2025年年度报告（英文版）

Changchai Company, LimitedAnnual Report 20251CHANGCHAI COMPANY, LIMITEDANNUAL REPORT 2025April 2026Changchai Company, LimitedAnnual Report 20252Part I Important Notes, Table of Contents and DefinitionsThe Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Changchai Company, Limited (hereinafter referred toas the “Company”) hereby guarantee the factuality, accuracy and completeness of thecontents of this Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.Xie Guozhong, the Company’s legal representative and General Manager, and Jiang He, headof the Company’s financial department (equivalent to financial manager) hereby guaranteethat the Financial Statements carried in this Report are factual, accurate and complete.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.Any plans for the future and other forward-looking statements mentioned in this Report shallNOT be considered as absolute promises of the Company to investors. Therefore, investorsare kindly reminded to pay attention to possible investment risks.The Company has described in detail the risks it might face in “XI Prospects” in “Part IIIManagement Discussion and Analysis” herein.The Board has approved a final dividend plan as follows: based on the 705,692,507 shares, acash dividend of RMB0.22 (tax inclusive) per 10 shares is to be distributed to the shareholders,with no bonus issue from either profit or capital reserves.Changchai Company, LimitedAnnual Report 20253Table of ContentsPart I Important Notes, Table of Contents and Definitions.................................... 2Part II Corporate Information and Key Financial Information.............................6Part III Management Discussion and Analysis....................................................... 11Part IV Corporate Governance.................................................................................39Part V Significant Events...........................................................................................57Part VI Share Changes and Shareholder Information...........................................66Part VII Bonds............................................................................................................74Part VIII Financial Statements.................................................................................75Changchai Company, LimitedAnnual Report 20254Documents Available for Reference1. The financial statements signed and sealed by the Company’s legal representative, GeneralManager and head of the financial department.2. The original copy of the Independent Auditor’s Report signed and sealed by the CPAs, as well assealed by the CPA firm.3. The originals of all the Company’s documents and announcements which were disclosed onSecurities Time and Ta Kung Pao (HK) (newspapers