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拓普集团:Tuopu Group Semi-annual Report2024 下载公告
公告日期:2024-09-07

Stock Code: 601689Convertible Bond Code: 113061

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

August 2024

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Important Notes

I. The Board of Directors, Board of Supervisors, Directors, Supervisors and Senior Managementof Ningbo Tuopu Group Co., Ltd. hereby guarantee that the information presented in thisreport shall be authentic, accurate and complete and free of any false records, misleadingstatements or material omissions, and they will bear joint and several liability for suchinformation.II. All directors attended the meeting of the Board of Directors.III. This semi-annual report has not yet been audited.IV. Wu Jianshu, a person in charge of the Company, Hong Tieyang, an officer in charge ofaccounting work and accounting institution (Accounting Officer) hereby declare and warrantthat the financial statements in the annual report are authentic, accurate, and complete.V. The profit distribution plan for the reporting period or the plan for converting public reserve

funds into additional share capital after consideration by the Board of DirectorsNo profit distribution or conversion of public reserve funds into additional share capital is made inthis reporting period

VI. Risk statement of forward-looking statements

√Applicable □Non-applicable

The forward-looking description of the future development strategy, business plan, performanceforecast and other aspects in relation to the Company as contained herein will not constitute a substantialcommitment to investors. All investors of the Company are advised to be cautious about the investmentrisks.

VII. Whether there is any non-operating capital occupation by the controlling shareholder and its

affiliatesNoVIII. Whether there is any external guarantee provided in violation of the prescribed decision

proceduresNoIX. Whether there are more than half of the directors who cannot guarantee the annual report

disclosed by the Company as to its authenticity, accuracy and completenessNoX. Significant risk statement

The Company has described the significant risks that may adversely affect the future developmentof the Company and the realization of its business objectives herein. More details are available in"Section III Discussion and Analysis of Business Conditions" under this report.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

XI. Other

√Applicable □Non-applicable

On January 26, 2024, the Company successfully completed the issuance of 60,726,104 A-shares todesignated parties, finalizing the registration, custody, and restricted sale procedures for the additionalshares at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The total fundsraised from this issuance amounted to RMB3,514,826,899.52. After accounting for issuance expenses ofRMB16,389,101.09 (excluding tax), the net proceeds realized were RMB3,498,437,798.43.Subsequently, on July 26, 2024, the newly issued shares were listed for trading on the Shanghai StockExchange. For further information refer to the “Announcement on the Results of the Issue of Shares byTuopuup to Specific Targets and Changes in Share Capital,” which was published by the Company onJanuary 30, 2024, on the Shanghai Stock Exchange website.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Contents

Section 1 Definitions ...... 5

Section 2 Company Profile and Key Financial Indicators ...... 5

Section 3 Discussion and Analysis of Operation Conditions ...... 8

Section 4 Corporate Governance ...... 26

Section 5 Environmental and Social Responsibility ...... 28

Section 6 Significant Events ...... 38

Section 7 Changes in Shares and Shareholders ...... 67

Section 8 Information about Preference Shares ...... 76

Section 9 Information of Corporate Bonds ...... 77

Section 10 Financial Report ...... 80

Catalogue of Files for Future Inspection(1) Full text and extracts of this semi-annual report affixed with the signature of the company's legal representative and common seal.
(2) Financial statements signed and sealed by the legal representative of the company, the officer in charge of accounting work and the person in charge of the accounting institution.
(3) Original and manuscript of all company documents and announcements that are disclosed on the information disclosure media designated by the company during the reporting period

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Section 1 DefinitionsIn this report, unless the context requires otherwise, the following words and terms shall be construed as:

Common terms and definitions
The Company, issuer, TuopuRefers toNingbo Tuopu Group Co., Ltd.
Mecca HKRefers toMecca International Holding (Hk) Limited, the controlling shareholder of the Company
Ningbo ZhuyueRefers toThe wholly-owned sub-subsidiary of the controlling shareholder, Mecca International Holding (Hk) Limited
Pecil PropertyRefers toThe wholly-owned sub-subsidiary of the controlling shareholder, Mecca International Holding (Hk) Limited
Reporting PeriodRefers toFrom January 1, 2024 o June 30, 2024
Board of Directors, Board of Supervisors, General Meeting of ShareholdersRefers toBoard of Directors, Board of Supervisors, General Meeting of Shareholders of Ningbo Tuopu Group Co., Ltd.
1.00 Yuan, 10,000 Yuan, 100 million YuanRefers to?1.00, ?10,000.00, ?100,000,000.00

Section 2 Company Profile and Key Financial Indicators

I. Company Information

Company Name in ChineseNingbo Tuopu Group Co., Ltd.
Company Abbreviation in Chinese拓普集团
Company Name in EnglishNingbo Tuopu Group Co.,Ltd.
Company Abbreviation in EnglishTuopu Group
Legal Representative of the CompanyWu Jianshu

II. Contact Person and Contact Information

Security of the BoardRepresentative of Securities Affairs
NameWang MingzhenGong Yuchao
Contact Address268 Yuwangshan Rd, Beilun District, Ningbo268 Yuwangshan Rd, Beilun District, Ningbo
Tel.0574-868008500574-86800850
Fax0574-868008770574-86800877
E-mailwmz@tuopu.comgyc@tuopu.com

III. General Information Summary

Registered Address of the Company268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo, Zhejiang
Change History of Registered AddressOn 16 June 2020, the company address was changed from “215 Huangshan West Road, Beilun, Ningbo, Zhejiang” to “268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo, Zhejiang”
Office Address of the Company268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo, Zhejiang
Postal Code of Office Address315806
Websitewww.tuopu.com
E-mailtuopu@tuopu.com

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Search index of changes during the reporting periodNA

IV. Information Disclosure and Location

The Media Selected by the Company for DisclosureSecurities Times
Website Designated by CSRC for Publishing Semi-annual ReportSSE website (www.sse.com.cn)
Location for Annual Report of the CompanyOffice of Board Secretary
Search index of changes during the reporting periodNA

V. Overview of Stock Information

Stock TypeStock ExchangeStock AbbreviationStock CodeStock Abbreviation Before Change
A-shareShanghai Stock ExchangeTuopu Group601689-

VI. Other Related Information

□Applicable √Non-applicable

VII. Key Accounting Data and Financial Indicators over the Past Three Years

(1) Key Accounting Data

Unit:Yuan Currency:RMB

Key Accounting DataDuring this reporting period (January-June)Figures in previous periodIncrease/decrease compared with previous year (%)
Operating income12,221,820,236.439,160,451,044.529,160,451,044.52
Net profit attributable to shareholders of the listed Company1,456,245,678.611,094,024,695.521,094,024,695.52
Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses1,295,768,391.511,027,259,033.761,027,259,033.76
Net cash flow generated by operational activities1,038,398,021.561,226,121,434.621,226,121,434.62
End of this reporting periodEnd of previous yearIncrease/Decrease at the end of the current year compared with the end of the previous year (%)
Net assets attributable to shareholders of the listed company18,064,215,951.9613,784,379,600.9313,784,379,600.93
Total assets34,090,579,889.0030,769,771,206.8830,769,771,206.88

(2) Key Financial Indicators

Key Financial IndicatorsDuring this reporting period (January-June)Figures in previous periodIncrease/decrease compared with previous year (%)
Basic Earnings per Share (RMB/Share)0.880.6731.34
Diluted Earnings per Share (RMB/Share)0.880.6731.34

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Basic Earnings per Share after deducting non-recurring gains and losses (RMB/Share)0.770.6322.22
Weighted Average ROE8.368.63Decreased by 0.27%
Weighted Average ROE after deducting non-recurring gains and losses (%)7.448.10Decreased by 0.66%

Notes to the key accounting data and financial indicators over the previous three years at the end of thereporting period

□Applicable √Non-applicable

Following the considerations and approvals made during the 2023 Annual General Meeting, theCompany's proposal for profit distribution and capitalization for the year 2023 is outlined as follows:

Based on the total share capital of 1,162,775,947 shares prior to the execution of this proposal, a cashdividend of RMB0.556 per share (with tax) will be distributed. Additionally, shareholders will receive

0.45 shares from the capital reserve, resulting in a total cash dividend payout of RMB 646,503,426.53.Consequently, a total cash dividend of RMB 646,503,426.53 will be disbursed, alongside the transfer of523,249,176 shares. Following this conversion, the total share capital of the Company will amount to1,686,025,109 shares.The ex-rights date for this equity distribution plan is set for July 18, 2024, while the listing date for theadditional shares arising from the conversion of the capital reserves is scheduled for July 19, 2024. Incompliance with the relevant provisions of “Accounting Standard for Business Enterprises No. 34 -Earnings per share” has restated the calculation of earnings per share for the first half of 2023,considering the number of shares resulting from the conversion of capital reserves, to ensure thecomparability of accounting indicators between the previous and subsequent periods.

VIII. Differences in Accounting Data under Chinese and International Accounting Standards

□Applicable √Non-applicable

IX. Non-recurring Gains and Losses Items and Amounts

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Non-recurring Gains and Losses ItemsAmountNote (if applicable)
Gains and losses on disposal of non-current assets, including elimination of provision for impairment of assets-10,664,542.29
Government subsidies included in the current profit and loss, but closely associated with the regular business operations of the Company, except for government subsidies that are consistent with national policies and continuously granted at a fixed quota or amount under certain national standard173,001,330.61Section X, XI
Gains and losses from changes in the fair value of financial assets and liabilities held by non-financial corporations and gains and losses from the disposal of financial assets and liabilities, except for effective hedging operations related to the Company's normal business operations6,585,172.25
Payment for the use of funds charged to non-financial enterprises included in profit or loss for the period
Gains and losses on entrusted investment or asset management
Gains and losses on entrusted external loans
Losses on assets due to force majeure factors such as natural disasters
Reversal of the receivables and contract assets depreciation

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

reserves for separate impairment test
Cost of investments in subsidiaries, associates and joint ventures acquired by an enterprise is less than its share of the gain arising from the fair value of the invested entity's identifiable net assets at the time of investment acquisition21,901,496.20
Net profit or loss of subsidiaries from the beginning of the period to the date of consolidation arising from a business combination under the same control
Gain or loss on exchange of non-monetary assets
Gains or losses on debt restructuring
One-time costs incurred by the enterprise due to the fact that the relevant business activities are no longer continuing, such as expenditures for the relocation of employees
One-time impact on current profit or loss due to adjustments in tax, accounting and other laws and regulations
For cash-settled share-based payments, gains and losses arising from changes in the fair value of employee compensation payable after the date of exercise of options
Profits and losses generated from a change in the fair value of investment real estates that are subsequently measured by the fair value model
Gains or losses arising from transactions at significantly unfair prices
Gains or losses arising from contingencies unrelated to the Company's normal business operations
Custody fee income from entrusted operations
Non-operating income and expenses other than the above-376,748.90
Other gains and losses items that fit the definition of non-recurring gains and losses
Less: Impact of income tax29,864,033.59
Impact of minority equity (after tax)105,387.18
Total160,477,287.10

For items of non-recurring gains and losses defined by the Company under the "Explanatory Notice toInformation Disclosure of the Company Offering Shares to the Public No. 1 - Non-recurring Gains andLosses" and items defining non-recurring gains and losses enumerated in " Explanatory Notice toInformation Disclosure of the Company Offering Shares to the Public No. 1 - Non-recurring Gains andLosses" as recurring gains and losses, it is required to give the reason.

□Applicable √Non-applicable

X. Other

□Applicable √Non-applicable

Section 3 Discussion and Analysis of Operation ConditionsI. Main business operations, business model and profile of industry during the reporting period

(1) Industry Landscape

In the first half of 2024, global sales of passenger cars reached around 28,737,000 units, indicating ayear-on-year increase of 3.5%. In China, sales totaled approximately 11,976,000 units, marking a 6.3%rise compared to the prior year. The global market for new energy passenger vehicles saw sales of about6,270,000 units, which represents a significant year-on-year growth of 19.9%, making up 21.8% of theoverall global sales. Within this segment, China accounted for approximately 4,701,000 units sold,

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

demonstrating a remarkable increase of 31.4% year-on-year and constituting 39.3% of the total salesaross the nation.

(2) Main business operations

1. Main operations

The Company specializes in the research and development, production and sales of auto parts. The mainproducts include automobile NVH Anti-vibration System, interior and exterior trim parts, lightweightbody, intelligent cockpit components, thermal management system, chassis system, air suspensionsystem, intelligent driving system. The major customers it serves include international and domesticsmart electric car makers and traditional OEM car makers at home and abroad. In line with the businessphilosophy of creating value for customers, the Company adheres to R&D and innovation, boosts globallandscaping, enhances overall competitiveness, and strives to be a more trusted partner for car makers.

2. Business process and operation pattern

3.During the reporting period, the Company’s main business by industry, product, and region is listedbelow:

Unit:Yuan Currency: RMB
Main business operations by industry
By industryOperating incomeOperating costGross profit rate (%)Increase/Decrease of operating income over the previous year (%)Increase/Decrease of operating cost over the previous year (%)Increase/Decrease of gross profit rate over the previous year (%)
Automobile parts11,472,791,402.259,301,624,242.0418.9231.8336.38Decreased by 2.71%
Main business operations by product

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

By productOperating incomeOperating costGross profit rate (%)Increase/Decrease of operating income over the previous year (%)Increase/Decrease of operating cost over the previous year (%)Increase/Decrease of gross profit rate over the previous year (%)
Vibration control parts2,143,319,053.981,690,579,183.4521.1218.0323.35Decreaed by 3.41%
Trimming system3,908,136,583.533,240,626,855.0617.0824.3028.61Decreaed by 2.78%
Chassis System3,789,414,666.293,037,973,737.9619.8331.4635.84Decreaed by 2.58%
Mechatronic system706,932,897.74571,696,634.4019.13743.59796.94Decreaed by 4.81%
Thermal management system918,717,065.25757,757,835.4217.5218.3520.30Decreaed by 1.34%
Actuator system6,271,135.462,989,995.7552.32
Main business operations by region
By regionOperating income in the current periodIncrease or decrease of operating income over the previous period (%)
Domestic8,198,483,191.0441.17
Overseas3,274,308,211.2113.10

II. Analysis of core competitiveness during the reporting period

√Applicable □Non-applicable

To date, the rapid development of the world's cutting-edge technology drives AI on the fast lane,intelligent driving and robots are the key areas where AI brings changes to our life, with broad marketpotentials. The Company is a participant of NEVs and intelligent driving accessible to trillions of marketcapacity, ample room for market development and long business life cycle, featurestechnology-intensive, capital-intensive, and the existing competition pattern has to reshape, which meansa good historical opportunity for leap-forward development. The expansion of business footprints torobots is expected to bring about ample market potentials.In the course of 40 years after founding, the Company has been consistently enhancing overallcompetitiveness, raised the competition threshold and shaped a moat.

1. Strength of product platform.

Keeping up with the trend of industry development, the Company makes a prospective distributionof NEVs track, expands its product lines, and forms a platform-based corporation. Now it owns 8product lines: Automobile Vibration Control System, Interior & Exterior System, Body LightweightProducts, Cabin Comfort System, Thermal Management System, Chassis System, Air SuspensionSystem, Intelligent Braking System. The unit price of components per vehicle is about 30,000 and thereis some room to expand the product line.

The Company has a wide range of product lines which can provide customers with one-stop,system-grade and modularized products and services, and some products are scarce and hardlybenchmarked in the global market of automobile parts. In the era of industrial transformation andbusiness model innovation, labor collaboration with customers can in turn enhance customer satisfactionand pave the way for getting bigger and stronger.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

The Company has a wide array of product lines such as suspension system, brake-by-wire andsteering-by-wire, impressive chassis tuning capabilities, and requisite factors to integrate drive-by-wirechassis and skateboard chassis. Drive-by-wire chassis is an essential condition to realize high-level autopiloting. In contrast, skateboard chassis can create a new car-making model featuring faster speed ofmaking and lower cost. With a proven ability to render further services to customers, the Company ishighly responsive to the technology development trend of vehicle E/E control architecture andsub-domain control and the creative car-making model that may appear.The product lines are briefly described here: 1. Vibration Control System, comprising powertrainmount support, drive motor damper, cylinder support, torsional damper, sub-frame support, andhydraulic bushing; 2.Interior & Exterior System, comprising automobile door panel, roof, main carpet,coat rack, heat and sound insulation components, luggage insulation components, and exterior trimproducts such as sealing strips and decorative strips; 3. Body Lightweight Products, comprisingone-piece front and rear floor panels, body structural part, door structural part, and battery packstructural part; 4. Cabin Comfort System, comprising rotary screen controller, electric tailgate, electricsliding door, and seat comfort system; 5. Thermal Management System, comprising integrated heatpump assembly, multi-port valve, electronic water pump, and electronic expansion valve; 6. ChassisSystem, comprising front and rear sub-frames, aluminum sub-frame, control arms, rods, and steeringknuckles; 7. Air Suspension System, comprising integrated air supply unit, air suspension, and heightsensor; 8. Intelligent Braking System, comprising steer-by-wire, brake-by-wire, and power-adjustablesteering columns.

2. Strength of customer group and business pattern

The Company undertakes the mission statement of creating values for its customers and has beengenerally accepted by customers in cooperation. The TUOPU brand reputation has been enhanced, alongwith higher loyalty level of customers. In the era of intelligent electrification, capitalizing on the corecompetitiveness generated from QSTP, the Company has established and maintained stable cooperationwith domestic and overseas carmakers.

The Company brings Tier0.5 grade cooperation into practice and establishes strategic partnershipswith customers. This creative supply chain cooperation is expected to improve efficiency and reducecost for car makers, fit the present needs of developing automotive industry, and to keep the competitionthreshold higher. The rendering of “responsive and answerable” services to every strategic customer hasbeen positively rated and recognized by customers, which in turn paves the way for supplyingcomponents to millions of units.

3. Strength of R&D.

The only way leading to a world-class automobile parts enterprise is to improve capabilities ofR&D and innovation. Sticking to R&D and innovation, the Company was the first participant within theindustry to lay down the forward R&D development strategy as early as twenty years ago. After thetechnological accumulation for years,now it has the system-level synchronous positive R&D capabilitiesof each product line, and demonstrates the R&D integration capabilities of machinery, electronic controland software. and has a number of independent intellectual property rights such as invention patents.The Company kicks off basic research works in order to further maintain its leading edge in research anddevelopment. With uninterrupted investments in system construction, recruitment of talents and testingcapacity, the Company maintains the average percentage of annual R&D investments in operatingincome at a level about 5%, signaling the continuous improvement of R&D competitiveness.

With R&D centers set up in North America, Europe, Shanghai, Shenzhen, and Ningbo, theCompany is able to provide better services to global customers and recruit quality talents at home andabroad. Thanks to its efforts, the Company has put a scientific research team consisting of nearly 2,000members in place, including more than 100 holders of doctoral and master degrees.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

The Company has set up a test center of global excellence which has the testing and validationcapabilities with respect to materials, products, systems and vehicles. With certified CNASISO/IEC17025 system, the Company has been appointed by many automakers to conduct in-vehicletests.Leveraging the top-down R&D capabilities, the Company can expand its product line and enhancethe value of components per vehicle, and also renders T0.5-level service to customers.

4. Strength of plant layout and capacity.

The Company has set up manufacturing bases in Ningbo, Chongqing, Wuhan and other placesencircling major automobile industry clusters in China. To render better services to global customers, theCompany has established manufacturing plants or warehouse centers in the United States, Canada,Brazil and Malaysia,Tuopu Poland have switched to volume production, and Tuopu Mexico IndustrialPark and the factory in the United States are planning production activities in order. Under this plantlayout, the Company is able to render faster and more efficient services to its customers and guaranteethe business development on global platforms.

The penetration rate of NEVs features by a rapid increase, but the industrial chain capacity ofNEVs is obviously insufficient, global auto part makers are under a heavy burden of transformation,their investment willingness is weak, and the investment level and rate of home auto part makers are notenough. According to the company-specific capacity requirement and future forecasts, the Company isexpected to build up capacity in order to maintain its leading edge in production capacity, technology,and equipment.

In addition, the automobile industry requires a large-sum investment in the plant layout, theconstruction period is long and the complex equipment and process are involved, so it can hardly bereplaced like the cellphone industry chain.

5. Strength of intelligent manufacturing.

Relying on the intelligent manufacturing strategy and pinpointing the goal of building a lighthousefactory, the Company enhances the digitalization of the factory, and fabricates a smart factory.Leveraging DFM virtual simulation technology, the Company simulates factory layout, productionline design, production process, parameter control, visual inspection, takt time, distribution andwarehousing, energy saving and consumption reduction in the stage of product supplying and R&D,which in turn sharply reduces the duration of volume production, improves quality and reduces cost.

The Company has set up an equipment automation division to enhance the production automation,strengthens quality assurance capabilities, increase the output per capita, and prepares for benchmarkingthe international level.

The availability of production automation, coupled with AI visual inspection, AGV automaticlogistics, intelligent warehousing and RFID barcode and traceability system, is driven by AI, big dataanalysis, and 5G to improve intelligent manufacturing capabilities, ensure quality and reduce costs.

6. Strength of management.

Under the IATF16949 quality system, the Company has established a specific management systemwith typical features through years of innovation efforts.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

For management structure, the division-based management structure is laid down for the group,which can relieve the stress of management, highlight the business operations, improve the efficiency ofoperation, and lead to relative competition; divisions are subject to the horizontal flat management withsales activities standing in the core, for market-oriented construction of the organization, pool resourcesand make quick response; under the pyramid organization, business units enforce standard processes toimprove efficiency and reduce cost.

For management system, the Company has established a full set of standard processes, managementsystems and assessment indicators as directed by process, information, standardization, and leanproduction, and is leveraging some information tools such as SAP, PLM, OA, and MES to implementexact processes, bring digitalized operation into practice, thereby improving management,decision-making efficiency and business performance.

For incentive mechanism, the Company lays up a career platform that is adequately authorized forstaff members, in which the Company tapes into internal development and promotion mode that is fairand just, in order to keep the channel of promotion smooth, fit to the growth strategy, and form apositive cycle for business growth and career path.

7. Strength of talents.

The Company puts the screening and training of talents in priority. The post-doctoral workstationwithin the Company solicits and recruits technical specialists globally. Adhering to the concept of“recruiting and promoting members on their merits”, the Company is committed to building acompetitive management team. The Company has established an integrated, specific and open financialindicator system to transform officers from managers to operators and entrepreneurs.

The Company encourages for the formation of a learning organization that is fully authorized, andforges a young and experienced international team specialized in sales, R&D activities and productionwho can pave the way for leapfrog development of the Company.

8. Strength of culture.

The Company undertakes the mission statement of “making our customers, employees,shareholders, the community and partners satisfied, and becomes a corporate citizen of excellence.

Aligning with the business philosophy of serving the country with industrial achievements, theCompany stands at the industry front, gets immersed in R&D and innovation, goes all out to solve“bottlenecking” technical issues, and contributions to the industry safety and development. Adhering tothe operation concept of legal compliance, the Company undertakes social responsibility and iscommitted to infusing positive energy into social development.

The Company gives its employees an access to comfortable workplace, equal interpersonalrelationships, appealing salary and benefits, and an extraordinary career development platform, in orderto tap into the potentials of all employees. The Company has established partnerships with suppliers,respected the business philosophy of seeking equality and win-win results, and driven the commondevelopment of the supply chain.

The Company values and protects the interests of investors, strictly abides by the rules governinginformation disclosure and other provisions, and distributes dividends to investors even though thecapital expenditures have been increased. All staff members are united to improve operatingperformance, in order to maximize the benefits to investors.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

9. Strength of equity structure.

The Company is run and operated by founder, which in turn maintains the prudence of majordecisions, values long-term benefits and development, makes quick decisions and assures goodexecution. The founder holds a higher percentage of shares, keeps a clear equity structure, and exerciseslongstanding control on the Company from the top-level design, in order to keep the Company runningsteadily for a long time and have an ample potential for capital expansion. The members of the Board ofDirectors led by the chairman demonstrate impressive experience, have clear division of work, keep alow profile, keep ambitious and energetic, and use their best endeavors to drive the Company to theforefront of the industry in the right way.

10. Strength of risk control.

The Company keeps the debt-to-equity ratio at low level and has an abundant cashflow. The well-established financial system and the strict risk control system can in turnguarantee the implementation of strategic plan and investment plan, or allow it to seekmergers and expansion whenever appropriate, or reduce the risk exposure to businessoperation, and maintain its long-term investment value.

III. Discussion and Analysis of Operation Conditions

During the reporting period, the company’s revenue came at RMB 12.222 billion, anincrease of 33.42% compared with the prior year; total profit came at RMB 1.692 billion, anincrease of 32.80% compared with the prior year; and net profit attributable to shareholdersof the listed company came at RMB 1.456 billion, an increase of 33.11% compared with theprior year.Based on the accounting standards, the bonds payable were subject to initial andsubsequent measurements at amortized cost for the convertible bonds held by the company.For the period from January 2024 to June 2024, the financial expense of RMB 43,948,636.80and the actual interest expense payable of RMB 2,479,224.78 were recognized, which has animpact on the net profit of RMB 41,469,412.02.During the reporting period, the net cash flow from operating activities came at RMB 1.038billion; the cash outflows from investing activities came at RMB 3.852 billion, of which thecash spent on the purchase and construction of fixed assets and other long-term assets wasRMB 1.812 billion, allowing the company to make a good preparation for the rapid growthof NEVs and raise the barrier to competition; the depreciation and amortization amounted to RMB760 million, representing 6.22% of operating income, which remains consistent with the previous year.As at the end of this report, total assets were RMB 34.091 billion, an increase of 10.79%over the end of prior year; total liabilities were RMB 15.991 billion billion, a decrease of

5.69% over the end of prior year; the asset-liability ratio was 46.91%; the owner's equityattributable to the parent company came at RMB 18.064 billion, an increase of 31.05% overthe end of prior year.During the reporting period, the Company managed to improve its operating efficiency andbusiness performance in spite of economy and industry fluctuations. The positive factorsincluding broad product line of the NEV industry, overall R&D capabilities and innovative

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

business pattern drove a rapid growth of sales proceeds and profit, and brought theoperation and management activities to the growth track, with particular informationdescribed below:

(1) Marketing and sales.

The Tier0.5 innovative business mode rolled out by the Company and its strategic customers has madean exemplary success. Under this mode, the number and amount of components per vehicle are higher,and the Company is able to provide better QSTP products and services to customers, create value forcustomers.Adhering to the cooperation concept of “quick response and all-out cooperation”, theCompany has been highly rated by strategic customers, and there is an ample potential of businessgrowth.

In the domestic market, the company's cooperation with Huawei-Seres, Li Auto, Nio, Chery, GreatWall, Xiaomi, BYD, Geely and other automobile enterprises is progressing rapidly, and the amount ofcomponents per vehicle is increasing. In the international market, the company and the United States ofAmerica's innovative car companies A customers, as well as FORD, GM, STELLANTIS, BMW andother traditional car companies are in the field of NEVs to roll out ful-on cooperation.The strategy of product platformization is making significant strides. By leveraging research anddevelopment innovation alongside digital intelligence manufacturing capabilities, the overallcompetitiveness of the company's internal functional components, lightweight chassis, and thermalmanagement sectors has been on the rise, resulting in steady sales revenue growth. Orders forautomotive electronic products have started to materialize, and projects such as As a result of continuousR&D investment, the Company has successfully mass-produced its air suspension system, cabin comfortactuator, IBS, EPS, and other projects, particularly the air suspension project, which is experiencingrapid expansion and paving the way for the company's long-term growth.

The international market strategy is being accelerated. The North American Mexico Industrial Parkis advancing systematically, with the first plant of the initial phase now operational, while the other twoplants are undergoing equipment installation and test run. The European market development is alsoproceeding smoothly, highlighted by the acquisition of orders from BMW for the ball-hinged forgedaluminum control arm project, a key element of the lightweight chassis, during the reporting period.Intensive planning is underway for the second phase of the Poland plant, which will facilitate additionallocal orders in Europe.

(2) R&D and innovation.

During the reporting period, the Company intensified the efforts in R&D investment, allocatedmore resources, maintained its leading edge in research and development. During the reporting period,R&D expenditures amounted to RMB 533 million. As a result of sustained investment in R&D, thecompany has successfully initiated mass production of several projects, including the air suspensionsystem, cabin comfort actuator, IBS, and EPS. Furthermore, the product line continues to expand.

(3) Capacity landscaping.

In consideration of new orders placed, and the projections over the penetration rate of NEV, theCompany paces up its capacity landscaping. Efforts are made to facilitate the construction of HangzhouBay Phase 8, 9 and of Xi’an, Jinan, Henan, Mexico and other factories.

In the short run, the investment and construction of these factories are expected to impose a certaincost pressure. In the times of NEV rapid development, even though car makers have some capacityavailable. In this concern, the capacity boost has been weighed and decided as appropriate withimpressive forward-looking character.

(4) Cost control.

During the reporting period, the cost of raw materials and labor services has obviously risen, theCompany implements cost control, boost efficiency and performance by purchasing in large quantity,technological innovation, strict budget control and other proper measures.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

With new factories built every year, the overhead and manufacturing expenses are higher in theprocess of production ramp-up and trial production, the average cost of a facory is around tens ofmillions of yuan. As a new factory reaches the initial production capacity and comes at the break-evenpoint, it would make a greater contribution to the group’s profit.A number of research projects in process and the employment of many technical specialists led to arapid increase in R&D expenditures. As driven by the capacity expansion needs of the company, capitalexpenditures increased enormously and the ratio of depreciation and amortization also rose. In future,the volume production and sales growth are expected to spread R&D cost, capital expenditures andmiscellaneous cost, and the gross margin is expected to grow on an ongoing basis.

(5) Manufacturing upgrade.

The Company proceeds digital factory, implements MES management system, enables effectivemanagement in respect of quality control, product traceability, lean production, equipment management,and promotes the interconnectivity between the company-wide data and customer data, in order to buildan smart factory accredited with Industry 4.0.

News factories leverage virtual simulation DFM to conduct full-scale simulations on quality,traceability, automation, visual inspection, energy utilization, carbon emissions to ensure the highestlevel of product quality and cost, and reduce the duration of volume production to the extent possible.

(6) Sustainable development.

The company fulfills its corporate responsibilities in ESG, boosts green and low-carbon production,fulfills corporate social responsibilities of energy saving, low-carbon environmental protection, andcontributes to "carbon peaking and carbon neutrality". As of the first half of 2024, the installedphotovoltaic capacity is 14.20 MW, a cumulative installed capacity is up to 141.75 MW, the annualpower generation will reach 144.911 million kWh, and the carbon dioxide emissions will be reduced by144, 476. 29 tons a year.

The company will persist in its efforts to foster green development by embedding the principles ofsustainability throughout its operational processes. It aims to take a proactive role in scientific andtechnological innovation while implementing various strategies to further decrease carbon emissions,ultimately working towards the realization of zero-carbon factories and contributing to the overarchinggoals of achieving carbon peak and carbon neutrality.

(7) Refinancing.

The company wrapped up the issuance of convertible bonds in January 2024 and raised RMB 3.498billion. In turn, it further enhances the financial strength, seizes the opportunity for developing NEV,and accelerate the development of various projects. With the drastic growth of sales and profits, its owncash flow will cover, even outrun capital expenditures, and subsequent external financing will reduce.

Significant changes in operating conditions of the Company during the reporting period, as well asevents that significantly impact its operating conditions during the reporting period and areexpected to have a significant impact in the future

□Applicable√Non-applicable

IV. Main business operations during the reporting period

(1) Analysis of main business operations

1 1. Analysis of changes in related subjects of income statement and cash flow statement

Unit:Yuan Currency:RMB

SubjectAmount in the current periodAmount in previous periodChange as percentage (%)

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Operating income12,221,820,236.439,160,451,044.5233.42
Operating cost9,613,009,267.557,091,717,971.7935.55
Cost of sales147,701,007.66100,232,455.3747.36
Overhead expenses313,068,483.72250,407,616.2325.02
Financial expenses73,517,091.86-13,280,974.34-653.55
R&D cost533,298,050.74450,976,583.0618.25
Net cash flow from operating activities1,038,398,021.561,226,121,434.62-15.31
Net cash flows from investing activities-3,097,893,122.35-1,768,915,625.6975.13
Net cash flow from financing activities3,285,425,872.60432,865,813.68658.99

Note to the reason for changes in operating income: attributed to large volume of orders placed bydomestic and foreign valued customers solicited by the Company in the current periodNote to the reason for changes in operating cost: attributed to the year-on-year increase in operatingincome for the current period.Note to the reason for changes in cost of sales: attributed to an increase in salesforce salary, sellingservice fees and business hospitality expenses during the periodNote to the reason for changes in overhead expenses: mainly due to the increase in overseas startup feein the current period.Note to the reason for changes in financial expenses:attributed to a decrease in foreign exchange gains inthe current periodNote to the reason for changes in R&D expenses: attributed to a continuous intensification of R&D andinnovation efforts and of R&D investments in the current periodNote to the reason for changes in net cash flow from operating activities:: mainly attributable to anincrease in cash paid for goods and services during the period during the periodReasons for the change in net cash flows from investing activities: mainly due to the increase in thepurchase of structured deposits with idle proceeds during the periodReasons for the change in net cash flows from financing activities: mainly due to the receipt offixed-income proceeds during the period.

2 Particulars of major changes in the business type, profit composition or source of profit of theCompany during the current period

□Applicable√Non-applicable

(2) Note to major changes in profits caused by operations other than main operations

□Applicable√Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(3) Analysis of assets and liabilities

√Applicable □Non-applicable

1. 1. Assets and liabilities

√Applicable □Non-applicable

Unit:Yuan

ItemAmount at the end of the current periodAmount at the end of the current period as a percentage of total assets (%)Amount at the end of previous periodAmount at the end of previous period as a percentage of total assetsChange in the amount at the end of the current period as a percentage of the amount at the end of previous period (%)Remark
Cash and Bank Balances4,049,299,491.7611.882,855,366,991.279.2841.81Mainly as a result of the receipt of proceeds from fixed-income financing during the period
Trading financial assets1,640,935,400.964.81300,872,066.520.98445.39Mainly as a result of the increase in the purchase of structured deposits during the period.
Notes receivable114,845,961.040.34554,030,607.881.80-79.27Mainly due to the decrease of notes receivable received during the period.
Advance payments224,297,484.650.66116,414,223.740.3892.67Mainly as a result of the increase of prepayment for materials during the period.
Notes payable1,471,685,278.984.322,855,691,274.589.28-48.46Mainly as a result of the decrease in notes payable during the period.
Contract liabilities38,794,120.230.1120,090,277.730.0793.10Mainly as a result of the increase in advance receipts of goods during the period.
Other payables673,548,745.171.9824,690,743.410.082627.94Mainly as a result of the increase in

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

dividend payable during the period
Non-current liabilities due within one year2,533,899,376.177.431,290,220,025.194.1996.39Mainly as a result of the increase in long-term loans reclassified to non-current liabilities due within one year during the period
Other current liabilities3,591,562.550.011,690,671.660.01112.43Mainly as a result of the increase in value-added tax (“VAT”) on goods received in advance during the period.
Long-term borrowings1,432,968,519.064.202,506,123,957.268.14-42.82Mainly as a result of the increase in long-term loans reclassified to non-current liabilities due within one year.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

2. Overseas assets

√Applicable □Non-applicable

(1) Scale of assets

Including: overseas assets RMB 2,253,802,485.88 (Unit: Yuan Currency: RMB), in 6.61% of totalassets.

(2) Notes to overseas assets

□Applicable √Non-applicable

3. Major asset restrictions as of the end of the reporting period

√Applicable □Non-applicable

Unit:Yuan

ItemBook value at the end of the periodReason for restricted use
Cash and bank balances490,835,991.95Security deposit
Notes receivable645,652,939.22mortgage
Fixed Assets163,488,461.48mortgage
Intangible Assets8,165,756.94mortgage
Receivable financing5,271,872.86Pledge
Total1,313,415,022.45/

4. Other Notes

□Applicable √Non-applicable

(4) Investment condition

1. Overall analysis of external equity investments

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(1) Significant equity investment

□Applicable √Non-applicable

(2) Significant non-equity investment

□Applicable √Non-applicable

ⅰ. Condition of purchased land

i. Updates of investments

NO.Date of SigningReference number of announcementTitle of announcementMain contentUpdate of event
1Dec. 20212021-086Tuopu’s Notice on Signing an Investment Intent Agreement in Shouxian County, Anhui ProvinceThe Company and the People's Government of Shapingba District of Chongqing signed the "Project Cooperation Agreement on the Production Base of Tuopu NEV Lightweight Chassis System and Interior Acoustic Insulation Parts System ", intending to invest RMB 1.5 billion in Shapingba District to construct the production base for NEV product lines in phases.The equipment commissioning is in its final stages, prepared for test run.
2August 20222022-072Tuopu Group’s Announcement on the Investment Intent Agreement Signed with Shouxian County, AnhuiThe Company and the Administration Committee of Xinqiao International Industrial Park, Shouxian County, Anhui signed the "Project Agreement" with the intent of investing RMB 2.5 billion to build a NEV critical parts production base in phases in Xinqiao International Industrial Park, Shouxian County.The equipment commissioning is in its final stages, prepared for test run.
3September 20222022-079Tuopu Group’s Announcement on the Investment Intent AgreementThe Company and the Administration Committee of Xi’an Economic and Technological Development Zone signed the “Auto Parts Production Project Landing Agreement” with the intent of investingThe main structure renovation is currently underway, along with the construction of ancillary works.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Signed with Xi’anabout RMB 3 billion to build a NEV critical parts production base in Xi’an Economic and Technological Development Zone.
4September 20222022-081Tuopu Group’s Announcement on New Establishment of a Wholly-owned Subsidiary in MexicoThe Company establishes a new wholly-owned subsidiary Tuopu Group Mexico,S.de R.L. de C.V in Mexico, and plans to purchase industrial land in Mexico to build a production base for NEV auto parts.The initial factory of the first phase project has commenced production, while the remaining two factories are undergoing equipment installation and test run.
5September 20222022-082Tuopu Group’s Announcement on the Investment Intent Agreement Signed with Changxing, HuzhouThe Company and the Administration Committee of Changxing Economic and Technological Development Zone, Huzhou signed the “Investment Agreement” with the intent of investing about RMB 2 billion to build a NEV critical parts production base in Changxing Economic and Technological Development Zone.The completion and acceptance process is ongoing, with the finalization of ancillary works also in progress.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

6January 2024April 2024Announcement of Tuopu Group on the Signing of Investment Agreement on the Project of R&D and Production Base for Robot Actuator systemThe Company has signed the Investment Agreement on the Project of R&D and Production Base for Robot Actuator system with the Management Committee of Ningbo Economic and Technological Development Zone.The project is advancing steadily.

(3) Financial assets measured at fair value

□Applicable √Non-applicable

Asset categoryAmount at beginning of periodGain/loss on fair value changes during the periodCumulative fair value changes included in equityImpairment provided during the periodAmounts purchased during the periodmounts sold/redeemed during the periodA Other changesAmount at end of period
Equity instruments872,066.5263,334.44935,400.96
Short-term financial products300,000,000.002,040,000,000.00700,000,000.001,640,000,000.00
Receivables financing1,039,933,314.872,479,741,183.892,638,431,122.52208,762.47881,452,138.71
Total1,340,805,381.3963,334.444,519,741,183.893,338,431,122.52208,762.472,522,387,539.67

Securities Investment

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

□Applicable √Non-applicable

Securities investment

□Applicable √Non-applicable

PE fund investment

□Applicable √Non-applicable

Derivatives investment

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(5) Disposal of major assets and equity

□Applicable √Non-applicable

(6) Analysis of major controlling and participating companies

√Applicable □Non-applicable

Unit:in 10,000 Yuan

Company namePaid-in capitalTotal assets in the reporting periodTotal liabilities in the reporting periodTotal net assets in the reporting periodOperating income in the reporting periodNet profit in the current period
Ushone Electronic Chassis4,000.005,304.16185.585,118.5816,496.37-48.26
Tuopu Imp&Exp.20,000.0076,362.6215,885.2460,477.38203,752.359,868.84
Tuopu Parts20,000.0082,656.4059,193.8123,462.59523,787.604,121.92
Tuopu Acoustics Vibration20,000.0072,061.9943,111.9828,950.01385,752.213,578.09
Sichuan Tuopu2,000.0012,351.276,366.835,984.4420,626.93817.32
Yantai Tuopu6,280.009,753.542,842.946,910.604,568.94296.61
Pinghu Tuopu20,800.0030,067.876,638.3023,429.5720,253.71-785.16
Suining Tuopu15,000.0042,693.639,552.7733,140.8630,603.763,733.72
Zhejiang Towin18,000.0055,628.486,116.6949,511.7913,695.98741.23
Tuopu Automotive Electronics250,000.00672,931.98204,400.57468,531.41238,731.1431,679.35
Tuopu Thermal Management385,600.00484,035.9285,952.99398,082.93181,052.039,575.12
Hunan Tuopu72,259.00118,516.9736,050.9282,466.0561,397.617,073.45
Tuopu Skateboard Chassis (Ningbo) Co., Ltd.51,490.00111,435.1243,165.5168,269.6177,595.356,771.45

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(7) Structured entities controlled by the Company

□Applicable √Non-applicable

I.Other disclosures

(1) Potential risks

√Applicable □Non-applicable

1. Exchange rate, tariffs, fluctuations in material prices, and price reduction requested by customersmay expose business operations to risk. The Company intends to resolve these risks by enhancingoverall competitiveness. In the course of 40 years after founding, the Company stayed on the track ofgood business performance and development in spite of the risk exposures, and developed a well-fit riskcontrol system based on the past experience.

