com.cn for details.

18.Major event of JMC subsidiary

?Applicable □Not Applicable

Matters regarding the Company's capital increase to its controlling subsidiary andrelated-party transactions

The Board of Directors of the Company reviewed and approved, in form of papermeeting on September 22, 2025, the Distribution Service Contract for JMC BrandVehicles among the Company, Jiangling Motor Sales Co., Ltd. and Ford MotorSales Service (Shanghai) Co., Ltd., as well as the Revision and Restatement of theJoint Venture and Shareholders' Agreement of Jiangling Ford AutomobileTechnology (Shanghai) Co., Ltd. (2025) between the Company and Ford.

Please refer to the Public Announcement on Proposed Capital Increase in theControlled Subsidiary and Related Party Transactions published on September 24,2025 on the website http://www.cninfo.com.cn for details.

Chapter VI Share Capital Changes & Shareholders

1. Changes of shareholding structure

I. Table of the changes of shareholding structure

Causes of shareholding changes

□Applicable ?Not Applicable

Approval of changes of shareholding structure

□Applicable ?Not Applicable

Shares Transfer

□Applicable ?Not Applicable

Impact on accounting data, such as the latest EPS, diluted EPS, shareholders’equity attributable to the equity holders of the Company, generated from sharestransfer

□Applicable ?Not Applicable

Others to be disclosed necessarily or per the requirements of securities regulator

□Applicable ?Not Applicable

II. Changes of limited A shares

□Applicable ?Not Applicable

2. Securities Issuance and Listing

I. Securities issuance (not including preferred shares) in the reporting period

□Applicable ?Not Applicable

II. Explanation on changes of shares, shareholding structure, assets and liabilitiesstructure

□Applicable ?Not Applicable

III. Current staff shares

□Applicable ?Not Applicable

3. Shareholders and actual controlling parties

I. Total shareholders, top ten shareholders, and top ten shareholders holdingunlimited tradable shares

Participation of Shareholders holding more than 5% of shares, top 10shareholders and top 10 shareholders with unlimited shares in the lending ofshares in the refinancing business

□Applicable ?Not Applicable

Change in the top 10 shareholders of the Company and the top 10 shareholderswith unlimited shares from the previous period due to lending/repatriation ofrefinancing business

□Applicable ?Not Applicable

Stock buy-back by top ten shareholders or top ten shareholders holding unlimitedtradable shares in the reporting period

□Applicable ?Not Applicable

The top 10 common shareholders of the Company and the top 10 commonshareholders with unlimited conditions of sale did not conduct agreed repurchasetransactions during the reporting period.

II. Controlling ShareholdersNature of controlling shareholders: Central/Local government holdings, foreign

holdingsType: Legal person

Change of controlling shareholders

□Applicable ?Not Applicable

The controlling shareholders of the Company did not change during the reportingperiod.

III. Actual Controlling PartiesNature of controlling shareholders: Central/Local State-owned Assets Supervision

and AdministrationType: Legal person

Change of actual controlling parties

□Applicable ?Not Applicable

There was no change of actual controlling parties in the reporting period.

Ownership and control relations between the Company and the actual controllingparties are shown as follows:

Actual controlling parties control the Company by the way of trust or other assetsmanagement

□Applicable ?Not Applicable

IV. The cumulative number of shares pledged by the controlling shareholder or thelargest shareholder and its acting partners accounts for 80% of the number ofshares held by them.

□Applicable ?Not Applicable

V. Other legal person shareholder holding more than 10% of total equity of theCompany

□Applicable ?Not Applicable

VI Shareholding reducing restriction to controlling shareholders, actual controllingparties, restructuring parties and other commitment-making entities

□Applicable ?Not Applicable

4.The specific implementation of share repurchase during the reporting periodThe implementation progress of share repurchase?Applicable □Not Applicable

SASAC

SASAC

Nanchang State-owned AssetsSupervision and Administration

Committee

Nanchang State-owned AssetsSupervision and Administration

CommitteeChongqing Changan Automobile Co., Ltd.

Chongqing Changan Automobile Co., Ltd.

100%

100%JMCG

JMCG

39.67%

39.67%

50%

Nanchang Jiangling Investment Co., Ltd.

32%

Jiangling Motors Co., Ltd.

The implementation progress of the reduction of the shares repurchase throughcentralized bidding

□Applicable ?Not Applicable

5. Preferred Shares

□Applicable ?Not Applicable

JMC had no preferred shares in the reporting period.

Chapter VII Bond related Information

□Applicable ?Not Applicable

Chapter VIII Financial Statements

FINANCIAL STATEMENTS ANDAUDITOR'S REPORTFOR THE YEAR ENDED 31 DECEMBER 2025

[English translation for reference only. Should there be any inconsistency between theChinese and English versions, the Chinese version shall prevail.]