2. The NEVs track in which the Company is currently engaged has been fully recognized bygovernments and the industry community and put into practice, with proven signs of right direction andbright future. For this reason, there is no risk borne in the strategic direction and investments.

(2) Other disclosures

√Applicable □Non-applicable

1. Note to the deposit and use of proceeds: On February 7, 2024, the Company convened the SixthMeeting of the Fourth Session of the Board of Directors, during which it reviewed and approved the“Proposal on Adjusting the Implementation Progress of Certain Fund Raising Investment Projects.” TheBoard agreed to revise the timelines for the fund-raising initiatives, specifically the “LightweightChassis System Construction Project with an Annual Production Capacity of 1.5 Million Sets” and the“Lightweight Chassis System Construction Project with an Annual Production Capacity of 3.3 MillionSets”, setting the expected operational readiness to June 2024 and April 2025, respectively.

2. Regarding the expansion of the subject, site of executing the fundraising project, and the extension ofthe deadline: On August 16, 2024, the Company convened the eleventh meeting of the fifth session ofthe board of directors, during which the proposal concerning the expansion of the subject, site, anddeadline was reviewed and approved. The board agreed to expand the implementation subject to includethe subjects “Tuopu Mexico and Ningbo Import & Export”, and the site Monterrey, Nuevo León,Mexico” , and revised the timeline for the project to achieve its intended use to October 2025.

Section 4 Corporate Governance

I. Brief Information about General Meetings

SessionDate of conventionThe search index of the specified website to publish resolutionsDate of disclosure to publication of resolutionsResolution
2024 first extraordinary general meeting19 February 2024www.sse.com.cnFebruary 20, 2024More details are available in the "Announcement on Resolutions of the 2024 First Extraordinary General Meeting of Tuopu Group" (Announcement No.:

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

2024-024)
2024 second extraordinary general meeting23 February 2024www.sse.com.cnFebruary 24, 2024More details are available in the "Announcement on Resolutions of the 2024 Second Extraordinary General Meeting of Tuopu Group" (Announcement No.: 2024-024)
2023 annual general meeting24 June 2024www.sse.com.cnJune 25, 2024More details are available in the "Announcement on Resolutions of the 2023 Annual General Meeting of Tuopu Group" (Announcement No.: 2024-024)

Preferred shareholders whose voting rights have been restored request to convene anextraordinary general meeting

□Applicable√Non-applicable

Note to General Meeting

√Applicable □Non-applicable

During the reporting period, the Company held three general meetings. These meetings areconvened and held under the applicable laws, regulations and these "Articles of Association"; thepersons present at and convening such meetings hold legal and valid qualifications; the voting procedureis consistent with the applicable relevant laws, regulations, normative documents and these "Articles ofAssociation". The voting results are legal and valid.

II. Changes in directors, supervisors and officers

□Applicable√Non-applicable

Note to the changes in directors, supervisors and officers

□Applicable√Non-applicable

III. The plan for the profit distribution of common stocks or the transfer of capital reservesThe drafted semi-annual plan for the profit distribution of common stocks or the transfer ofcapital reserves

Whether for the profit distribution or the transfer of capital reservesNo
Number of bonus issues (stocks) every 10 sharesNA
Number of dividends distributed (Yuan) (with tax included) every 10 sharesNA
Number of additional shares (stocks) every 10 sharesNA
Note to the plan for the profit distribution of common stocks or the transfer of capital reserves
No

IV. Conditions and Impact of Equity Incentive Plan, ESOP (employee stock ownership plan) orOther Employee Incentive Measures of the Company

(1) Related incentive events have been disclosed in the provisional announcement and there is noprogress or change in subsequent implementation

□Applicable√Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(2) Incentives that are not disclosed in the provisional announcement or there is a progress insubsequent implementationCondition of equity incentives

□Applicable√Non-applicable

Other notse

□Applicable√Non-applicable

ESOP

□Applicable√Non-applicable

Other incentives

□Applicable√Non-applicable

Section 5 Environmental and Social Responsibility

Ⅰ.Information about environment

(1)Notes to the environmental protection conditions of companies and their important subsidiariesannounced by the environmental protection authority as key emission entities

√Applicable □Non-applicable

1. Information about emissions

√Applicable □Non-applicable

(1)As written in the “Notice of Ningbo Bureau of Ecology and Environment on Issuing the Listof Ningbo Key Entities for Environmental Supervision and Control in 2024 (YONG HUAN FA [2024]No.16) issued by Ningbo Bureau of Ecology and Environment on 28 March 2024:

The Company is included in the list of key environmental risk control entities (radiation).

Its plant addressed at Guanhai Road, Chunxiao, Beilun District, Ningbo ("Guanhai Road Plant") isincluded in the list of key regulatory entities for water environment pollution and the list of key controlentities for environmental risks (hazardous waste);

Its suspension plant addressed at Chunxiao, Beilun District, Ningbo ("Chunxiao Suspension Plant")is included in the list of key control entities for environmental risks (hazardous waste and radiation).

Its plant addressed at Longtanshan Road, Beilun District, Ningbo (“Longtanshan Road Plant”) isincluded in the list of key environmental risk control units (hazardous waste, radiation).

(2) Ningbo Tuopu Chassis System Co., Ltd. (“Yinzhou Chassis”), a wholly-owned subsidiary of theCompany located in Yinzhou District, Ningbo, is included in the list of key environmental risk controlentities (hazardous waste).

(3) Ningbo Tuopu Automotive Electronics Co., Ltd.(“Tuopu Automotive Electronics”), awholly-owned subsidiary of the Company located in Ningbo Qianwan New District, is included in the elist of key environmental risk control entities (hazardous waste and radiation).

(4) Tuopu Skateboard Chassis (Ningbo) Co., Ltd (hereinafter referred to as "Skateboard Chassis"),a wholly-owned subsidiary of the Company located in Ningbo Qianwan New District, has been includedin the list of key environmental risk control units (hazardous waste).

(5) Tuopu Thermal Management (Ningbo) Co., Ltd (hereinafter referred to as "Tuopu ThermalManagement"), a wholly-owned subsidiary of the Company located in Ningbo Qianwan New District,has been included in the list of key environmental risk control units (hazardous waste).

(6) According to the "Notice on the Publication of the List of Key Units for EnvironmentalSupervision and Control in Jinhua City in 2024" issued by the Bureau of Ecology and Environment ofJinhua on March 31, 2024, the Company's wholly-owned subsidiary, Jiangsu Towin AutomobileComponents Company Limited ("Jiangsu Towin"), which is located in Baifaoshan Industrial Park, WuyiCounty, Jinhua City, was included in the list of key environmental risk control units (hazardous waste)("Zhejiang Towin"), a wholly-owned subsidiary of the Company located in Baihuashan Industrial Park,Wuyi County, Jinhua City, was included in the list of key environmental risk control units.

(7) According to the "Suining List of Key Units for Environmental Supervision and Control in

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

2024" issued by Suining Bureau of Ecology and Environment on March 29, 2024, the Company'swholly-owned subsidiary Suining Tuopu Automotive Chassis Systems Company Limited ("SuiningTuopu"), which is located in the Industrial Concentration Development Zone of Anju District, SuiningCity, was included in the list of key units for environmental supervision and control. ("Suining Tuopu"),a wholly-owned subsidiary of the Company located in the Industrial Concentration Development Zoneof Anju District, Suining City, was included in the list of key environmental risk control units in SuiningCity in 2024.

(8) Pursuant to the ''Notice on Issuing the 2024 Xiangtan City Environmental Supervision andControl Key Units List'' issued by the Xiangtan City Bureau of Ecology and Environment on March 28,2024, the Company's wholly-owned subsidiary, Hunan Tuopu Automobile Parts Co., ltd., which islocated in Xiangtan Economic Development Zone, was included in the list of key environmentalsupervision and control units.

2. Construction and operation of pollution control facilities

√Applicable □Non-applicable

All plants of the Company arrange production facilities in a reasonable way, improve processes andincrease the recycling of water, and reduce the emissions of sewage, waste liquid, general solid wastesand hazardous wastes. The automatic waste monitoring system is running normally and transmitting datato the environment protection authority in real time, allowing environment protection authorities at alllevels to perform real-time monitoring. Each plant has set up a yard for storage of hazardous wastes inaccordance with the measures applicable to the control of hazardous wastes, taken reasonablemeasures against seepage, leakage and overflowing, maintained the hazardous waste managementaccount and transfer form, and subjected hazardous wastes to the transfer form system.

The construction and operation of pollution control facilities in the plants or subsidiaries includedon the list of key emission entities are as follows:

(1) Guanhai Road Factory, Chunxiao Suspension Factory, Longtanshan Road Factory: implementrainwater and sewage diversion and clean sewage diversion, and obtain permits for urban sewageconnection to the drainage network, as well as obtaining sewage discharge permits issued by theEcology and Environment Bureau of the jurisdiction or the registration receipt. The numbers are:

Sewage discharge: (No. 36 Guanhai Road) 91330200761450380T001V, (No. 1 Longtanshan Road)91330200761450380T004Y, (No. 59 Guanhai Road) 91330200761450380T007Y, (No. 666 WestHengshan Road) 91330200761450380T002U, (No. 99 Chunxiao Avenue) 91330200761450380T006Z,(No. 268 Yukwangshan Road) 91330200761450380T005W, (No. 339 West Damtou Road)91330200761450380T003W.

Drainage: (Guanhai Road No. 36) Zhelun Daiji No. 00767, (Longtanshan Road No. 1) Zhelun DaijiNo. 00398, (Guanhai Road No. 59) Zhelun Xiaoxiao Daiji No. 00035, (Chunxiao Avenue No. 99)Zhelun Xiaoxiao Daiji No. 00023, (Yukwangshan Road No. 268) Zhelun Daiji No. 00656.

The Company received a radiation safety license from the Department of Ecology and Environmentof Zhejiang Province on December 13, 2022. The certificate number is Zhe Huan Radiation Certificate[B3021].

Production wastewater: directed into the municipal sewage system via a sewage pipe followingtreatment at a sewage treatment facility to ensure compliance with discharge standards.

Domestic wastewater similarly funneled into the municipal sewage pipeline after undergoingpretreatment through sedimentation and septic tanks to meet the required discharge standards.

Radiation: the company adheres to stringent safety protocols for radiation equipment, implementszoning management in radiation work areas, places warning signs at the boundaries of controlled andmonitored zones, establishes a systematic equipment inspection protocol, conducts regular and thoroughinspections, and enhances both equipment maintenance and staff training.

For hazardous and dangerous waste, the facility strictly follows the "Hazardous Waste StoragePollution Control Standards," establishing designated temporary storage areas, implementing classifiedcollection and temporary storage practices, and regularly engaging the services of Ningbo BeilunEnvironmental Protection Solid Waste Disposal Co. Limited and other certified entities for safe wastedisposal.

(2) Yinzhou Tuopu: a new factory, various pollution prevention and control facilities in thefactory area are currently being submitted for approval in preparation for the construction stage.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

According to the Ningbo Municipal Bureau of Ecology and Environment on the "Ningbo TuopuChassis System Co., Ltd. annual output of 800,000 sets of high-end automotive interior functional trimparts project and annual output of 500,000 sets of automotive lightweight chassis system projectEnvironmental Impact Report Sheet" of the review of the comments (Yin Huan Jian [2023] 126) on theconstruction and operation of environmental protection facilities are approved as follows:

The project must prioritize the following tasks during the construction and operation process:

Compliance with water pollution control regulations by enhancing the collection and treatment ofwastewater. The wastewater from the rubber workshop must meet the standards set by GB27632-2011for the rubber products industry before being discharged into the natatorium. Other productionwastewater, such as neutralization and precipitation tank wastewater, should be treated along withdomestic sewage in septic tanks to meet the Level 3 standards of GB8978-1996 for ComprehensiveEmission Standards for Wastewater (including ammonia nitrogen and total phosphorus). The dischargeshould then be directed into the pipe after meeting the control indicators specified in DB33/887-2013 forIndirect Emission Limits of Nitrogen and Phosphorus Pollutants from Wastewater of IndustrialEnterprises.

Implementation of exhaust gas pollution prevention measures to ensure compliance withregulations and control all types of exhaust emissions.

The die-casting workshop of Project A is subject to various air pollutant emission standards. Thesestandards, outlined in the GB39726-2020, set limits for the emissions of melting fumes, mold exhaust,natural gas combustion exhaust, baking package exhaust, heat treatment exhaust, shot blasting dust,grinding dust particles, sulfur dioxide, and nitrogen oxides. Additionally, the emissions of non-methanehydrocarbons from die-casting molding, fluorescence flaw detection, industrial oil volatilization, lasermarking, and coding are regulated. The total methane hydrocarbons emitted from die-casting,fluorescent flaw detection, volatilization of industrial oils, and dust emissions from laser coding arecovered under Table 2 of GB16297-1996. This table includes emission limits for air pollutants from newsources and concentration limits for monitoring unorganized emissions.

The emission of non-methane hydrocarbons in the rubber extrusion, extension exhaust, andvulcanization exhaust in workshop B (suspension system production workshop) of the project complieswith the emission limit values of air pollutants from newly-built enterprises stated in Table 5 of the"Pollutant Emission Standards for Rubber Products Industry." Additionally, it adheres to the limit valuesof unorganized emission from the factory boundaries of newly-built enterprises as specified in Table 6of the same standards. The emission values of carbon disulphide and odorous gases are also inaccordance with the standards set in Table 1 of the "Emission Standards for Odor Pollutants" inGB14554-1993. The second level standard value of odor pollutants at the plant boundary in Table 1 andthe limit value of odor pollutants emission standards in Table 2 are also met. Furthermore, the emissionstandards for steam boiler exhaust emissions are followed as outlined in Table 3 of GB13271-2014"Boiler Air Pollutants Emission Standards." The special emission limits for air pollutants and theemission requirements for low-nitrogen combustion control, as stated in the "Gas Boiler Low-nitrogenTransformation Work Technical Guidelines (Interim)" by the Department of Ecology and EnvironmentalProtection of Zhejiang Province, are also implemented. It is important to note that the local standards ofZhejiang Province will be enforced once they are released. Lastly, the emission of sand blasting dustfrom the mold core complies with the comprehensive emission standards for air pollutants stated inTable 2 of GB16297-1996, which includes the emission limits for air pollutants from new sources andthe concentration limits for monitoring and control of disorganized emissions.

The production workshop for the sealing system, known as Project Workshop C, involves variousprocesses such as unpacking, rubber refining, open training, extrusion, vulcanization, and jointing hotpressing. These processes generate non-methane hydrocarbons and particulate emissions. To ensureenvironmental compliance, the workshop must adhere to the air pollutant emission limits specified inGB27632-2011 "Rubber Products Industry Pollutant Emission Standards." Table 5 of this standard setsthe emission limits for new enterprises, while Table 6 specifies the limits for both existing and newenterprises within the plant boundary. Specifically, the workshop needs to control emissions of carbondisulfide and odor from rubber refining and open training. These emissions should comply with thestandards outlined in GB14554-1993 "Emission Standards for Odor Pollutants." Table 1 of this standarddefines the second level of odor pollutants at the factory boundary, while Table 2 sets the emissionstandard limits for odor pollutants. Furthermore, the workshop must address emissions from processessuch as workpiece surface spraying, drying and curing exhaust, glue and drying and curing exhaust, andsealing strips. These emissions include non-methane hydrocarbons, odor, and other pollutants. To

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

regulate these emissions, the workshop should follow the air pollutant emission limits specified inDB33/2146-2018 Table 1 and the air pollutant concentration limits in Table 6. These limits are outlinedin the "Emission Standards for Air Pollutants from Industrial Painting Processes." Regarding the exhaustgas from natural gas combustion, the workshop should comply with the emission standards stated inGB9078-1996 "Emission Standards for Air Pollutants from Industrial Furnaces and Kilns." Specifically,Table 2 of this standard defines the secondary standards for exhaust gas emissions. Additionally, theworkshop must meet the requirements of the "Comprehensive Control Program of Air Pollution fromIndustrial Furnaces and Kilns in Zhejiang Province" as stated in Zhejiang Environmental Letter (2019)No. 315.In Workshop D, which is responsible for the production of sound insulation systems, the pressuremolding exhaust gas contains non-methane hydrocarbons. To regulate these emissions, the workshopshould adhere to the pollutant emission standards specified in GB31572-2015 "Pollutant EmissionStandards for Synthetic Resin Industry." Table 5 of this standard sets the special emission limits for airpollutants, while Table 9 defines the concentration limits for air pollutants at the boundary ofenterprises.The emission standards for malodorous pollutants, as stated in GB14554-1993, are beingimplemented at the sewage station to control the odorous waste gas emissions. Table 1 sets thesecondary standard values for odor pollutants at the plant boundary, while Table 2 establishes theemission standard limits for odor pollutants. In addition, the unorganized emission of volatile organiccompounds in the plant area is regulated by GB37822-2019, which provides special emission limits inTable A1. The canteen fumes are effectively treated through a smoke purification device, in accordancewith GB18483-2001, which sets the emission standards for the catering industry.

Noise pollution prevention and control requirements. The environmental noise emission at thefactory boundary of the project carries out GB12348-2008 "Environmental Noise Emission Standard forFactory Boundary of Industrial Enterprises", which is a category 3 standard.Solid waste pollution prevention and control requirements. Hazardous waste has been planned inaccordance with the relevant requirements of classification collection and storage, and handed over toqualified units for treatment, the corresponding implementation of the hazardous waste transfer joint billsystem: general industrial solid waste and domestic garbage and other solid wastes are classified andcollected for harmless or resource treatment, and to prevent the generation of secondary pollution.Environmental risk prevention and emergency response. Implement risk and accident preventioncountermeasures in strict accordance with the EIA. Promote the implementation of environmentalprotection facilities such as wastewater treatment and other key environmental control facilities toimplement the requirements of safe production, carry out safety risk assessment and hidden dangerinvestigation and management, and report the relevant information to the Municipal Bureau and therelevant industry authorities, copied to the Municipal Emergency Management Bureau. Proposed toentrust the design unit with the appropriate qualifications of the key environmental protection facilitiesof the construction project, and to establish and improve the internal pollution prevention and controlfacilities for stable operation and management responsibility system and safety control ledgerinformation, in strict accordance with the standards and specifications for the construction ofenvironmental governance facilities to ensure that the environmental governance facilities are safe,stable and effective operation. Project pollution prevention and control facilities shall be designedtogether with the main project in accordance with the requirements of safe production, and whencarrying out the safety evaluation work as required, it is proposed to include the environmental controlfacilities into the scope of safety evaluation together, and can only be implemented after approval andconsent of the relevant functional departments. Effectively prevent environmental risks that may becaused by accidental discharge of pollutants or safety production accidents, and ensure the safety of thesurrounding environment.Total pollutant emission control requirements. According to the Report Table, the total controlindexes of the whole plant after the implementation of the project are as follows: Chemical OxygenDemand (COD) 0.212t/a, Nitrogen Oxide: 3.354t/a, Sulfur Dioxide 0.176t/a, Particulate Matter

19.587t/a, VOC 10.949t/a. If the nature of the project, scale, location, the production process used ormeasures to prevent pollution and ecological damage have undergone significant changes, the project isproposed to be re-approved according to the law of environmental assessment documents. After 5 yearsfrom the date of approval, if the project party starts construction, the EIA document will be reported tothe municipal bureau for re-examination. If the project does not conform to the approved EIA document

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

during the construction and operation of the project, the relevant environmental protection proceduresshall be carried out in accordance with the law.

The above comments and the pollution prevention and control measures and risk preventionmeasures proposed in the Report Table, our company intends to conscientiously implement in theproject design, construction, operation and management to ensure environmental safety and socialstability during the construction and operation of the project. Our company strictly implements theenvironmental protection "three simultaneous" system, and realizes the commitment of the legal person.Before the project is put into production or use, the environmental protection facilities will be inspectedand accepted according to the law, and the project shall not be put into production or use withoutinspection or unqualified inspection. Our company accepts the supervision and inspection of ecologicalenvironment departments at all levels according to regulations.

(3) Tuopu Automobile Electronics: It implements rainwater and sewage diversion and clean sewagediversion, and has obtained a license for urban sewage connection to the drainage network (Zheji No.19119) and a sewage discharge license issued by the Bureau of Ecology and Environment of HangzhouBay New District, Ningbo City (Certificate No. 91330201MA2833A9XR001Q).

Production wastewater: After collecting all production wastewater from the plant to the collectiontank of sewage treatment station through pipeline, it will be discharged into the municipal sewagepipeline after pretreatment, mediation, reaction, precipitation, neutralization, hydrolysis acidification,aerobic biochemistry, secondary precipitation, flocculation precipitation, and other processes to finallyreach the standard. Eliminate non-standard sewage into the municipal pipeline network.

Domestic Wastewater: The oily wastewater generated by the cafeteria is pre-treated by grease traps,and the domestic wastewater is treated by septic tanks, and then discharged into the municipalwastewater pipeline network of Hangzhou Bay New Area after reaching the standard of Hangzhou BayNew Area Sewage Treatment Plant.

After the above wastewater and sewage treatment, one way of wastewater and wastewater isdischarged into Hangzhou Bay New Area municipal sewage pipeline through 02WS863 outlet, and theother way of wastewater is discharged into Hangzhou Bay New Area municipal sewage pipeline into thecity sewage treatment plant through 01WS703 outlet.

Factory wastewater discharge standards for: GB8978-1996 "Comprehensive Emission Standardsfor Sewage" in the third level, ammonia nitrogen and total phosphorus to implement the "ZhejiangProvince, local standards for industrial wastewater nitrogen, phosphorus pollutants indirect dischargelimits" (DB33/887-2013) discharged into the municipal wastewater network, and ultimately by thewastewater treatment plant treatment of the "urban sewage treatment plant pollutant emission standards"( GB18918-2002), and then discharged into the municipal sewage pipe network.

Hangzhou Bay factory wastewater is treated into the urban pipeline network standard. The actualproduction of wastewater testing data: pH value of 7.2, COD is 28mg / l, ammonia nitrogen is 1.03mg / l,suspended solids 32mg / l, petroleum 0.41mg / l, total phosphorus 0.67mg / l, zinc 1.09mg / l, anionicsurfactant 0.24mg / l, total nitrogen 5.55mg / l, five-day BOD4.4mg /l, all of which meet therequirements.

Metal trimmings within the facility, non-compliant products during production, maintenance ofwaste metal molds, rubber edges, and waste packaging are classified as general solid waste. These itemsare subject to unified collection, sale, and comprehensive utilization. Hazardous waste such as wastepaint residue, waste rubber, waste packaging drums, sludge, activated carbon, cleaning waste liquid,waste emulsion, waste engine oil, aluminum ash, and aluminum dregs must be handled in accordancewith national regulations. Hazardous waste yards and warehouses should be established to meet therequirements of the Environmental Protection Bureau. The transfer of hazardous waste declarationshould be done through the "National Solid Waste and Chemical Management Information System" anddisposal agreements with Ningbo Beilun Environmental Protection Solid Waste Disposal Co., Ltd.,Zhejiang Kaikang Metal Products Co., Ltd., Ningbo Bochuan Waste Liquid Disposal Co., Ltd.,Dongyang Mason Industry and Trade Co., Ltd., Ningbo Juxin Environmental Protection Products Co.,Ltd., Zhejiang Lvchen Environmental Protection Science and Technology Co., Ltd., and ZhejiangEnvironmental Protection Group Beilun Shanko Environmental Protection Science and Technology Co.,Ltd. must be adhered to.

10 sets of Class III X-ray detectors and four sets of Class II X-ray detectors are used in the plantproject, and the Company obtained the radiation safety license issued by the Department of Ecology andEnvironment of Zhejiang Province on May 12, 2022, with the certificate number of Zhe Huan RadiationCertificate [B2971].

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(4) Skateboard Chassis: rainwater and sewage diversion and clean sewage diversion areimplemented, and the company has obtained a license for urban sewage connection to the drainagenetwork (Zhejiang No. 2411) and a sewage discharge license issued by the Bureau of Construction andTraffic and Transportation of Ningbo Qianwan New Area (Certificate No. 91330201MA7FLHCH5K).Production wastewater: After collecting all production wastewater from the plant to the collectiontank of the wastewater treatment station through the pipeline, it will be discharged into the municipalwastewater pipeline after pretreatment, mediation, reaction, precipitation, neutralization, hydrolysis andacidification, aerobic biochemistry, secondary precipitation, flocculation and precipitation, and otherprocesses that finally meet the standard. Eliminate non-standard sewage into the municipal pipelinenetwork.

Domestic Wastewater: The oily wastewater generated by the cafeteria is pre-treated by grease traps,and the domestic wastewater is treated by septic tanks, and then discharged into the municipalwastewater pipeline network of Hangzhou Bay New Area after reaching the standard of Hangzhou BayNew Area Sewage Treatment Plant.

After the above wastewater and sewage treatment, one way of wastewater and wastewater isdischarged into Hangzhou Bay New Area municipal sewage pipeline through WS0001 outlet, and theother way of wastewater is discharged into Hangzhou Bay New Area municipal sewage pipeline into thecity sewage treatment plant through WS0155 outlet.

Factory wastewater discharge standards for: GB8978-1996 "Comprehensive Emission Standardsfor Sewage" in the third level, ammonia nitrogen and total phosphorus to implement the "ZhejiangProvince, local standards for industrial wastewater nitrogen, phosphorus pollutants indirect dischargelimits" (DB33/887-2013) discharged into the municipal wastewater pipeline network, and ultimately bythe wastewater treatment plant to treat up to the "municipal wastewater treatment plant pollutantdischarge standards" ( GB18918-2002) Class A standard and then discharged to the sea. Hangzhou Bayfactory sewage after treatment into the municipal pipeline network standards. The actual productionwastewater testing data: pH value of 6-9mg/L, COD 500mg/L, BOD 300mg/L, SS 400mg/L, ammonianitrogen 35mg/L, petroleum 20mg/L, LAS 20mg/L, total aluminum 2.0mg/L, total phosphorus 8mg/L,total nitrogen 70mg/L, are in line with the requirements.

Industrial waste in the plant, baling tape, waste saw blades, waste rubber edge, scraprubber-containing iron (just) products, scrap rubber-containing aluminum products, waste moldmaterials, (waste mold materials, iron chips, cooked iron foam), scrap iron (just) products, waste copper,waste brass, waste cardboard boxes, iron, wire barrels, steel foam belongs to the general solid waste,after the collection of the unified outsourcing of comprehensive utilization. For waste plastic drums,waste iron drums, waste cutting fluid, waste oil, sludge, aluminum ash aluminum slag are hazardouswaste, according to the national hazardous waste collection, packaging, storage and transportation,disposal requirements for the establishment of hazardous waste yards and warehouses, and according tothe Environmental Protection Bureau of the hazardous waste management requirements unified in the"National Solid Waste and Chemical Management Information System". Ningbo Chengjie PropertyManagement Co., Ltd., Ningbo Yibang Renewable Resources Co., Ltd., Ningbo Bochuan Waste LiquidDisposal Co., Ltd., Dongyang Mason Industry and Trade Co., Ltd., Ningbo Juxin EnvironmentalProtection Products Co., Ltd., Zhejiang Lvchen Environmental Protection Science and Technology Co.,Ltd., Zhejiang Environmental Protection Group Beilun Shangke Environmental Protection TechnologyCo., Ltd.

Skateboard Chassis uses 11 sets of three types of X-ray detectors, and the company is in the processof obtaining the radiation safety license.

(5) Tuopu Thermal Management: practicing rainwater and sewage diversion and clean sewagediversion, obtaining the license for urban sewage connection to the drainage network (Zhe ZiNo.2360)( Zhe Zi No.2361)( Zhe Zi No.2362), and the sewage discharge license issued by the Bureau ofEcology and Environment of the Hangzhou Bay New District of Ningbo City (Certificate No.91330201MA2J3L9257002W ) (Certificate No. 91330201MA2J3L9257001X) (Certificate No.91330201MA2J3L9257003X).

Production wastewater: After collecting all production wastewater from the plant to the collectiontank of sewage treatment station through pipeline, it will be discharged into the municipal sewagepipeline after pretreatment, mediation, reaction, precipitation, neutralization, hydrolysis acidification,aerobic biochemistry, secondary precipitation, flocculation precipitation, and other processes to finallymeet the standard. Eliminate non-standard sewage into the municipal pipeline network.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Domestic Wastewater: The oily wastewater generated by the cafeteria is pre-treated by grease trapfacilities, and the domestic wastewater is treated by septic tanks, and then discharged into the municipalsewage network of Hangzhou Bay New Area after reaching the standard of Hangzhou Bay New AreaSewage Treatment Plant.After the above wastewater and sewage treatment, three of the sewage and wastewater aredischarged into Hangzhou Bay New Area municipal sewage pipeline through WS808, WS111 andWS101 drainage outlets into the city sewage treatment plant.

The factory adheres to the sewage discharge standards outlined in GB8978-1996, known as the"comprehensive sewage discharge standards" at the third level. According to these standards, the factorydischarges ammonia nitrogen and total phosphorus into the municipal sewage network, following thelimits set by the local standards for industrial wastewater nitrogen and phosphorus pollutants indirectdischarge limits in Zhejiang Province (DB33/887-2013). The discharged wastewater is then treated atthe sewage treatment plant to meet the "municipal wastewater treatment plant emission standards" atlevel 1, as specified in GB18918-2002. After meeting the Class A standard of GB18918-2002, thetreated wastewater is discharged into the sea. In Hangzhou Bay, the factory's sewage is treated accordingto the municipal pipeline network standards. The actual testing data of the wastewater produced duringthe factory's production process is as follows: the pH value is 7.3, COD is 358mg/L, ammonia nitrogenis 7.58mg/L, suspended solids are 85mg/L, petroleum is 0.21mg/L, total phosphorus is 1.06mg/L, zinc is

0.01mg/L, anionic surfactant is 0.66mg/L, total nitrogen is 4.57mg/L, and five-day biochemical oxygendemand is 156mg/L. These values are in compliance with the required standards.

Metal trimmings within the plant are used in the production of substandard products, while wastemetal mold maintenance, rubber edges, and waste packaging are considered general solid waste. Thesematerials are subject to unified collection and sale for comprehensive utilization. Hazardous waste, suchas waste paint residue, waste rubber, waste packaging drums, sludge, activated carbon, cleaning wasteliquid, waste emulsion, waste engine oil, aluminum ash, and aluminum dregs, must be handled inaccordance with national regulations. This includes proper collection, packaging, storage, transportation,and disposal. Hazardous waste yards and warehouses should be established to meet these requirements.Additionally, compliance with the Environmental Protection Bureau's guidelines for hazardous wastemanagement is essential. Various companies, including Ningbo Beilun Environmental Protection SolidWaste Disposal Co., Ltd., Zhejiang Kaikang Metal Products Co., Ltd., Ningbo Bochuan Waste LiquidDisposal Co., Ltd., Dongyang Meichen Industry and Trade Co., Ltd., Ningbo Juxin EnvironmentalProtection Products Co., Ltd., Zhejiang Lvchen Environmental Protection Technology Co., Ltd., andZhejiang Province Environmental Protection Group Beilun Shangke Environmental Protection Scienceand Technology Co., Ltd., have signed hazardous waste disposal agreements to ensure proper handlingof such materials.

Tuopu Thermal Management uses 22 sets of Class III X-ray detectors, and the company obtained aradiation safety license issued by the Department of Ecology and Environment of Zhejiang Province onNovember 17, 2023, with a certificate number of Zhe Huan Radiation [B3074] (10 sets of Class IIIX-ray detectors in Phase V are not included in the list, and the project is in progress).

(6) Zhejiang Towin: diversion of rainwater and sewage, diversion of clean water and sewage,obtain the permit for urban sewage to the drainage pipeline system, serial no.: Zhe Wu Wu Pai Zi No.2022085; obtain the emission permit granted from Jinhua Ecological Environment Bureau, serialno.:91330723MA29PBM72F001U.

Production wastewater: the production wastewater as gathered from the plant area via the pipelineto the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarsesedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.Once acceptable to the standard, the production wastewater will be discharged to the municipal sewagepipeline of the Development Zone. An automatic monitoring system is implemented to prevent anyunacceptable sewage from accessing to the municipal sewage pipeline. The environmental protectionauthorities at all levels across the nation can monitor how the sewage station operates in the plant areaand the emission indexes.Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trappingfacility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipelineconveyance standard designated by Wuyi NO.1 Sewage Treatment Plant, the domestic wastewater willbe discharged to the municipal sewage pipeline system.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

The above wastewater and sewage subject to the treatment process are finally discharged to themunicipal sewage pipeline system of Wuyi Baihuashan Industrial Park via a drain outlet, finally to WuyiSewage Treatment plant.

The normative standard applicable to sewage discharge of Zhejiang Towin: total zinc is subject toGrade 3 standard of "Integrated Wastewater Discharge Standard" (GB8978-1996), the sewage subject totreatment process is discharged into the municipal pipeline system. Actual data of production wastewatertest: pH value: 7.05, suspended matter: 31 mg/l, COD:45.44 mg/l, biochemical oxygen demand over acourse of 5 days: 46.2mg/l, ammonia nitrogen: 12.303mg/l, total phosphorus: 0.086mg/l, petroleum:

0.60mg/l, anionic surfactant: 6.0mg/l, all indexes conform to the specifications.

In Zhejiang Towin Plant, rubber scraps, non-conforming products in production, and scrap metalgenerated by mold repair are identified as general solid wastes, collected, then disposed and utilized.Waste paint slags, pickling and phosphate slags, and waste oil generated in the production process areidentified as hazardous wastes, a dedicated storehouse for hazardous wastes is set up under the nationalprovisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,the storage registration account is created on Zhejiang Solid Wastes Monitoring Information System,and the agreements for disposal of hazardous wastes have been signed with Zhejiang Red LionEnvironmental Protection Co., Ltd. and Zhejiang Yulong Environmental Protection Technology Co.,Ltd.

Zhejiang Towin Plant arranges production facilities in a reasonable way, improves processes andincrease the recycling of water, and reduces the emissions of sewage. The automatic waste monitoringsystem is running normally and transmitting data to the environment protection authority in real time.The access control facility (environmental protection authorities at the central, provincial, municipal andcounty level can perform real-time monitoring) is added. The plant has set up a yard and storehouse forhazardous wastes in accordance with the measures applicable to the control of hazardous wastes, andmaintained the hazardous waste management account and transfer form.

(7) Suining Tuopu:diversion of rainwater and sewage, diversion of clean water and sewage, obtainthe permit for urban sewage to the drainage pipeline system, and the emission permit granted fromSuining Ecological Environment Bureau of Sichuan (serial no.: 91510904071417225P001U).

Production wastewater: the production wastewater as gathered from the plant area via the pipelineto the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarsesedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.Once acceptable to the standard, the production wastewater will be discharged to Longyanjing SewageTreatment Plant. An automatic monitoring system is implemented, which allows the environmentalprotection authorities at all levels in Sichuan to monitor how the sewage station operates in the plantarea and the emission indexes.

Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trappingfacility, the Longyanjing Wastewater Treatment Plant receives domestic sewage after it has undergonepre-treatment in septic tanks. The sewage is then treated and discharged in accordance with the setstandards.

The above wastewater and sewage subject to the treatment process are discharged into themunicipal sewage pipeline of Anju Industrial Concentration Development Zone, finally to LongyanjingSewage Treatment Plant.

The normative standard applicable to sewage discharge of the plant is Grade 3 standard of"Integrated Wastewater Discharge Standard" (GB8978-1996).The sewage subject to treatment process isdischarged into the municipal pipeline system. Actual data of production wastewater test: Total nickel:

0.041mg/l, pH value: 7.3, COD: 124.5mg/l, ammonia nitrogen: 1.136mg/l (standard values of fiveclasses with respect to this project), and petroleum: 0.06mg/l.

Test data of domestic wastewater: pH value: 7.73, suspended matter: 4 mg/l, COD: 167.5 mg/l, allindexes conform to the specifications.

In the plant, rubber scraps, non-conforming products in production, and scrap metal generated bymold repair are identified as general solid wastes, collected, then disposed and utilized. Waste paintslags, pickling and phosphate slags, and waste oil generated in the production process are identified ashazardous wastes, a dedicated yard and storehouse for hazardous wastes is set up under the nationalprovisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,the application for transfer of hazardous wastes has been submitted in accordance with the applicablemanagement provisions of Anju Environmental Protection Bureau, and the agreements for disposal ofhazardous wastes have been signed with Suining Tuopu and Zigong Jinlong Cement Co., Ltd.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

The plant arranges production facilities in a reasonable way, improves processes and increase therecycling of water, and reduces the emissions of sewage. The automatic sewage monitoring system isoperating normally and connected to the environmental protection authority for data transmission in realtime, and the environmental protection authorities at the provincial, city and county levels can monitor itin real time.Sichuan Maigao has been approved in the environmental protection acceptance procedure bySuining Environmental Protection Bureau and filed for urban rainwater and sewage pipeline. Acting instrict accordance with the national emission standards, Sichuan Maigao is committed to improving theenvironment, with minor impact on the surrounding environment.The sludge, waste oil, and waste paintslag generated from the sewage station are disposed by Zigong Jinlong Cement Co., Ltd.

(8) Hunan Tuopu: It has implemented rainwater and sewage diversion and obtained the license forurban sewage connection to the drainage network (4111 No. 0319) and the sewage discharge licenseissued by Xiangtan Ecological Environment Bureau (Certificate No. 91430300MA4PDKMY0M001Q).

Production wastewater: 1 wastewater treatment station, with a treatment capacity of 15m3/h,treatment processes include: fluorescent osmosis solution cleaning wastewater pretreatment process,hydrolysis adjustment process, biochemical contact oxidation process, depth treatment process, etc.;production wastewater is optimized and adjusted, and 60% of the water treated by the wastewatertreatment station is reused for production, and 40% of the wastewater is discharged into municipalwastewater pipeline network after treatment up to the standard; the waste cutting fluid, as a hazardouswaste waste, is It will be handed over to the third party qualified unit for treatment.

Domestic wastewater: grease trap (20m3/d) and septic tank (50m3/d) are discharged into themunicipal sewage network after the septic tank treatment is up to standard.

After treatment, the above wastewater and sewage are discharged into Xiangtan municipal sewagepipeline into Jiuhua Sewage Plant through the factory's total outlet DWO01 outlet.

The factory wastewater discharge at Hunan Tuopu follows the implementation standard set byGB8978-1996 "Comprehensive Wastewater Discharge Standard". After undergoing treatment at thefactory wastewater treatment station, the wastewater is discharged into the municipal sewage network.Subsequently, it undergoes further treatment at the Jiuhua Wastewater Treatment Plant. The testing datafor the actual production wastewater indicates that it meets the required standards. The pH value is 7.2,COD is 128mg/L, ammonia nitrogen is 17.1mg/L, suspended solids are less than 30mg/L, petroleumcontent is 0.4mg/L, total phosphorus is 0.44mg/L, anionic surfactant is 0.832mg/L, total nitrogen is

3.95mg/L, and five-day BOD is 35.9mg/L.

Metal trimmings in the plant, the production of substandard products, mold maintenance of wastemetal, rubber edges, waste packaging belongs to the general solid waste, after unified collection and saleof comprehensive utilization. For waste rubber, waste drums, sludge, waste activated carbon, wasteemulsion, waste oil, aluminum ash, aluminum slag, dust collected by bag filter are hazardous waste,according to the national requirements for hazardous waste collection, packaging, storage andtransportation, disposal of hazardous waste warehouse has been set up, and according to therequirements of the Environmental Protection Bureau of the management of hazardous waste unified inthe "National Solid Waste and Chemical Management Information System”, and hazardous wastedisposal agreements were concluded with Hunan Hanyang Environmental Protection Technology Co.,Ltd, Hunan Jingyi Xiangtai Environmental Protection Hi-Tech Co., Ltd, Changsha MingyuanEnvironmental Protection Technology Co., Ltd., and Hunan Yongxinyuan Environmental Protection Co.,Ltd.

Hunan Tuopu project uses 6 sets of Class III X-ray detectors, and the Company obtained theradiation safety license issued by Xiangtan Eco-Environmental Bureau on January 28, 2023, with thecertificate number: Xianghuan Huirongzhi [C0168].

3. EIA of construction projects and administrative permits granted to other environmental

protection

√Applicable □Non-applicable

All construction projects in each plant are subject to the project-specific EIA requirement andcomply with the national emission standards, approved by the environmental protection acceptance andfiled for urban rainwater and sewage pipeline. All environmental impact factors are acceptable to theproject-specific EIA requirement. Each plant is committed to improving the environment.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

4. Emergency response for environmental contingencies

√Applicable □Non-applicable

The Company has drawn up general and special emergency response plans for environmentalcontingencies which are intended to specify and direct the emergency rescue operations forenvironmental emergencies, and make a filing to local environmental emergency enterprise filingplatform or in the Ecological Environment Bureau. The file numbers in connection with the relevantsubsidiaries or plants are 330206-2022-013-L, 330282(H)-2022-043L, 330206-2015-007-L,510904-2021-018-L, 510904-2024-14-L, 430304-2024-036-L, 330282(H)-2024-023L,330282(H)-2024-030L, 330282(H)-2024-032L, TPHBDP-2024-04 respectively.

5. In-house environmental monitoring plan

√Applicable □Non-applicable

The Company tests wastewater, waste gas, and noise at plant boundaries in all plants at regularintervals every year, which are found to be acceptable under the national standards; the plan for disposalof hazardous wastes is submitted earlier each year.

6. Administrative penalties due to environmental concerns during the reporting period

□Applicable √Non-applicable

7. Other environmental information that should be disclosed

□Applicable √Non-applicable

(2)Notes to the environmental protection of the companies other than key emission entities

□Applicable √Non-applicable

(3)Notes to updates or changes in the disclosure of environmental information during thereporting period

□Applicable √Non-applicable

(4)Relevant information that benefits ecosystem protection, pollution control, and fulfillmentenvironmental responsibilities

□Applicable √Non-applicable

The company fulfills its corporate responsibilities in ESG, boosts green and low-carbon production,fulfills corporate social responsibilities of energy saving, low-carbon environmental protection, andcontributes to "carbon peaking and carbon neutrality".

(5)Measures and effects taken to reduce carbon emissions during the reporting period

√Applicable □Non-applicable

As of the first half of 2024, the installed photovoltaic capacity is 14.20 MW, the cumulativeinstalled capacity of 141.75 MW, the annual power generation is up to 144.110 million kWh, and thecarbon dioxide emissions will be reduced by 144,476.29 tons a year. In future, efforts will be intensifiedto broaden the scope of distributed photovoltaic power plants, and a package of initiatives will be takento scale down carbon emissions and attain the goal of zero-carbon factory step by step.

II.Particulars of consolidating and expanding the deliverables of poverty alleviation, ruralrevitalization and other tasks

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Section 6 Significant Events

I. Performance of commitments

(1)Commitments made by actual controllers, shareholders, related parties, acquirers of the Company, and the Company and other related partiesmaking commitments during the reporting period or continuing to the reporting period

√Applicable □Non-applicable

Background of commitmentType of commitmentCommitted byContent of commitmentDate and deadline of commitmentWhether there is a deadline for performanceWhether performed strictly and timelyIf such commitments cannot be completed timely, state the specific reasonIf such commitments cannot be completed timely, state the next plan
Commitment related to the share reform
Commitment made in the report of acquisition or the report of equity change
Commitment related to significant asset restructuring
Commitment related to IPOintratype competitionMecca International Holding (HK) Limited1. The Company does not have, and will not be directly or indirectly engaged in, or by any form including but not limited to holding,March 2012NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

constituted or may potentially constitute competition, Tuopu Group shall have the right of first refusal as to the trusted management (contracting operation, leasing operation) or acquisition in respect of such operations that have constituted or may potentially constitute competition. 4. The above commitments are unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, the Company will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 5. This letter of commitment shall remain in force and effect whenever the Company and any company controlled by the Company are related to Tuopu Group.
Resolve related party transactionsMecca International Holding (HK) Limited1. The Company and its controlled entities will do the utmost to avoid related transactions with the issuer and its subsidiaries. 2. If related party transactions are unavoidable, both parties to the transactions will strictly follow the normal business code of conduct. The pricing policy applicable to related party transactions must follow the principles of fairness, impartiality and openness in the market, and the transaction price is fixed at the price at which the transaction are conductedMarch 2012NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, the Company will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 6. This letter of commitment shall remain in force and effect whenever the Company and its controlled entities are related to Tuopu Group.
otherMecca International Holding (HK) LimitedIf the issuer's prospectus contains any falsified records, misleading statements or material omissions, which constitutes a significant and substantial impact on determining whether the issuer meets the issuance conditions as prescribed by law, the Company will, within 30 days after the CSRC rules illegal facts, repurchase the restricted shares that are originally transferred, and urge the issuer to repurchase all new shares in this public offering; the Company will fix the repurchase price at the higher of the issuer's stock issue price and the average transaction price of the issuer's stock within 30 trading days before the CSRC rules illegal facts, and repurchase all the original restricted shares that have been sold. If the issuer's shares are involved in the issuance of bonus shares or conversion of capital reserves into share capital, such issue price and repurchaseMarch 2015NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

quantity will be adjusted where applicable. The Company will indemnify the investors enduring financial losses in securities transactions due to false records, misleading statements or material omissions in the issuer's prospectus for this public offering of stocks. Within 30 days after such illegal facts are ruled by CSRC, the stock exchange or the judicial authority, the Company will, in line with the principles of simplifying procedures, actively negotiating, compensating in advance, maintaining the interests of investors, especially small and medium investors, and in accordance with the measurable economic losses directly endured by investors, elect to reconcile with investors, mediate with investors through third parties, or otherwise establish investor compensation funds to actively indemnify the investors harmless from and against the direct economic losses endured therein. The standard, scope of subjects and sum of such indemnity shall be subject to the final indemnification plan prevailing in the occurrence of the above circumstances.
otherMecca International Holding (HK) LimitedFrom August 31, 2012, nothing will procure Ningbo Tuopu Group Co., Ltd. to use any raised funds from this issuance and listing for real estate business or real estate enterprises.August 2012NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

otherNingbo Tuopu Group Co., Ltd.If the issuer's prospectus contains any falsified records, misleading statements or material omissions, which constitutes a significant and substantial impact on determining whether the issuer meets the issuance conditions as prescribed by law, the Company will, within 30 days after the CSRC rules illegal facts, repurchase the restricted shares that are originally transferred, and urge the issuer to repurchase all new shares in this public offering; the Company will fix the repurchase price at the higher of the issuer's stock issue price and the average transaction price of the issuer's stock within 30 trading days before the CSRC rules illegal facts, and repurchase all the original restricted shares that have been sold. If the issuer's shares are involved in the issuance of bonus shares or conversion of capital reserves into share capital, such issue price and repurchase quantity will be adjusted where applicable. The Company will indemnify the investors enduring financial losses in securities transactions due to false records, misleading statements or material omissions in the issuer's prospectus for this public offering of stocks. Within 30 days after such illegal facts are ruled by CSRC, the stock exchange or the judicial authority, the CompanyMarch 2015NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

will, in line with the principles of simplifying procedures, actively negotiating, compensating in advance, maintaining the interests of investors, especially small and medium investors, and in accordance with the measurable economic losses directly endured by investors, elect to reconcile with investors, mediate with investors through third parties, or otherwise establish investor compensation funds to actively indemnify the investors harmless from and against the direct economic losses endured therein. The standard, scope of subjects and sum of such indemnity shall be subject to the final indemnification plan prevailing in the occurrence of the above circumstances.
otherNingbo Tuopu Group Co., Ltd.If the company's stock price falls below its audited net assets per share in the previous year within three years after its IPO and listing (hereinafter referred to as "net asset value per share", total number of the ordinary shareholders' equity attributable to the parent in the consolidated financial statements/number of shares of the company at the end of the year, if the company conducts ex-rights or ex-dividends due to distribution of cash dividends, bonus shares, conversion of share capital, additional issuance of new shares, the above price should be adjusted accordingly,March 2015NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

hereinafter inclusive). The Company repurchases its shares through centralized bidding, tender offer or other means as approved by the securities regulatory authorities. The Company further commits that total amount of funds used to repurchase shares must not exceed the total sum of funds raised by its IPO of new shares; the amount of funds used to repurchase its shares for stabilizing the stock price within each period of 12 months from the date of listing shall not be less than RMB 50 million, and the repurchase price must not exceed the latest audited net asset value per share before the announcement of such price stability plan.
otherNingbo Tuopu Group Co., Ltd.From August 31, 2012, nothing will procure Ningbo Tuopu Group Co., Ltd. to use any raised funds from this issuance and listing for real estate business or real estate enterprises.August 2012NoYesNANA
Resolve related party transactionsWu Jianshu1. I and controlled entities will do the utmost to avoid related transactions with the issuer and its subsidiaries. 2. If related party transactions are unavoidable, both parties to the transactions will strictly follow the normal business code of conduct. The pricing policy applicable to related party transactions must follow the principles of fairness, impartiality and openness in the market, and the transaction price is fixed at the price atMarch 2012NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

5. The above commitments are unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, I will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 6. This letter of commitment shall remain in force and effect whenever I and any company controlled by I are related to Tuopu Group.
Resolve intratype competitionWu Jianshu1. I does not have, and will not be directly or indirectly engaged in, or by any form including but not limited to holding, participating of shares, joint venture, associate partnership, lease, agent operation, trust or other similar form engage in any operation or activity that may have constituted or substantially constitute a current or potential competition against the existing and future operations of Tuopu Group and its holding subsidiaries. 2. For companies and economic entities directly or indirectly controlled by I, I will procure such companies and economic entities to perform the obligations of avoiding competition as contained in the letter of commitment having equivalent standards to I by sending out institutions and persons (including but not limited to directors, managing directors, financial officers) or byMarch 2012NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

gaining the controlling status (e.g.: shareholders’ rights, directors’ rights), so as to keep such companies and economic entities from competing against Tuopu Group and its subsidiaries. 3. If any change in policies and regulations or other reasons that are not attributable to I unavoidably causes other companies or economic entities controlled by Company/Enterprise or any company or economic entity that I may impose significant impact has constituted or may potentially constitute competition, Tuopu Group shall have the right of first refusal as to the trusted management (contracting operation, leasing operation) or acquisition in respect of such operations that have constituted or may potentially constitute competition. 4. The above commitments are unconditional, if a violation of the above commitments inflicts any financial loss to Tuopu Group, I will indemnify other shareholders or interested parties of Tuopu Group against such losses as comprehensive, prompt and sufficient. 5. This letter of commitment shall remain in force and effect whenever I and any company controlled by I are related to Tuopu Group.
OtherWu JianshuThe Company will indemnify the investors enduring financial losses in securities transactions due to falseMarch 2015NoYesNANA

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

records, misleading statements or material omissions in the issuer's prospectus for this public offering of stocks. Within 30 days after such illegal facts are ruled by CSRC, the stock exchange or the judicial authority, the Company will, in line with the principles of simplifying procedures, actively negotiating, compensating in advance, maintaining the interests of investors, especially small and medium investors, and in accordance with the measurable economic losses directly endured by investors, elect to reconcile with investors, mediate with investors through third parties, or otherwise establish investor compensation funds to actively indemnify the investors harmless from and against the direct economic losses endured therein. The standard, scope of subjects and sum of such indemnity shall be subject to the final indemnification plan prevailing in the occurrence of the above circumstances.
Commitment related to refinancing
Commitment related to equity incentives
Other commitment

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

s made to the small and medium shareholders of the Company
Other commitments

II. Whether there is any non-operating capital occupation by the controlling shareholder and its affiliates

□Applicable √Non-applicable

III. Violation of guarantee

□Applicable √Non-applicable

IV. Audit of the semi-annual report

□Applicable √Non-applicable

V. Changes and handling of matters involved in non-standard audit opinions in the previous year’s

annual report

□Applicable √Non-applicable

VI. Matters concerning bankruptcy and reorganization

□Applicable √Non-applicable

VII. Significant Lawsuits and Arbitrations

□The Company is involved in any significant lawsuits and arbitrations in the current year √TheCompany is not involved in any significant lawsuits and arbitrations in the current yearVIII. Listed companies and their directors, supervisors, officers, controlling shareholders, andactual controllers suspected of violations of laws and regulations, or subject to punishment andrectification

□Applicable √Non-applicable

IX. Notes to the Credit Standing of the Company and Its Controlling Shareholders and ActualControllers during the Reporting Period

□Applicable √Non-applicable

X. Significant Related-party Transactions

(1) Related-party transactions related to daily operations

1. Events that have been disclosed in the provisional announcement and there is no progress orchange in subsequent implementation

□Applicable √Non-applicable

2. Events that have been disclosed in the provisional announcement, but there is no progress orchange in subsequent implementation

□Applicable √Non-applicable

3. Events that are not disclosed in the provisional announcement

□Applicable √Non-applicable

(2) Related-party transactions in the acquisition or sale of assets or equity

1. Events that have been disclosed in the provisional announcement and there is no progress orchanges in subsequent implementation

□Applicable √Non-applicable

2. Events that have been disclosed in the provisional announcement, but there is a progress orchange in subsequent implementation

□Applicable √Non-applicable

3. Events that are not disclosed in the provisional announcement

□Applicable √Non-applicable

4. Where there is a performance agreement involved, the performance achieved during thereporting period shall be disclosed

□Applicable √Non-applicable

(3) Significant related-party transactions of joint external investment

1. Events that have been disclosed in the provisional announcement and there is no progress orchanges in subsequent implementation

□Applicable √Non-applicable

2. Events that have been disclosed in the provisional announcement, but there are progress orchanges in subsequent implementation

□Applicable √Non-applicable

3. Events that are not disclosed in the provisional announcement

□Applicable √Non-applicable

(4) Related credits and liabilities

1. Events that have been disclosed in the provisional announcement, but there is no progress orchange in subsequent implementation

□Applicable √Non-applicable

2. Events that have been disclosed in the provisional announcement, but there is a progress orchange in subsequent implementation

□Applicable √Non-applicable

3. Events that have not been disclosed in the provisional announcement

□Applicable √Non-applicable

(5) Financial business between the Company and the associated financial company, the Company'sholding financial company and the related party

□Applicable √Non-applicable

(6) Other major related transactions

□Applicable √Non-applicable

(7) Other

□Applicable √Non-applicable

XI. Major contracts and contract performance1 Matters relating to trusteeship, contracting and leasing

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

2 Significant guarantees performed and unfulfilled during the reporting period

√Applicable □Non-applicable

Unit:Yuan Currency: RMB

External guarantees by the Company (other than its guarantees to subsidiaries)
GuarantorRelation between the guarantor and the listed companyGuaranteed partyGuaranteed amountDate of guarantee occurred (date of agreement execution)FromUntilType of guaranteeMain debtsCollateral (if any)Whether the guarantee has been fulfilledWhether the guarantee is overdueGuarantee overdue amountCounter-guarantee situationWhether it is a guarantee for related partiesAssociating relation
Total amount of guarantees during the reporting period (other than guarantees to subsidiaries)0
Total balance of guarantees at the end of the reporting period (A) (other than guarantees to subsidiaries)0
Guarantees by the Company to its subsidiaries
Total amount of guarantees to subsidiaries during the reporting period39,679,480.77
Total balance of guarantees to subsidiaries at the end of the reporting period (B)502,573,512.73
Total amount of company guarantees (including its guarantees to subsidiaries)
Total guarantees (A+B)502,573,512.73
Total guarantees as a percentage of the Company's net assets (%)2.78
Including:
Amount of guarantees provided for shareholders, actual controllers and their related parties (C)0
Amount of debt guarantee provided directly or indirectly for the guaranteed object whose asset-liability ratio exceeds 70% (D)0
Amount of the total guarantees exceeding 50% of the net assets (E)0
Total of the above three guarantees (C+D+E)0

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Note to unexpired guarantees that may bear joint liability forrepayment

NA

NA

Statement of guarantees(1)Tuopu Poland sp.z.o.o, ("Tuopu Poland") is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases 7R PROJEKT 35 Sp. z oo ("7R Project Company"). The customized plant will accept and produce European orders and has assigned a lease agreement with 7R Project Company on March 15, 2021. Given business practices and actual needs, the Company provided performance guarantee for the said plant lease agreement signed by Tuopu Poland.The total liability of the letter of guarantee is up to 7 million euros (calculated at the exchange rate on the day before the announcement on March 19, 2021, equivalent to RMB 54.174 million), and the effective term covers the validity period of the said lease agreement (84 months counted from March 15, 2021) and five months after its expiration or termination, but no later than August 1, 2029. The above performance guarantees have been reviewed and approved at the 5th meeting of the fourth Board of Directors. More details are available in “Announcement of Tuopu Group on Providing Performance Guarantees for the Lease of Industrial Plants for Overseas Wholly-owned Subsidiaries”disclosed by the company on the portal site of Shanghai Stock Exchange on March 19, 2021. (Announcement No. 2021-018). The guarantee still exists during the reporting period. (2) Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New District) Co., Ltd. (hereinafter referred to as "Tuopu Photovoltaic Technology (Hangzhou Bay"), a wholly-owned sub-subsidiary, entered into a loan contract (Contract No.: 3302202101100001111) with China Development Bank Ningbo Branch on 9 December 2021, with a loan amount of RMB 60 million. The length of loan maturity starts from 9 December 2021 to 9 December 2033. The Company provides Tuopu Photovoltaic Technology (Hangzhou Bay) addressed at No. 59 Chunxiao Guanhai Road, Beilun District, Ningbo under mortgage guarantee. As at 30 June 2024, the balance of the medium- and long-term borrowings under this contract is RMB 36.00 million, the original value of the property used for mortgage is RMB 45,324,720.72 and the net value is RMB 33,888,928.55; the original value of the land placed under mortgage is RMB 13,070,562.81 and the net value is RMB 9,454,373.86. The above performance guarantee was considered and approved at the 14th meeting of the fourth board of directors of the company. More details are available in the “Announcement of Tuopu Group on providing guarantee for wholly-owned sub-subsidiary to apply for bank

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(5) To facilitate its ongoing expansion in North America, Tuopu Mexico, a wholly-ownedsubsidiary of Tuopu Group, entered into a lease agreement for its industrial facility situated inNuevo Leon, Mexico. The landlord, BancoMonex, S.A., I.B.M, Monex Grupo Financiero,acting as Trustee of the Trust designated as F/3485, finalized this agreement on February 6,2024, for a duration of five years. This facility will function as the trim plant for the productionof automobile parts at Tuopu Mexico's operations. In alignment with business practices andoperational requirements, the Company has secured the rental obligations outlined in the leasethrough standby letters of credit. The cumulative value of these two standby letters of creditamounts to USD 5,582,369.27 (approximately RMB39,679,480.77). The contract remainseffective from February 6, 2024, until July 15, 2029.The above performance guarantees have been reviewed and approved at the 7th meeting of theFifth Board of Directors. More details are available in “Announcement of Tuopu Group onProviding Performance Guarantees for Bank Loans to Wholly-ownedSub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange onFebruary 27, 2024. (Announcement No. 2024-029). The guarantee remained on-going duringthe reporting period.The combined total of the aforementioned five guarantees amounts to RMB 502,573,512.73.

3 Other major contracts

□Applicable √Non-applicable

XII. Note to the update of the utilization of proceeds

□Applicable √Non-applicable

(1) Overall utilization of issue proceeds

√Applicable □Non-applicable

Unit: in RMB 10,000

Source of proceedsTime of receipt of proceedsTotal amount of proceedsAmount of net proceeds after deduction of issuance expenses (1)Total committed investment of proceeds in the prospectus or offering memorandum (2)Total excess funds raised (3) = (1) - (2)Cumulative total amount of funds invested in fundraising as of the end of the reporting period (4)Of which: Cumulative total investment of over-raised funds as of the end of the reporting period (5)Progress of cumulative investment of proceeds as of the end of the reporting period (%)(6)=(4)/(1)Progress of cumulative investment of overprovided funds as of the end of the reporting period (%)(7) = (5)/(3)Amount invested in the current year (8)Percentage of amount invested in the current year (%) (9) = (8)/(1)Total amount of fund-raising for change of use
Issuance of convertible bondsJuly 20, 2022250,000.00248,897.26248,897.26160,465.330.0064.470.0014,517.405.83
Issuance of Shares to specific subjectsJanuary 16, 2022351,482.69349,843.78349,843.7878,528.110.0022.450.0078,528.1122.45
January601,482.69598,741.04598,741.04238,993.44

(II) Particulars of the issue and investment projects

√Applicable □Not applicable

1. Detailed utilization of issue proceeds

□Applicable □Not applicable

Unit: yuan

Source of proceedsProject titleNature of projectWhether it is a committed investment project in the prospectus or offering prospectusWhether it involves a change of investmentTotal planned investment of proceeds (1)Amount invested in the current yearCumulative total amount of proceeds invested as at the end of the reporting period (2)Cumulative progress of investment as at the end of the reporting period (%) (3)=(2)/(1)Date when the project comes to the intended state of useWhether the project has been completedWhether the progress of investment is in line with the planned progressSpecific reasons for the progress of investment falling short of the planBenefits realized in the current yearBenefits realized or R&D results of the projectWhether there is any significant change in the feasibility of the project, and if so, please explain the specific circumstancesAmount of balance
Issuance of convertible bondsLightweight chassis system construction project with an annual production capacity of 1.5 million setsProduction constructionYesNo72,133.993,934.9366,831.0292.65June 2024NoYesNANo
Issuance of convertible bondsLightweight chassis system construction project with an annual productionProduction constructionYesNo176,763.2710,582.4793,634.3152.97Under constructionNoYesNANo
capacity of 3.3 million sets
Issuance of stocks to specific subjectsChongqing lightweight chassis system with an annual production capacity of 1.2 million sets and automotive interior decoration project with an annual production capacity of 600,000 sets of functional partsProduction constructionYesNo60,000.0022,137.2222,137.2236.90Under constructionNoYesNANo
Issuance of stocks to specific subjectsNingbo qianwan lightweight chassis system project with an annual production capacity of 2.2 million setsProduction constructionYesNo75,000.0010,435.2610,435.2613.91Under constructionNoYesNANo
Issuance of stocks to specific subjectsNingbo qianwan project functional parts for automotive interiors with an annual production capacity of 500,000 setsProduction constructionYesNo10,000.003,616.913,616.9136.17Under constructionNoYesNANo
IssuanceNingbo qianwanProductionYesNo100,000.008,188.878,188.878.19UnderNoYesNANo
of stocks to specific subjectsproject automotive interior functional parts with an annual production capacity of 1.1 million sets and thermal management system project with an annual production capacity of 1.3 million setsconstructionconstruction
Issuance of stocks to specific subjectsNingbo qianwan lightweight chassis system project with an annual production capacity of 1.6 million setsProduction constructionYesNo50,000.001,218.411,218.412.44Under constructionNoYesNANo
Issuance of stocks to specific subjectsAnhui shouxian lightweight chassis system project with an annual production capacity of 300,000 sets and automotive interior functional parts project with an annual production capacity of 500,000Production constructionYesNo19,843.788,401.868,401.8642.34Under constructionNoYesNANo
sets
Issuance of stocks to specific subjectsHuzhou changxing lightweight chassis system project with an annual production capacity of 800,000 sets and automotive interior functional parts system project with an annual production capacity of 400,000 setsProduction constructionYesNo15,000.0011,129.6911,129.6974.20Under constructionNoYesNANo
Issuance of stocks to specific subjectsIntelligent driving R&D center projectProduction constructionYesNo20,000.0013,399.8913,399.8967.00Under constructionNoYesNANo
Total////598,741.0493,045.51238,993.44///////

2. Utilizatin of over-raised funds

□Applicable √Not applicable

(III) Changes in or termination of fund-raising investments during the reporting period

□Applicable √Not applicable

(IV) Other use of issue proceeds during the reporting period

1. Prior investment and substitution of issue proceeds investment projects

√Applicable □Not applicable

As of March 14, 2024, the Company had allocated a total of RMB633,981,700 towards projectsfunded by the proceeds of self-financing. During the Eighth Meeting of the Fifth Session of the Board ofDirectors and the Eighth Meeting of the Fifth Session of the Supervisory Committee, convened on April22, 2024, the members reviewed and approved the "Proposal on the Use of Proceeds to ReplaceSelf-financing Funds Pre-invested in Fundraising Projects." This proposal authorized the substitution ofthe self-financing amount of RMB633,981,700, which had been invested as of March 14, 2024, with theproceeds from the fundraising. The proponent of the proposal provided a specialized verification opinion,and BDO Shu Lun Pan Certified Public Accountants LLP(Special General Partnership) issued the"Special Assurance Report on the Substitution of Proceeds of Ningbo Tuopu Group Co., Ltd."As at March 14, 2024, the details of the actual self-financing proceeds already invested in thefund-raising investment projects to be replaced by the Company are as follows:

Project TitleAmount of proceeds to be invested (in RMB 1,000,000)Amount of self-financed funds invested in advance (in RMB 1,000,000)
Chongqing lightweight chassis system with an annual production capacity of 1.2 million sets and automotive interior decoration project with an annual production capacity of 600,000 sets of functional parts60,000.0018,578.90
Ningbo qianwan lightweight chassis system project with an annual production capacity of 2.2 million sets75,000.007,382.47
Ningbo qianwan project functional parts for automotive interiors with an annual production capacity of 500,000 sets10,000.003,507.14
Ningbo qianwan project automotive interior functional parts with an annual production capacity of 1.1 million sets and thermal management system project with an annual production capacity of 1.3 million sets100,000.004,604.99
Ningbo qianwan lightweight chassis system project with an annual production capacity of 1.6 million sets50,000.00566.94
Anhui shouxian lightweight chassis system project with an annual production capacity of 300,000 sets and automotive interior functional parts project with an annual production capacity of 500,000 sets19,843.788,161.48
Huzhou changxing lightweight chassis system project with an annual production capacity of 800,000 sets and automotive interior functional parts system project with an annual production capacity of 400,000 sets15,000.009,102.40
Intelligent driving R&D center project20,000.0011,493.85
Total349,843.7863,398.17

As of June 30, 2024, the Company has actually replaced the advanced funds of RMB63,398.17million invested in advance.

1. Temporary replenishment of liquidity with idle proceeds

√Applicable □Not applicable

1. On April 17, 2023, the Company convened the 29th Meeting of the Fourth Session of the Boardof Directors. Subsequently, on June 19, 2023, the Company conducted the 2022 Annual GeneralMeeting of Shareholders. During this meeting, the resolution titled "Proposal on the Use of Part ofTemporarily Idle Proceeds to Supplement Liquid Funds" was reviewed and approved. The proposaloutlined the intention to utilize temporarily idle proceeds, not exceeding RMB500,000,000, to enhanceliquid funds for the duration from July 1, 2023, to June 30, 2024. The independent directors, theSupervisory Committee, and the sponsor of the Company have all expressed their consent with thisdecision.

2. On January 29, 2024, the Company conducted the 5th Meeting of the Fifth Session of the Boardof Directors to deliberate on and approve the "Proposal on the Amount of New Idle Proceeds toSupplement Liquidity." Following this, on February 19, 2024, the Company held its First ExtraordinaryGeneral Meeting of 2024. During this meeting, the "Proposal on New Amount of Idle Proceeds toSupplement Liquid Funds" was considered and subsequently approved. The newly identifiedtemporarily idle proceeds, not exceeding RMB800 million, will be allocated to temporarily enhanceliquidity from the date of approval by the general meeting until June 30, 2024. The Company willcontinue to utilize these temporarily idle proceeds for the purpose of boosting liquidity.

3. On April 22, 2024, the Company convened the Eighth Meeting of the Fifth Session of the Boardof Directors. Subsequently, on June 24, 2024, the Company conducted the 2023 Annual GeneralMeeting of Shareholders. During these meetings, the proposal titled “Proposal on the Use of Part ofTemporarily Idle Proceeds to Supplement Liquidity” was reviewed and approved. The Company, alongwith its wholly-owned subsidiaries, plans to utilize temporarily idle proceeds not exceeding RMB1,000million to enhance liquidity, with the utilization period commencing on July 1, 2024, and concluding onJune 30, 2025. It is anticipated that a portion of these temporarily idle proceeds will be employed tobolster liquidity. Both the Board of Supervisors and the Sponsor have provided their agreementregarding this initiative.

Following the receipt of the aforementioned authorization, the Company has utilizedRMB30,000,000 of the temporarily idle proceeds to support its working capital. As of June 30, 2024, theCompany has returned RMB300,000,000 to the designated account for proceeds, which was allocatedfor the enhancement of working capital.

2. Cash management of idle proceeds and investment in related products

√Applicable □Not applicable

Unit: in 10,000 Currency: RMB

Date of consideration by the Board of DirectorsEffective consideration of issue proceeds for cash managementStart dateEnd dateManaged cash balance at the end of the reporting periodWhether the highest balance during the period exceeded the authorized amount
April 17, 202350,000July 1, 2023June 30, 20240No
January 29, 2024200,000February 19, 2024June 30, 2024164,000No
April 22, 2024280,000July 1, 2024June 30, 20250No

Other notes:

1. On April 17, 2023, the Company convened the 29th Meeting of the Fourth Session of the Boardof Directors, followed by the 2022 Annual General Meeting on June 19, 2023. During these meetings,the "Proposal on the Use of Part of Temporarily Idle Proceeds for Entrusted Wealth Management" wasreviewed and approved. It was resolved that the Company would allocate temporarily idle proceeds, not

exceeding RMB50,000,000, for entrusted wealth management, with the authorization period set fromJuly 1, 2023, to June 30, 2024. The allocated funds may be utilized on a rolling basis. The independentdirectors, the Board of Supervisors, and the Sponsor all expressed their agreement with this decision.

2. On January 29, 2024, the Company conducted the 5th Meeting of the Fifth Session of the Boardof Directors. Subsequently, on February 19, 2024, the Company held its First Extraordinary GeneralMeeting of 2024. During this meeting, the "Proposal on the New Amount of Idle Proceeds Entrusted forWealth Management" was discussed and approved. A new allocation of temporarily idle proceeds, notexceeding RMB2 billion, was entrusted for wealth management, effective from the date of approval bythe shareholders' general meeting until June 30, 2024.

3. On April 22, 2024, the Company convened the 8th Meeting of the Fifth Session of the Board ofDirectors. Subsequently on June 24, 2024, the Company conducted the 2023 Annual General Meeting ofShareholders. During this meeting, the proposal titled “Proposal on the Use of Part of Temporarily IdleProceeds for Entrusted Wealth Management” was reviewed and approved. It was resolved that theCompany, including its wholly-owned subsidiaries, would allocate temporarily idle proceeds up to amaximum of RMB2.8 billion for entrusted wealth management, specifically for structured deposits orthe acquisition of principal-protected wealth management products. The authorization period for thisallocation is set from July 1, 2024, to June 30, 2025, allowing for the funds within this limit to beutilized on a revolving basis. Both the Board of Supervisors and the Sponsor expressed theiragreement with this decision.

Following the authorization, the Company engaged in cash management of idle proceeds, resultingin the purchase of relevant products totaling RMB2,040,000,000 from January to June 2024. Thisamount includes RMB100,000,000 that was transferred from the special account for proceeds at ChinaMerchants Bank to the special account for wealth management at the Bank of China on December 29,2023. The transfer was necessary due to a 24-hour cooling-off period for structured deposit investments,which coincided with the New Year's Day holiday, leading to the successful acquisition of financialproducts on January 2, 2024. Additionally, the cumulative redemption of relevant products reachedRMB700,000,000, which includes RMB300,000,000 of outstanding financial products at the beginningof the period. As of June 30, 2024, the balance of outstanding financial products amounted toRMB1,640,000,000, with specific transaction details available for the purchased financial products.

Name of entrusted partyName of entrusted financial productsAmount entrusted (in RMB 10,000)Interest commencement dateMaturity dateWhether it is due for collection at the balance sheet date
SPDB Ningbo BranchStructural deposits10,000.002023.12.292024.03.29Yes
Bank of China Xindalu Sub-branchStructural deposits4,900.002024.01.022024.03.28Yes
Bank of China Xindalu Sub-branchStructural deposits5,100.002024.01.022024.03.29Yes
Bank of Nignbo Xinqi Sub-branchStructural deposits20,000.002023.12.192024.06.26Yes
Ping An Bank Beilun Sub-branchStructural deposits20,000.002024.02.232024.06.28Yes
SPDB Ningbo BranchStructural deposits10,000.002024.03.292024.06.28Yes
Bank of China Xindalu Sub-branchStructural deposits30,000.002024.02.222024.08.30No
SPDB Ningbo BranchStructural deposits100,000.002024.02.232024.08.23No
Bank of China Xindalu Sub-branchStructural deposits10,000.002024.04.012024.09.29No
Bank of Hangzhou Beilun Sub-branchStructural deposits10,000.002024.06.282024.09.27No
Bank of Ningbo Xinqi Sub-branchStructural deposits14,000.002024.06.282024.12.27No

4. Other

□Applicable √Not applicable

XIII. Note to other material matters

□Applicable √Not applicable

Section 7 Changes in Shares and ShareholdersI. Condition in change of equity

(1) Condition in change of shares

Unit:shares

Before changeIncrease or decrease (+, -)After change
SharesPercent (%)Issue of new sharesBonus sharesConversion of shares from provident fundOtherSubtotalSharesPercent (%)
I. Restricted shares60,726,10460,726,10460,726,1045.22
1. Shares held by the state
2. Shares held by state-owned corporations16,449,54916,449,54916,449,5491.41
3、Other domestic shares28,727,14428,727,14428,727,1442.47
Of which: shares held by domestic non-state legal persons
Shares held by domestic natural persons
4. Shares held by foreign capital15,549,41115,549,41115,549,4111.34
Of which: shares held by overseas corporates15,549,41115,549,41115,549,4111.34
Shares held by overseas natural persons
II. Non-restricted shares in circulation1,102,049,77310056561,102,049,82994.78
1. RMB common shares1,102,049,77310056561,102,049,82994.78
2. Domestic listed foreign shares
3. Overseas listed foreign shares
4. Other
III. Total shares1,102,049,77310060,726,1045660,726,1601,162,775,933100

1. Changes in shares

√Applicable □Non-applicable

The Company issued 60,726,104 shares (A shares) to specific parties and completed the registration, custody and restriction procedures on January 26, 2024 at theShanghai Branch of China Securities Depository and Clearing Corporation. After the completion of registration, the total share capital of the Company will be1,162,775,877 shares.

2. Impact of changes in common shares on financial indexes such as EPS and net assets per share from the reporting period to the disclosure of thesemi-annual report (if any)

√Applicable □Non-applicable

Following the deliberations and approval of the 2023 Annual General Meeting, the Company's proposal for profit distribution and capitalization for the year 2023 isoutlined as follows: In accordance with the total share capital of 1,162,775,947 shares prior to the execution of this proposal, a cash dividend of RMB0.556 pershare (inclusive of tax) will be distributed. Additionally, shareholders will receive 0.45 shares from the capital reserves, resulting in a total cash dividend payout ofRMB 646,503,426.53. Consequently, a total cash dividend of RMB 646,503,426.53 will be disbursed, alongside the transfer of 523,249,176 shares. Post-conversion,the Company's total share capital will amount to 1,686,025,109 shares.The ex-rights date for this equity distribution plan is set for July 18, 2024, with the listing date for the additional shares arising from the capitalization of theprovident fund scheduled for July 19, 2024.Upon the execution of the stock dividend plan, the earnings per share for the first half of 2024, based on the diluted new total share capital of 1,686,025,109 shares,will be RMB0.88, while the net assets per share will be RMB10.71.

3. Other content as the Company deems necessary to disclose or required by the securities regulatory institution

□Applicable √Non-applicable

(II) Changes in restricted sale of shares

□Applicable √Non-applicable

Unit: shares

Name of shareholderNumber of shares subject to selling restrictions at the beginning of the periodNumber of shares released from selling restrictions during the reporting periodNumber of shares increased during the reporting periodNumber of shares subject to selling restrictions at the end of the reporting periodReason for selling restrictionsDate of release from selling restrictions
J.P. Morgan Securities plc008,379,4058,379,405Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
UBS AG005,096,7515,096,751Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Nuode Asset Management Co., Ltd.005,216,1235,216,123Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Changzhou Wangxi Investment Partnership (Limited Partnership)002,073,2552,073,255Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
CITIC Securities Co., Ltd.0010,487,21410,487,214Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Guotai Junan Securities Co., Ltd.005,962,3355,962,335Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Caitong Fund Management Co., Ltd.003,469,2243,469,224Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
CITIC Securities Asset Management Co., Ltd.002,125,4292,125,429Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Guotai Asset Management Co., Ltd.002,263,2982,263,298Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Huaxia Fund Management Co., Ltd.003,282,6503,282,650Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Penghua Fund Management Co., Ltd.005,096,7515,096,751Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Pacific Asset Management Co., Ltd.002,090,5322,090,532Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Morgan Stanley International Company limited002,073,2552,073,255Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Tian An Life Insurance Co., Ltd.003,109,8823,109,882Participation in the company's offering of shares to specific subjects for a restricted period of six monthsJuly 26, 2024
Total0060,726,10460,726,104//

II. Condition of Shareholders

(1) Total shareholders

Total number (accounts) of common shareholders as of the end of the reporting period47,937
Total number (accounts) of preferred shareholders whose voting rights have been restored as of the end of the reporting periodNA

(2) Shares held by the top ten shareholders and top ten tradable shareholders (or shareholders not subject to restricted sale) as of the end of the reportingperiod

Unit:shares

Shares held by the top ten shareholders
Name of Shareholder (Full Name)Increase/Decrease during the reporting periodNumber of shares held at the end of the periodPercentage (%)Number of shares held subject to restricted saleCondition of pledge, marking or freezingNature of shareholders
Status of sharesNumber of shares
MECCA INTERNATIONAL HOLDING (HK) LIMITED693,680,00059.66NoForeign corporate person
Hong Kong Securities Clearing Company Limited42,563,9903.66UnknownUnknown
CITIC Securities Company Limited10,571,2780.9110,487,214UnknownUnknown
Shanghai Ruiyang Investment Management Co., Ltd.-Ruiyang Emerging Growth Private Placement Investment Fund8,500,0000.73UnknownUnknown
J. P. Morgan Securities PLC- Own funds8,388,0490.728,379,405UnknownUnknown
Wu Jianshu8,273,6080.71NoForeign natural person
National Social Security Fund-0Ⅶ Portfolio8,017,1540.693,455,425UnknownUnknown
Huaxia Life Insurance Company Limited7,303,2390.63UnknownUnknown
Guotai Junan Securities Co., Ltd.5,995,0350.525,962,335UnknownUnknown
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Traded Open-ended Index Fund5,569,9000.48UnknownUnknown
Shares held by the top ten shareholders not subject to restricted sale
Name of ShareholderNumber of tradable shares held not subject to restricted saleClass and number of shares
ClassNumber of shares
Mecca International Holding (Hk) Limited693,680,000RMB common share693,680,000
Hong Kong Securities Clearing Company Limited42,563,990RMB common share42,563,990
Shanghai Ruiyang Investment Management Co., Ltd.-Ruiyang Emerging Growth Private Placement Investment Fund8,500,000RMB common share8,500,000
Wu Jianshu8,273,608RMB common share8,273,608
Huaxia Life Insurance Company Limited-Own funds7,303,239RMB common share7,303,239
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Traded Open-ended Index Fund5,569,900RMB common share5,569,900
China Construction Bank Corporation - Xin'ao New Energy Selection Hybrid Securities Investment Fund5,524,320RMB common share5,524,320
China Merchants Bank Corporation – Zhong Ou Alpha Hybrid Securities Investment Fund5,448,088RMB common share5,448,088
Ningbo Zhuyue Investment Management Co., Ltd.5,407,630RMB common share5,407,630
Bank of China Limited – E Fund Supply Reform Flexible Allocation Mixed Securities Investment Fund4,719,334RMB common share4,719,334
Description of the repurchase of special accounts among the top ten shareholdersNA
Notes to the voting rights entrusted by or to, and waived by the above shareholdersNA
Notes to the associated relationship or concerted action of the above shareholdersAmong these shareholders: 1. Mr. Wu Jianshu holds 100% of the shares in Mecca International Holding (Hk) Limited. 2. Ningbo Zhuyue Investment Management Co., Ltd. is a wholly-owned sub-subsidiary of Mecca International Holding (Hk) Limited, the controlling shareholder of the Company, and is a person acting in concert. In addition, the Company doesn’t know whether there is an associated relationship among the above shareholders or whether they are parties acting in concert.
Notes to the preferred shareholders whose voting rights have been restored and the number of shares heldNA

Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with unlimited shares in circulation participating in the lending ofshares in the transfer and financing business

√Applicable □Non-applicable

Unit: shares

Shareholders holding more than 5% of shares, Top 10 shareholders and Top 10 shareholders with unrestricted shares in circulation participating in the lending of shares on refinancing
Name of shareholder (full name)Shares held in general account and credit account at the beginning of the periodShares lent on refinancing at the beginning of the period and not yet returnedShares held in general account and credit account at the end of the periodShares lent on refinancing at the end of the period and not yet returned
Total number of sharesPercentage (%)Total number of sharesPercentage (%)Total number of sharesPercentage (%)Total number of sharesPercentage (%)
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Traded Open-ended Index Fund3,324,4000.3018,1000.00165,569,9000.481,3000.0001

Top ten shareholders and top ten shareholders with unlimited shares outstanding changed from the previous period due to lending/returning of refinancing securities

□Applicable √Not applicable

Number of shares held by the top ten shareholders with limited selling conditions and the conditions under which the shares are subject to selling restrictions

√Applicable □Not Applicable

Unit: shares

Seq.Name of shareholders with restricted selling rightsNumber of shares with restricted selling rightsShares with restricted selling rights available for listing and tradingRestricted selling rights
Time available for listing and tradingNumber of shares newly available for listing and trading
1CITIC Securities Co., Ltd.10,487,214July 26, 202410,487,214Lock-up period of 6 months
2J.P.Morgan Securities plc8,379,405July 26, 20248,379,405Lock-up period of 6 months
3Guotai Junan Securities Co., Ltd.5,962,335July 26, 20245,962,335Lock-up period of 6 months
4Nuode Asset Management Co., Ltd.5,216,123July 26, 20245,216,123Lock-up period of 6 months
5UBS AG5,096,751July 26, 20245,096,751Lock-up period of 6 months
6Penghua Fund Management Co., Ltd.5,096,751July 26, 20245,096,751Lock-up period of 6 months
7Caitong Fund Management Co., Ltd.3,469,224July 26, 20243,469,224Lock-up period of 6 months
8Huaxia Fund Management Co., Ltd.3,282,650July 26, 20243,282,650Lock-up period of 6 months
9Tian An Life Insurance Co., Ltd.3,109,882July 26, 20243,109,882Lock-up period of 6 months
10Guotai Asset Management Co., Ltd.2,263,298July 26, 20242,263,298Lock-up period of 6 months
Description of the above shareholders' affiliation or concerted actionUknown.