AUDITOR’S REPORT

Ernst & Young Hua Ming (2026) Shen Zi No. 70038404_V01

Jiangling Motors Corporation, Ltd.

To the board of directors of Jiangling Motors Corporation, Ltd.

(I) Opinion

We have audited the financial statements of Jiangling Motors Corporation, Ltd. (the “Company”), whichcomprise the consolidated and company balance sheets as at 31 December 2025, and the consolidatedand company income statements, the consolidated and company statements of changes in equity and theconsolidated and company statements of cash flows for the year then ended, and notes to the financialstatements.

In our opinion, the accompanying financial statements present fairly, in all material respects, theconsolidated and the Company’s financial position as at 31 December 2025, and the consolidated andthe Company’s financial performance and cash flows for the year then ended in accordance withAccounting Standards for Business Enterprises (“ASBEs”).

(II) Basis for opinion

We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our responsibilitiesunder those standards are further described in the Auditor’s responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with the ChineseCPA Independence Standard No. 1 — Requirements for Independence in Financial Statement Audit andReview Engagements and the China Code of Ethics for Certified Public Accountants (the “Code”), and wehave fulfilled our other ethical responsibilities in accordance with the Code. We complied with theindependence requirements for audits of public interest entities during the audit. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

(III) Key audit matter

Key audit matters are those matters that, in our professional judgement, were of most significance in ouraudit of the financial statements of the current period. These matters were addressed in the context ofour audit of the financial statements as a whole, and in forming our opinion thereon, and we do not providea separate opinion on these matters. For each matter below, our description of how our audit addressedthe matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financialstatements section of our report, including in relation to these matters. Accordingly, our audit included theperformance of procedures designed to respond to our assessment of the risks of material misstatementof the financial statements. The results of our audit procedures, including the procedures performed toaddress the matters below, provide the basis for our audit opinion on the accompanying financialstatements.

AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70038404_V01

Jiangling Motors Corporation, Ltd.

(III) Key audit matter (Cont’d)

AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70038404_V01

Jiangling Motors Corporation, Ltd.

(IV) Other information

Management of Jiangling Motors is responsible for the other information. The other information comprisesall of the information included in 2025 annual report of Jiangling Motors other than the financial statementsand our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express anyform of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. We have nothing to report in this regarded.

(V) Responsibilities of the management and those charged with governance for the financialstatements

The management of the Company is responsible for the preparation and fair presentation of the financialstatements in accordance with ASBEs, and for designing, implementing and maintaining such internalcontrol as the management determines is necessary to enable the preparation of financial statements thatare free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the management is responsible for assessing the Company’s abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting, unless the management either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

(VI) Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with CSAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are generally considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70038404_V01

Jiangling Motors Corporation, Ltd.

(VI) Auditor’s responsibilities for the audit of the financial statements (Cont’d)

As part of an audit in accordance with CSAs, we exercise professional judgement and maintainprofessional scepticism throughout the audit. We also:

(1) Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting 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 overrideof internal control.

(2) Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of internal control.

(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the management.

(4) Conclude on the appropriateness of the management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists relatedto events or conditions that may cast significant doubt on the Company’s ability to continue as agoing concern. If we conclude that a material uncertainty exists, we are required to draw attentionin our auditor’s report to the related disclosures in the financial statements or, if such disclosuresare inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtainedup to the date of our auditor’s report. However, future events or conditions may cause the Companyto cease to continue as a going concern.

(5) Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or

business activities within the Company to express an opinion on the financial statements. We areresponsible for the direction, supervision and performance of the group audit. We remain solelyresponsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships and othermatter's that may reasonably be thought to bear on our independence, and where applicable, relatedsafeguards.

From the matters communicated with those charged with governance, we determine those matters thatwere of most significance in the audit of the financial statements of the current period and are thereforethe key audit matters. We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when, in extremely rare circumstances, we determine that a mattershould not be communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70038404_V01

Jiangling Motors Corporation, Ltd.

Ernst & Young Hua Ming LLP Chinese Certified Public Accountant: Terence Qiao

Chinese Certified Public Accountant: Derek Yuan

Beijing, the People’s Republic of China 27 March 2026

JIANGLING MOTORS CORPORATION, LTD.

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

For export general automobile procurement customers, thecontractually agreed payment due date is used as the startingpoint of overdue aging

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

Inventory includes raw materials, work-in-progress, finished products, low-valueconsumables, materials in transit and consignment materials.

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)[English translation for reference only]