(3) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares

□Applicable √Non-applicable

III. Directors, supervisors and officers

(1) Changes in shareholding of current and resigned directors, supervisors and officers during the reporting period

√Applicable □Non-applicable

NameCapacityNumber of shares held at the beginning of the periodNumber of shares held at the end of the periodChanges in shares during the reporting periodReasons for the increase or decrease
Wu JianshuPresident7,210,3088,273,6081,063,300From January 3 to July 2, 2024, implemented and completed the plan to increase the number of shares.
Wu HaonianVice President1,367,3001,367,3000From December 21 to March 20, 2023, implemented and completed the plan to increase the number of shares.

Other notes

√Applicable □Non-applicable

Mr. Wu Haonian, Vice President of the Company, became a permanent resident of Hong Kong on April 2024.

(2) Share incentives granted by directors, supervisors and officers during the reporting period

□Applicable √Non-applicable

(3) Other notes

□Applicable √Non-applicable

IV. Changes in controlling shareholders or actual controlle

□Applicable √Non-applicable

Section 8 Information about Preference Shares

□Applicable √Non-applicable

Section 9 Information of Corporate BondsI. Corporate bonds, debentures and non-financial corporate debt financing instruments

□Applicable √Non-applicable

II. Condition of convertible corporate bonds

√Applicable □Non-applicable

√Applicable □Non-applicable

(1) Issuance of convertible bonds

Under the CSRC’s approval on the public offering of convertible corporate bonds by Ningbo TuopuGroup Co., Ltd. (CSRC Permit [2022] No. 830), the Company issued 25 million convertible corporatebonds at a nominal value of RMB 100 on 14 July 2022, with a total amount of RMB 2,500 million and aduration of 6 years.BDO China Shu Lun Pan CPAs (Special General Partnership) assessed the capital for this issuanceand released the “Capital Verification Report of Ningbo Tuopu Group Co., Ltd.” (Xin Kuai Shi Bao Zi[2022] No. ZF10923). Through capital verification, as at 20 July 2022, the proceeds raised by theCompany from this issuance come at RMB 2,500,000.00 million. Netting of the tax-excluded expensesof RMB 11,027,358.47, theAs agreed under the SSE Self-disciplinary Supervision Decision [2022] No. 218, the convertiblebonds of RMB 250,000,000 were available for trading on SSE from 12 August 2022, with the bondabbreviated as "Tuopu Convertible Bonds" and the bond code "113061".

(2) Convertible bond holders and guarantors during the reporting period

Title of convertible corporate bondTuopu Convertible Bonds
Number of bondholders at the end of the period7,393
Guarantor of convertible bondsNA
Significant changes in the guarantor's profitability, asset status and credit standingNA
Particulars about the top XV bondholders of convertible bonds:
Name of bondholderName of bonds held at the end of the period (RMB)Percent of share held (%)
Bank of China Limited – Guang Fa Juxin Bond Securities Investment Fund98,649,0003.95
Northwest Investment Management Hong Kong Limited- Northwest Feilong Fund Ltd86,000,0003.44
Bank of China Limited-Southern Asset Management Changyuan Convertible Bond Securities Investment Fund78,983,0003.16
Bank of China Limited – E Fund Stable Income Bond Securities Investment Fund67,399,0002.70
Industrial and Commercial Bank of China Limited- Southern Asset Management Guangli Return Bond Securities Investment Fund66,023,0002.64
Agricultural Bank of China Limited - Southern Asset Management Xiyuan Convertible Bond Securities Investment Fund64,042,0002.56
China Galaxy Securities Co., Ltd.60,294,0002.41
Ping An Fund-Ping An Life Insurance Company of China56,503,0002.26
Limited-Participation-Participation in Individual Insurance-Ping An Life-Ping An Fund Fixed Income Entrusted Investment No. 1 Single Asset Management Plan
Guosen Securities Co., Ltd.51,146,0002.05
National Social Security Fund 201 Portfolio49,916,0002.00

(3) Changes in convertible bonds during the reporting period

Unit:Yuan Currency:RMB

Name of convertible bondsBefore changeIncrease or decreaseAfter change
Conversion of sharesRedemption of sharesPut-back
Tuopu Convertible Bonds2,499,772,0004,0002,499,768,000

(4) Cumulative conversion of convertible bonds during the reporting period

Name of convertible bondsTuopu Convertible Bonds
Amount of shares converted in the reporting period (yuan)4,000
Number of shares converted in the reporting period (shares)56
Cumulative number of shares converted (shares)3,257
Cumulative number of shares converted accounted for the total number of issued shares of the company before conversion (%)0.000296
Amount of shares not yet converted (yuan)2,499,768,000
Unconverted convertible bonds as a percentage of total convertible bonds issued (%)99.990720

(5) Conversion price adjustments

Unit:Yuan Currency:RMB

Name of Convertible Corporate BondTuopu Convertible Bond
Conversion price adjustment dateAdjusted conversion priceDisclosure timeDisclosure mediaDescription of conversion price adjustment
July 17, 2023RMB70.92/shareJuly 10, 2023Shanghai Stock Exchange website, Securities TimesDue to the implementation of the profit distribution plan for the year 2022
July 19, 2024RMB 48.06/shareJuly 12, 2024Shanghai Stock Exchange website, Securities TimesDue to the implementation of the profit distribution plan for the year 2023
Latest conversion price as of the end of the reporting periodRMB 48.6/share

(6) Liabilities, credit standing change and cash arrangement for debt repayment in the comingyearsThe Company runs stable business and as at 30 June 2024, its asset-liability ratio is 46.91% which isconsidered good credit standing. In the coming years, the company will persist in fulfilling its debtservice obligations as stipulated.

(7) Note to other conditions about convertible bonds

NA.

Section 10 Financial ReportI. Audit report

√Applicable □Non-applicable

II. Financial Statements

Consolidated Balance SheetAs of 30 June 2024

Prepared by:Ningbo Tuopu Group Co., Ltd.

Unit:Yuan Currency:RMB

ItemNote31 December 202431 December 2023
Current assets:
Cash and Bank BalancesⅦ. 14,049,299,491.762,855,366,991.27
Deposit Reservation for Balance
Loans to Banks and Other Financial Institutions
Trading Financial AssetsⅦ. 21,640,935,400.96300,872,066.52
Derivative Financial Assets
Notes receivableⅦ. 4114,845,961.04554,030,607.88
Accounts receivableⅦ. 55,439,472,800.815,006,715,161.67
Receivables FinancingⅦ. 7881,452,138.711,039,933,314.87
PrepaymentsⅦ. 8224,297,484.65116,414,223.74
Premium Receivable
Reinsurance Accounts Receivable
Reinsurance Contract Reserves Receivable
Other ReceivablesⅦ. 976,777,361.7089,762,378.31
Including: interest receivable
Dividends Receivable
Buying Back the Sale of Financial Assets
InventoryⅦ. 103,463,406,445.933,244,841,805.11
Contract Assets
Holding for-sale assets
Non-current Assets Due within 1YearⅦ. 13
Other Current Assets293,399,410.27283,924,859.25
Subtotal of Current Assets16,183,886,495.8313,491,861,408.62
Non-current Assets:
Granting of loans and advances
Investment in Creditor's Rights
Investment in Other Creditor's Rights
Long-term Receivables
Long-term Equity InvestmentⅦ. 17119,476,291.86139,641,447.46
Investment in Other Equity Instruments
Other Non-current Financial
Assets
Investment PropertyⅦ. 2022,249,973.3422,979,091.55
Fixed AssetsⅦ. 2112,435,665,858.5111,518,327,615.38
Projects under ConstructionⅦ. 222,748,282,117.572,999,617,867.21
Productive Biological Assets
Oil and gas assets
Right-of-use AssetsⅦ. 25311,763,179.94340,623,222.02
Intangible AssetsⅦ. 261,378,786,829.671,390,141,202.49
Development Expenditure
GoodwillⅦ. 27203,183,057.72203,183,057.72
Long-term unamortized expensesⅦ. 28164,085,493.36169,098,529.79
Deferred Income Tax AssetsⅦ. 29212,323,306.46202,239,458.82
Other Non-current AssetsⅦ. 30310,877,284.74292,058,305.82
Total Non-current Assets17,906,693,393.1717,277,909,798.26
Total Assets34,090,579,889.0030,769,771,206.88
Current Liabilities:
Short-term loanⅦ. 32726,540,185.71999,798,705.09
Borrowings from the Central Bank
Borrowings from Banks and Other Financial Institutions
Transactional financial liabilities
Derivative Financial Liabilities
Notes PayableⅦ. 351,471,685,278.982,855,691,274.58
Accounts PayableⅦ. 365,360,972,212.455,407,037,561.30
Received Prepayments
Contract liabilitiesⅦ. 3838,794,120.2320,090,277.73
Financial Assets Sold for Repurchase
Deposit Taking and Interbank Deposit
Receiving from Vicariously Traded Securities
Receiving from Vicariously Sold Securities
Payroll payableⅦ. 39278,633,046.54353,499,479.48
Tax PayableⅦ. 40231,481,423.42271,156,762.61
Other PayablesⅦ. 41673,548,745.1724,690,743.41
Including: interest payable
Dividends Payable646,503,426.53
Service Charge and Commission Payable
Reinsurance Accounts Payable
Holding for-sale liabilities
Non-current Liabilities Due within 1 YearⅦ. 432,533,899,376.171,290,220,025.19
Other Current LiabilitiesⅦ. 443,591,562.551,690,671.66
Subtotal of Current Liabilities11,319,145,951.2211,223,875,501.05
Non-current Liabilities:
Insurance Contract Reserves
Long-term loanⅦ. 451,432,968,519.062,506,123,957.26
Bonds PayableⅦ. 462,477,794,641.392,436,329,229.37
Including: Preferred Stocks
Perpetual Bonds
Lease LiabilitiesⅦ. 47263,944,471.21298,078,535.61
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred IncomeⅦ. 51423,955,781.50424,223,057.18
Deferred Income Tax LiabilitiesⅦ. 2973,400,592.3566,838,020.68
Other Non-current Liabilities
Total Non-current Liabilities4,672,064,005.515,731,592,800.10
Total Liabilities15,991,209,956.7316,955,468,301.15
Owners’ Equity (or Shareholders' Equity):
Paid-in capital (or share Capital)Ⅶ. 531,686,025,109.001,102,049,773.00
Other Equity InstrumentsⅦ. 54143,200,902.59143,201,172.16
Including: Preferred Stocks
Perpetual Bonds
Capital ReservesⅦ. 558,255,496,179.185,341,029,541.42
Less: Treasury Share
Other Comprehensive IncomesⅦ. 57-35,627,036.63-7,279,431.39
Special Reserves
Surplus ReservesⅦ. 59706,943,994.98706,943,994.98
General Risk Reserves
Undistributed ProfitsⅦ. 607,308,176,802.846,498,434,550.76
Total Shareholders' Equity Attributable to the Parent Company18,064,215,951.9613,784,379,600.93
Minority Shareholders' Equity35,153,980.3129,923,304.80
Total Shareholders' Equity18,099,369,932.2713,814,302,905.73
Total Liabilities and Shareholders' Equity34,090,579,889.0030,769,771,206.88

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

Balance Sheet of the Parent Company

As of 30 June 2024Prepared by:Ningbo Tuopu Group Co., Ltd.

Unit: Yuan Currency:RMB

ItemNote30 June 202431 December 2023
Current Assets:
Cash and Bank Balances2,039,206,522.07618,675,203.54
Trading Financial Assets1,640,000,000.00300,000,000.00
Derivative Financial Assets
Notes receivable
Accounts receivableXIX.12,051,719,477.001,991,981,167.80
Receivables Financing6,200,589.236,020,517.09
Prepayments38,654,794.5419,523,355.44
Other ReceivablesXIX.2189,434,485.88338,124,520.82
Including: interest receivable
Dividends Receivable
Inventory687,779,111.22748,720,435.55
Including: data resources
Contract Assets
Holding for-sale assets
Non-current Assets Due within 1 Year
Other Current Assets
Subtotal of Current Assets6,652,994,979.944,023,045,200.24
Non-current Assets:
Investment in Creditor's Rights
Investment in Other Creditor's Rights
Long-term Receivables
Long-term Equity Investment14,081,871,738.6412,525,007,982.83
Investment in Other Equity Instruments
Other Non-current Financial Assets
Investment Property22,249,973.3422,979,091.55
Fixed Assets2,489,190,018.762,437,105,520.81
Projects under Construction176,236,563.93238,684,855.76
Productive Biological Assets
Oil and gas assets
Right-of-use Assets
Intangible Assets287,819,737.42290,479,090.94
Including: data resources
Development Expenditure
Including: data resources
Goodwill
Long-term unamortized expenses17,054,582.7723,705,229.33
Deferred Income Tax Assets
Other Non-current Assets52,183,239.2047,858,801.24
Total Non-current Assets17,126,605,854.0615,585,820,572.46
Total Assets23,779,600,834.0019,608,865,772.70
Current Liabilities:
Short-term loan626,454,630.15599,470,362.78
Transactional financial liabilities
Derivative Financial Liabilities
Notes Payable453,421,785.50575,433,154.97
Accounts Payable1,707,670,013.221,663,426,306.15
Received Prepayments
Contract liabilities989,607.041,605,274.16
Payroll payable89,972,483.31116,634,952.50
Tax Payable58,363,192.9681,172,711.50
Other Payables654,832,129.646,018,884.90
Including: interest payable
Dividends Payable646,503,426.53
Holding for-sale liabilities
Non-current Liabilities Due within 1 Year1,578,769,427.66746,896,254.40
Other Current Liabilities128,648.92208,685.64
Subtotal of Current Liabilities5,170,601,918.403,790,866,587.00
Non-current Liabilities:
Long-term loan1,300,000,000.001,970,000,000.00
Bonds Payable2,477,794,641.392,436,329,229.37
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income109,283,507.26117,125,221.06
Deferred Income Tax Liabilities18,883,481.9119,778,558.30
Other Non-current Liabilities
Subtotal of Non-current Liabilities3,905,961,630.564,543,233,008.73
Total Liabilities9,076,563,548.968,334,099,595.73
Owners’ Equity (or Shareholders' Equity):
Paid-in Capital (or Share Capital)1,686,025,109.001,102,049,773.00
Other Equity Instruments143,200,902.59143,201,172.16
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves8,255,496,179.185,341,029,541.42
Less: Treasury Share
Other Comprehensive Incomes
Special Reserves
Surplus Reserves706,943,994.98706,943,994.98
Undistributed Profits3,911,371,099.293,981,541,695.41
Total Owners’ Equity (or Shareholders' Equity)14,703,037,285.0411,274,766,176.97
Total Liabilities and Owners’ Equity (or Shareholders' Equity)23,779,600,834.0019,608,865,772.70

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

Consolidated Income StatementFor the Period from January 2024 to June 2024

Unit: Yuan Currency:RMB

ItemNoteSemi-annual 2024Semi-annual 2023
I. Total Operating Revenue12,221,820,236.439,160,451,044.52
Including: Operating RevenueⅦ. 6112,221,820,236.439,160,451,044.52
Interest Income
Earned Premiums
Service Charge and Commission Income
II. Total Operating Cost10,765,426,237.407,948,124,959.21
Including: Operating CostⅦ. 619,613,009,267.557,091,717,971.79
Interest Expenditures
Service Charge and Commission Expenses
Surrender Value
Net Claims Paid
Net Amount of Withdrawn Reserve for Insurance Liability Contract
Policyholder Dividend Expense
Reinsurance Cost
Taxes and SurchargesⅦ. 6284,832,335.8768,071,307.10
Sales ExpensesⅦ. 63147,701,007.66100,232,455.37
Administration expensesⅦ, 64313,068,483.72250,407,616.23
Research and development expenseⅦ. 65533,298,050.74450,976,583.06
Financial ExpensesⅦ. 6673,517,091.86-13,280,974.34
Including: interest expenses115,347,505.11110,183,341.40
Interest Income24,827,246.4520,349,051.18
Add: Other incomeⅦ. 67245,316,990.7587,704,709.64
Investment Income (Mark"-" for Loss)Ⅶ. 6825,122,694.1014,695,055.38
Including: Investment Income from Affiliates and Joint Ventures18,600,856.2911,141,300.10
Profits from derecognition of Financial Assets at Amortized Cost
Exchange Gains (Mark"-" for Losses)
Profit of Net Exposure Hedging (Mark"-" for Loss)
Incomes from changes in fair value (losses marked with "-")Ⅶ.7063,334.44-216,798.66
Credit Impairment Losses (Mark"-" for Loss)Ⅶ.71-22,955,582.19-23,825,581.51
Asset Impairment Losses (Mark"-" for Loss)Ⅶ.72-22,629,644.58-5,466,369.89
Asset Disposal Income (Mark"-" for Loss)Ⅶ.7316,240.57
III. Operating Profit (Mark"-" for Loss)1,681,311,791.551,285,233,340.84
Add: Non-operating RevenuesⅦ.7424,918,665.431,230,582.52
Less: Non-operating ExpensesⅦ.7514,593,503.2712,649,565.28
IV. Total Profit (Mark"-" for Total Loss)1,691,636,953.711,273,814,358.08
Less: Income Tax ExpenseⅦ.76230,036,509.09174,651,897.40
V. Net Profit (Mark"-" for Net Loss)1,461,600,444.621,099,162,460.68
(1) Classified by operation continuity
1. Net Profit as a Going Concern (Mark"-" for Net Loss)1,461,600,444.621,099,162,460.68
2. Net Profit of Discontinued Operation (Mark"-" for Net Loss)
(2). Classified by the attribution of ownership
1. Net Profit Attributable to Shareholders of Parent Company1,456,245,678.611,094,024,695.52
2. Minority Shareholders' Profit and Loss5,354,766.015,137,765.16
VI. Net Amount of Other Comprehensive Incomes after Tax-28,471,695.7411,924,312.63
(1) Net Amount of Other Comprehensive Incomes after Tax Attributable to the Parent Company's Owner-28,347,605.2411,281,395.14
1, Other comprehensive income that cannot be reclassified as P/L
(1) Re-measure the variation of the defined benefit plan
(2) Other comprehensive income that cannot be transferred to P/L under the equity method
(3) Changes in the fair value of investment in other equity instruments
(4) Changes in the fair value of the credit risk of the enterprise
2. Other comprehensive income that will be reclassified as P/L-28,347,605.2411,281,395.14
(1) Other comprehensive income that can be transferred to P/L under the equity method
(2) Changes in the fair value of investment in other creditor's rights
(3) Financial assets reclassified into other comprehensive income
(4) Provisions for the credit impairment of investment in other creditor's rights
(5) Cash flow hedge reserves
(6) Currency translation difference-28,347,605.2411,281,395.14
(7) Others
(2) Net Amount of Other Comprehensive Incomes After Tax Attributable to Minority Shareholders-124,090.50642,917.49
VII. Total Comprehensive Income1,433,128,748.881,111,086,773.31
(1) Total Comprehensive Income Attributable to the Parent Company's Owner1,427,898,073.371,105,306,090.66
(2) Total Comprehensive Income Attributable to Minority Shareholders5,230,675.515,780,682.65
VIII. Earnings per Share:
(1) Basic Earnings per Share0.880.67
(2) Diluted Earnings per Share0.880.67

If there is a business combination under the same control in the current period, the net profit earned by thecombined party before the combination is: RMB 0, and the net profit earned by the combined party in theprevious period is: RMB 0.Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

Income Statement of the Parent CompanyFor the Period from January 2024 to June 2024

Unit:Yuan Currency:RMB

ItemNoteSemi-annual 2024Semi-annual 2023
I. Operating RevenueXIX.43,941,292,383.193,316,719,220.00
Less: Operating CostXIX.42,965,973,183.932,561,210,134.54
Taxes and Surcharges27,809,504.7724,566,052.81
Sales Expenses4,410,767.202,219,982.67
Administration expenses113,868,536.6192,649,704.85
Research and development expense299,347,240.56261,363,476.97
Financial Expenses76,670,386.3273,390,894.50
Including: interest expenses88,658,566.5396,974,427.83
Interest Income17,249,840.3713,235,863.64
Add: Other incomeXIX.5140,811,862.0964,467,568.03
Investment Income (Mark"-" for Loss)25,122,694.1014,695,055.38
Including: Investment Income from Affiliates and Joint Ventures18,600,856.2911,141,300.10
Profits from Derecognition of Financial Assets at Amortized Cost
Profit of Net Exposure Hedging (loss in "-")
Incomes from changes in fair value (loss in "-")
Credit Impairment Losses (loss in "-")14,162,954.71-7,136,533.70
Asset Impairment Losses (loss in "-")-10,988,640.36-4,560,248.49
Asset Disposal Income (loss in "-")
II. Operating Profit (loss in "-")622,321,634.34368,784,814.88
Add: Non-operating Revenues1,511,177.74166,447.50
Less: Non-operating Expenses1,570,988.76778,532.27
III. Total Profit (total loss in “-“)622,261,823.32368,172,730.11
Less: Income Tax Expense45,928,992.9120,956,601.66
IV. Net Profit (Mark for Net Loss)576,332,830.41347,216,128.45
(I) Net Profit as a Going Concern (net loss in “-“)576,332,830.41347,216,128.45
(II) Net Profit of Discontinued Operation (net loss in “-“)
V. Net Amount of Other Comprehensive Incomes After Tax
(1) Other comprehensive income that cannot be reclassified as P/L
1. Re-measure the variation of the defined benefit plan
2. Other comprehensive income that cannot be transferred to P/L under the equity method
3. Changes in the fair value of investment in other equity instruments
4. Changes in the fair value of the credit risk of the enterprise
(2) Other comprehensive income that will be reclassified as P/L
1. Other comprehensive income that can
be transferred to P/L under the equity method
2. Changes in the fair value of investment in other creditor's rights
3. Financial assets reclassified into other comprehensive income
4. Provisions for the credit impairment of investment in other creditor's rights
5. Cash flow hedge reserves
6. Currency translation difference
7. Others
VI. Total Comprehensive Income576,332,830.41347,216,128.45
VII. Earnings per Share:
(I) Basic Earnings per Share0.340.21
(II) Diluted Earnings per Share0.340.21

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

Consolidated Cash Flow StatementFrom the Period from January 2024 to June 2024

Unit:Yuan Currency:RMB

ItemNoteSemi-annual 2024Semi-annual 2023
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and Provision of Services10,705,885,326.199,619,106,701.87
Net Increase in Customer's Bank Deposits and Interbank Deposits
Net Increase in Borrowings from the Central Bank
Net Increase in Borrowings from Other Financial Institutions
Cash Arising from Receiving Premiums for the Original Insurance Contract
Net Amount Arising from Reinsurance Business
Net Increase in Deposits and Investments from Policyholders
Cash Arising from Interests, Service Charges and Commissions
Net Increase in Borrowings from Banks and Other Financial Institutions
Net Increase in Repurchase Business Funds
Net Amount of Cash Received from the Vicariously Traded Securities
Tax Refund362,023,942.65351,926,788.38
Other Received Cashes Related to Operational ActivitiesⅦ.78244,566,994.78200,796,761.92
Subtotal of cash inflow from operational activities11,312,476,263.6210,171,830,252.17
Cash Paid for Merchandise and Services7,667,175,875.726,856,237,308.91
Net Increase in Loans and Advances to Customers
Net Increase in Deposits with Central
Bank and Other Financial Institutions
Cash Paid for Original Insurance Contract Claims
Net increase of funds lent
Cash Paid for Interests, Service Charges and Commissions
Cash Paid for Policy Dividends
Cash Paid to and for Employees1,502,149,549.131,161,002,065.58
Cash Paid for Taxes and Surcharges659,237,158.34555,679,717.07
Other Paid Cashes Related to Operational ActivitiesⅦ.78445,515,658.87372,789,725.99
Subtotal of cash outflow from operational activities10,274,078,242.068,945,708,817.55
Net cash flow generated by operating activities1,038,398,021.561,226,121,434.62
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of Investments706,521,837.81753,553,755.28
Cash Arising from Investment Incomes
Net Cash Arising from Disposal of Fixed Assets, Intangible Assets and Other Long-term Assets18,894,640.947,458,918.50
Net Cash Arising from Disposal of Subsidiaries and Other Business Units
Other Received Cashes Related to Investment ActivitiesⅦ.7828,714,513.2320,397,800.00
Subtotal of cash inflow from investment activities754,130,991.98781,410,473.78
Cash Paid for Purchase and Construction of Fixed Assets, Intangible Assets and Other Long-term Assets1,812,024,114.331,750,326,099.47
Cash Paid for Investments2,040,000,000.00800,000,000.00
Net Increase in Pledge Loans
Net Cash Paid for Acquisition of Subsidiaries and Other Business Units
Other Paid Cashes Related to Investment Activities
Subtotal of Cash Outflow from Investment Activities3,852,024,114.332,550,326,099.47
Net amount of cash flow generated by investment activities-3,097,893,122.35-1,768,915,625.69
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing Investments3,514,826,899.52
Including: Cash Arising from Subsidiaries Absorbing Investments by Minority Shareholders
Cash Arising from Borrowings935,500,000.001,890,636,991.85
Other Received Cashes Related to Financing Activities206,900,000.00
Subtotal of cash inflow from financing activities4,450,326,899.522,097,536,991.85
Cash Paid for Debts Repayment1,050,337,845.201,445,323,840.82
Cash Paid for Distribution of Dividends and Profits or Payment of Interests64,781,605.9265,822,611.38
Including: Dividends and Profits Paid to
Minority Shareholders by Subsidiaries
Other Paid Cashes Related to Financing ActivitiesⅦ.7849,781,575.80153,524,725.97
Subtotal of cash outflow from financing activities1,164,901,026.921,664,671,178.17
Net cash flow generated by financing activities3,285,425,872.60432,865,813.68
IV. Impact of Fluctuation in Exchange Rate on Cash and Cash Equivalents18,594,795.4911,328,326.49
V. Net Increase in Cash and Cash Equivalents1,244,525,567.30-98,600,050.90
Add: Cash and Cash Equivalents at the Commencement of the Period2,313,937,932.512,410,212,553.28
VI. Cash and Cash Equivalents at the End of the Period3,558,463,499.812,311,612,502.38

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

Cash Flow Statement of the Parent CompanyFor the Period from January 2024 to June 2024

Unit:Yuan Currency:RMB

ItemNoteSemi-annual 2024Semi-annual 2023
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and Provision of Services3,114,456,039.982,977,681,619.26
Tax Refund
Other Received Cashes Related to Operational Activities123,265,753.73110,627,064.59
Subtotal of cash inflow from operational activities3,237,721,793.713,088,308,683.85
Cash Paid for Merchandise and Services1,846,223,503.001,601,746,545.26
Cash Paid to and for Employees449,719,643.68373,274,736.23
Cash Paid for Taxes and Surcharges243,192,312.88202,512,854.26
Other Paid Cashes Related to Operational Activities144,434,191.17151,342,264.77
Subtotal of cash outflow from operational activities2,683,569,650.732,328,876,400.52
Net cash flow generated by operating activities554,152,142.98759,432,283.33
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of Investments706,521,837.81753,553,755.28
Cash Arising from Investment Incomes
Net Cash Arising from Disposal of Fixed Assets, Intangible Assets and Other Long-term Assets65,466,900.1861,090,739.28
Net Cash Arising from Disposal of Subsidiaries and Other Business Units
Other Received Cashes Related to Investment Activities174,509,254.29
Subtotal of cash inflow from investment activities946,497,992.28814,644,494.56
Cash Paid for Purchase and Construction of Fixed Assets, Intangible Assets and Other Long-term Assets125,694,540.95208,943,615.06
Cash Paid for Investments3,578,262,899.521,808,603,035.00
Net Cash Paid for Acquisition of Subsidiaries and Other Business Units
Other Paid Cashes Related to Investment Activities9,500,000.0074,665,000.00
Subtotal of Cash Outflow from Investment Activities3,713,457,440.472,092,211,650.06
Net amount of cash flow generated by investment activities-2,766,959,448.19-1,277,567,155.50
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing Investments3,514,826,899.52
Cash Arising from Borrowings926,000,000.001,099,000,000.00
Other Received Cashes Related to Financing Activities106,900,000.00
Subtotal of cash inflow from financing activities4,440,826,899.521,205,900,000.00
Cash Paid for Debts Repayment739,400,000.00809,500,000.00
Cash Paid for Distribution of Dividends and Profits or Payment of Interest44,935,927.4554,761,063.14
Other Paid Cashes Related to Financing Activities16,389,101.0960,232,345.00
Subtotal of cash outflow from financing activities800,725,028.54924,493,408.14
Net cash flow generated by financing activities3,640,101,870.98281,406,591.86
IV. Impact of Fluctuation in Exchange Rate on Cash and Cash Equivalents
V. Net Increase in Cash and Cash Equivalents1,427,294,565.77-236,728,280.31
Add: Cash and Cash Equivalents at the Commencement of the Period600,119,330.481,278,492,772.64
VI. Cash and Cash Equivalents at the End of the Period2,027,413,896.251,041,764,492.33

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: HongTieyang

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Consolidated Statement of Changes in Owners' EquityFor the Period from January 2023 to June 2023

Unit:Yuan Currency:RMB

ItemSemi-annual 2024
Shareholders' Equity Attributable to the Parent Company's OwnerMinority Shareholders 'EquityTotal Shareholder s' Equity
Paid-in Capital (or Share Capital)Other Equity InstrumentsCapital ReservesLess: Treasury SharesOther Comprehensive IncomesSpecial ReservesSurplus ReservesGeneral Risk ReservesUndistributed ProfitsOthersSubtotal
Preferred StocksPerpetual BondsOthers
I. Balance at the End of Last Year1,102,049,773.00143,201,172.165,341,029,541.42-7,279,431.39706,943,994.986,498,434,550.7613,784,379,600.9329,923,304.8013,814,302,905.73
Add: Changes in Accounting Policies
Correction of Errors in the Previous Period
Others
II. Balance at the Start of This Year1,102,049,773.00143,201,172.165,341,029,541.42-7,279,431.39706,943,994.986,498,434,550.7613,784,379,600.9329,923,304.8013,814,302,905.73
III. Increases or Decreases in This Period (Decreases in "-")583,975,336.00-269.572,914,466,637.76-28,347,605.24809,742,252.084,279,836,351.035,230,675.514,285,067,026.54
(I) Total Comprehensive Income-28,347,605.241,456,245,678.611,427,898,073.375,230,675.511,433,128,748.88
(II) Shareholders' Contribution and Reduction in Capital60,726,160.00-269.573,437,715,813.763,498,441,704.193,498,441,704.19
1. Common stock invested by the owner60,726,104.003,437,715,813.763,498,441,917.763,498,441,917.76
2. Capital Invested by Holders of Other Equity Instruments56.00-269.57-213.57-213.57
3. Amount of

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Share-based Payments Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution-646,503,426.53-646,503,426.53-646,503,426.53
1. Appropriation of Surplus Reserves
2. Appropriation of General Risk Reserves
3. Distribution to Owners (or Shareholders)-646,503,426.53-646,503,426.53-646,503,426.53
4. Others
(IV) Internal Carry-forward of Shareholders' Equity523,249,176.00-523,249,176.00
1. Capital Reserves Transferred into Capital (or Share Capital)523,249,176.00-523,249,176.00
2. Surplus Reserves Transferred into Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the variation of the defined benefit plan
5. Other Carry-forward Retained Earnings of the Comprehensive Income
6. Others
(V) Special Reserves
1. Withdrawal in this period
2. Used in this period
(VI) Others
IV. Balance at1,686,025,109.00143,200,902.598,255,496,179.18-35,627,036.63706,943,994.987,308,176,802.8418,064,215,951.9635,153,980.3118,099,369,932.27

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

the End of ThisPeriod

ItemSemi-annual 2023
Shareholders' Equity Attributable to the Parent Company's OwnerMinority Shareholders' EquityTotal Shareholders' Equity
Paid-in Capital (Or Share Capital)Other Equity InstrumentsCapital ReservesLess: Treasury ShareOther Comprehensive IncomesSpecial ReservesSurplus ReservesGenera l Risk ReservesUndistributed ProfitsOthersSubtotal
Preferred StocksPerpetual BondsOthers
I. Balance at the End of Last Year1,102,046,572.00143,214,233.305,340,798,886.81-21,343,831.86631,484,906.944,933,499,753.4212,129,700,520.6130,524,801.0412,160,225,321.65
Add: Changes in Accounting Policies
Correction of Errors in the Previous Period
Others
II. Balance at the Start of This Year1,102,046,572.00143,214,233.305,340,798,886.81-21,343,831.86631,484,906.944,933,499,753.4212,129,700,520.6130,524,801.0412,160,225,321.65
III. Increases or Decreases in This Period (Decreases in “-“)1,736.00-8,356.98124,273.0511,281,395.14583,776,322.43595,175,369.645,780,682.65600,956,052.29
(I) Total Comprehensive Income11,281,395.141,094,024,695.521,105,306,090.665,780,682.651,111,086,773.31
(II) Shareholders' Contribution and Reduction in Capital1,736.00-8,356.98124,273.05117,652.07117,652.07
1. Common stock invested by the owner
2. Capital Invested by Holders of Other Equity Instruments1,736.00-8,356.98124,273.05117,652.07117,652.07
3. Amount of Share-based Payments Recorded into Shareholders'

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Equity
4. Others
(III) Profit Distribution-510,248,373.09-510,248,373.09-510,248,373.09
1. Appropriation of Surplus Reserves
2. Appropriation of General Risk Reserves
3. Distribution to Owners (or Shareholders)-510,248,373.09-510,248,373.09-510,248,373.09
4. Others
(IV) Internal Carry-forward of Shareholders' Equity
1. Capital Reserves Transferred into Capital (or Share Capital)
2. Surplus Reserves Transferred into Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the variation of the defined benefit plan
5. Other Carry-forward Retained Earnings of the Comprehensive Income
6. Others
(V) Special Reserves
1. Withdrawal in this period
2. Used in this period
(VI) Others
IV. Balance at the End of This Period1,102,048,308.00143,205,876.325,340,923,159.86-10,062,436.72631,484,906.945,517,276,075.8512,724,875,890.2536,305,483.6912,761,181,373.94

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

Statement of Changes in Owners' Equity of the Parent Company

For the Period from January 2024-June 2024

Unit:Yuan Currency:RMB

ItemSemi-annual 2024
Paid-in Capital (or Share Capital)Other Equity InstrumentsCapital ReservesLess: Treasury ShareOther Comprehensive IncomesSpecial ReservesSurplus ReservesUndistributed ProfitsTotal Shareholders' Equity
Preferred StocksPerpetual BondsOthers
I. Balance at the End of Last Year1,102,049,773.00143,201,172.165,341,029,541.42706,943,994.983,981,541,695.4111,274,766,176.97
Add: Changes in Accounting Policies
Correction of Errors in the Previous Period
Others
II. Balance at the Start of This Year1,102,049,773.00143,201,172.165,341,029,541.42706,943,994.983,981,541,695.4111,274,766,176.97
III. Increases or Decreases in This Period (Decreases in “-“)583,975,336.00-269.572,914,466,637.76-70,170,596.123,428,271,108.07
(1) Total comprehensive income576,332,830.41576,332,830.41
II) Shareholders' Contribution and Reduction in Capital60,726,160.00-269.573,437,715,813.763,498,441,704.19
1. Common stock invested by the owner60,726,104.003,437,715,813.763,498,441,917.76
2. Capital Invested by Holders of Other Equity Instruments56.00-269.57-213.57
3. Amount of Share-based Payments Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution-646,503,426.53-646,503,426.53
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or Shareholders)-646,503,426.53-646,503,426.53
3. Others
(IV) Internal Carry-forward of Shareholders' Equity523,249,176.00-523,249,176.00
1. Capital Reserves Transferred into Capital (or Share Capital)523,249,176.00-523,249,176.00
2. Surplus Reserves Transferred into Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the variation of the defined benefit plan
5. Other Carry-forward Retained Earnings of the Comprehensive Income
6. Others
(V) Special Reserves

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

1. Withdrawal in this period
2. Used in This Period
(VI) Others
IV. Balance at the End of This Period1,686,025,109.00143,200,902.598,255,496,179.18706,943,994.983,911,371,099.2914,703,037,285.04
ItemSemi-annual 2023
Paid-in Capital (Or Share Capital)Other Equity InstrumentsCapital ReservesLess: Treasury ShareOther Comprehensive IncomesSpecial ReservesSurplus ReservesUndistributed ProfitsTotal Shareholders' Equity
Preferred StocksPerpetual BondsOthers
I. Balance at the End of Last Year1,102,046,572.00143,214,233.305,340,798,886.81631,484,906.943,812,658,276.1811,030,202,875.23
Add: Changes in Accounting Policies
Correction of Errors in the Previous Period
Others
II. Balance at the Start of This Year1,102,046,572.00143,214,233.305,340,798,886.81631,484,906.943,812,658,276.1811,030,202,875.23
III. Increases or Decreases in This Period (Decreases in “-“)1,736.00-8,356.98124,273.05-163,032,244.64-162,914,592.57
(I) Total Comprehensive Income347,216,128.45347,216,128.45
(II) Shareholders' Contribution and Reduction in Capital1,736.00-8,356.98124,273.05117,652.07
1. Common stock invested by the owner
2. Capital Invested by Holders of Other Equity Instruments1,736.00-8,356.98124,273.05117,652.07
3. Amount of Share-based Payments Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution-510,248,373.09-510,248,373.09
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or Shareholders)-510,248,373.09-510,248,373.09
3. Others
(IV) Internal Carry-forward of Shareholders' Equity
1. Capital Reserves Transferred into Capital (or Share Capital)
2. Surplus Reserves Transferred into Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the variation of the defined benefit plan
5. Other Carry-forward Retained Earnings of the Comprehensive Income
6. Others
(V) Special Reserves

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

1. Withdrawal in this period
2. Used in this period
(VI) Others
IV. Balance at the End of This Period1,102,048,308.00143,205,876.325,340,923,159.86631,484,906.943,649,626,031.5410,867,288,282.66

Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang

III. Basic Information about the Company

1. Company Profile

√Applicable □Non-applicable

Ningbo Tuopu Group Co., Ltd. (hereinafter referred to as "Company" or "The Company"), acompany limited by shares changed from Ningbo Tuopu Brake System Co., Ltd., incorporated by MeccaInternational Holding (Hk) Limited, Ningbo Jinlun Equity Investment Partnership (Limited Partnership)and Ningbo Jinrun Equity Investment Partnership (Limited Partnership), holder of the CorporateBusiness License (Registration No.: 91330200761450380T), listed on Shanghai Stock Exchange (SSE)in March 2015, is specialized in manufacturing - automobile manufacturing.As of June 30, 2024, the Company has issued a total of 1,686,025,109 shares, with a registeredcapital of RMB 1,686,025,109, registered address: 268 Yuwangshan Road, Daqi Street, Beilun District,Ningbo, Zhejiang, headquartered in 268 Yuwangshan Road, Daqi Street, Beilun District, Ningbo,Zhejiang, is engaged in R&D, production and sales of automobile parts. Mecca International Holding(Hk) Limited is the parent company of the Company is, and Wu Jianshu is the actual controller of theCompany.This financial statement was approved for release by the Board of Directors on August 28, 2024.

IV. Basis for Preparing the Financial Statement

1. Basis for the preparation

The Company prepares the financial statement, as a going concern.Based on transactions and matters that have actually occurred, in accordance with “AccountingStandards for Business Enterprises - Basic Standards” issued by the Ministry of Finance and all specificaccounting standards, application guidelines for accounting standards for business enterprises,explanations on the accounting standards for business enterprises and other related regulations(hereinafter collectively as "Accounting Standards for Business Enterprises"), and the disclosureprovisions in the “Preparation Rules for Information Disclosures by Companies Offering Securities tothe Public No. 15 - General Provisions on Financial Reports” issued by CSRC.

2. Going concern

√Applicable □Non-applicable

The Company has the capability to continue as a going concern for at least 12 months as of the endof current reporting period, without any significant item affecting the capability for continuing as agoing concern.

V. Significant Accounting Polices and Accounting EstimatesNotes to specific accounting policies and accounting estimates:

√Applicable □Non-applicable

The following disclosures cover the specific accounting policies and accounting estimatesformulated by the Company according to the characteristics of its production and operation.

1. Statement on compliance with Accounting Standards for Business Enterprises

This financial statement is in compliance with the requirements in the Accounting Standards forBusiness Enterprises promulgated by the Ministry of Finance and presents truly and completely thefinancial position, operating results and cash flows of the Company.

2. Accounting period

The accounting period of the Company is from 1 January to 31 December of each calendar year.

3. Operating cycle

√Applicable □Non-applicable

The Company's operating cycle is 12 months.

4. Functional currency

Renminbi (RMB) is used as local currency of account. The subsidiaries of the Company fix their localcurrency of account given the major economic environments where they are currently operating. Thefinancial statements are presented in RMB.

5. Methodology for determining materiality criteria and basis for selection

√Applicable □Non-applicable

ItemSignificance criteria
Significant construction in progressIndividual construction in progress exceeding 0.5% of total assets
Significant accounts payable aged over one yearAccounts payable where the amount of a single item exceeds 0.5% of total assets
Significant contract liabilities aged over one yearContract liabilities with an amount exceeding 0.5% of total assets
Significant other payables aged over one yearOther accounts payable with an amount exceeding 0.5% of total assets
Significant cash flows from investing activitiesSingle cash flow from investing activities with an amount exceeding 10% of total assets
Significant non-wholly owned subsidiariesTotal assets of non-wholly owned subsidiaries exceeding 10% of the company's consolidated total assets or operating revenues exceeding 5% of the company's consolidated operating revenues
Significant joint ventures or associatesCarrying value of long-term equity investments in joint ventures or associates accounting for more than 0.5% of the Company's consolidated net assets or investment income accounted for under the equity method of long-term equity investments accounting for more than 10% of the Company's consolidated net income

6. The accounting treatment of business combinations involving enterprises under common controland business combinations not involving enterprises under common control

√Applicable □Non-applicable

Business combination under common control: The assets and liabilities acquired by the mergingparty in business combination shall be measured at the book value of the assets, liabilities of the mergedparty (including goodwill incurred in the acquisition of the merged party by ultimate controlling party)in the consolidated financial statements of the ultimate controlling party on the date of combination. Thedifference between the book value of the net assets obtained and the book value of the considerationpaid for the combination (or total nominal value of the issued shares) is adjusted to capital premium incapital reserve. Adjustments shall be made to retained earnings in the event that the share premiums inthe capital reserves are not sufficient for write-down.

Business combinations involving entities not under common control: The assets paid and liabilitiesincurred or committed as a consideration of business combination by the merging party were measuredat fair value on the date of acquisition and the difference between the fair value and its book value shall

be charged to the profit or loss for the period. Where the cost of combination is higher than the fair valueof the identifiable net assets acquired from the merging party in business combination, such differenceshall be recognized as goodwill; where the cost of combination is less than the fair value of theidentifiable net assets acquired from the merging party in business combination, such difference shall becharged to the profit or loss for the period. The identifiable assets, liabilities and contingent liabilities ofthe merged party obtained in business combination that meet the recognition conditions are measured attheir fair values on the purchase date.The fees which are directly related to the business combination shall be recognized as the profit orloss in the period when the costs are incurred; the transaction expenses of issuing equity securities ordebt securities for business merger shall be initially capitalized for equity securities or debt securities.

7. Criteria for determining control and preparation method of consolidated financial statements

√Applicable □Non-applicable

1. Criteria for determining control

The determination of the scope of consolidation in the consolidated financial statements is based oncontrol. This scope encompasses the Company as well as all its subsidiaries. Control refers to theCompany's authority over the investee, its ability to gain variable returns by participating in theinvestee's activities, and its capacity to utilize its authority to influence the amount of returns it receives.

2. Procedures of Consolidation

The Company regards the Enterprise Group as an accounting entity and prepares consolidatedfinancial statements in accordance with unified accounting policies to reflect the overall financialposition, operating result and cash flow of the Enterprise Group. The influence of internal transactionsbetween the Company and the Subsidiaries and between the Subsidiaries shall be offset. Where internaltransaction indicates the occurrence of impairment loss to relevant assets, such loss shall be recognizedin full. In preparing the consolidated financial statements, where the accounting policies and theaccounting periods are inconsistent between the Company and subsidiaries, the financial statements ofsubsidiaries are adjusted where necessary in accordance with the accounting policies and accountingperiod of the Company.

The owner's equity, the net profit or loss and the comprehensive income attributable to minorityshareholders of a subsidiary of the current period are presented separately under the owners' equity in theconsolidated balance sheet, the net profit and the total comprehensive income in the consolidated incomestatement respectively. Where losses attributable to the minority shareholders of a subsidiary of thecurrent period exceed the minority shareholders' interest entitled in the shareholders' equity of thesubsidiary at the beginning of the period, the excess is allocated against the minority shareholdersinterest.

(1) Acquisition of subsidiaries or Business

For acquisition of subsidiaries or business due to business combination involving entities undercommon control during the reporting period, the operating results and cash flows of such subsidiariesor business from the beginning to the end of the reporting period when the acquisition occurs shall beincluded in the consolidated financial statements. Adjustments shall be made to the opening balanceof the consolidated financial statements and the related items in the comparative statementssimultaneously as if the consolidated reporting entity has been in existence since the beginning of thecontrol by the ultimate controlling party.Where the control over the investee under common control is made possible due to additionalinvestment or other reasons, the equity investment held before gaining control of the combined partyis recognized as relevant profit or loss, other comprehensive income and changes of other net assetsat the later of the date of acquisition of the original equity and the date when the combining and thecombined parties are under common control, and shall be written down to the opening retainedearnings or current profit or loss in the comparative reporting period.For acquisition of subsidiaries or business due to business combination involving entities not under

common control during the reporting period, the identifiable assets, liabilities and contingentliabilities shall be included in the consolidated financial statements based on the fair value determinedon the date of the acquisition.In connection with imposing control over the investee not under joint control due to additionalinvestment and other reasons, the equity of acquiree held before acquisition date shall be remeasuredby the Company at the fair value of such equity on the acquisition date and the difference betweenfair value and book value shall be recognized as investment income in current period. Othercomprehensive income related to the equity held by the Acquiree before the acquisition date whichcan be reclassified into future profit or loss, and other changes of owners’ equity accounted for underequity

(2) Disposal of Subsidiaries or Business

①General Treatment

When losing control of the investee due to partial disposal of the equity investment, or any otherreasons, the remaining equity investment is remeasured at fair value at the date in which control is lost.The sum of consideration received from disposal of equity investment and the fair value of theremaining equity investment, net of the difference between the sum of the Company's previous share ofthe subsidiary's net assets recorded from the acquisition date or combination date and the sum ofgoodwill, is recognized in investment income in the period in which control is lost. Other comprehensiveincome related to the equity investment of the original subsidiary that can be reclassified into futureprofit or loss, and other changes of owners’ equity accounted for under equity method shall berecognized in investment income in the period in which control is lost.

②Disposal of Subsidiary Achieved by Stages

When disposal of equity interests of subsidiaries through multiple transaction until the control islost, generally transactions in stages are treatment as a package deal in accounting if the transactionterms, conditions, and economic impact of disposal of the subsidiary's equity interests comply with oneor more of the following:

i. These transactions are achieved at the same time or the mutual effects on each other areconsidered;

ii. A complete set of commercial results can be achieved with reference to the series oftransactions as a whole;

iii. Achieving a transaction depends on at least achieving of one of the other transaction;

iv. One transaction recognized separately is not economical, but it is economical when consideredtogether with other transactions.

When losing control of a subsidiary in disposal of equity interests through multiple transactions isrecognized as a package deal, these transactions shall be in accounting treated as loss control of asubsidiary in disposal of equity interests achieved. However, the differences between price on eachdisposal and disposal of investment on the subsidiary's net assets shall be recognized in othercomprehensive income in the consolidated financial statements, and included in profit or loss for theperiod when the control is lost.

When all transactions in disposal of equity interests of subsidiaries are not a package deal,accounting treatment for partial disposal of equity investments of subsidiary without losing control shallbe applied before control is lost. When the control is lost, general accounting treatment for disposal of asubsidiary shall be used.

(3) Acquisition of Minority Interest of Subsidiaries

The Company shall adjust the share premium in the capital reserve of the consolidated balance sheetwith respect to any difference between the long-term equity investment arising from the purchase ofminority interest and the net assets attributing to the parent company continuously calculated on thebasis of the newly increased share proportion as of the acquisition date or date of combination, adjust theretained earnings if the share premium in the capital reserve is insufficient for write-down.

(4) Partial Disposal of Equity Investment in Subsidiaries without Losing ControlDisposal price and disposal of long-term equity investment shall be entitled to the difference betweenthe shares of the net assets of the subsidiaries calculated continuously from the date of purchase oracquisition. Adjustments shall be made to the equity premiums in the capital reserve of consolidated

balance sheet. When the equity premiums in the capital reserve are not sufficient for write-down, theretained earnings shall be adjusted.

8. Classification of Joint Arrangement and Accounting Treatment Methods of Joint Operation

√Applicable □Non-applicable

Joint arrangement can be divided into joint operation and joint venture.Joint operation refers to a joint arrangement in which the parties have rights to the assets andobligations for the liabilities relating to the joint operation.

The Company recognizes the following items related to the share of interests in the joint operation:

(1) Recognize the assets held separately by the Company and the assets jointly held in accordancewith the share of the Company;

(2) Recognize the liabilities assumed separately by the Company and the liabilities jointlyassumed in accordance with the share of the Company;

(3) Recognize the income generated through the sale of the Company's share of the output of thejoint operation;

(4) Recognize the income generated through the sale of the output of the joint operation inaccordance with the share of the Company;

(5) Recognize the expenses incurred separately, and the expenses incurred in joint operation inaccordance with the share of the Company .The Company's investment in joint venture is accounted for by the equity method, as specified in thenote “VII. 17. Long-term Equity Investment”.

9. Recognition criteria of cash and cash equivalents

Cash refers to the cash on hand of the Company and deposits that are available for payment at any time.Cash equivalents refer to investments held by the Company featuring short duration, strong liquidity,easy conversion into cash of known amount and low risk of changes in value.

10. Conversion of transactions and financial statements denominated in foreign currencies

√Applicable □Non-applicable

1. Foreign currency transactions

Foreign currency transactions shall be translated into RMB at the spot exchange rate on the day whenthe transactions occurred, or at an exchange rate fixed in accordance with a systematic and reasonablemethod that is similar to the spot exchange rate on the day when the transactions occurred.Balance sheet date foreign currency monetary items shall be translated using the spot exchange rate atthe balance sheet date. The resulting exchange differences are recognized in profit or loss for thecurrent period, except for those differences related to the principal and interest on a specific-purposeborrowing denominated in foreign currency for acquisitions, construction or production of the qualifiedassets, which should be capitalized as cost of the assets.

2. Translation of foreign currency financial statements

All assets and liabilities items in balance sheet are translated based on spot exchange rate on thebalance sheet date; owners' equity items other than "undistributed profits" are translated at a spotexchange rate when accrued. Revenue and expense items as contained in the income statement aretranslated at a spot exchange rate at the transaction occurrence date. For disposal of overseas operation,the translation difference as stated in the foreign currency financial statements relating to overseasoperation, is accounted for in the profit and loss account in the current period from owners' equityitems.

11. Financial instruments

√Applicable □Non-applicable

The Company recognizes a financial asset, financial liability or equity instrument when it becomesa party to a financial instrument contract.

1. Classification of the financial instruments

According to the Company's business model for management of the financial assets and the contractualcash flow features of the financial assets, the financial assets, when initially recognized, are classified as:

financial assets at amortized cost, financial assets at fair value through other comprehensive income andfinancial assets at fair value through profit or loss.For financial assets that meet the following conditions and are not designated to be measured at fairvalue through the current profit or loss, the Company classifies them as financial assets at amortizedcost:

— The business model is aimed at collecting contract cash flow;— Contract cash flow is the payment of principal and interest based on the outstanding principal

amount.For financial assets that meet the following conditions and are not designated to be measured at fairvalue through current profit or loss, the Company classifies them as financial assets at fair valuethrough other comprehensive income (debt instruments).— The business model is aimed at both collecting contract cash flows and selling financial asset;— Contract cash flow is the payment of principal and interest based on the outstanding principal

amount.

The Company will, at the time of initial recognition, irrevocably designate non-trading investmentsin equity instruments as financial assets measured at fair value and the change shall be included in othercomprehensive income (equity instrument). The designation is made on the basis of independentinvestment, and the related investments fit the definition of an equity instrument from an issuer’sperspective.

In addition to the aforementioned financial assets at amortized cost and at fair value through othercomprehensive income, the Company classifies all other financial assets as financial assets at fair valuethrough current profit or loss. At the time of initial recognition, for financial assets that should have beenclassified as financial assets at amortized cost or fair value through other comprehensive income, theCompany can irrevocably designate them as financial assets at fair value through current profit or loss inorder to eliminate or significantly reduce the accounting mismatch.

The financial liabilities, when initially recognized, are classified as: financial liabilities at fairvalue through profit or loss and financial liabilities at amortized cost.

Financial liabilities which meet one of the following conditions will be, when initially measured,designated as financial liabilities at fair value through profit or loss:

1) Such designation may be able to eliminate or significantly reduce the accounting mismatch.

2) The portfolio of financial liabilities or the portfolio of financial assets and financial liabilitiesshall be subject to management and performance evaluation on the basis of fair value according to theenterprise risk management or investment strategy contained in the formal documentations, and a reportshall be made to the key management personnel within the enterprise on this basis.

3) Such financial liabilities shall contain embedded derivatives to be split separately.

2. Recognition and measurement of financial instruments

(1) Financial assets at amortized cost

Financial assets at amortized cost include notes receivable, accounts receivable, other receivables,long-term receivables and creditors investment, which shall be initially measured at fair value, and therelevant transaction expenses should be initially capitalized; The accounts receivable that do not contain

material financing compositions and those for which the Company decides to not take into account thefinancing compositions of no more than one year shall be initially measured at the contract transactionprice.The interest calculated by effective interest method during the holding period is recorded into thecurrent profit and loss.

At the time of recovery or disposal, the difference between the price obtained and the book valueshall be included in the current profit or loss.

(2) Financial assets measured at fair value and its changes are included in other comprehensiveincome (debt instruments)Financial assets measured at fair value and its changes are included in other comprehensive income(debt instruments) include receivables financing and investments in other creditor's rights. They areinitially measured at fair value, and the value, other than the interest, the impairment loss or profit andthe profit or loss on foreign exchange, shall be included in other comprehensive income.Upon derecognition, the cumulative profits or losses previously included in other comprehensiveincome shall be removed from other comprehensive income and included in the profit or loss for theperiod.

(3) Financial assets at fair value through other comprehensive income (equity instruments)Financial assets at fair value through other comprehensive income (equity instruments) includeinvestment in other equity instruments. They are initially measured at fair value, and the transactionexpenses shall be initially capitalized. These financial assets are subsequently measured at fair value,and the change in fair value shall be included in other comprehensive income. The dividends obtainedshall be included in the profit or loss for the period.Upon derecognition, the cumulative profits or losses previously included in other comprehensive incomeshall be removed from other comprehensive income and included in the carry-forward retained earnings.

(4) Financial assets at fair value through profit or loss in this period

Financial assets at fair value through profit or loss include trading financial assets, derivative financialassets and other non-current financial assets. They are initially measured at fair value, and thetransaction expenses related to them are included in the profit or loss for the period. These financialassets are subsequently measured at fair value, and the change in fair value shall be included in the profitor loss for the period.

(5) Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit and LossFinancial liabilities at fair value through profit or loss include trading financial liabilities and derivativefinancial liabilities. They are initially measured at fair value, and the transaction expenses related tothem are included in the profit or loss for the period. These financial liabilities are subsequentlymeasured at fair value, and the change in fair value shall be included in the profit or loss for the period.Upon derecognition, the difference between their book value and the consideration paid is includedin the profit or loss for the period.

(6) Financial liabilities at amortized cost

Financial liabilities at amortized cost include short-term loans, notes payable, accounts payable,other payables, long-term loans, bonds payable, and long-term payables. They are initially measured atfair value, and the transaction expenses shall be initially capitalized.

The interest calculated by effective interest method during the holding period is recorded into thecurrent profit and loss.Upon derecognition the difference between the consideration paid and the book value of thesefinancial liabilities is included in the current profit or loss.

3. Derecognition and transfer of financial assets

The Company derecognizes financial assets when any one of the following conditions is satisfied:

- The contractual right to receive cash flows of the financial assets has been terminated;- The financial asset have been transferred and virtually all the risks and rewards related to the

ownership of the financial asset shave been transferred to the transferee;- The financial assets have been transferred, and while the Company has neither transferred nor

retained virtually all of the risks and rewards related to the ownership of the financial assets, it has

not retained control of the financial assets.

The financial assets have been transferred, and while the Company has neither transferred norretained virtually all of the risks and rewards related to the ownership of the financial assets, it has notretained control of the financial assets.

The substance-over-form principle shall be adopted while making judgment on whether the transferof financial assets satisfies the above conditions for termination of recognition.

The transfer of financial assets can be classified into entire transfer and partial transfer. If thetransfer of an entire financial asset satisfies the conditions for termination of recognition, the differencebetween the two amounts below shall be recorded into profit or loss for the period:

(1) The book value of the financial asset transferred;

(2) The consideration received as a result of the transfer, plus the accumulative amount of thechange in fair value previously recorded into the owners' equities (in cases where the transferredfinancial assets are financial assets at fair value through other comprehensive income (debtinstruments)).

If the partial transfer of financial assets satisfies the conditions for termination of recognition, theoverall book value of the transferred financial asset shall be apportioned according to their respectiverelative fair value between the recognition terminated part and the remaining part, and the differencebetween the two amounts below shall be recorded into profit or loss for the current period:

(1) The book value of the recognition terminated portion;

(2) The sum of consideration of the recognition terminated portion and the corresponding portion ofaccumulated change in fair value previously recorded into owners' equity (in cases where the transferredfinancial assets are financial assets at fair value through other comprehensive income (debtinstruments)).

Financial assets will still be recognized if they fail to satisfy the conditions for termination ofrecognition, with the consideration received recognized as a financial liability.

4. Recognition for termination of financial liabilities

When the current obligation under a financial liability is completely or partially discharged, therecognition of the whole or relevant portion of the liability is terminated; an agreement is enteredbetween the Company and a creditor to replace the original financial liabilities with new financialliabilities with substantially different terms, terminate the recognition of the original financial liabilitiesas well as recognize the new financial liabilities.

If all or part of the contract terms of the original financial liabilities are substantially amended, therecognition of the original financial liabilities will be terminated in full or in part, and the financialliabilities whose terms have been amended shall be recognized as a new financial liability.

When recognition of financial liabilities is terminated in full or in part, the difference between thebook value of the financial liabilities terminated and the consideration paid (including transferrednon-cash assets or new financial liability) is recognized in profit or loss for the current period.

Where the Company repurchases part of its financial liabilities, the book value of such financialliabilities will be allocated according to the relative fair value between the continued recognized partand terminated part on the repurchase date. The difference between the book value of the financialliabilities terminated and the consideration paid (including transferred non-cash assets or new financialliability) is recognized in profit or loss for the current period.

5. Method of determining the fair values of financial assets and liabilities

The fair value of a financial instrument that is traded in an active market is determined at the quotedprice in the active market. The fair value of a financial instrument that is not traded in an active marketis determined by using a valuation technique. The Company uses the valuation technique when it isapplicable under current conditions and there are enough available data and other information to supportand the technique should maximize the use of relevant observable. It chooses the inputs which areconsistent with the asset or liability's characteristics considered by market participants in the transactionof the relevant asset or liability and makes the maximum use of relevant observable inputs.Unobservable inputs are used under the circumstance that the relevant observable inputs cannot beobtained or not feasible.

6. Test method and accounting treatment for impairment of financial assets

The Company accounts for impairment of financial assets carried at amortized cost, financial assets(debt instruments) at fair value through other comprehensive income and financial guarantee contractson the basis of expected credit losses.

The Company recognizes expected credit losses by calculating the probability-weighted amount ofthe present value of the difference between the cash flows receivable and the cash flows expected to bereceived from a contract, taking into account reasonable and supportable information about past events,current conditions, and forecasts of future economic conditions, weighted by the risk of default.

For receivables and contract assets resulting from transactions governed by “Accounting Standardsfor Business Enterprises No. 14, Revenue”, the Company always measures its allowance for losses at anamount equal to the expected credit losses over the entire duration, regardless of whether or not there isa significant financing component. For lease receivables resulting from transactions governed by“Accounting Standards for Business Enterprises No. 21, Leases”, the Company has elected to alwaysmeasure its allowance for losses at an amount equal to the expected credit losses over the entire duration.

For other financial instruments, the Company assesses at each balance sheet date the changes incredit risk of the relevant financial instruments since initial recognition.

The Company recognizes the relative changes in the risk of default within the expected duration offinancial instruments, and assesses whether the credit risk of financial instruments has significantlyincreased since the initial recognition by comparing the risk of default of financial instruments on thebalance sheet date with the risk of default on the initial recognition date. If the financial instrumentbecomes overdue for more than 30 days, the Company believes that the credit risk of this financialinstrument has been significantly increased, unless there are concrete evidences that the credit risk ofthis financial instrument has not been significantly increased upon initial recognition.

If the financial instrument carries low credit risk at the balance sheet date, the Company believesthat the credit risk of this financial instrument is not significantly increased upon initial recognition.

In case the credit risk of a financial instrument has significantly increased since initial recognition,the Company will calculate the allowance for losses based on the expected credit losses over the entirelife of the financial instrument. Conversely, if the credit risk has not significantly increased since initialrecognition, the Company will measure the allowance for losses based on the expected credit losses ofthe financial instrument within the next 12 months. Any resulting increase or reversal in the lossallowance will be recorded as an impairment loss or gain in the profit or loss statement. For financialassets (debt instruments) carried at fair value through other comprehensive income, the allowance forlosses will be recognized in other comprehensive income, while the impairment loss or gain will berecognized in the profit or loss statement for the current period, without reducing the carrying amount ofthe financial asset as reported in the balance sheet.

If there is objective evidence that a receivable is impaired for credit purposes, the Company makesan allowance for impairment of that receivable on an individual basis.

In addition to the above receivables that are individually provided for bad debts, the Companyclassifies the remaining financial instruments into portfolios based on credit risk characteristics anddetermines the expected credit losses on a portfolio basis.

The categories of portfolios and the basis for determining expected credit losses for the Company'snotes and accounts receivable financing are as follows:

ItemType of portfolioBasis of determination
Bank acceptancesPortfolio 1Notes receivable with commercial banks as acceptors
Commercial acceptancePortfolio 2Notes receivable with non-commercial banks as acceptors

The categories of portfolio and the basis for determining the expected credit losses on accountsreceivable and other receivables were set out below:

ItemType of portfolioBasis of determination
Accounts receivableAging portfolioAging from the point in time when the accounts receivable are recognized
Other receivablesAging portfolioAging from the point of recognition of other receivables

If the Company does not have a reasonable anticipation anymore that it will recover the contractualcash flows from a financial asset, either in whole or in part, the carrying amount of the financial asset isdirectly reduced.

12. Notes receivable

□Applicable √Non-applicable

13. Accounts receivable

□Applicable √Non-applicable

14. Receivables financing

□Applicable √Non-applicable

15. Other accounts receivable

□Applicable √Non-applicable

16. Inventories

√Applicable □Non-applicable

Inventory categories, issue valuation method, inventory system, amortization method for low valueconsumables and packages

√Applicable □Non-applicable

1. Category and cost of inventories

Inventories are classified as raw materials, turnover materials, commodity stocks, products inprogress and materials commissioned for processing.

Inventories are initially measured at cost. Inventory costs include procurement costs, processingcosts, and other expenses incurred to bring the inventory to its current location and condition.

2. Determination of cost for delivered inventory

Cost of inventories is determined using the weighted average method.

3. Inventory system

The perpetual inventory system is adopted.

4. Amortization of low-value consumables and packaging materials

(1) Low-value consumables are amortized using the immediate write-off method;

(2) Packaging materials are amortized using the immediate write-off method.

Criteria for recognization and provision for inventory falling price reserves

√Applicable □Non-applicable

On the balance sheet date, inventories shall be measured at the lower of cost and net realizablevalue. A provision shall be made for inventory price drops if inventory costs exceed the net realizablevalue. Net realizable value refers to the amount after deducting the estimated costs to be incurred at thetime of completion, the estimated selling expenses and taxes from the estimated sales price ofinventories during daily activities.

Net realizable value of held-for-sale commodity stocks, such as finished goods, goods-in-stock, andheld-for-sale raw materials, during the normal course of production and operation, shall be determinedby their estimated sales less the related selling expenses and taxes; the net realizable value of materialinventories, which need to be processed, during the normal course of production and operation, shall bedetermined by the amount after deducting the estimated cost of completion, estimated selling expensesand relevant taxes from the estimated selling price of finished goods; the net realizable value ofinventories held for execution of sales contracts or labor contracts shall be calculated on the ground ofthe contracted price. If an enterprise holds more inventories than the quantity stipulated in the salescontract, the net realizable value of the exceeding part shall be calculated on the ground of generalselling price.

Where the Company provides for provision for inventory falling price reserves on a portfolio basis,the categories of portfolios and the basis for determining the portfolios as well as the basis fordetermining the net realizable value of different categories of inventories are set out below:

Category of inventory portfolioBasis for determining portfolioBasis for determining net realizable value
Inventory age portfolioInventory ageThe net realizable value of inventories with an age of more than one year and corresponding to models that have ceased production is zero; for other inventories, the net realizable value is the estimated selling price less estimated selling expenses and related taxes.

The inventory falling price reserves withdrawn shall be reversed within the amount withdrawn, andthe reversed amount shall be included in current profit or loss, if the net realizable value of an inventoryis higher than its book value after the withdrawal due to the disappearance of the factors that influencethe writing-down of its value.

Categories and basis for determining provision for inventory falling price reserves according toportfolios, and basis for determining net realizable value of different categories of inventories

□Applicable √Non-applicable

Calculation method and basis for determining the net realizable value of inventories by age groupfor the purpose of recognizing net realizable value of inventories based on age group.

□Applicable √Non-applicable

17. Contract assets

√Applicable □Non-applicable

Recognition methods and standards of contract assets

√Applicable □Non-applicable

The Company shall show the contract assets or contract liabilities in the balance sheet inaccordance with the relationship between the performance of the contract obligations and the Customerpayment. The Company shall list its right to receive consideration due to the transfer of goods orservices to the Customer (and such rights are subject to factors other than the passage of time) ascontractual assets. Contract assets and contract liabilities under the same contract shall be shown on anet basis. The Company’s unconditional right (depending solely on the passage of time) to collectconsideration from the Customer shall be shown separately as a receivable.

Determination method and accounting treatment for the expected credit loss of contract assets

□Applicable √Non-applicable

Aging calculation method for recognizing credit risk profile groupings based on aging

□Applicable √Non-applicable

Determination of bad debt provisioning based on individual items Individual provisioningjudgment criteria

□Applicable √Non-applicable

18. Held-for-sale assets

√Applicable □Non-applicable

A non-current asset or disposal group is classified as held for sale if its carrying amount is to berecovered principally through sale (including non-monetary asset exchanges with commercial substance)rather than through continuing use.

Recognition criteria and accounting treatment for non-current assets or disposal groups classifiedas held for sale

√Applicable □Non-applicable

The Company will categorize non-current assets or disposal groups as held for sale if the followingconditions are met simultaneously:

(1) The sale of these assets or disposal groups is imminent based on the current conditions and theCompany's past practice of selling similar assets or disposal groups.

(2) It is highly likely that the sale will occur within one year. The Company has made a decision tosell and has obtained firm commitments from buyers. If the relevant regulations require approval fromthe relevant authority or regulatory body before the sale can proceed, the Company has obtained thatapproval.

For non-current assets classified as held for sale (excluding financial assets, deferred income taxassets, and assets arising from employee compensation) or disposal groups with a carrying value higherthan the fair value less costs to sell, the carrying value is reduced to the fair value less costs to sell. Theamount of the reduction is recognized as an impairment loss on the asset, which is then recorded in theprofit or loss statement. Additionally, a provision for impairment of assets held for sale is also created.

Recognition criteria and presentation of discontinued operations

√Applicable □Non-applicable

Discontinued operation is a component that meets one of the following conditions and can beseparately distinguished, and the component has been disposed of by the Company or classified as heldfor sale by the Company:

(1) The component represents a separate principal business or a separate principal operating area;

(2) The component is part of a related program of proposed dispositions of a separate principalbusiness or a separate principal operating area;

(3) The component is a subsidiary acquired exclusively for resale.

Gains and losses from continuing operations and gains and losses from discontinued operations arepresented separately in the income statement. Operating gains and losses, such as impairment losses andreversal amounts for discontinued operations, and gains and losses on disposals are presented as gainsand losses from discontinued operations. For discontinued operations presented in the current period, theCompany restates the information originally presented as profit or loss from continuing operations asprofit or loss from discontinued operations for the comparable accounting period in the current period'sfinancial statements.

19. Long-term equity investments

√Applicable □Non-applicable

1. Joint control or significant influence criteria

Joint control is the contractually agreed sharing of control of an arrangement, and exists only whenrequiring the unanimous consent of the parties sharing control before making decisions about therelevant activities of the arrangement. The Company together with the other joint venture parties canjointly control over the investee and are entitled to the right of the net assets of the investee, as theinvestee is joint venture of the Company.

Significant influence refers to the power to participate in making decisions on the financial andoperating policies of an enterprise, but not the power to control, or jointly control, the formulation ofsuch policies with other parties. Where the Company can exercise significant influence over the investee,the investee is an associate of the Company.

2. Determination of initial investment cost

(1) Long-term equity investments formed through business combination of entities

For long-term equity investment in a subsidiary generated due to business combinations involvingentities under common control, the share of the book value in the consolidated financial statements ofthe ultimate controlling party on the date of combinations shall be taken as the initial investment cost ofthe long-term equity investments. For difference between the initial cost of long-term equity investmentand the book value of the consideration paid, adjustments shall be made to the equity premiums in thecapital reserve. When the equity premiums in the capital reserve are not sufficient for write-down, theretained earnings shall be adjusted. Where control over the investee under common control is availabledue to additional investment or other reasons, for difference between the initial cost of long-term equityinvestment recognized in accordance with the above principles, and the sum of the book value oflong-term equity investment prior to the combination and the book value of newly paid consideration forthe acquisition of further shares on the date of combination, adjustments shall be made to equitypremiums. When the equity premiums are not sufficient for write-down, the retained earnings shall bewritten down.

For long-term equity investment in a subsidiary generated due to business combinations involvingentities not under common control, the cost of the combination recognized on the date of combinationshall be taken as the initial investment cost of the long-term equity investments. In relation to imposingcontrol over the investee not under common control as a result of additional investment and otherreasons, the initial investment shall be the sum of the book value of the equity investment originally heldand the newly increased investment cost.

(2) Long-term equity investments acquired by means other than business combination

The initial cost of a long-term equity investment obtained by cash payment shall be the purchasecosts actually paid.

The initial cost of investment of a long-term equity investment obtained by means of issuance ofequity securities shall be the fair value of the equity securities issued.

3. Subsequent measurement and recognition of profit or loss

(1) Long-term equity investment calculated by cost method

Long-term equity investment in subsidiaries of the company is calculated by cost method, unlessthe investment meets the conditions for holding for sale. except for the actual consideration paid for theacquisition of investment or the declared but not yet distributed cash dividends or profits which areincluded in the consideration, investment gains are recognized as the Company' shares of the cashdividends or profits declared by the investee.

(2) Long-term equity investment accounted for by equity method

Long-term equity investments of associates and jointly controlled entities are calculated usingequity method. Where the initial investment cost exceeds the investment, the difference between theshare of the fair value of the investee’s identifiable net assets shall be enjoyed and no adjustment shall bemade to the initial investment cost of long-term equity investment; where the initial investment cost isless than the investment, the difference between the share of the fair value of the investee’s identifiablenet assets shall be enjoyed and be included in current profit or loss, and adjustments shall be made to theinitial investment cost of long-term equity investment.

The Company recognizes the investment income and other comprehensive income according to theshares of net profit or loss and other comprehensive income realized by the investee which it shall beentitled or shared respectively, and simultaneously makes adjustment to the book value of long-termequity investments; the book value of long-term equity investment shall be reduced by attributable shareof the profit or cash dividends for distribution declared by the investee; in relation to other changes ofowner's equity except for net profits and losses, other comprehensive income and profit distributions ofthe investee (hereinafter referred to as "changes in other owners' equity"), the book value of long-termequity investments shall be adjusted and included in owner's equity.

When recognizing the amount of proportion of net profit or loss, other comprehensive income andother changes of owner’s equity, in the investee which it entitles, fair value of the identifiable assets ofthe investee at the time when the investment is obtained shall be used as basis, and adjustment shall bemade to the net profit, other comprehensive income and others of the investee in accordance with theaccounting policies and accounting period of the Company.

The unrealized profit or loss resulting from internal transactions between the Company and itsassociate or joint venture shall be offset in portion to its equity interests, based on which investmentincome shall be recognized, except when the assets invested or sold constitute transaction. Any lossesresulting from transactions, which are attributable to impairment of assets, shall be fully recognized.

The Company shall be liable for net loss incurred by the Company to the joint venture or associate,and shall write it down to zero with the book value of the long-term equity investment and otherlong-term equity which substantially constitute net investment in the joint venture or associate. Where ajoint venture or associate later realizes net profits, the Company shall resume recognition of its share ofincome after the share of income has made up for the unrecognized share of loss.

(3) Disposal of long-term equity investments

For disposal of long-term equity investment, the difference between the book value and theconsideration actually received shall be included in the current profit or loss.

For long-term equity investments accounted by partial equity disposal method, the remaining equityis still accounted by the equity method. Other comprehensive income recognized by the original equitymethod shall be carried forward in a corresponding proportion on the same basis as the direct disposal ofrelated assets or liabilities by the investee. Changes in the interests of the owners are carried forward tothe current profit and loss on a pro ratio basis.

When losing joint control or significant influence over the investee due to disposal of equityinvestment or other reasons, other comprehensive income of the original equity investment recognizedaccounted by equity method shall be treated using the same basis as the direct disposal of related assetsor liabilities by the investee upon the termination of the use of equity methods. Other changes of owner’sequity shall be converted to the current profit or loss upon the termination of use of equity methods.

When losing the control over the investee due to partially disposal of equity investment and otherreasons, the remaining equities after disposal shall be accounted for under equity method in preparationof individual financial statements provided that joint control or significant influence over the investeecan be imposed, and shall be adjusted as if such remaining equities has been accounted for under theequity method since they are obtained. Other comprehensive income recognized prior to the acquisitionof controls over the investee shall be carried over proportionally using the same basis as the direct

disposal of related assets or liabilities by the investee. Other changes of owner’s equity due to the use ofequity method shall be carried over into the current profit or loss proportionally. Where the remainingequities after disposal cannot impose joint control or significant influence over the investee, it shall berecognized as financial asset, and the difference between fair value and the book value on the date oflosing control shall be included in the current profit or loss. All the other comprehensive incomes andother changes of owners’ equity recognized prior to the acquisition of controls over the investee shall becarried over.

When losing control over a subsidiary in step-by-step disposal of its equity interests throughmultiple transactions is recognized as a package deals, these transactions shall be in accounting treatedas loss of control of a subsidiary in disposal of equity interests. The differences between price on eachdisposal prior to loss of control and the long-term equity investment book value of the disposed equityshall be recognized as other comprehensive income in individual financial statements, and included inthe current profit or loss when the control is lost. Transactions not recognized as a package deal shall beaccounted for separately.

20. Investment property

(1). In case of cost measurement:

Depreciation or amortization method

Investment property refers to the real estate held to generate rental income or capital appreciation,or both, including leased land use rights, land use rights held for transfer after appreciation, and leasedbuildings (including buildings that are leased after completion of self-construction or developmentactivities and buildings in construction or development that are used for rental in the future).

Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets whenthe relevant economic benefits are likely to flow in and the cost can be measured reliably; otherwise, itshall be included in the current profit and loss when occurred.

The Company adopts the cost mode to measure the existing investment property. Other subsequentexpenditures shall be included in current profit or loss at the time of occurrence. Investment propertymeasured at cost - buildings held for leasing shall adopt the same depreciation policy for fixed assets ofthe company, land use rights held for leasing shall adopt the same amortization policy for the intangibleassets.

21. Fixed assets

(1). Conditions for recognition

√Applicable □Non-applicable

Fixed assets are tangible assets that are held for use in the production or supply of goods or services,for rental to others, or for administrative purposes; and have a service life of more than one accountingyear. Fixed asset is recognized when it meets the following conditions:

(1) It is probable that the economic benefits associated with the fixed asset will flow to theenterprise;

(2) Its cost can be reliably measured.

Fixed assets are initially measured at cost (with the influence of expected disposal costs taken intoconsideration).

Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets whenthe relevant economic benefits are likely to flow in and the cost can be measured reliably; the book valueof the replaced part is derecognized; other subsequent expenditures shall be included in current profit orloss at the time of occurrence.

(2).Methods for depreciation

√Applicable □Non-applicable

CategoryDepreciation MethodUseful Lives of DepreciationResidual RatioAnnual Depreciation
Housing andStraight-line2010%4.50%
buildingmethod
Machinery and equipmentStraight-line method5-1010%18.00%-9.00%
Means of transportationStraight-line method510%18.00%
Office equipment and othersStraight-line method510%18.00%
Buildings for commercial useStraight-line methodLand use certificate indicates the remaining years but no longer than 40 years10%
PV engineering projectStraight-line method2010%4.50%

22. Projects under construction

√Applicable □Non-applicable

Projects under construction is measured at the actual costs incurred. The actual cost includesconstruction costs, installation costs, borrowing costs that meet the capitalization conditions, and othernecessary expenditures incurred before the construction in progress reaches its intended use status.Projects under construction reaching predetermined serviceable conditions shall be converted to fixedassets and begin counting for depreciation the following month. The criteria and point of time forcarrying forward the Company's construction in progress to fixed assets are as follows:

CategoryCriteria and time point for conversion to fixed assets
Construction works such as buildings(1) The main construction works and ancillary works have been completed; (2) If the construction works have reached the state of intended use but the final account has not yet been finalized, the construction works shall be transferred to fixed assets at the estimated value based on the actual cost of the works from the date of reaching the state of intended use.
Installation of machinery and equipment, etc.(1) Relevant equipment and other ancillary facilities have been installed; (2) the equipment can maintain normal and stable operation for a certain period of time after debugging; and (3) the equipment has been accepted by asset management personnel and users.

23. Borrowing costs

√Applicable □Non-applicable

1. Criteria for recognition of capitalized borrowing costs

For borrowing costs incurred by the Company that are directly attributable to the acquisition,construction or production of assets qualified for capitalization, the costs will be capitalized andincluded in the costs of the related assets. Other borrowing costs shall be recognized as expense in theperiod in which they are incurred and included in profit or loss for the current period.

Assets qualified for capitalization are assets (fixed assets, investment property, inventories, etc.)that necessarily take a substantial period of time for acquisition, construction or production to get readyfor their intended use or sale.

2. Capitalization period of borrowing costs

The capitalization period shall refer to the period between the commencement and the cessation ofcapitalization of borrowing costs, excluding the period in which capitalization of borrowing costs istemporarily suspended.Capitalization of borrowing costs begins when the following three conditions are fully satisfied:

(1) Expenditures for the assets (including cash paid, transferred non-currency assets orexpenditure for holding debt liability for the acquisition, construction or production of assets qualifiedfor capitalization) have been incurred;

(2) Borrowing costs have been incurred;

(3) Acquisition, construction or production that are necessary to enable the asset reach its intendedusable or salable condition have commenced.Capitalization of borrowing costs shall be suspended during periods in which the qualifying assetunder acquisition and construction or production ready for the intended use or sale.

3. Suspension of capitalization period

Capitalization of borrowing costs shall be suspended during periods in which the acquisition,construction or production of a qualifying asset is interrupted abnormally, when the interruption is for acontinuous period of more than 3 months; if the interruption is a necessary step for making thequalifying asset under acquisition and construction or production ready for the intended use or sale, thecapitalization of the borrowing costs shall continue. The borrowing costs incurred during such periodshall be recognized as profits and losses of the current period, borrowing costs continue to be capitalizeduntil the acquisition and construction of the asset or the recommencement of production activities.

4. Calculation of capitalization rate and amount of borrowing costs

Specific borrowings for the acquisition, construction or production of assets qualified forcapitalization, borrowing costs of the specific borrowings actually incurred in the current period minusthe interest income earned on the unused borrowing loans as a deposit in the bank or as investmentincome earned from temporary investment will be used to determine the amount of borrowing costs forcapitalization.

General borrowings for the acquisition, construction or production of assets qualified forcapitalization, the to-be-capitalized amount of interests on the general borrowing shall be calculated anddetermined by multiplying the weighted average asset disbursement of the part of the accumulative assetdisbursements minus the specifically borrowed loans by the capitalization rate of the general borrowingused. The capitalization rate shall be calculated and determined according to the weighted averageinterest rate of the general borrowing.

During the period of capitalization, the exchange balance on the principals and interests of specialforeign currency borrowings shall be capitalized and shall be included in the cost of assets eligible forcapitalization. The exchange balance on the principals and interests of foreign currency borrowings otherthan the special foreign currency borrowings shall be included in current profit or loss.

24. Biological assets

□Applicable √Non-applicable

25. Oil and gas assets

□Applicable √Non-applicable

26. Intangible assets

(1). Useful life and the basis for its determination, estimation status, amortization method orreview procedure

√Applicable □Not applicable

1. Intangible assets are initially measured at cost upon acquisition

(1) Intangible assets are initially measured at cost upon acquisition

The costs of an externally purchased intangible asset include the purchase price, relevant taxes andexpenses paid, and other expenditures directly attributable to putting the asset into condition for itsintended use.

(2) Subsequent measurement

The service life of intangible assets shall be analyzed and judged upon acquisition.As for intangible assets with a finite service life, they are amortized using the straight-line methodover the term in which economic benefits are brought to the firm; If the term in which economic benefitsare brought to the firm by an intangible asset cannot be estimated, the intangible asset shall be taken asan intangible asset with indefinite service life, and shall not be amortized.

2. Estimated useful lives for the intangible assets with finite service life

ItemEstimated useful livesAmortization MethodBasis
Land use rights38-50 yearsStraight-line methodLand use certificate
Software2-10 yearsStraight-line methodExpected benefited period
Emission rights5 yearsStraight-line methodEmission permits

3. Basis for the judgment of intangible assets with uncertain service life and the procedure forreviewing their service lifeAs of December 31, 2023, the Company has no intangible assets with uncertain useful life.

(1). Scope of attribution of R&D expenditures and related accounting treatment

√Applicable □Not applicable

1. Scope of research and development expenditure

Expenditures incurred by the Company in the course of conducting research and development(R&D) include relevant employee remuneration for personnel engaged in R&D activities, consumablematerials, relevant depreciation and amortization expenses and other related expenditures, and aresummarized in the following manner:

Employee remuneration related to personnel engaged in research and development activities mainlyrefers to the employee remuneration related to personnel directly engaged in research and developmentactivities as well as management personnel and direct service personnel closely related to research anddevelopment activities, consumable materials mainly refers to the relevant materials directly invested inresearch and development activities, and related depreciation and amortization expenses mainly refers tothe depreciation or amortization of fixed assets or intangible assets used in research and developmentactivities.

2. Specific criteria for the division of research phase and development phase

The expenses for internal research and development projects of the Company are divided intoexpenses in the research phase and expenses in the development phase.

Research phase: Scheduled innovative investigations and research activities to obtain andunderstand scientific or technological knowledge.

Development phase: Apply the research outcomes or other knowledge to a plan or design prior to acommercial production or use in order to produce new or essentially-improved materials, devices,products, etc.

3. Specific condition for capitalizing expenditure during the development phase

Expenses in the research phase are recorded into the profits and losses for the current period whenthey occur. Expenditure during the development phase that simultaneously satisfies the followingconditions shall be recognized as intangible assets. Otherwise shall be included in current profit or loss:

(1) It is technically feasible to complete such intangible asset so that it will be available for use orfor sale;

(2) There is intention to complete the intangible asset for use or sale;

(3) The intangible asset can produce economic benefits, including there is evidence that theproducts produced using the intangible asset has a market or the intangible asset itself has a market; ifthe intangible asset is for internal use, there is evidence that there exists usage for the intangible asset;

(4) There is sufficient support in terms of technology, financial resources and other resources inorder to complete the development of the intangible asset, and there is capability to use or sell theintangible asset;

(5) The expenses attributable to the development stage of the intangible asset can be measuredreliably.

The R&D expenditures incurred shall be included in current profit or loss if it is impossible todistinguish expenditure during the research phase and expenditure during the development phase.

27. Impairment of long-term assets

√Applicable □Non-applicable

Long-term assets, such as long-term equity investment, investment properties, fixed assets andconstruction in progress that measured at cost, right-of-use assets,and intangible assets with limitedservice life, are tested for impairment if there is any indication that an asset may be impaired on thebalance sheet date. If the result of the impairment test indicates that the recoverable amount of the assetis less than its book value, a provision for impairment and an impairment loss are recognized for theamount by which the asset's book value exceeds its recoverable amount. The recoverable amount is thehigher of an asset's fair value less costs to sell and the present value of the future cash flows expected tobe derived from the asset. Provision for asset impairment is determined and recognized on the individualasset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverableamount of a group of assets to which the asset belongs to is determined. A group of assets is the smallestgroup of assets that is able to generate cash inflows independently.

Goodwill formed due to business combination, intangible assets with uncertain service life andintangible assets that have not yet reached serviceable conditions, shall be tested for impairment at leastat the end of each year, regardless of whether there is any indication of impairment.

When the Company carry out impairment test to goodwill, the Company shall, as of the purchasingday, allocate on a reasonable basis the book value of the goodwill formed by merger of enterprises to therelevant asset groups, or if there is a difficulty in allocation, to allocate it to the sets of asset groups. Therelevant asset group or combination of asset groups is the asset group or combination of asset groupsthat can benefit from the synergies of business combination.

For the purpose of impairment test on the relevant asset groups or the sets of asset groupscontaining goodwill, if any evidence shows that the impairment of asset groups or sets of asset groupsrelated to goodwill is possible, an impairment test will be made first on the asset groups or sets of assetgroups not containing goodwill, thus calculating the recoverable amount and comparing it with therelevant book value so as to recognize the corresponding impairment loss. Asset group or combinationof group assets containing goodwill are tested for impairment and the book value and recoverableamount shall be compared. If the recoverable amount is less than the book value, the amount ofimpairment loss shall be deducted and apportioned to the book value of goodwill in asset group orcombination of asset groups, before deducting to the book value of all other assets proportionally basedon the proportion of the book value of all assets other than goodwill in the asset group or combination ofasset groups.

Once the above asset impairment loss is recognized, it will not be reversed in the subsequentaccounting periods.

28. Long-term prepaid expenses

√Applicable □Non-applicable

Long-term prepaid expenses are expenses which have occurred but will benefit over 1 year andshall be amortized over the current period and subsequent periods.

The amortization period and amortization method for each expense is:

ItemAmortization MethodAmortization period
Renovation costStraight-line method5 years
OthersStraight-line method3-5 years

29. Contract liabilities

√Applicable □Non-applicable

The Company shall show the contract assets or contract liabilities in the balance sheet inaccordance with the relationship between the performance of the contract obligations and the Customerpayment. The Company’s obligation to transfer goods or provide services to customers for whichconsideration has been received or receivable are presented as contractual liabilities. Contract assets andcontract liabilities under the same contract shall be shown on a net basis.

30. Employee remuneration

(1). Accountant arrangement method of short-term remuneration

√Applicable □Non-applicable

During the accounting period when the staff provides service, the Company will recognize theshort-term remuneration actually incurred as liabilities, and the liabilities would be charged into currentprofits and loss or costs of assets.

The Company will pay social insurance and housing funds, and will make provision of trade unionfunds and staff education costs in accordance with the requirements. During the accounting period whenthe staff provides service, the Company will determine the relevant amount of employee benefits inaccordance with the required provision basis and provision ratios.

The expenses on employee benefit incurred by the Company shall be included in the current profitor loss or related asset cost based on the actual amount when actually incurred, and the non-monetarybenefit shall be measured at its fair value.

(2).Accounting treatment method of retirement benefit plan

√Applicable □Non-applicable

1. Defined contribution plan

The Company will pay basic pension insurance and unemployment insurance in accordance withthe relevant provisions of the local government for the staff. During the accounting period when the staffprovides service, the Company will calculate the amount payable in accordance with the local stipulatedbasis and proportions which will be recognized as liabilities, and the liabilities would be charged intocurrent profits and loss or costs of assets.

2. Defined benefit plan

The welfare responsibilities generated from defined benefit scheme based on the formuladetermined by projected unit credit method would be vested to the service period of the staff andcharged into current profits and loss or costs of assets.

The deficit or surplus formed by the present value of obligations of the defined benefit plan minusthe fair value of the assets of the defined benefit plan is recognized as a net liability or net asset of thedefined benefit plan. If there is a surplus in the defined benefit plan, the Company shall use the lower ofthe surplus of the defined benefit plan and the asset ceiling to measure the net assets of the definedbenefit plan.

All defined benefit plan obligations, including obligations expected to be paid within twelvemonths after the end of the annual reporting period in which employees render services, are discountedat the market rate of return in respect of the national debts matching the term and currency of the definedbenefit plan, or in respect of high-quality corporate bonds available on the active market on the balancesheet date.

The service cost incurred by the defined benefit plan and the net interest of the net liabilities or netassets of the defined benefit plan are included in the current profit and loss or the related asset cost; thechanges in the net liabilities or net assets of the defined benefit plan are recorded in other comprehensiveincome, and it will not be reversed to profit or loss in the subsequent accounting period. When theoriginal defined benefit plan is terminated, all that originally included in other comprehensive incomewill be carried forward to undistributed profit within the scope of equity.

At the settlement of the defined benefit plan, the gain or loss from the settlement is recognized bythe difference between the present value of the obligation of the defined benefit plan and the settlementprice determined on the settlement date.

(3).Accountant arrangement method of termination benefits

√Applicable □Non-applicable

Where the Company pays termination benefit to employees, the liabilities of employeeremuneration generated by termination benefit shall be recognized at the earlier of the following dateand included in the current profit or loss: when the company cannot unilaterally withdraw terminationbenefit provided by labor relationship termination plan or layoff proposal; when the Companyrecognizes costs or expenses related to a restructuring of the payment of termination benefits.

(4).Accountant arrangement method of other long-term employee benefits

□Applicable √Non-applicable

31. Estimated liabilities

√Applicable □Non-applicable

The obligations related to contingencies in the satisfaction of all of the following conditions will berecorded as estimated liabilities:

(1) The obligation is the current obligation undertaken by the company;

(2) The fulfillment of this obligation is likely to result in the outflow of economic benefits from thecompany;

(3) The amount of the obligation can be reliably measured.

Estimated liabilities are initially measured based on the best estimate of the expenditure required tofulfill the relevant current obligations.

On fixing the best estimate, certain factors such as risks, uncertainties and time value of money inconnection with contingencies shall be considered in full aspects. If the time value of money has asignificant impact, the best estimate is fixed after discounting the relevant future cash outflows.

If there is a continuous range of required expenditures, and the likelihood of occurrence of variousoutcomes within this range is the same, the best estimate shall be fixed at the median value within therange; in other circumstances, the best estimate shall be treated as:

? If a contingency involves one item, it shall be fixed according to the most likely amount.

? If a contingency involves more than one items, it shall be calculated and fixed according tovarious possible results and related probabilities.

If all or part of the expenditure required to pay off the estimated liability is expected to becompensated by a third party, the compensation amount shall be recognized as an asset separately whenvirtually confirmed that it can be received, and the compensation amount recognized must not exceedthe book value of the estimated liability.

The company shall review the book value of estimated liabilities on the balance sheet date. If thereis conclusive evidence that the book value cannot reflect the current best estimate, the book value shallbe adjusted according to the current best estimate.

32. Share-based payment

□Applicable √Non-applicable

33. Preference shares, perpetual bonds and other financial instruments

□Applicable √Non-applicable

34. Revenue

(1).Disclosure of accounting policies used for revenue recognition and measurement by type ofbusiness

√Applicable □Non-applicable

1. Accounting policies for revenue recognition and measurement

The Company has fulfilled its contractual obligation to recognize income when the Customerobtains control over the relevant goods or services. Obtaining control over related goods or servicesmeans to be able to dominate the use of the goods or services and obtain virtually all economic benefitsfrom it.

Where the Contract contains the performance of two or more obligations, the Company shall, onthe commencement date of the Contract, apportion the transaction price to each individual performanceobligation on the basis of the relative proportion of the individual selling price of the goods or servicecommitted by each individual performance obligation. The Company shall measure its income on thebasis of the transaction price apportioned to each individual performance obligation.

The transaction price refers to the amount of consideration the Company is expected to be entitledto receive for the transfer of goods or services to the Customer, excluding payments received on behalfof third parties and the amounts expected to be refunded to the Customer. The Company determines thetransaction price in accordance with Contract terms and by taking into consideration its past practices. Indetermining the transaction price, it takes into consideration the impact of variable consideration,material financing elements in the Contract, non-cash consideration, consideration payable to customersand other factors. The Company determines the transaction price that includes the variable considerationat an amount not exceeding the amount of accumulated recognized income which is not likely to bematerially reversed when the relevant uncertainty is eliminated. Where there is material financingcomponents in the Contract, the Company shall determine the transaction price on the basis of theamount payable based on the assumption that the Customer pays in cash upon obtaining control over thegoods or services, and shall amortize the difference between the transaction price and the Contractconsideration by effective interest method during the Contract period.

It shall be deemed as fulfilling performance obligation within a certain period of time if one of thefollowing conditions is satisfied. Otherwise, it shall be deemed as fulfilling performance obligation at acertain point in time:

? The Customer obtains and consumes the economic benefits arising from the Company'sperformance of obligations at the same time of that the Company perform its obligations.

? The Customer can control the goods under construction during the process that the Companyperform its obligations.

? The product produced by the Company during the performance of its obligations isirreplaceable in use, and the Company shall be entitled to receive payment for the accumulated part ofthe performance completed so far during the whole Contract period.

For obligations performed within a certain period of time, the Company shall recognize income onthe basis of the performance progress during that period, except when the performance progress cannotbe reasonably determined. The Company will adopt output method or input method to determine theperformance progress by taking the nature of the goods or services into consideration. Where theperformance progress cannot be reasonably determined and the costs incurred are expected to becompensated, the Company shall recognize income on the basis of the costs incurred until theperformance progress can be reasonably determined.

For obligations performed at a certain point of time, the Company recognizes income at the pointwhen the Customer obtain control over relevant goods or services. The Company takes the followingindications into consideration when determining whether the Customer has obtained control overrelevant goods or services:

? The Company is entitled to collect payment in respect of the goods or services immediately,i.e. the Customer is obliged to make payment in respect of the goods or services immediately

? The Company has transferred legal ownership of the goods to the Customer, i.e. the Customerhas legal ownership of the goods.

? The Company has physically transferred the goods to the Customer, i.e. the Customer hasphysically possessed the goods.

? The Company has transferred the principal risks and rewards in the ownership of the goods tothe Customer, i.e. the Customer has obtained the principal risks and rewards in the ownership of thegoods.? The Customer has received the goods or services, etc.The determination of the Company's status as either a principally liable person or an agent is madewhen entering into a transaction, depending on whether it exercises control over the goods or servicesbefore handing them over to the customer. If the Company has the ability to control the goods orservices before transferring them to the customer, it is considered the principal and records revenueaccording to the total consideration received or receivable. On the other hand, if the Company lackscontrol over the goods or services before transferring them, it is classified as an agent and recognizesrevenue based on the anticipated commissions or fees.

2. Disclosure of specific revenue recognition and measurement methods by business type

(1) Domestic company

1) Domestic sales

For sales to domestic carmakers, the goods received by customer and the notice of issuing an invoice istreated as the time point of revenue recognition. For domestic after-sales market sales, the time ofdelivery is treated as the time point of revenue recognition.

2) Overseas sales

For general trade sales, customs declaration and export are treated as the revenue confirmation timepoint. For the sales based on DDU and DDP as contained in the sales contract, the time of arrival at thedestination and the acknowledgment of receipt by customer is treated as the time point of revenuerecognition.

(2) Overseas company

The time of shipment and the acknowledgment of receipt by customer is treated as the time point ofrevenue recognition.

(2). Different business models adopted for similar businesses leading to differences in revenuerecognition accounting policies

□Applicable√ Non-applicable

35. Contract costs

√Applicable □Non-applicable

Contract costs include contract performance costs and contract acquisition costs.

The Company recognizes the costs incurred for performing the contract and that not fall within thescope of inventories, fixed assets or intangible assets as stipulated by related standards as an asset whenthe following conditions are met:

? The cost is directly related to a current or anticipated contract.

? The cost increases the Company's future resources to perform obligations.

? The cost is expected to be recovered

The Company regards the incremental cost incurred to acquire the contract and that are expected tobe recovered as contract acquisition costs, and recognizes them as an asset.

Assets related to contract costs shall be amortized using the same basis as income recognition ofgoods or services related to the asset. However, the Company shall include the amount in current profitor loss if the amortization period of the contract acquisition cost is less than one year.

The Company shall draw an impairment provision for the excess part when the book value of anasset related to the contract cost is higher than the difference between the following two items, andrecognize it as an impairment loss of the asset:

1. The remaining consideration expected to be obtained due to the transfer of goods or servicesrelated to the asset;

2. Estimated costs to be incurred for the transfer of goods or services related to the asset.

The Company shall reverse the impairment provision withdrawn and include it in current profit orloss if the impairment factors of the previous period change and cause the aforementioned differencehigher than the book value of the asset. However, the book value of the asset after reverse shall notexceed the book value of the asset on the reverse date under the assumption that no provision for theimpairment is withdrawn.

36. Government subsidies

√Applicable □Non-applicable

1. Type

Government grants are monetary assets and non-monetary assets acquired by the Company fromthe government free of charge. Government grants are classified into government grants related to assetsand government grants related to revenue.

Government grants related to assets refer to government grants acquired by the Company for thepurpose of purchasing or constructing or otherwise forming long-term assets. Government grants relatedto revenue refer to the government grants other than those related to assets.

Government grants are classified as assets-related under the following criteria: government grantsobtained for purchase and construction or other forms of long-term assets are defined as governmentgrants related to assets;

Government grants are classified as income-related under the following criteria government grantsother than assets-related government grants are defined as income-related government grants;

If the government documents have not yet specified the intended subjects of grants, the Companywill classify the government grants as asset-related or income-related according to the following criteria:

(1) If the government document specifies a item applicable to the grants, it shall be dividedaccording to the relative proportion of the expenditure amount that will form the asset and theexpenditure amount included in the expense in the budget of the specific item, and the division ratioshall be rechecked among each balance sheet date and subject to a if necessary;

(2) The government document only makes a general statement, and no specific item is specified, itis recorded as the income-related government grants.

2. Confirmation of time point

Government subsidies are confirmed when the company can meet its attached conditions and canbe received.

3. Accounting treatment

Government grants related to assets shall write off the book value of relevant assets or berecognized as deferred income. When recognized as deferred income, the government grant related toassets will be period by period credited to the profits and losses of the current period in a reasonable andsystematic manner within the service life of relevant assets (those related to the Company's dailyactivities shall be recognized as other income; those unrelated to the Company's daily activities shall berecognized as non-operating income).

The revenue-related government grants shall be recognized as deferred income if they are used tocompensate relevant expenses or losses in subsequent periods, and they shall be included in profit andloss of the current period (those related to Company's routine activities shall be included in other income;those unrelated to the Company's routine activities shall be included in non-operating income) or used tooffset relevant expenses or losses during the recognition of related expenses or losses; the grants used tocompensate related expenses or losses incurred shall be included in profit and loss of the current period(those related to Company's routine activities shall be included in other income; those unrelated to theCompany's routine activities shall be included in non-operating income) or used to offset relevantexpenses or losses.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Non-applicable

Income tax includes current income tax and deferred income tax. The Company will include currentincome tax and deferred income tax in the current profit or loss, except for income tax arising frombusiness combination and transaction or event directly included in the owners’ equity (including othercomprehensive income).

Deferred income tax assets and deferred income tax liabilities shall be calculated and recognized onthe basis of the difference (temporary difference) between the tax basis of the assets and liabilities andtheir book value.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profitswill be available against which deductible temporary differences can be utilized. For deductible lossesand tax credits that can be reversed in the future period, deferred tax assets shall be recognized to theextent that it is probable that taxable profit will be available in the future to offset the deductible lossesand tax credits.Save as the exceptions, deferred income tax liabilities shall be recognized for the taxable temporarydifference.

Special circumstances in which deferred income tax assets or deferred income tax liabilities are notrecognized include:

? Initial recognition of goodwill;

? Transaction or event that is not a business combination and would not affect accountingprofit and taxable income (or deductible loss) at the time of occurrence.

For taxable temporary differences related to investments in subsidiaries, associates and jointventures, deferred income tax liability is recognized, unless the Company can control the timing ofreversal of such temporary differences and such temporary differences are not likely to be reversed inthe foreseeable future. For deductible temporary differences related to the investments of subsidiaries,associates and joint ventures, deferred tax asset is recognized when the temporary differences are likelyto be reversed in the foreseeable future and the taxable income amount used to offset the deductibletemporary differences is likely to be obtained in the future.

Deferred tax assets and deferred tax liabilities on the balance sheet are evaluated based on theanticipated tax rates that will be applicable during the period when the associated assets are recuperatedor the associated liabilities are resolved, in accordance with the prevailing tax regulations.

On the balance sheet date, the Company reviews the book value of the deferred income tax assets.The book value of the deferred income tax asset will be written down if sufficient taxable income is notlikely to be obtained to offset the benefit of the deferred income tax asset in the future period. Thewrite-down amount will be reversed when sufficient taxable income is likely to be obtained.

After granted the legal rights of net settlement and with the intention to use net settlement or obtainassets and repay debt at the same time, the net amount after offsetting its current income tax assets andcurrent income tax liabilities shall be recorded.

On the balance sheet date, deferred income tax assets and deferred income tax liabilities shall be, asstipulated by tax law, measured by the applicable tax rate of the period of expected recovery of therelevant assets or settlement of the relevant liabilities.

? The taxpayer has the legal right to settle the current income tax assets and current income taxliabilities on a net basis;

? Deferred income tax assets and deferred tax liabilities are related to the income tax to be paidby the same entity liable to pay tax to the same tax collection and management authority or related todifferent entities liable to pay tax. The relevant entity liable to pay tax is intended to apply net settlementof current income tax assets and liabilities or, at the same time, obtain assets and repay debt in everyfuture period that deferred income tax assets and liabilities with importance would be reversed.

38. Lease

√Applicable □Non-applicable

Judgemental basis and accounting treatment of short-term leases and leases of low-value assets asa simplified treatment for lessee

√Applicable □Non-applicable

(1) Right-of-use assets

On the start date of the lease term, the Company recognizes the right-of-use asset for leases otherthan short-term leases and low-value asset leases. Right-of-use assets are initially measured at cost,which includes:

? The initial measurement amount of the lease liability;

? For lease payments paid on or before the start of the lease term, if there is a lease incentive, theamount of the lease incentive already enjoyed is deducted;

? Initial direct expenses incurred by the Company;

? The Company's estimated cost for dismantling and removing the leased assets, restoring thesite where the leased assets are located, or restoring the leased assets to the state as set out in the leaseterms and conditions, except for the costs incurred for the production of inventory.The Company subsequently uses the straight-line method to depreciate the right-of-use assets. If itcan be reasonably determined that the ownership of the leased asset will be obtained at the end of thelease term, the Company shall depreciate the leased asset over the remaining useful life; otherwise, theleased asset will be depreciated over the lease term or the remaining useful life of the leased asset,whichever is shorter.The Company determines whether the right-of-use asset has been impaired under the principles asset out in "Note V. 27. Long-term asset impairment", and performs accounting treatment for theidentified impairment loss.

(2) Lease liabilities

On the commencement of the lease term, the Company recognizes lease liabilities for leases otherthan short-term leases and leases of low-value assets. Lease liabilities are initially measured based on thepresent value of the unpaid lease payments. Lease payments include:

? Fixed payment (including the actual fixed payment), if there is a lease incentive, the relevantamount of the lease incentive will be deducted;

? Variable lease payments that depend on an index or rate;

? The amount expected to be paid based on the residual value of the guarantee provided by thecompany;

? The exercise price of the purchase option, provided that the Company reasonably determinesthat it will exercise the option;

? The amount to be paid to exercise the option to terminate the lease, provided that the leaseterm reflects that the company will exercise the option to terminate the lease.

The Company takes the interest rate implicit in the lease as the discount rate, but if the interest rateimplicit in the lease cannot be reasonably determined, the company's incremental borrowing interest rateis used as the discount rate.

The Company calculates the interest expense of the lease liability during each period of the leaseterm according to a fixed periodic interest rate, and includes it in the current profit and loss or the cost ofrelated assets.

Variable lease payments that are not included in the measurement of lease liabilities are included inthe current profit and loss or the cost of related assets when they actually occur.

After the commencement of the lease term, in any of the following circumstances, the Companyre-measures the lease liability and adjusts the corresponding right-of-use asset. If the book value of theright-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, it willThe difference is included in the current profit and loss:

? When the evaluation results of the purchase option, the renewal option or the termination optionchange, or the actual exercise of the aforementioned option is inconsistent with the original evaluationresult, the company will discount the lease payment after the change and the revised discount Thepresent value of the rate calculation remeasures the lease liability;

? When the actual fixed payment changes, the expected payable amount of the guarantee residualvalue changes, or the index or ratio used to determine the lease payment changes, the companycalculates the present value based on the changed lease payment and the original discount rate

Remeasure the lease liability. However, if changes in lease payments originate from changes in floatinginterest rates, the revised discount rate is used to calculate the present value.

(3) Short-term leases and low-value asset leases

The Company elects not to recognize right-of-use assets and lease liabilities for short-term leasesand low-value asset leases, and calculates the relevant lease payments in the current profit and loss orrelated asset costs on a straight-line basis in each period of the lease term. Short-term lease refers to alease that does not include purchase options for a lease period not exceeding 12 months at the beginningof the lease period. Low-value asset leasing refers to a lease with a lower value when a single leasedasset is a new asset. If the Company subleases or expects to sublease the leased assets, the original leaseis not a low-value asset lease.

(4) Lease change

If the lease is changed and the following conditions are met at the same time, the company shalltreat the lease change as a separate lease for accounting treatment:

? The lease change expands the scope of the lease by adding one or more use rights to leasedassets;? The increased consideration is equivalent to the amount of the individual price of the expandedpart of the lease scope adjusted according to the contract conditions.If the lease change is not accounted for as a separate lease, on the effective date of the lease change,the Company reapportions the consideration of the contract after the change, re-determines the leaseterm, and calculates the current lease payment based on the lease payment after the change and therevised discount rate. The value of the lease liability is remeasured.If the lease change causes the scope of the lease to be reduced or the lease term is shortened, theCompany will correspondingly reduce the book value of the right-of-use asset, and the relevant gains orlosses from the partial or complete termination of the lease are included in the current profit and loss. Ifother lease changes cause the lease liability to be remeasured, the company adjusts the book value of theright-of-use asset accordingly.

Criteria for classification and accounting treatment of leases as lessors

√Applicable □Non-applicable

On the commencement date of the lease, the Company divides the lease into financial lease andoperating lease. Finance lease refers to a lease in which almost all the risks and rewards related to theownership of the leased asset are transferred regardless of whether the ownership is ultimatelytransferred. Operating leases refer to leases other than financial leases. When the Company acts as asublease lessor, it classifies subleases based on the right-of-use assets generated from the original lease.

(1) Accounting treatment of operating leases

The lease receipts of operating leases are recognized as rental income in each period of the leaseterm according to the straight-line method. The Company capitalizes the initial direct costs incurredrelated to operating leases, and allocates them to the current profit and loss on the same basis as theconfirmation of rental income during the lease term. Variable lease payments that are not included in thelease receipts are included in the current profit and loss when they actually occur. If an operating lease is

changed, the company will account for it as a new lease from the effective date of the change, and theamount of advance receipts or lease receivables related to the lease before the change shall be deemed asthe receipts of the new lease.

(2) Accounting treatment of financial leasing

On the commencement date of the lease, the Company recognizes the financial lease receivables forthe financial lease and terminates the recognition of the financial lease assets. When the Companyinitially measures the financial lease receivables, the net lease investment is taken as the entry value ofthe financial lease receivables. The net lease investment is the sum of the unguaranteed residual valueand the present value of the lease payment that has not been received at the beginning of the lease term,discounted at the interest rate implicit in the lease.The Company calculates and recognizes the interest income for each period of the lease term basedon a fixed periodic interest rate. The derecognition and impairment of financial lease receivables shall beaccounted for in accordance with this Note "III. (X). Financial Instruments".Variable lease payments that are not included in the measurement of the net lease investment areincluded in the current profit and loss when they actually occur.If a financial lease is changed and the following conditions are met at the same time, the Companyshall treat the change as a separate lease for accounting treatment:

? The change expands the scope of the lease by adding one or more use rights to leased assets;

? The increased consideration is equivalent to the amount of the individual price of the expandedpart of the lease scope adjusted according to the contract conditions.

If the change of the financial lease is not accounted for as a separate lease, the company shall dealwith the changed lease in the following situations:

? If the change takes effect on the lease start date, the lease will be classified as an operating lease,and the Company will start accounting for it as a new lease from the lease change effective date, and usethe net lease investment before the lease change effective date as The book value of the leased asset;

? If the change takes effect on the lease start date, the lease will be classified as a financial lease,and the company will conduct accounting treatment in accordance with the policy of this note "V. (11).Financial Instruments" on the modification or renegotiation of the contract.

39. Other significant accounting policies and accounting estimates

□Applicable √Non-applicable

40. Changes in significant accounting policies and accounting estimates

(1). Changes in significant accounting policies

√Applicable □Non-applicable

(2). Changes in significant accounting estimates

□Applicable √Non-applicable

(3). From 2024 onwards, the initial implementation of new accounting standards or standardinterpretations involves adjustments to the financial statements at the beginning of the firstimplementation year

□Applicable √Non-applicable

41. Others

□Applicable √Non-applicable

VI. Taxes

1. Major categories of taxes and tax rates

Main categories of taxes and tax rates

√Applicable □Non-applicable

Tax TypeTaxation basisTax rate
VATAccording to the provisions of the tax law, the sales tax shall be calculated on the basis of the income by selling goods and taxable services. After deducting the input tax that is allowed to be deducted from the sales tax in the current period, the difference shall be the value added tax13%, 9%, 6%(Note 1)
Urban Maintenance and Construction TaxCalculated based on the actual VAT paid7%, 5%(Note2)
Education SurchargesCalculated based on the actual VAT paid3%
Local Education SurchargesCalculated based on the actual VAT paid2%
Enterprise income taxCalculated based on the taxable income34%, 30%, 28%, 27%, 26.5%、25%, 24%, 20.6%, 19%, 16.5%、15%

Note 1: The sales of goods are subject to VAT at 13% of taxable income, technology developmentservices are subject to VAT at 6% of taxable income, and real estate leasing is subject to VAT at 9% oftaxable income.

Note 2: If there are taxable entities applicable to different corporate city maintenance andconstruction tax rates, make a disclosure of statement:

Name of TaxpayerUrban Maintenance and Construction Tax Rate (%)
Tuopu Automobile Electronics5
Tuopu Thermal Management5
Zhejiang Towin5
Skateboard Chassis5
Taizhou Tuopu5
Sichuan Tuopu5
Ningbo Qianhui5
Shanghai Towin5
Anhui Tuopu5
Henan Tuopu5
Tuopu Photovoltaic Technology (Hangzhou Bay)5
Tuopu Photovoltaic Technology (Jinhua)5
Tuopu Photovoltaic Technology (Linshui)5

If there are taxpayers applicable to different corporate local education surcharge rates, make a disclosureof the description

√Applicable □Non-applicable

Name of TaxpayerIncome Tax Rate (%)
The Company15
Tuopu Automobile Electronics15
Tuopu Thermal Management15
Zhejiang Towin15
Suining Tuopu15
Tuopu Chassis15
Hunan Tuopu15
Xi’an Tuopu15
Sichuan Tuopu15
Liuzhou Tuopu15
Baoji Tuopu15
Ningbo Qianhui15
Chongqing Tuopu15
Tuopu North America Limited26.50
Tuopu North America USA Limited, INC27
Tuopu USA, LLC28
Tuopu International16.50
Tuopu Poland19
Tuopu Sweden20.60
Tuopu Malaysia24
Tuopu Do Brasil34
Tuopu Mexico30
Other companies25

2. Preferential tax rate

√Applicable □Non-applicable

1. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo FinanceBureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202133100574). As set out in the certificate, the Company was accredited as a hi-tech enterprise andthis accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for corporateincome tax is 15%, which is effective from 2021 to 2023 The corporate income tax rate for 2023 is 15%The documents pertaining to the re-evaluation of the Company's status as a high-tech enterprise hasbeen submitted. As of the date of this financial report, the Company has not yet received confirmation ofthis status. In accordance with the State Administration of Taxation Announcement No. 24 of 2017, theenterprise income tax for a company whose high-tech enterprise qualification has lapsed is temporarilyassessed at a rate of 15% until the re-evaluation is completed. Consequently, the Company's enterpriseincome tax for the period from January to June 2024 has been provisionally assessed at a rate of 15%.

2. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance

Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202233100803). As set out in the certificate, Tuopu Automotive Electronics was accredited as ahi-tech enterprise and this accreditation is valid for 3 years. Within this period of validity, thepreferential tax rate for corporate income tax is 15%, which is effective from 20222 to 2024. Thecorporate income tax rate applicable to Tuopu Automotive Electronics for 2023 is 15%.

3. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo FinanceBureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202233100803). As set out in the certificate, Tuopu Thermal Management was accredited as ahi-tech enterprise and this accreditation is valid for 3 years. Within this period of validity, thepreferential tax rate for corporate income tax is 15%, which is effective from 2023 to 2025. Thecorporate income tax rate applicable to Tuopu Thermal Management for 2024 is 15%.

4. Under the provisions of the “Administrative measures for the Accreditation of hi-techenterprises” (Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management ofhi-tech enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, NingboFinance Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202333103290). As set out in the certificate, Zhejiang Towin was accredited as a hi-tech enterpriseand this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate forcorporate income tax is 15%, which is effective from 2022 to 2024. The corporate income tax rateapplicable to Zhejiang Towin for 2024 is 15%

5. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, the main operations of Suining Tuopu were accredited as thestate encouraged industry by Sichuan Department of Economic and Information, the preferential tax ratefor corporate income tax is 15%, which is effective from 1 January 2021 to 31 December 2030. Thecorporate income tax rate applicable to Suining Tuopu for 2024 is 15%.

6. Under the provisions of the “Administrative measures for the Accreditation of hi-techenterprises” (Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management ofhi-tech enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, NingboFinance Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202333103290). As set out in the certificate, Tuopu Chassis was accredited as a hi-tech enterpriseand this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate forcorporate income tax is 15%, which is effective from 2023 to 2025. The corporate income tax rateapplicable to Tuopu Chassis for 2024 is 15%.

7. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-techenterprises” (Guo Ke Fa Huo [2016] No.195), Hunan Science and Technology Bureau, HunanDepartment of Finance, and Hunan Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202343003469). As set out in the certificate, Hunan Tuopu was accredited as a hi-tech enterprise andthis accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for corporateincome tax is 15%, which is effective from 2023 to 2025. The corporate income tax rate applicable toHunan Tuopu for 2023 is 15%.

8. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Xi’an Tuopu for 2024 is 15%.

9. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Sichuan Tuopu for 2024 is 15%.

10. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Liuzhou Tuopu for 2024 is 15%.

11. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Baoji Tuopu for 2024 is 15%.

12. Under the provisions of the “Administrative measures for the accreditation of hi-techenterprises” (Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management ofhi-tech enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, NingboFinance Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.GR202333100329). As set out in the certificate, Ningbo Qianhui was accredited as a hi-tech enterpriseand this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate forcorporate income tax is 15%, which is effective from 2023 to 2025. The corporate income tax rateapplicable to Ningbo Qianhui for 2024 is 15%.

13. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policyfor the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the StateAdministration of Taxation, and the National Development and Reform Commission” and “Catalogue ofEncouraged Industries in Western China”, any enterprise engaged in an encouraged industry in WesternChina will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporateincome tax rate applicable to Chongqing Tuopu for 2024 is 15%.

14. . According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Beilun) was entitled to thethree-year tax exemption and three-year half tax payment policy from 2022 onwards.

15. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Hangzhou Bay) was entitledto the three-year tax exemption and three-year half tax payment policy from 2022 onwards.

16. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Pinghu) was entitled to thethree-year tax exemption and three-year half tax payment policy from 2022 onwards.

17. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Taizhou) was entitled to thethree-year tax exemption and three-year half tax payment policy from 2023 onwards.

18. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Ningbo Yinzhou) wasentitled to the three-year tax exemption and three-year half tax payment policy from 2023 onwards.

19. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" andapplicable implementation regulations, the income from investment and operation of the state-sponsoredpublic infrastructure projects shall be exempted for corporate income tax from the first to the third year,and paid in half from the fourth to the sixth year, which commences from the taxable year of the firstsum of production and operation income. Tuopu Photovoltaic Technology (Xiangtan) was entitled to thethree-year tax exemption and three-year half tax payment policy from 2023 onwards.

20. In accordance with the relevant regulations outlined in the “Announcement on VAT CreditPolicy for Advanced Manufacturing Enterprises” (Announcement No. 43 of the Ministry of Finance andthe State Administration of Taxation of the People's Republic of China of 2023), advancedmanufacturing enterprises have the privilege to deduct 5% of the creditable input tax amount for thecurrent period from the payable value-added tax ("VAT") between January 1, 2023, and December 31,2027. The Company, Ningbo Tuopu Automobile Electronics, Zhejiang Towin, Tuopu ThermalManagement, Tuopu Chassis, and Ningbo Qianhui, are eligible for this VAT addition and deductionpolicy.

21. According to the provisions outlined in the “Announcement on Tax Policies Related to FurtherSupporting Entrepreneurship and Employment of Key Groups”(Announcement No. 15 of 2023 by theMinistry of Finance, the General Administration of Taxation, the Ministry of Human Resources andSocial Security, and the Ministry of Agriculture and Rural Development), enterprises that hireindividuals who have lifted themselves out of poverty and those who have been unemployed for over sixmonths at public employment service institutions under the human resources and social securitydepartment will receive a flat-rate sequential deduction of VAT for a three-year period. This deductionwill be based on the number of individuals recruited, provided they hold the necessary certificates, havesigned a labor contract lasting more than one year, and have paid social insurance premiums as requiredby law. This tax incentive will apply from January 1, 2023, to December 31, 2027. The Company,Ningbo Tuopu Automobile Electronics, Ningbo Qianhui, Tuopu Industrial Automation, Zhejiang Towin,Suining Tuopu, Tuopu Chassis, Yantai Tuopu, Wuhan Tuopu, Taizhou Tuopu, Baoji Tuopu, and Xi’anTuopu are eligible for these tax benefits.

3. Others

□Applicable √Non-applicable

VII. Notes to the Items in the Consolidated Financial Statement

1. Cash and bank balances

√Applicable □Non-applicable

Unit: Yuan Currency:RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the Period
Cash on Hand25,802.9618,810.59
Bank Balance3,558,437,696.852,313,919,121.92
Other Cash and Bank Balances490,835,991.95541,429,058.76
Deposits in finance companies
Total4,049,299,491.762,855,366,991.27
Including: Total Amount Deposited in Overseas Banks362,180,147.67228,658,843.26

Other notesSchedule of the cash and bank balances restricted for use

Unit: Yuan Currency:RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the Period
Documentary Credit Deposit482,054,524.38535,150,594.14
L/C Guarantee deposits
Guarantee and security deposit8,781,467.576,277,854.73
Foreign exchange settlement deposit609.89
Total490,835,991.95541,429,058.76

2. Trading Financial Assets

√Applicable □Non-applicable

Unit: Yuan Currency:RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the PeriodReasons and basis for designation
Financial assets that are measured at fair value and whose changes are included in the current profit and loss1,640,935,400.96300,872,066.52/
Including:
Equity instrument investment935,400.96872,066.52/
Short-term financial products1,640,000,000.00300,000,000.00/
Financial assets that are designated to be measured at fair value and whose changes are included in the current profit and loss
Including:
Total1,640,935,400.96300,872,066.52/

Other Notes

□Applicable √Non-applicable

3. Derivative Financial Assets

□Applicable √Non-applicable

4. Notes Receivable

(1) Notes receivable presented by category

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the Period
Bank Acceptance Notes74,333,626.66496,868,790.84
Commercial Acceptance Notes40,512,334.3857,161,817.04
Total114,845,961.04554,030,607.88

(2). Notes receivable pledged by the Company at the end of the period

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemPledged amount by the end of period
Bank Acceptance Notes15,454.95
Commercial Acceptance Notes
Total15,454.95

(3). Notes receivable that the Company has endorsed or discounted at the end of the period andthat have not yet expired on the balance sheet date

□Applicable √Non-applicable

(4). Disclosure by provision for bad debts

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

CategoryBalance at the End of the PeriodBalance at the Beginning of the Period
Book BalanceBad Debt ProvisionBook ValueBook BalanceBad Debt ProvisionBook Value
AmountPercentage (%)AmountAccrued Proportion (%)AmountPercentage (%)AmountAccrued Proportion (%)
Bad debt provision accrued based on single item
Including:
Bad debt provision accrued based on portfolios116,978,189.16100.002,132,228.121.82114,845,961.04557,039,124.57100.003,008,516.690.54554,030,607.88
Including:
Portfolio: bank acceptance notes74,333,626.6663.5474,333,626.66496,868,790.8489.20496,868,790.84
Portfolio 2: commercial acceptance notes42,644,562.5036.462,132,228.125.0040,512,334.3860,170,333.7310.803,008,516.695.0057,161,817.04
Total116,978,189.16/2,132,228.12/114,845,961.04557,039,124.57/3,008,516.69/554,030,607.88

Bad debt provision accrued based on single item

□Applicable √Non-applicable

Bad debt provision accrued based on portfolio:

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

NameBalance at the End of the Period
Notes receivableBad Debt ProvisionAccrued Proportion (%)
Portfolio 1: bank acceptance notes74,333,626.66
Portfolio 2: commercial acceptance notes42,644,562.502,132,228.125.00
Total116,978,189.162,132,228.121.82

Notes to bad debt provision accrued based on portfolio

□Applicable √Non-applicable

Provision for bad debts based on general model of expected credit losses

□Applicable √Non-applicable

Notes to significant changes in the carrying amount of notes receivable for which a change in theallowance for losses occurred during the period:

□Applicable √Non-applicable

(5). Bad debt provision

√Applicable□Non-applicable

Unit:Yuan Currency:RMB

CategoryBalance at the Beginning of the PeriodAmount Changed in the Current PeriodBalance at the End of the Period
ProvisionWithdrawal or ReversalWrite-offOther Changes
Portfolio 1: bank acceptance notes
Portfolio 2: commercial acceptance notes3,008,516.69-876,288.572,132,228.12
Total3,008,516.69-876,288.572,132,228.12

Significant withdrawal or reversal amount of provision for bad debts in the current period:

□Applicable √Non-applicable

(6). Accounts receivable actually written off in the current period

□Applicable √Non-applicable

Particulars about significant accounts receivable written off:

□Applicable √Non-applicable

Note on write-off of notes receivable:

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

5. Accounts receivable

(1) Disclosure by aging

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

AgingBook Balance at the End of the PeriodBook Balance at the Beginning of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year5,788,026,940.695,358,563,151.03
Subtotal within 1 year5,788,026,940.695,358,563,151.03
1 to 2 years83,713,874.6759,317,771.10
2 to 3 years10,117,834.746,568,262.84
Over 3 years10,841,484.7110,026,871.15
3 to 4 years
4 to 5 years
Over 5 years14,891,310.8114,810,992.23
Total5,907,591,445.625,449,287,048.35

(2). Disclosure by provision method for bad debts

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

CategoryBalance at the End of the PeriodBalance at the Beginning of the Period
Book BalanceBad Debt ProvisionBook ValueBook BalanceBad Debt ProvisionBook Value
Amount(%) Percentage (%)AmountAccrued Proportion (%)AmountPercentage (%)AmountAccrued Proportion (%)
Bad debt provision accrued based on single item166,439,402.182.82166,439,402.18100.00166,439,402.183.05166,439,402.18100.00
Including:
Bad debt provision accrued based on portfolio5,741,152,043.4497.18301,679,242.635.255,439,472,800.815,282,847,646.1796.95276,132,484.505.235,006,715,161.67
Including:
Bad debt provision accrued based on aging groups5,741,152,043.4497.18301,679,242.635.255,439,472,800.815,282,847,646.1796.95276,132,484.505.235,006,715,161.67
Total5,907,591,445.62/468,118,644.81/5,439,472,800.815,449,287,048.35/442,571,886.68/5,006,715,161.67

Provision for bad debt based on single item:

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

NameBalance at the End of the Period
Book BalanceBad Debt ProvisionAccrued Proportion (%)Reason for Accrual
Human Horizons (Shandong) Technology Co., Ltd.117,815,838.01117,815,838.01100.00Expected to be unrecoverable
Wilmaster New Energy Auto Parts (Wenzhou) Co., Ltd.14,768,198.9514,768,198.95100.00Expected to be unrecoverable
VM Motor Purchasing (Shanghai) Co., Ltd.11,687,740.7011,687,740.70100.00Expected to be unrecoverable
Human Horizons (Jiangsu) Technology Co., Ltd.5,784,653.685,784,653.68100.00Expected to be unrecoverable
Chongqing Hyosow Parts Co., Ltd.4,682,782.604,682,782.60100.00Expected to be unrecoverable
Henan Dongqi Chenfei Rubber and Plastic Co., Ltd.2,438,745.392,438,745.39100.00Expected to be unrecoverable
Jiangling Holdings Co., Ltd.1,602,562.001,602,562.00100.00Expected to be unrecoverable
Beijing Borgward Motor Co., Ltd.1,449,066.881,449,066.88100.00Expected to be unrecoverable
GAC Fiat Chrysler Co., Ltd. Guangzhou Branch1,415,371.811,415,371.81100.00Expected to be unrecoverable
VM Motor Technology (Sichuan) Co., Ltd.1,365,699.921,365,699.92100.00Expected to be unrecoverable
Hafei Motor Co., Ltd.958,585.20958,585.20100.00Expected to be unrecoverable
VM Motor Technology(Hengyang) Co., Ltd.922,148.75922,148.75100.00Expected to be unrecoverable
GAC Fiat Chrysler Co., Ltd.902,816.58902,816.58100.00Expected to be unrecoverable
Zhejiang Green Field Motor Co., Ltd.408,702.32408,702.32100.00Expected to be unrecoverable
VM Motor Sales (Shanghai) Co., Ltd.236,489.39236,489.39100.00Expected to be unrecoverable
Total166,439,402.18166,439,402.18100.00/

Notes to bad debt provision accrued based on single item:

□Applicable √Non-applicable

Bad debt provision accrued based on portfolios:

√Applicable □Non-applicable

Accrued items based on combinations: Accrued items based on aging group

Unit: Yuan Currency: RMB

NameBalance at the End of the Period
Accounts ReceivableBad Debt ProvisionAccrued Proportion(%)
Within 1 year (including 1 year)5,664,426,449.00283,221,322.465.00
1-2 years (including 2 years)56,892,308.135,689,230.8210.00
2-3 years (including 3 years)5,640,935.181,692,280.5630.00
3-5 years (including 5 years)7,789,855.834,673,913.4960.00
Over 5 years6,402,495.306,402,495.30100.00
Total5,741,152,043.44301,679,242.63

Recognition criteria for and notes to bad debt provision by portfolios:

□Applicable √Non-applicable

Provision for bad debts based on general model of expected credit losses

□Applicable √Non-applicable

Note to significant changes in the carrying amount of accounts receivable for which changes in theallowance for losses occurred during the period:

□Applicable √Non-applicable

(3). Bad debt provision

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

CategoryBalance at the Beginning of the PeriodAmount Changed in the Current PeriodBalance at the End of the Period
ProvisionWithdrawal or ReversalWrite-offOther Changes
Bad debt provision accrued based on single item166,439,402.18166,439,402.18
Bad debt provision accrued based on portfolios276,132,484.5025,546,758.13301,679,242.63
Total442,571,886.6825,546,758.13468,118,644.81

Significant withdrawal or reversal amount of provision for bad debts in the current period:

□Applicable √Non-applicable

(4). Accounts receivable actually written off in the current period

□Applicable √Non-applicable

Particulars about significant accounts receivable written off

□Applicable √Non-applicable

Notes to accounts receivable written off:

□Applicable √Non-applicable

(5). Accounts receivable of the top five closing balances collected by debtors

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Name of EntityEnding balance of accounts receivableEnding balance of contract assetsEnding balance of accounts receivable and contract assetsPercentage of total ending balance of accounts receivable and contract assets (%)Ending balance of provision for bad debts
No.1978,798,096.85978,798,096.8516.5748,939,904.84
No.2695,795,641.55695,795,641.5511.7834,789,782.08
No.3343,533,193.91343,533,193.915.8217,176,659.70
No.4295,972,669.25295,972,669.255.0114,798,633.46
No.5251,456,657.01251,456,657.014.2612,572,832.85
Total2,565,556,258.572,565,556,258.5743.44128,277,812.93

Other notes:

□Applicable √Non-applicable

6. Contract assets

(1) Status of contract assets

□Applicable √Not Applicable

(2) Amounts and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

(3) Disclosure by provision for bad debt

□Applicable √Not applicable

Provision for bad debts is made on a single item basis:

□Applicable √Not applicable

Note to bad debt provisioning by individual item:

□Applicable √Not applicable

Provision for bad debts by portfolio:

□Applicable √Not applicable

Provision for bad debts based on general model of expected credit losses.

□Applicable √Not applicable

Note to significant changes in the carrying amount of contract assets for which a change in theallowance for losses has occurred during the period:

□Applicable √Not Applicable

(4). Provision for bad debts on contract assets for the current period

□Applicable √Not applicable

Of which the amount of bad debt provision recovered or reversed during the period is significant:

□Applicable √Not applicable

(5). Contract assets actually written off during the period

□Applicable √Not applicable

Of which significant contract assets written off

□Applicable √Not applicable

Description of contract assets written off:

□Applicable √Not applicable

Other notes:

□Applicable √Not Applicable

7. Receivables financing

(1). Presentation of receivables financing classifications

√Applicable □Not Applicable

Unit: Yuan Currency: RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the Period
Notes receivable881,452,138.711,039,933,314.87
Accounts receivable
Total881,452,138.711,039,933,314.87

(2). Receivable financing pledged by the company at the end of the period

√Applicable □Not Applicable

Unit: Yuan Currency: RMB

ItemAmount pledged at the end of the period
Bank Acceptance Notes5,271,872.86
Commercial Acceptance Notes
Total5,271,872.86

(3). The Company's receivable financing that has been endorsed or discounted and is not due onthe balance sheet date at the end of the period,

√Applicable □Not Applicable

Unit: Yuan Currency: RMB

TotalAmounts derecognized at the end of the periodAmounts not derecognized at the end of the period
Bank Acceptance Notes1,370,555,249.36
Commercial Acceptance Notes
Total1,370,555,249.36

(4). Disclosure by provision for bad debts

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

CategoryBalance at the End of the PeriodBalance at the Beginning of the Period
Book BalanceBad Debt ProvisionBook ValueBook BalanceBad Debt ProvisionBook Value
Amount(%) Percentage (%)AmountAccrued Proportion (%)AmountPercentage (%)AmountAccrued Proportion (%)
Bad debt provision accrued based on single item
Including:
Bad debt provision accrued based on portfolios881,452,155.07100.0016.360.00881,452,138.711,040,142,093.70100.00208,778.830.021,039,933,314.87
Including
Portfolio 1: bank acceptance notes881,451,827.97100.00881,451,827.971,035,966,517.1799.601,035,966,517.17
Portfolio 2: commercial acceptance notes327.100.0016.365.00310.744,175,576.530.40208,778.835.003,966,797.70
Total881,452,155.07/16.36/881,452,138.711,040,142,093.70/208,778.83/1,039,933,314.87

Provision for bad debts is made on an individual basis:

□Applicable √Not Applicable

Explanation of provision for bad debts by individual item:

□Applicable √Not applicable

Provision for bad debts by portfolio:

□Applicable √Not applicable

Provision for bad debts based on general model of expected credit losses.

□Applicable √Not applicable

Note to significant changes in the carrying amount of receivables financing for which changes in theallowance for losses occurred during the period:

□Applicable √Not Applicable

(5). Provision for bad debts

√Applicable □Not applicable

Unit: Yuan Currency: RMB

CategoryBalance at the Beginning of the PeriodAmount Changed in the Current PeriodBalance at the End of the Period
ProvisionWithdrawal or ReversalWrite-offOther Changes
Bad debt provision accrued based on single item
Bad debt provision accrued based on combinations208,778.83208,762.4716.36
Total208,778.83208,762.4716.36

Of which the amount of bad debt provision recovered or reversed during the period is significant:

□ Applicable √ Not applicable

(6). Receivables financing actually written off during the period

□ Applicable √ Not applicable

Of which significant write-offs of receivables financing:

□ Applicable √ Not applicable

Note to write-offs:

□ Applicable √ Not applicable

(7). Changes in receivables financing increase or decrease during the period and changes in fairvalue:

√Applicable □Not applicable

Unit:Yuan Currency:RMB

ItemBalance at the End of Previous YearIncrease in the Current PeriodDerecognition in the Current PeriodOther ChangesBalance at the End of the Period
Bank Acceptance Notes1,035,966,517.172,478,144,007.732,632,658,696.93881,451,827.97
Commercial Acceptance Notes3,966,797.701,597,176.165,772,425.59208,762.47310.74
Total1,039,933,314.872,479,741,183.892,638,431,122.52208,762.47881,452,138.71

(8). Other notes:

□ Applicable √ Not applicable

8. Prepayments

(1). Presentation of prepayments by age

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

AgeBalance at the End of the PeriodBalance at the Start of the Period
AmountPercentage(%)AmountPercentage(%)
Within 1 year220,602,532.6998.35111,225,475.0695.54
1-2 years1,648,467.470.732,307,879.191.98
2-3 years413,871.460.191,248,987.461.08
Over 3 years1,632,613.030.731,631,882.031.40
Total224,297,484.65100.00116,414,223.74100.00

(2). Particulars of prepayments of the top five closing balances by prepayment parties

√Applicable □Non-applicable

Name of EntityBalance at the end of the periodProportion in total balance of prepayments at the end of the period
Yunnan Alumimum Co., Ltd.113,198,550.5550.47
GLOBAL GLORY GROUP LIMITED11,930,319.015.32
Ningbo Hangzhou Bay China Resources Gas Co., Ltd.10,740,254.034.79
Ningbo Gelite Supply Chain Management Co., Ltd.8,875,575.893.96
Xiangtan Desheng Energy Power Distribution Co., Ltd.4,482,715.272.00
Total149,227,414.7566.54

Other notes

□Applicable √Non-applicable

9. Other receivables

Presentation of items

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Interest receivable
Dividend receivable
Other Receivables76,777,361.7089,762,378.31
Total76,777,361.7089,762,378.31

Other Notes:

□Applicable √Non-applicable

Interest receivable

(1). Classification of interest receivable

□Applicable √Not applicable

(2). Significant overdue interest

□Applicable √Not applicable

(3). Disclosure by bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made on a single item basis:

□Applicable √Not applicable

Note to bad debt provisioning by individual item:

□Applicable √Not applicable

Provision for bad debts by portfolio:

□Applicable √Not applicable

(4). Provision for bad debts based on general model of expected credit losses.

□Applicable √Not applicable

Note to significant changes in the carrying amount of interest receivable for which changes in theallowance for losses occurred during the period:

□Applicable √Not applicable

(5). Provision for bad debts

□Applicable √Not applicable

Of which the amount of bad debt provision recovered or reversed during the period is significant:

□Applicable √Not applicable

(6). Actual write-off of interest receivable during the period

□Applicable √Not applicable

Of which significant write-off of interest receivable

□Applicable √Not applicable

Note to write-offs:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1). Dividends receivable

□Applicable √Not applicable

(2). Significant dividends receivable with an age of more than 1 year

□Applicable √Not applicable

(3). Disclosure by bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made on a single item basis:

□Applicable √Not applicable

Note to bad debt provision by individual item:

□Applicable √Not applicable

Provision for bad debts by portfolios:

□Applicable √Not applicable

(4). Provision for bad debts based on the general model of expected credit losses

□Applicable √Not applicable

Note to significant changes in the carrying amount of dividends receivable for which changes in theallowance for losses occurred during the period:

□Applicable √Not applicable

(5). Provision for bad debt

□Applicable √Not applicable

Of which the amount of bad debt provision recovered or reversed during the period is significant:

□Applicable √Not applicable

(6). Dividends receivable actually written off during the period

□Applicable √Not applicable

Dividends receivable written off of which the amount is significant:

□Applicable √Not applicable

Note to write-offs:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(1). Disclosure by age

√Applicable □Not applicable

Unit: Yuan Currency: RMB

AgeBook Balance at the End of the PeriodBook Balance at the Beginning of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year58,811,953.2650,731,522.57
Subtotal within 1 year58,811,953.2650,731,522.57
1 to 2 years12,412,676.0635,362,927.22
2 to 3 years11,253,844.8411,647,415.88
Over 3 years4,642,265.683,969,015.68
3 to 4 years
4 to 5 years
Over 5 years1,087,401.00988,401.00
Total58,811,953.2650,731,522.57

(2). Categorized by nature of funds

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Nature of FundsBook balance at the end of the periodBook balance at the beginning of the period
Petty cash funds994,300.006,027,386.91
Security deposits71,457,183.9273,765,967.01
Others15,756,656.9222,905,928.43
Total88,208,140.84102,699,282.35

(9). Particualrs of bad debt provision

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Bad debt provisionPhase 1Phase 2Phase 3Total
Expected credit loss in the next 12 monthsExpected credit loss throughout the duration (no credit impairment occurred)Expected credit loss throughout the duration (credit impairment has occurred)
Balance on January 1, 202412,936,904.0412,936,904.04
Balance of the current period on January 1, 2024
--Transfer to Phase 2
--Transfer to Phase 3
--Transfer to Phase 2
--Transfer to Phase 1
Provision made in the current period
Reversal in the current period1,506,124.901,506,124.90
Write-off in the current period
Write-off in the current period
Other changes
Balance on December 30, 202411,430,779.1411,430,779.14

Notes to significant changes in the book balance of other receivables that have changed in the currentperiod:

□Applicable √Non-applicable

Amount of bad debt provision in the current period and the basis for assessing whether the credit risk offinancial instruments has increased significantly:

□Applicable √Non-applicable

(10). Particualrs of bad debt provision

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

CategoryBalance at the Beginning of the PeriodAmount Changed in the Current PeriodBalance at the End of the Period
ProvisionWithdrawal or ReversalWrite-offOther Changes
Accounts receivable with bad debt accrued based on aging portfolio12,936,904.041,506,124.9011,430,779.14
Total12,936,904.041,506,124.9011,430,779.14

Bad debt provision in the current period with significant amount of withdrawal or reversal:

□Applicable √Non-applicable

(5). Particulars of other receivables actually written off in the current period

□Applicable √Non-applicable

Particulars about significant other receivables written off:

□Applicable √Non-applicable

Note to other receivables written off:

□Applicable √Non-applicable

(6). Particulars of other receivables of the top five closing balances collected by debtors

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Name of UnitNature of fundsBalance at the end of the periodAgingProportion in total other receivables at the end of the period (%)Balance of bad debt provision at the end of the period
Avalon Risk Management Insurance Ag16,391,640.0018.58Deposits and guaranteesNote819,582.00
Development and Management Administration Committee of Ningbo Hangzhou Bay New Area12,889,898.0014.61Deposits and guaranteesWithin 1 year4,881,393.30
Hugo Galindo Y Asociados Sc11,555,907.1713.10Deposits and guarantees1-2 years577,795.36
Dge-Re 7r Immobilien Unternehmergesellschaft7,690,742.408.72OtherWithin 1 year769,074.24
Arca Star Solutions Co., Ltd.7,126,800.008.08Deposits and guaranteesWithin 1 year356,340.00
Total55,654,987.5763.09//7,404,184.90

Note: The amount within 2-3 year is RMB 9,508,485.00, and the amount due within 3-4 years is RMB3,381,413.000.

(7). Presented in other receivables due to centralized management of funds

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

10. Inventories

(1). Category of inventories

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the End of the PeriodBalance at the Start of the Period
Book BalanceInventory depreciation provision or contract performance cost impairment provisionBook ValueBook BalanceInventory depreciation provision or contract performance cost impairment provisionBook Value
Raw materials657,510,602.076,035,422.95651,475,179.12417,047,432.463,749,418.34413,298,014.12
WIPs775,901,486.867,620,081.35768,281,405.51873,843,603.346,041,797.88867,801,805.46
Finished goods1,271,442,724.7461,332,334.141,210,110,390.601,274,079,073.6550,752,108.461,223,326,965.19
Revolving materials48,148,014.6748,148,014.6728,925,666.1428,925,666.14
Consumptive biological assets
Contract performance cost
Delivered goods850,532,278.6865,140,822.65785,391,456.03772,568,717.7661,079,363.56711,489,354.20
Total3,603,535,107.02140,128,661.093,463,406,445.933,366,464,493.35121,622,688.243,244,841,805.11

(2). Data resources recognized as inventory

□Applicable√Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(3). Inventory depreciation provision and contract performance cost impairment provision

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the Start of the PeriodIncrease in the Current PeriodDecrease in the Current PeriodBalance at the End of the Period
AccruedOthersReversal or Write-offOthers
Raw materials3,749,418.342,950,326.23664,321.626,035,422.95
WIPs6,041,797.881,707,037.19128,753.727,620,081.35
Finished goods50,752,108.4612,745,809.602,165,583.9261,332,334.14
Revolving materials
Consumptive biological assets
Contract performance cost
Delivered goods61,079,363.565,226,471.561,165,012.4765,140,822.65
Total121,622,688.2422,629,644.584,123,671.73140,128,661.09

Reasons for reversal or write-off of provision for decline in value of inventories during the period

√ Applicable □ Not applicable

After the provision for decline in value of inventories has been made, if the factors affecting the previous write-down of the value of inventories have disappeared,resulting in the net realizable value of inventories being higher than the book value, the provision for decline in value of inventories will be reversed to the extent ofthe amount of provision for decline in value of inventories originally made, and the reversal will be recognized in the gain or loss of the current period

Provision for decline in value of inventories by portfolio

√Applicable □Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Unit: Yuan Currency: RMB

Name of the portfolioEnd of the periodBeginning of the period
Book balanceFalling price reservesAccrual proportion of falling price reserves (%)Book balanceFalling price reservesAccrual proportion of falling price reserves (%)
Within 1 year3,359,488,715.5324,928,174.780.743,166,420,501.1722,425,432.860.71
Over 1 year244,046,391.49115,200,486.3147.20200,043,992.1899,197,255.3849.59
Total3,603,535,107.02140,128,661.093,366,464,493.35121,622,688.24

Provisioning criteria for provision for decline in value of inventories by portfolio

√Applicable □Not applicable

For inventories with an age of more than one year and corresponding to the relevant models that have ceased production, the net realizable value is zero; for otherinventories, the net realizable value is the estimated selling price less estimated selling expenses and related taxes.

(4). Notes to the balance at the end of the inventory period with the capitalized amount of borrowing costs

□Applicable √Non-applicable

(5). Notes to the amortized amount in the current period of contract performance cost

□Applicable √Non-applicable

Other Notes

□Applicable √Non-applicable

11. Held-for-sale assets

□Applicable √Non-applicable

12. Non-current assets due within one year

□Applicable √Non-applicable

Debt investments maturing within one year

□Applicable √Non-applicable

Other debt investments due within one year

□Applicable √Non-applicable

13. Other current assets

√Applicable□Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the Period
Contract acquisition cost
Return cost receivable
VAT input tax to be deducted293,399,410.27274,192,305.55
Advance payment of corporate income tax9,730,304.44
Advance payment of other taxes2,249.26
Total293,399,410.27283,924,859.25

14. Debt investments

(1). Particulars of debt investments

□Applicable √Not applicable

Changes in provision for impairment of debt investments during the period

□Applicable √Not applicable

(2). Significant debt investments at the end of the period

□Applicable √Not applicable

(3). Provision for impairment

□Applicable √Not applicable

Note to significant changes in the carrying amount of debt investments for which changes in provisionfor losses occurred during the period:

□Applicable √Not applicable

Amount of provision for impairment for the current period and the basis adopted for assessing whetherthere is a significant increase in the credit risk of financial instruments:

□Applicable √Not applicable

(4). Actual write-off of debt investments during the period

□Applicable √Not applicable

Particulrs on write-off of significant debt investments

□Applicable √Not applicable

Note to write-off of debt investments:

□Applicable √Not applicable

15. Other debt investments

(1). Other debt investments

□Applicable √Not applicable

Changes in provision for impairment of other debt investments during the period

□Applicable √Not applicable

(2). Significant other debt investments at the end of the period

□Applicable √Not applicable

(3). Provision for impairment

□Applicable √Not applicable

Note to significant changes in the carrying amount of other debt investments for which changes inprovision for losses occurred during the period:

□Applicable √Not applicable

Amount of provision for impairment for the current period and the basis adopted for assessing whetherthere is a significant increase in the credit risk of the financial instruments:

□Applicable √Not applicable

(4). Other debt investments actually written off during the period

□Applicable √Not applicable

Write-off of significant other debt investments during the period

□Applicable √Not applicable

Note to write-off of other debt investments:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

16. Long-term receivables

(1). Long-term receivables

□Applicable √Not applicable

(2). Disclosure by bad debt accrual

□Applicable √Not applicable

Provision for bad debts is made on a single item basis:

□Applicable √Not applicable

Note to bad debt provisioning on a single item basis:

□Applicable √Not applicable

Provision for bad debts by portfolio:

□Applicable √Not applicable

Provision for bad debts based on general model of expected credit losses

□Applicable √Not applicable

(3). Provision for bad debts

□Applicable √Not applicable

Of which the amount of bad debt provision recovery or reversal for the current period is significant:

□Applicable √Not applicable

(4). Long-term receivables actually written off during the period

□Applicable √Not applicable

Of which significant long-term receivables written off

□Applicable √Not applicable

Note to long-term receivables written off:

□Applicable √Not applicable

Other notes

□Applicable √Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

17. Long-term Equity Investment

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Invested EntityBalance at the Beginning of the PeriodDecrease/Increase in the current periodBalance at the End of the PeriodBalance of impairment provision at the end of the period
Investment IncreasedInvestment DecreasedInvestment profit and loss recognized under the equity methodAdjustment on other comprehensive incomeOther changes in equityCash dividends or profit declared to distributeProvision for impairment accruedOthers
I. Joint ventures
Tuopu Electrical Appliances Co., Ltd.99,109,088.7020,367,203.16119,476,291.86
Ningbo Borgers Tuopu Automobile Parts Co., Ltd.40,532,358.7619,005,379.52-1,766,346.87-57,771,391.41
Subtotal139,641,447.4619,005,379.5218,600,856.29-57,771,391.41119,476,291.86
II. Affiliates
Subtotal
Total139,641,447.4619,005,379.5218,600,856.29-57,771,391.41119,476,291.86

Other notes:

Johann Borgers GmBH is the foreign shareholder of the joint venture entity, Ningbo Borgers Tuopu Automobile Parts Co., Ltd. In accordance with the agreementestablished with this entity, the Company has acquired a 50% equity stake in Ningbo Borgers Tuopu Automobile Parts Co., Ltd. for a cash consideration ofEUR2,450,000.00 (approximately RMB19,005,379.52). Following the successful completion of this acquisition, the Company's ownership in the original jointventure increased to 100%, thereby granting it full control over the company and its subsidiaries. On April 25, 2024, the Company remitted the acquisition paymentand finalized the necessary procedures for the alteration of shareholding in the previous joint venture. Subsequent to the acquisition, Ningbo Borgers TuopuAutomobile Parts Co., Ltd. was rebranded as Ningbo Tuopu Trim Parts Co., Ltd. and was incorporated into the consolidated financial statements, ceasing to beclassified as a joint venture.

(2). Particulars on impairment test of long-term equity investments

□Applicable √Non-applicable

18. Other equity instrument investments

(1). Particulars of other equity instrument investments

□Applicable √Non-applicable

(2). Particulars of investment in non-trading equity instruments

□Applicable √Non-applicable

Other Notes:

□Applicable √Non-applicable

19. Other non-current financial assets

□Applicable √Non-applicable

20. Investment property

Measurement options of investment property

(1). Investment properties measured by cost method

Unit: Yuan Currency: RMB

ItemBuildings and constructionsLand use rightsProjects under ConstructionTotal
I . Original book value
1. Balance at the beginning of the period44,143,733.526,689,012.0050,832,745.52
2. Increased in the Current Period
(1) Purchase
(2) Transfer-in of Inventory\Fixed assets\Construction in progress
(3) Increase from business combination
3. Decreased in the Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of the period44,143,733.526,689,012.0050,832,745.52
II. Accumulated Depreciation and Amortization
1. Balance at the beginning of the period24,890,821.982,962,831.9927,853,653.97
2. Increased in the Current Period638,951.3190,166.90729,118.21
(1) Accrual or Amortization638,951.3190,166.90729,118.21
3. Decreased in the Current Period
(1) Disposal
(2) Other transfer-out
4. Balance at the end of the period25,529,773.293,052,998.8928,582,772.18
III. Provision for Impairment
1. Balance at the beginning of the period
2. Increased in the Current Period
(1) Accrual
3. Decreased in the Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of the period
IV. Book value
1. Book value at the end of the period18,613,960.233,636,013.1122,249,973.34
2. Book value at the beginning of the period19,252,911.543,726,180.0122,979,091.55

(2). Particulars of investment property without the property right certificate granted

□Applicable √Non-applicable

(3). Impairment test of investment properties using the cost measurement model

□Applicable √Non-applicable

Other Notes

□Applicable √Non-applicable

21. Fixed assets

Presentation of items

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Fixed assets12,435,665,858.5111,518,327,615.38
Disposal of fixed assets
Total12,435,665,858.5111,518,327,615.38

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Fixed Assets

(1). Particulars of fixed Assets

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemHouses and buildingsMeans of transportationMachinery and equipmentOffice equipment and othersBuildings for commercial usephotovoltaic engineering projectsTotal
I . Original book value:
1.Balance at the beginning of the period4,592,213,418.6810,625,086,220.8841,932,295.32290,246,020.0668,200,328.83144,838,446.0015,762,516,729.77
2. Increased in the Current Period260,367,985.311,228,464,076.424,731,503.2416,391,611.09144,792,671.201,654,747,847.26
(1)Purchase1,134,431.93229,386,176.553,816,831.1913,136,779.58247,474,219.25
(2)Transfer-in of project under construction254,939,527.30972,077,861.742,636,721.73144,792,671.201,374,446,781.97
(3)Increase from business combination4,294,026.0827,000,038.13914,672.05618,109.7832,826,846.04
3.Decreased amount in the Current Period50,548,835.541,657,916.7657,087.6252,263,839.92
(1)Disposal or scrapping50,548,835.541,657,916.7657,087.6252,263,839.92
4. Balance at the end of the period4,852,581,403.9911,803,001,461.7645,005,881.80306,580,543.5368,200,328.83289,631,117.2017,365,000,737.11
II. Accumulated Depreciation
1. Balance at the beginning of the period753,932,863.113,296,106,717.4824,374,512.79156,653,650.457,030,210.646,091,159.924,244,189,114.39
2. Increased in the Current Period102,622,934.53587,547,129.843,557,692.0012,235,630.64841,517.125,607,585.15712,412,489.28

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(1) Accrual100,874,421.19575,382,501.362,871,156.7611,732,418.85841,517.125,607,585.15697,309,600.43
(2) Increases from business combination1,748,513.3412,164,628.48686,535.24503,211.7915,102,888.85
3.Decreased amount in the Current Period25,780,086.411,481,713.794,924.8727,266,725.07
(1)Disposal or scrapping25,780,086.411,481,713.794,924.8727,266,725.07
4.Balance at the end of the period856,555,797.643,857,873,760.9126,450,491.00168,884,356.227,871,727.7611,698,745.074,929,334,878.60
III. Provision for Impairment
1. Balance at the beginning of the period
2. Increased in the Current Period
(1) Accrual
3. Decreased in the Current Period
(1)Disposal or scrapping
4. Balance at the end of the period
IV. Book value
1.Book value at the end of the period3,996,025,606.357,945,127,700.8518,555,390.80137,696,187.3160,328,601.07277,932,372.1312,435,665,858.51
2. Book value at the beginning of the period3,838,280,555.577,328,979,503.4017,557,782.53133,592,369.6161,170,118.19138,747,286.0811,518,327,615.38

(2). Particulars of temporarily idle fixed assets

□Applicable √Non-applicable

(3). Particulars of fixed assets rented under financial leasing

□Applicable √Non-applicable

(4). Particulars of fixed assets without property right certificate granted

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBook ValueReason for non-granted property right certificate
Houses and buildings520,487,608.26In process

(5). Impairment test of fixed assets

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

Disposal of fixed assets

□Applicable √Non-applicable

22. Project under construction

Presentation of items

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the End of the PeriodBalance at the Beginning of the Period
Construction in progress2,748,282,117.572,999,617,867.21
Construction supplies and materials
Total2,748,282,117.572,999,617,867.21

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Construction in Progress

(1). Details of construction in progress

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Book BalanceProvision for decline in valueBook valueBook BalanceProvision for decline in valueBook value
Equipment and software installation project2,176,578,879.072,176,578,879.072,243,955,143.402,243,955,143.40
Tools under fabrication107,768,697.50107,768,697.50123,931,701.82123,931,701.82
Parent company project475,137.32475,137.32219,377.88219,377.88
Tuopu EV Project452,283.19452,283.19452,283.19452,283.19
Tuopu Chassis Project65,582,514.1665,582,514.1655,006,264.6455,006,264.64
Skateboard Chassis Project0.000.00834,597.60834,597.60
Ningbo Qianhui Project130,601,028.56130,601,028.5697,650,602.4497,650,602.44
Ushone Technology Project38,821,365.2538,821,365.2545,903,374.4645,903,374.46
Tuopu Poland Project0.000.00108,989,892.40108,989,892.40
Chongqing Chassis Project29,950,003.1329,950,003.13106,205,202.98106,205,202.98
Tuopu Photovoltaic Technology (Hangzhou Bay) Project4,381,589.534,381,589.532,434,216.412,434,216.41
Tuopu Photovoltaic Technology (Taizhou) Project6,413,011.856,413,011.856,413,011.856,413,011.85
Tuopu Photovoltaic Technology (Jinhua) Project30,090,639.7330,090,639.7329,159,790.0029,159,790.00
Tuopu Photovoltaic Technology (Ningbo Yinzhou) Project0.000.0019,784,124.4019,784,124.40
Tuopu Photovoltaic Technology (Xiangtan) Project0.000.007,450,367.547,450,367.54
Tuopu Photovoltaic Technology (Wuhan) Project0.000.00760,550.45760,550.45

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Taizhou Tuopu Project2,620,066.872,620,066.878,614,686.368,614,686.36
Xi’an Tuopu Project0.000.0032,669,447.2432,669,447.24
Huzhou Tuopu Project124,111,152.74124,111,152.74100,655,085.19100,655,085.19
Anhui Tuopu Project30,435,748.6730,435,748.678,528,146.968,528,146.96
Tuopu Mexico Project2,748,282,117.572,748,282,117.572,999,617,867.212,999,617,867.21
Total2,176,578,879.072,176,578,879.072,243,955,143.402,243,955,143.40

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(2). Changes in significant construction in progress during the current period

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBudgetBalance at the Start of the PeriodIncreased in the current periodTransfer amounts of fixed assets in this periodOther amounts decreased in current periodBalance at the End of the PeriodProject accumulative investment as a percentage of the budget (%)Project progressAccumulated capitalized interest amountIncluding: capitalized interest amount in the current periodCapitalization rate of the interest in the current period (%)Capital Source
Equipment and software installation project2,243,955,143.40755,975,644.93816,686,949.346,664,959.922,176,578,879.07Under constructionSelf-funded or raised
Tools under fabrication1,300,000,000.00452,283.19452,283.1995.44Under constructionSelf-funded or raised
Tuopu Chassis Project1,250,000,000.0055,006,264.6410,576,249.5265,582,514.1645.38Under constructionSelf-funded or raised
Skateboard Chassis Project250,000,000.0097,650,602.4432,950,426.12130,601,028.5652.24Under constructionSelf-funded or raised
Ushone Technology Project250,000,000.0045,903,374.467,082,009.2138,821,365.2585.86Under constructionSelf-funded
Tuopu Poland Project220,000,000.00108,989,892.4059,089,190.26168,079,082.660.0076.40Under constructionSelf-funded or raised
Chongqing Chassis Project230,000,000.00106,205,202.9826,204,440.54102,459,640.3929,950,003.1384.29Under constructionSelf-funded
Tuopu Photovoltaic Technology (Hangzhou Bay) Project130,000,000.008,614,686.365,994,619.492,620,066.876.63Under constructionSelf-funded

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Xi’an Tuopu Project150,000,000.0032,669,447.2451,016,411.8383,685,859.070.0055.79Under constructionSelf-funded or raised
Huazhou Tuopu Project200,000,000.00100,655,085.1923,456,067.55124,111,152.7462.06Under constructionSelf-funded or raised
Anhui Tuopu Project150,000,000.008,528,146.9621,907,601.7130,435,748.6720.29Under constructionSelf-funded
Tuopu Mexico Project2,808,630,129.26981,176,032.461,177,993,540.6712,659,579.412,599,153,041.64////
Total2,243,955,143.40755,975,644.93816,686,949.346,664,959.922,176,578,879.07Under constructionSelf-funded or raised

(3). Provision for impairment of construction in progress in the current period

□Applicable √Non-applicable

(4). Particulars of construction materials and supplies

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

Construction materials and supplies

(1). Particulars on construction materials and supplies

□Applicable √Non-applicable

23. Productive biological assets

(1). Productive biological assets measured at cost

□Applicable √Non-applicable

(2). Impairment test of productive biological assets using the cost measurement

□Applicable √Non-applicable

(3). Productive biological assets measured at fair value

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

24. Oil and gas assets

(1). Particulars on oil and gas assets

□Applicable √Non-applicable

(2). Impairment test of oil and gas assets

□Applicable √Non-applicable

25. Right-of-use assets

(1). Particulars on right-of-use assets

□Applicable √Non-applicable

Unit: Yuan Currency: RMB

ItemHouses and buildingsTotal
I . Original book value
1. Balance at the beginning of the period395,609,526.26395,609,526.26
2. Increased in the Current Period1,560,855.241,560,855.24
(1)New leases
(2)Other1,560,855.241,560,855.24
3.Decreased in the Current Period1,265,991.701,265,991.70
(1)Disposal
(2) Other1,265,991.701,265,991.70
4. Balance at the end of the period395,904,389.80395,904,389.80
II. Accumulated amortization
1. Balance at the beginning of the period54,986,304.2454,986,304.24
2. Increased in the Current Period29,535,513.2329,535,513.23
(1) Accrual29,492,641.7729,492,641.77
(2)Other42,871.4642,871.46
3.Decreased in the Current Period380,607.61380,607.61
(1) Disposal
(2) Other380,607.61380,607.61
4. Balance at the end of the period84,141,209.8684,141,209.86
III. Provision for Impairment
1. Balance at the beginning of the period
2. Increased in the Current Period
(1) Accrual
3. Decreased amount in the Current Period
(1)Disposal
4. Balance at the end of the period
IV. Book value
1.Book value at the end of the period311,763,179.94311,763,179.94
2.Book value at the beginning of the period340,623,222.02340,623,222.02

(2). Impairment test of right-of-use assets

□Applicable √Non-applicable

Other notes:

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

26. Intangible assets

(1). Particulars of intangible assets

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemLand use rightsPatent rightsNon-patented technologiesSoftwaresEmission rightsTotal
I . Original book value
1. Opening Balance1,425,142,792.01156,617,424.521,600,879.511,583,361,096.04
2. Increased in the Current Period1,236,021.5510,584,303.1211,820,324.67
(1) Purchase1,236,021.559,284,602.3710,520,623.92
(2) Internal research and development
(3) Increase from business combination1,299,700.751,299,700.75
3.Decreased amount in the Current Period
(1) Disposal
4. Balance at the end of the period1,426,378,813.56167,201,727.641,600,879.511,595,181,420.71
II. Accumulated amortization
1. Balance at the beginning of the period130,605,213.2961,064,068.301,550,611.96193,219,893.55
2. Increased in the Current Period13,576,412.289,573,203.1425,082.0723,174,697.49
(1) Accrual13,576,412.288,686,159.3925,082.0722,287,653.74
(2) Increase due to business combination887,043.75887,043.75
(1) Disposal
4. Balance at the end of the period

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

III. Provision for Impairment
1. Balance at the beginning of the period
2. Increased in the Current Period
(1) Accrual
3. Decreased in the Current Period
(1) Disposal
4. Balance at the end of the period
IV. Book value
1.Book value at the end of the period1,282,197,187.9996,564,456.2025,185.481,378,786,829.67
2.Book value at the beginning of the period1,294,537,578.7295,553,356.2250,267.551,390,141,202.49

The proportion of intangible assets formed through in-house research and development to the balance of intangible assets at the end of the period was 0

Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024

(2). Data resources recognized as intangible assets

□Applicable √Non-applicable

(3). Particulars of land use rights without property right certificate granted

□Applicable √Non-applicable

(3). Particulars of impairment test of intangible assets

□Applicable √Non-applicable

Other Notes:

□Applicable √Non-applicable

27. Development expenditure

□Applicable √Non-applicable

28. Goodwill

(1) Original book value of goodwill

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Name of invested entity or matter forming goodwillBalance at the beginning of the periodIncreased in the current periodDecreased in the current periodBalance at the end of the period
Generated from business combinationOthersDisposalOthers
Zhejiang Towin, Suining Tuopu279,645,980.89279,645,980.89
Tuopu North America Limited1,080,371.291,080,371.29
Ningbo Qianhui6,058,537.776,058,537.77
Chongqing Tuopu565,010.88565,010.88
Total287,349,900.83287,349,900.83

(2) Provision of impairment in goodwill

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Name of invested entity or matter forming goodwillBalance at the beginning of the periodIncreased in the current periodDecreased in the current periodBalance at the end of the period
AccrualOtherDisposalOther
Zhejiang Towin、Suining Tuopu78,108,305.3478,108,305.34
Tuopu North America Limited

Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024

Ningbo Qianhui6,058,537.776,058,537.77
Chongqing Tuopu
Total84,166,843.1184,166,843.11

(3). Information about the asset group or combination of asset groups where the goodwill is a part

√Applicable□Non-applicable

NameComposition and basis of the asset group or portfolio to which it belongsOperating segment and basisWhether consistent with previous years
Asset portfolio of Zhejiang Towin, Suining Tuopu ChassisLong-term operating assets of Zhejiang Towin and Suining Tuopu, as well as the goodwill allocated to this asset group, based upon the smallest combination of assets capable of generating independent cash flows.The operating segments are Zhejiang Towin and Suining Tuopu, based upon the internal organizational structureYes
Asset portfolio of Tuopu North America LimitedLong-term operating assets of Tuopu North America Limited, as well as the goodwill allocated to this asset group, based upon the smallest combination of assets capable of generating independent cash flows.The operating segments are Tuopu North America Limited, based upon the internal organizational structureYes
Asset portfolio of Ningbo QianhuiLong-term operating assets of Ningbo Qianhui, as well as the goodwill allocated to this asset group, based upon the smallest combination of assets capable of generating independent cash flows.The operating segments are Ningbo Qianhui, based upon the internal organizational structureYes
Asset portfolio of Chongqing TuopuLong-term operating assets of Chongqing Tuopu (including its wholly-owned subsidiaryThe operating segments are Chongqing Tuopu (including its wholly-owned subsidiary HangzhouYes

Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024

Hangzhou Tuopu), as well as the goodwill allocated to this asset group, based upon the smallest combination of assets capable of generating independent cash flows.Tuopu), based upon the internal organizational structure

Change in asset group or combination of asset groups

□Applicable √Not applicable

Other notes

□Applicable √Not applicable

(4). Specific determination of recoverable amount

Determination of recoverable amount as the net fair value less disposal costs

□Applicable √Not applicable

Determination of present value of recoverable amount as estimated future cash flows

√Applicable □Not applicable

Reasons for differences between the foregoing information and information used in impairment tests inprevious years or external information that is clearly inconsistent with the information

□Applicable √Not applicable

Reasons for differences between the information used in the Company's impairment tests in previousyears and the actual situation in the current year that are obviously inconsistent

□Applicable √Not applicable

(5). Performance commitments and corresponding goodwill impairment

Performance commitments existed at the time of the formation of goodwill and the reporting period orthe previous period of the reporting period was within the performance commitment period.

□Applicable √Not applicable

Other notes

□Applicable √Not applicable

28. Long-term prepaid expenses

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the beginning of the periodIncreased in the current periodPrepaid Expenses in This PeriodOther Amounts DecreasedBalance at the End of the Period
Renovation57,533,803.9010,504,073.3213,666,605.681,211,804.3353,159,467.21

Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024

cost, etc.
Other111,564,725.8935,918,726.5435,380,881.981,176,544.30110,926,026.15
Total169,098,529.7946,422,799.8649,047,487.662,388,348.63164,085,493.36

29. Deferred income tax assets/deferred income tax liabilities

(1). Deferred income tax assets that are not written off

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Taxable temporary differenceDeferred Income Tax LiabilitiesTaxable temporary differenceDeferred Income Tax Liabilities
Provision for impairment of assets621,810,329.52140,963,631.55580,348,774.48132,000,760.12
Unrealized profits from internal transactions169,271,281.9641,652,866.02152,661,213.3537,356,680.93
Deductible loss
Deferred income423,955,781.5068,626,802.66424,223,057.1873,625,068.41
Transactional financial assets319,939.4047,990.91383,273.8457,491.08
Lease liabilities321,388,032.4988,243,493.81344,361,800.0193,729,723.27
Total1,536,745,364.87339,534,784.951,501,978,118.86336,769,723.81

(2). Deferred income tax liabilities that are not written off

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Taxable temporary differenceDeferred Income Tax LiabilitiesTaxable temporary differenceDeferred Income Tax Liabilities
Assessed appreciation of assets from business combination of the companies not under the same control35,157,905.288,789,476.3236,815,532.329,203,883.08
Changes in the fair value of other equity instrument investments
Changes in the fair value of other debt investments
Accelerated depreciation of fixed assets695,907,020.75104,386,053.11611,948,559.1791,792,283.87
Temporary differences in convertible bonds10,955,330.481,643,299.5752,409,376.447,861,406.47
Right-of-use assets313,704,505.8985,793,241.84340,623,222.0292,510,712.25
Total1,055,724,762.40200,612,070.841,041,796,689.95201,368,285.67

Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024

(3). Deferred income tax assets or liabilities presented by net amount after offset

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount of deferred tax assets and liabilities offset at end of periodEnding balance of deferred tax assets or liabilities after offsettingAmount of deferred tax assets and liabilities offset at beginning of periodBeginning balance of deferred tax assets or liabilities after offsetting
Deferred income tax assets127,211,478.49212,323,306.46134,530,264.99202,239,458.82
Deferred income tax liabilities127,211,478.4973,400,592.35134,530,264.9966,838,020.68

(4). Particulars on unrecognized deferred income tax asset

□Applicable √Non-applicable

(5). Deductible losses of unrecognized deferred income tax assets will expire in the following years

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

30. Other non-current assets

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Book balanceProvision for decline in valueBook valueBook balanceProvision for decline in valueBook value
Contract acquisition cost
Contract performance cost
Return cost receivable
Contract assets
Prepayments or construction equipment310,877,284.74310,877,284.74292,058,305.82292,058,305.82
Total310,877,284.74310,877,284.74292,058,305.82292,058,305.82

Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024

31. Assets with restricted ownership or right to use

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemEnd of periodBeginning of period
Book balanceBook valueType of restrictionCondition of restrictionBook balanceBook valueType of restrictionCondition of restriction
Bank and cash490,835,991.95490,835,991.95OtherSecurity deposit541,429,058.76541,429,058.76OtherSecurity deposit
Notes Receivable482,580,085.17480,750,837.88PledgePledge
Inventories
Including: data resources
Fixed assets964,846,332.80645,652,939.22MortgageMortgage964,846,332.80664,318,107.19MortgageMortgage
Intangible assets215,968,916.82163,488,461.48MortgageMortgage215,968,916.82167,242,044.27MortgageMortgage
Including: data resources
Investment properties24,529,646.868,165,756.94MortgageMortgage24,529,646.868,501,803.54MortgageMortgage
Receivables financing5,271,872.865,271,872.86PledgePledge438,059,635.51438,059,635.51PledgePledge
Total1,701,452,761.291,313,415,022.45//2,667,413,675.922,300,301,487.15//

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

32. Short-term loans

(1). Category of Short-term loans

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Pledge loan
Mortgage loan
Guaranteed loan
Credit loan726,000,000.00999,000,000.00
Unmatured interest540,185.71798,705.09
Total726,540,185.71999,798,705.09

(2). Short-term loans that have been late for repayment

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

33. Transactional financial liabilities

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

34. Derivative financial liabilities

□Applicable √Non-applicable

35. Notes payable

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

CategoryBalance at the end of the periodBalance at the beginning of the period
Commercial acceptance notes
Bank acceptance notes1,471,685,278.982,855,691,274.58
Total1,471,685,278.982,855,691,274.58

36. Accounts payable

(1). Presentation of accounts payable

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Within 1 year (including 1 year)5,229,101,388.575,220,972,897.01
1-2 years (including 2 years)102,230,071.91156,534,365.52
2-3 years (including 3 years)17,444,793.2616,867,130.16
Over 3 years12,195,958.7112,663,168.61
Total5,360,972,212.455,407,037,561.30

(2). Important accounts payable aged over 1 year

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

37. Advance receipts

(1). Presentation of advance receipts

□Applicable √Non-applicable

(2). Important accounts payable aged over 1 year

□Applicable √Non-applicable

(3). Amounts and reasons for significant changes in book value during the reporting period

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

38. Contract liabilities

(1). Particulars on contract liabilities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Within 1 year (including 1 year)30,128,959.6811,579,301.98
1-2 years (including 2 years)616,493.461,010,852.47
2-3 years (including 3 years)2,009,729.271,199,952.64
Over 3 years6,038,937.826,300,170.64
Total38,794,120.2320,090,277.73

(2). Significant contractual liabilities aged over 1 year

□Applicable √Non-applicable

(3). Amount and reason for significant change in the book value during the reporting period

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

39. Payroll payable

(1). Presentation of payroll payable

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the Beginning of the PeriodIncreased in the current periodDecreased in the current periodBalance at the End of the Period
I . Short-term remuneration342,631,685.691,336,535,095.241,401,467,914.32277,698,866.61
II. Demission benefits - defined contribution scheme10,867,793.7982,639,197.5692,572,811.42934,179.93
III. Dismissal benefits
IV. Other benefits due within 1 year
Total353,499,479.481,419,174,292.801,494,040,725.74278,633,046.54

(2). Presentation of short-term remuneration

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the Beginning of the PeriodIncreased in the current periodDecreased in the current periodBalance at the End of the Period
1. Wages or salaries, bonuses, allowances and subsidies319,012,621.051,169,203,633.741,234,593,633.42253,622,621.37
2. Staff welfare18,906,419.9886,702,878.1385,450,788.8820,158,509.23
3. Social insurance contributions2,008,884.9834,706,961.6336,193,277.34522,569.27
Including: medical insurance premium1,697,162.6530,370,878.9131,602,944.43465,097.13
Work injury insurance premium278,632.144,184,915.124,415,961.0247,586.24
Birth insurance premium33,090.19151,167.60174,371.899,885.90
4. Housing funds315,917.5037,096,109.7437,187,287.20224,740.04
5. Labor union2,387,842.188,825,512.008,042,927.483,170,426.70

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

and education funds
6. Short-term paid absences
7. Short-term profit sharing plan
Total342,631,685.691,336,535,095.241,401,467,914.32277,698,866.61

(3). Presentation of defined contribution plan

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the beginning of the periodIncreased in the current periodDecreased in the current periodBalance at the end of the period
1. Basic pension insurance premium10,553,084.2379,301,001.2388,943,483.65910,601.81
2. Unemployment insurance premium314,709.563,338,196.333,629,327.7723,578.12
3. Corporate annuity payment
Total10,867,793.7982,639,197.5692,572,811.42934,179.93

Other Notes

□Applicable √Non-applicable

40.Taxes payable

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the end of the periodBalance at the beginning of the period
VAT53,405,263.1452,358,919.15
Enterprise Income Tax99,897,546.93128,229,994.26
Individual income tax2,825,455.503,088,818.10
Urban Maintenance and Construction Tax3,615,507.483,514,290.88
Education surcharges1,688,654.351,679,260.68
Local education surcharges1,138,961.951,118,994.07
Property tax21,794,386.9234,568,143.81
Land use tax10,202,337.9021,857,255.01
Environmental protection tax1,217.81777.38
Disabled security fund29,260,819.8817,783,858.89
Special funds for water conservancy construction106,081.3180,953.70
Stamp duty7,545,190.256,875,496.68
Total231,481,423.42271,156,762.61

41.Other payables

(1). Presentation of items

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the end of the periodBalance at the beginning of the period

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Interest Payable
Dividends Payable646,503,426.53
Other payables27,045,318.6424,690,743.41
Total673,548,745.1724,690,743.41

(2). Interest payable

□Applicable √Non-applicable

(3). Dividends payable

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Dividends on common shares646,503,426.53
Dividends on preferred shares\perpetual bonds classified as equity instruments
Dividends on preferred shares\perpetual bonds-XXX
Preferred stock\perpetual debt dividend-XXX
Dividend payable-XXX
Dividends payable-XXX
Total646,503,426.53

(4). Other payables

Other payables presented by nature of funds

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Security deposits21,555,203.8916,792,416.42
Others5,490,114.757,898,326.99
Total27,045,318.6424,690,743.41

Significant other payables aged over 1 year or overdue

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

42. Held-for-sale liabilities

□Applicable √Non-applicable

43. Non-current liabilities due within 1 year

√Applicable □Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Long-term loans due within 1 year2,471,105,978.821,239,252,506.51
Bonds payable due within 1 year7,163,468.754,684,254.27
Long-term payables due within 1 year
Lease liabilities due within 1 year55,629,928.6046,283,264.41
Total2,533,899,376.171,290,220,025.19

44. Other current liabilities

Particulars on other current liabilities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Short-term bonds payable
Return payment payable
Prepaid and deferred output tax3,591,562.551,690,671.66
Borrowings from financial leasing company3,591,562.551,690,671.66
Total

Changes in short-term bonds payable:

□Applicable √Non-applicable

Other Notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

45. Long-term loans

(1). Category of long-term loans

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Pledge loans
Mortgage loans1,536,000,000.001,539,000,000.00
Guaranteed loans
Credit loans2,364,368,519.062,203,206,364.26
Outstanding interest payable2,963,014.433,170,099.51
Less: Long-term loans due within one year-2,470,363,014.43-1,239,252,506.51
Total1,432,968,519.062,506,123,957.26

Other notes:

□Applicable √Non-applicable

46. Bonds payable

(1). Bonds payable

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Convertible corporate bonds2,484,958,120.442,441,013,483.64
Less: Bonds payable due within one year-7,163,479.05-4,684,254.27
Total2,477,794,641.392,436,329,229.37

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(2). Changes in bonds payable: (excluding preferred stocks, perpetual bonds and other financial instruments classified as financial liabilities)

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Bond nameFace valueStated interest rate(%)Issue dateBond durationIssue priceOpening balanceCurrent issuesInterest accrued at par valueAmortized at premium/discount priceCurrent repaymentClosing balanceDefault or not
Tuopu Convertible Bond100.00Note2022/7/146 years2,500,000,000.002,441,013,483.642,479,224.7841,469,412.024,000.002,484,958,120.44No
Less: Bonds payable due within one year4,684,254.272,479,224.787,163,479.05No
Total////2,436,329,229.3741,469,412.024,000.002,477,794,641.39/

Please be informed that the stated interest rates for the Company's public offering of convertible bonds are as follows: 0.2% in the first year, 0.4% in the secondyear, 0.6% in the third year, 1.5% in the fourth year, 1.8% in the fifth year, and 2.0% in the sixth year. After the convertible bonds expire, the Company will redeemall unconverted bonds from investors within five trading days at a price of 110% of the bonds' par value, including the last annual interest.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(3). Note to convertible corporate bond

√Applicable □Non-applicable

ItemCondition for conversion of sharesDate of conversion of shares
Tuopu Convertible BondIn accordance with the relevant provisions stated in the “Prospectus for Public Offering of Convertible Bonds of Ningbo Tuopu Group Co., Ltd”, the "Tuopu Convertible Bonds" have been eligible for conversion into shares of the Company since January 20, 2023. The initial conversion price of the Company was set at RMB 71.38 per share. However, as per the "Announcement of Ningbo Top Group Co., Ltd. on Adjustment of Conversion Price of Convertible Bonds due to Profit Distribution for the Year of 2022" issued on July 10, 2023, the conversion price was revised to RMB 70.92 per share. The adjustment came into effect on July 17, 2023.As of June 30, 2024, a total of RMB232,000 worth of Tuopu Convertible Bonds has been converted into A shares of the Company, resulting in a cumulative conversion of 3,257 shares. Specifically, between January 1, 2024, and June 30, 2024, the cumulative conversion amount for the Top Convertible Bonds was RMB4,000, leading to the conversion of 56 shares.

Accounting treatment and judgmental basis for transfer of equity

□Applicable √Not applicable

(4). Notes to other financial instruments classified as financial liabilities

General particulars of other financial instruments such as preferred stocks and perpetual bonds issued atthe end of the period

□Applicable √Non-applicable

Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of theperiod

□Applicable √Non-applicable

Notes to the basis for classification of other financial instruments as financial liabilities:

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

47. Lease liabilities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Lease liabilities319,574,399.80344,361,800.01
Less: Lease liabilities due within one year-55,629,928.59-46,283,264.40
Total263,944,471.21298,078,535.61

48. Long-term payables

Presentation of items

□Applicable √Non-applicable

Other Notes:

□Applicable √Non-applicable

Long-term payables

(1). Long-term payables presented by the nature of payments

□Applicable √Non-applicable

Special payables

(2). Special payables presented by the nature of payments

□Applicable √Non-applicable

49. Long-term payroll payable

□Applicable √Non-applicable

50. Estimated liabilities

□Applicable √Non-applicable

51. Deferred income

Deferred income

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the beginning of the periodIncreased in the periodDecreased in the periodBalance at the end of the periodReason
Government grants424,223,057.1819,199,721.0019,466,996.68423,955,781.50
Total424,223,057.1819,199,721.0019,466,996.68423,955,781.50/

Other notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

52. Other non-current liabilities

□Applicable √Non-applicable

53. Equity

□Applicable √Non-applicable

Unit: Yuan Currency: RMB

Balance at the beginning of the periodIncreased or decreased amount in this period (+/-)Balance at the end of the period
New issueBonus issueShares converted from capital reservesOthersSubtotal
Total shares1,102,049,773.0060,726,104.00523,249,176.0056.00583,975,336.001,686,025,109.00

Other notes:

During the period from January 1, 2023 to June 30, 2024, the Company executed the conversion of56 shares of "Tuopu Convertible Bonds", resulting in an increase in registered capital (share capital) byRMB 56.00.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

54. Other equity instruments

(1). Basic information of other financial instruments such as preferred stocks and perpetual bonds issued at the end of the period

□Applicable √Non-applicable

(2). Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the period

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Changes in other equity instruments during the current period, the reason for the changes, and the basis for related accounting treatments:

√Applicable □Non-applicable

During the period, a total of 2,280 "Tuopu Convertible Bonds" were converted into 40 shares, and the equity value of the Company's convertible bonds wasreduced by RMB 269.57.

Other notes:

□Applicable √Non-applicable

Outstanding financial instrumentsAs at the end of last yearIncrease in this periodDecrease in this periodAs at the end of this period
QuantityBook valueQuantityBook valueQuantityBook valueQuantityBook value
Equity value of convertible bonds24,997,720143,201,172.1640269.5724,997,680143,200,902.59
Total24,997,720143,201,172.1640269.5724,997,680143,200,902.59

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

55. Capital reserve

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the beginning of the periodIncreased in the periodDecreased in the periodBalance at the end of the period
Capital premium (equity premium)5,341,019,192.643,437,715,813.76523,249,176.008,255,485,830.40
Other capital reserves10,348.7810,348.78
Total5,341,029,541.423,437,715,813.76523,249,176.008,255,496,179.18

Other notes, including the changes during the period and the reasons for such changes:

1. On January 16, 2024, the Company completed the issuance of A shares to specific parties, and the netproceeds were RMB3,498,437,798.43, of which RMB60,726,104 was credited to share capital andRMB3,437,711,694.43 was credited to capital surplus.

2. From January 1, 2024 to June 30, 2024, the Company converted 56 shares of “Tuopu ConvertibleBonds”, resulting in an increase of the registered capital (share capital) of the Company by RMB 56yuan and capital surplus by RMB 4,119.33.

3. On June 24, 2024, the annual general meeting of the Company in 2023 considered and approved theannual equity distribution plan for 2023, in which the capitalization plan was based on the total sharecapital of the Company of 1,162,775,947 shares before implementation, and 0.45 shares were transferredto all shareholders per share from the capital reserve, with a total of 523,249,176 shares transferred.

56. Treasury bonds

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

57. Other comprehensive income

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the beginning of the periodAmount incurred in the current periodBalance at the end of the period
Amount incurred before income tax in the current periodLess: recorded into other comprehensive incomes in previous period and transferred to P/L in current periodLess: Recorded into other comprehensive incomes in previous period and transferred to retained income in current periodLess: Income Tax ExpenseAttributable to the Company after taxAttributable to the minority shareholders after tax
1. Other comprehensive income that cannot be reclassified into profit and loss
Including: re-measurement of changes in defined benefit plans
Other comprehensive income that cannot be transferred to profit and loss under the equity method
Changes in the fair value of other equity instrument investments
Changes in fair value of the enterprise's own credit risk
2. Other comprehensive income that will be reclassified into profit and loss-7,279,431.39-28,471,695.74-28,347,605.24-124,090.50-35,627,036.63
Including:

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

other comprehensive income that can be transferred to profit or loss under the equity method
Changes in the fair value of other debt investments
Amount of financial assets reclassified and included in other comprehensive income
Provision for impairment of other debt investment
Cash flow hedge reserves
Translation difference of foreign currency financial statements-7,279,431.39-28,471,695.74-28,347,605.24-124,090.50-35,627,036.63
Total-7,279,431.39-28,471,695.74-28,347,605.24-124,090.50-35,627,036.63

58. Special reserves

□Applicable √Non-applicable

59. Surplus reserves

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the beginning of the periodIncreased in the current periodDecreased in the current periodBalance at the end of the period
Statutory surplus reserve706,943,994.98706,943,994.98
Discretionary surplus reserve
Reserve fund
Business

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

development fund
Others
Total706,943,994.98706,943,994.98

60. Undistributed profit

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemCurrent periodPrevious period
Undistributed Profit before Adjustment at the End of Previous Period6,498,434,550.764,933,499,753.42
Adjust the total undistributed profits at the start of the period (increase +, decrease -)
Undistributed Profit after Adjustment at the Start of the Period6,498,434,550.764,933,499,753.42
Add: net profit attributable to parent company's owner in current period1,456,245,678.612,150,642,258.47
Less: withdrawal of statutory surplus reserve75,459,088.04
Withdrawal of discretionary surplus reserve
Withdrawal of general risk reserve
Ordinary stock dividend payable646,503,426.53510,248,373.09
Ordinary stock dividends converted into equity
Undistributed profit at the end of the period7,308,176,802.846,498,434,550.76

Adjust the particulars of undistributed profit at the beginning of the period:

1. Due to the retrospective adjustments made in accordance with the “Accounting Standards forBusiness Enterprises" and its related new regulations, the unappropriated profit at the beginning of theperiod was affected by 0.

2. The impact of changes in accounting policies on undistributed profit at the beginning of the period is0.

3. The impact of the correction of major accounting errors on undistributed profit at the beginning of theperiod is 0.

4. The impact of change in the scope of business combination as a result of the same control onundistributed profit at the beginning of the period is 0.

5. The gross impact of other adjustments on the undistributed profit at the beginning of the period is 0.

61. Operating income and operating cost

(1). Particulars on operating income and operating cost

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
IncomeCostIncomeCost

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Main operation11,472,791,402.259,301,624,242.048,702,538,262.436,820,269,065.35
Other operations749,028,834.18311,385,025.51457,912,782.09271,448,906.44
Total12,221,820,236.439,613,009,267.559,160,451,044.527,091,717,971.79

(2). Information about the breakdown of operating income and cost

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Category of contractsTotal
Operating incomeOperating cost
Product types
Vibration Control System2,143,319,053.981,690,579,183.45
Interior & Exterior System3,908,136,583.533,240,626,855.06
Chassis System3,789,414,666.293,037,973,737.96
Mechatronic System706,932,897.74571,696,634.40
Thermal Management System918,717,065.25757,757,835.42
Actuator system6,271,135.462,989,995.75
Total11,472,791,402.259,301,624,242.04

(3). Note to performance obligations

□Applicable √Non-applicable

(4). Note to allocation to remaining performance

□Applicable √Non-applicable

(5). Note to significant contract changes or significant transaction price

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

62. Taxes and surcharges

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Consumption tax19,004,778.7015,583,258.85
Education Surcharges8,968,473.597,387,880.23
Local education surcharges5,978,982.354,924,670.76
Property tax23,559,320.2317,446,434.72
Land use tax12,607,832.2312,432,093.42
Vehicle and vessel use tax5,034.517,165.16
Stamp duty14,283,928.4010,212,488.91
Environmental protection tax6,288.903,150.34
Others417,696.9674,164.71
Total84,832,335.8768,071,307.10

63. Sales expense

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Service expense62,987,367.5449,440,364.49
Payroll40,869,142.8825,346,272.50
Business hospitality expense22,821,642.6715,683,391.48
Repair cost11,639,734.333,604,247.51
Travel expense2,616,394.492,259,881.35
Packaging fee466,872.5028,410.99
Vehicle cost1,256,433.681,002,945.18
Exhibition fee247,632.70211,298.67
Others4,795,786.872,655,643.20
Total147,701,007.66100,232,455.37

64. Overhead expense

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Payroll169,191,388.60164,532,947.07
Depreciation expense49,540,948.1219,827,787.02
Business hospitality expense3,043,569.532,626,917.81
Vehicle cost3,163,594.282,724,946.91
Travel expenses7,759,255.803,569,709.73
Amortization of intangible assets15,335,787.8514,080,612.16
Office expenses5,443,842.843,203,655.04
Insurance premiums5,173,200.474,778,008.46
Intermediary fee3,802,849.903,856,258.68
Utility bills4,465,537.633,682,787.18
Service charge11,804,179.7511,351,636.54
Rent1,354,315.46241,206.44
Employment guarantee fund for10,256,134.351,408,772.46

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

persons with disabilities
Others22,733,879.1414,522,370.73
Total313,068,483.72250,407,616.23

65. R&D expense

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Material expense162,364,506.92151,503,275.20
Payroll258,539,231.80202,763,696.73
Depreciation and amortization54,604,759.3143,882,092.90
Transportation and storage fee1,851,559.034,198,247.10
Energy consumption fee21,665,975.6320,677,962.24
Travel expense8,566,966.824,982,972.45
Trial production expense7,891,433.616,977,674.86
Others17,813,617.6215,990,661.58
Total533,298,050.74450,976,583.06

66. Financial expense

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Interest expense115,347,505.11110,183,341.40
Interest income-24,827,246.45-20,349,051.18
Gain and loss from exchange-19,737,000.42-105,054,401.81
Handling charge2,733,833.621,939,137.25
Total73,517,091.86-13,280,974.34

67. Other income

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Government Subsidies173,001,330.6187,132,153.51
Handling fee for withholding personal income tax789,293.34572,556.13
VAT input tax credit60,672,566.80
Direct VAT credit for employment of key persons10,853,800.00
Total245,316,990.7587,704,709.64

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

68. Investment income

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Long-term equity investment income calculated by the equity method18,600,856.2911,141,300.10
Investment income from disposal of long-term equity investments
Investment income of trading financial assets during the holding period
Dividend income from other equity instrument investments during the holding period
Interest income from debt investment during the holding period
Interest income from other debt investments during the holding period
Investment income from disposal of trading financial assets
Investment income from the disposal of other equity instrument investments
Investment income from disposal of debt investment
Investment income from the disposal of other debt investments
Income from debt restructuring
Investment income from financial management products6,521,837.813,553,755.28
Total25,122,694.1014,695,055.38

69. Net exposure hedging income

□Applicable √Non-applicable

70. Gains from changes in fair value

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Sources of income from changes in fair valueAmount incurred in the current periodAmount incurred in previous period
Transactional financial assets63,334.44-216,798.66
Including: income from changes in fair value generated by derivative financial instruments
Transactional financial liabilities
Investment real estate measured at fair value
Total63,334.44-216,798.66

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

71. Credit impairment loss

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Bad debt loss on accounts receivable-876,288.57265,578.53
Bad debt loss on accounts receivable25,546,758.1325,370,911.44
Bad debt loss on other receivables-1,506,124.90-2,115,295.86
Impairment loss of debt investment
Impairment loss of other debt investment
Bad debt loss of long-term receivables
Impairment loss of contract assets
Impairment loss on receivables financing-208,762.47304,387.40
Total22,955,582.1923,825,581.51

72. Asset impairment loss

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
1. Loss of bad debts
2. Loss of inventory falling price and loss of contract performance cost impairment22,629,644.585,466,369.89
3. Long-term equity investment impairment losses
4. Impairment loss of investment real estate
5. Impairment loss of fixed assets
6. Impairment loss of construction materials
7. Impairment loss of construction in progress
8. Impairment loss of productive biological assets
9. Impairment losses of oil and gas assets
10. Intangible assets impairment loss
11. Goodwill impairment loss
12. Others
Total22,629,644.585,466,369.89

73. Income from disposal of assets

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the currentAmount incurred in previous

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

periodperiod
Income from disposal of assets16,240.57
Total16,240.57

74. Non-operating income

Particulars about non-operating income

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous periodAmount included in the current non-recurring profit and loss
Total gains from disposal of non-current assets605,238.40202,979.64605,238.40
Including: gains from disposal of fixed assets605,238.40202,979.64605,238.40
Gains from disposal of intangible assets
Gains from non-monetary asset exchange
Gain on exchange of non-monetary assets
Capital from donation
Government grants
Compensation income2,057,959.58463,914.682,057,959.58
Business combination21,901,496.2021,901,496.20
Other353,971.25563,688.20353,971.25
Total24,918,665.431,230,582.5224,918,665.43

Other Notes:

□Applicable √Non-applicable

During the reporting period, the foreign shareholder of the joint venture, Ningbo Borgers TuopuAutomobile Parts Co., Ltd., transferred its 50% equity stake in the joint venture to the Company.Following the conclusion of this transaction, the Company's ownership in the previously joint ventureentity increased to 100%. This transaction resulted in a gain, as the investment cost in the acquiredsubsidiary was lower than the fair value of the identifiable net assets of the investee at the time ofacquisition, totaling RMB21,901,496.20.

75. Non-operating expenses

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous periodAmount included in the current non-recurring profit and loss
Total loss from11,269,780.6911,961,652.6711,269,780.69

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

disposal of non-current assets
Including: Loss on disposal of fixed assets11,269,780.6911,961,652.6711,269,780.69
Loss on disposal of intangible assets
Loss on debt restructuring
Loss from exchange of non-monetary assets
External donation300,000.007,079.65300,000.00
Special funds for water conservancy construction534,680.55275,342.98
Others2,489,042.03405,489.982,489,042.03

76. Income tax expense

(1). Schedule of income tax expense

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Income tax expense in the current period233,557,785.06194,782,252.59
Deferred income tax expense-3,521,275.97-20,130,355.19
Total230,036,509.09174,651,897.40

(2). Adjustment process of accounting profit and income tax expense

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current period
Total profits1,691,636,953.71
Income tax expense calculated at the statutory/applicable tax rate253,745,543.06
Impact of different tax rates applied to subsidiaries22,505,699.94
Adjusted impact of income tax in prior periods5,779,184.46
Impact of non-taxable income-2,929,154.06
Impact of non-deductible costs, expenses and losses-1,739,758.64
Impact of using deductible losses of deferred income tax assets that have not been recognized in the previous period-16,228,337.65
Impact of deductible temporary differences or deductible losses on unrecognized deferred income tax assets in the current period31,024,730.95
Changes in deferred tax assets/liabilities at the5,761,704.56

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

beginning of the period due to tax rate adjustments
Impact of additional tax deductions for enterprise research and development-67,883,103.52
Income tax expense230,036,509.09

Other Notes:

□Applicable √Non-applicable

77. Other comprehensive income

√Applicable □Non-applicable

Details are available in “Note VII. 57. Other comprehensive income”

78. Cash flow statement items

(1). Other cash received related to operating activities

Other cash received related to operating activities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Receipt of temporary loans35,836,737.4061,477,108.37
Interest income24,827,246.4520,349,051.18
Government grants181,246,841.81117,300,592.89
Income from compensation and fines2,060,094.52463,914.68
Others596,074.601,206,094.80
Total244,566,994.78200,796,761.92

Other cash paid related to operating activities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Payment of temporary loans34,433,430.2442,242,994.91
Business hospitality expense25,865,212.2018,500,393.95
Repair cost14,285,560.304,682,399.13
R&D spending228,644,625.66192,429,230.82
Travel expense10,375,650.297,311,177.51
Insurance premium5,112,801.315,019,052.49
Office expense5,538,408.424,759,382.90
Vehicle expense4,420,027.964,054,065.83
Service charge74,800,354.6960,792,001.03
Intermediary fee3,802,849.904,143,994.94
Packaging fee466,872.5028,410.99
Utility bill4,465,537.6320,308,769.75
Rent4,698,770.07379,660.85
Others28,605,557.708,138,190.88
Total445,515,658.87372,789,725.99

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(2). Other cash received related to investment activities

Cash received related to important investing activities

□Applicable√Non-applicable

Cash paid related to important investment activities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Cash paid for acquisition of property, plant and equipment, intangible assets and other long-term assets1,812,024,114.331,750,326,099.47
Total1,812,024,114.331,750,326,099.47

Other cash paid related to investment activities

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Impact of business combination with Chongqing Tuopu not under the same control22,384,400.0020,397,800.00
Performance bond recovered6,330,113.23
Total28,714,513.2320,397,800.00

Other cash paid relating to investing activities

√Applicable □Not applicable

(3). Cash relating to financing activities

Other cash received relating to financing activities

□Applicable √Not applicable

Other cash paid relating to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Cash paid for lease liabilities33,392,474.7114,125,714.32
Repayment of loans from finance leasing companies139,399,011.65
Funding costs for additional shares issued to specific subjects16,389,101.09
Total49,781,575.80153,524,725.97

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Changes in liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

ItemBalance at the beginning of the periodIncrease in current periodDecrease in current periodBalance at the end of the period
Cash changesNon-cash changesCash changesNon-cash changes
Short-term loans999,798,705.09226,000,000.0013,747,871.06513,006,390.44726,540,185.71
Other payables - dividends payable646,503,426.53646,503,426.53
Other current liabilities3,745,376,463.77709,500,000.0048,423,373.84599,968,304.123,903,331,533.49
Long-term loans (including those due within one year)2,436,329,229.3741,469,412.024,000.002,477,794,641.39
Bonds payable (including those due within one year)344,361,800.018,605,074.5033,392,474.71319,574,399.80
Lease liabilities (including those due within one year)7,525,866,198.24935,500,000.00758,749,157.951,146,367,169.274,000.008,073,744,186.92
Total999,798,705.09226,000,000.0013,747,871.06513,006,390.44726,540,185.71

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(4). Note to cash flows presented on a net basis

□Applicable √Not applicable

(5). Significant activities and financial effects that do not involve current cash receipts anddisbursements but affect the enterprise's financial position or may affect the enterprise's cashflows in the future

□Applicable √Not applicable

79. Additional information on cash flow statement

(1). Additional information on cash flow statement

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Additional InformationAmount in the current periodAmount in previous period
1. Reconciliation of net profit to cash flows from operational activities:
Net Profit1,461,600,444.621,099,162,460.68
Add: provision for impairment of assets22,955,582.195,466,369.89
Credit impairment provision22,629,644.5823,825,581.51
Depreciation of fixed assets, oil and gas assets, productive biological assets697,948,551.74513,617,834.35
Depreciation of right-of-use assets29,492,641.7712,688,854.03
Amortization of Intangible Assets22,377,820.6419,921,943.02
Amortization of long-term prepaid expenses49,047,487.6640,997,998.06
Losses on disposal of fixed assets, intangible assets and other long-term assets (income as in “-”)-16,240.57
Losses on scrapping of fixed assets (income as in “-”)10,664,542.2911,758,673.03
Losses on fair value changes (income as in “-”)-63,334.44216,798.66
Financial expenses (income as in “-”)100,845,559.1711,163,987.30
Losses on investment (income as in “-”)-25,122,694.10-14,695,055.38
Decrease on deferred income tax assets (increase as in “-”)-10,083,847.64-8,944,541.27
Increase on deferred income tax liabilities (decrease as in “-”)6,562,571.67-11,185,813.92
Decrease on inventories (increase as in “-”)-217,026,090.16463,920,048.35
Decrease on operational receivables (increase as in “-”)-462,527,786.52-497,946,316.20
Increase on operational payables (decrease as in “-”)-649,001,575.71-443,831,146.92
Others-21,901,496.20
Net cash flow generated by operating activities1,038,398,021.561,226,121,434.62
2. Major investing and financing activities not involving cash receipts and payment:

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Conversion of debt into capital21,901,496.20
Convertible corporate bonds due within one year7,163,468.75
Fixed assets under financing lease
3. Net changes in cash and cash equivalents:
Closing balance of cash3,558,463,499.812,311,612,502.38
Less: opening balance of cash2,313,937,932.512,410,212,553.28
Add: closing balance of cash equivalents
Less: opening balance of cash equivalents
Net additions to balance of equivalents1,244,525,567.30-98,600,050.90

(2). Net cash receipts from disposal of subsidiaries in this period

□Applicable √Not applicable

(3). Net cash received from disposal of subsidiaries in the current period

□Applicable √Not applicable

(4). Composition of cash and cash equivalents

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
1. Cash3,558,463,499.812,313,937,932.51
Including: cash on hand25,802.9618,810.59
Bank deposits that can be used for payment at any time3,558,437,696.852,313,919,121.92
Other currency funds that can be used for payment at any time
Deposits in the central bank that can be used for payment
Deposits in Other Financial Institutions
Call loans from Other Financial Institutions
2. Cash equivalents
Including: bond investments due within three months
3. Balance of cash and cash equivalents at the end of the period3,558,463,499.812,313,937,932.51
Including: cash and cash equivalents that are restricted for us by the parent company or subsidiary within the group

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(5). Condition of restricted scope of use but still presented as cash and cash equivalents

□Applicable √Not applicable

(6). Cash and bank balances not classified as cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

ItemAmount in current periodAmount in prior periodReason
Bank acceptance deposit482,054,524.38522,669,959.85Restricted for use
Letter of credit deposit1,746,224.00Restricted for use
Guarantee deposit8,781,467.574,678,698.92Restricted for use
Total482,054,524.38529,094,882.77/

Other notes:

□Applicable √Not applicable

80. Notes to items in the statement of changes in owners' equity

State the name of the item “others” adjusting the balance at the end of previous year and the amount ofadjustment:

□Applicable √Non-applicable

81. Assets with restricted ownership or use rights

(1). Assets with restricted ownership or use rights

√Applicable □Non-applicable

Unit: yuan

ItemForeign currency balance at the end of the periodConverted exchange rateBalance converted to RMB at the end of the period
Cash and bank balances--460,917,945.21
Including: USD18,646,917.397.1268132,892,850.86
EUR27,352,382.807.6617209,565,751.30
MYR10,761,399.941.509516,244,333.21
BRL15,089,495.041.322419,954,348.24
PLN3,047,686.481.76895,391,052.61
MXN6,349,748.210.38572,449,097.88
SEK1,287,907.150.6737867,663.05
CAD13,510,952.355.227470,627,152.31
HKD3,205,609.580.91272,925,695.75
Accounts receivable--1,616,878,640.66
Including: USD155,037,631.377.12681,104,922,191.25
EUR32,671,120.027.6617250,316,320.26
PLN5,036,860.431.76898,909,702.41
MYR6,207,188.791.50959,369,751.48
BRL13,953,357.021.322418,451,919.32
CAD43,024,975.315.2274224,908,755.94
Other Receivables--40,844,492.35

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Including: USD2,320,478.977.126816,537,589.52
SEK1,934,948.890.67371,303,575.07
PLN4,715,287.741.76898,340,872.48
MXN38,015,180.930.385714,662,455.28
Accounts payable--135,620,754.90
Including: CAD15,490,269.855.227480,973,836.61
USD1,346,532.297.12689,596,466.32
MYR594,479.361.5095897,366.59
PLN24,781,958.861.768943,836,807.03
SEK469,464.670.6737316,278.35
Other Payables8,172,103.60
Including: USD1,078,436.227.12687,685,799.25
SEK532,807.800.6737358,952.61
MYR84,366.841.5095127,351.74

(2). Notes to overseas business entities, overseas business locations, functional currency and thebasis for selection in respect of important overseas business entities should be disclosed; if there isa change in the functional currency, the reason for the change should be further disclosed.

√Applicable □Non-applicable

The Company has nine subsidiaries outside of China, i.e.: Tuopu North America Limited, currentlyoperating in Canada and with Canadian dollars as the functional currency; Tuopu North America USALimited, INC, currently operating in the United States and with U.S. dollars as the functional currency;Tuopu Do Brasil, currently operating in Brasil and with Brazilian Real as the functional currency; TuopuSweden, currently operating in Sweden and with Swedish krona as the functional currency; TuopuInternational, currently operating in Hong Kong and with Hong Kong dollar as the functional currency;Tuopu (Malaysia) Sdn.Bhd., currently operating in Malaysia and with Ringgit as the functional currency;Tuopu USA, LLC, currently operating in the United States and with U.S. dollars as the functionalcurrency; Tuopu Poland sp.z.o.o, currently operating in Poland and with PLN as the functionalcurrency.Tuopu Mexico, currently operating in Mexico and with Mexican peso as the functionalcurrency.

82. Lease

(1). As lessee

√Applicable □Not applicable

Variable lease payments not included in the measurement of lease liabilities

□Applicable √Not applicable

Lease payments for short-term leases or low-value assets with simplified treatment

□Applicable √Not applicable

Sale and leaseback transactions and basis of judgment

□Applicable √Not applicable

Total cash outflow related to lease 33,392,474.71 (Unit: Yuan Currency: RMB)

(2). As lessor

Operating lease as lessor

√Applicable □Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Unit: Yuan Currency: RMB

ItemLease incomeof which: Income related to variable lease payments not included in lease receipts
Income from operating leases3,029,183.39
Total3,029,183.39

Finance lease as lessor

□Applicable √Not applicable

Reconciliation of undiscounted lease receipts to net investment in leases

□Applicable √Not applicable

Undiscounted lease receipts for the next five years

□Applicable √Not applicable

(3). Recognition of gain or loss on sales under finance leases as a manufacturer or distributor

□Applicable √Not applicable

83. Data resources

□Applicable √Not applicable

83. Others

□Applicable √Not applicable

VIII. R&D expense

(1). Presentation by nature of expense

□Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Material expense162,364,506.92151,503,275.20
Payroll258,539,231.80202,763,696.73
Depreciation and amortization54,604,759.3143,882,092.90
Transportation and storage fee1,851,559.034,198,247.10
Energy consumption fee21,665,975.6320,677,962.24
Travel expense8,566,966.824,982,972.45
Trial production expense7,891,433.616,977,674.86
Others17,813,617.6215,990,661.58
Total533,298,050.74450,976,583.06
Of which: Expensed R&D expenditure533,298,050.74450,976,583.06
Capitalized R&D expenditure

(2). Development expenditure on R&D projects eligible for capitalization

□Applicable √Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Major capitalized R&D projects

□Applicable √Not applicable

Provision for impairment of development expenditures

□Applicable √Not applicable

(3). Major outsourced research and development projects in progress

□Applicable √Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

IX. Changes in the scope of consolidation

1. Business combination not under common control

√Applicable □Non-applicable

(1). Business combination transactions not under the same control occurring during the period

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Name of acquireeEquity acquisition dateCost of equity acquisitionPercentage of equity acquisition (%)Method of equity acquisitionAcquistion dateBasis for determining the acquistion dateRevenue of the acquiree as of the end of the purchase dateNet profit of the acquiree at the end of the acquistion periodCash flow of the acquiree at the end of the acquistion period
Ningbo Borgers2024/4/2557,771,391.4150%2024/4/25Control35,573,451.86-1,269,342.277,663,633.55

Other notes:

Johann Borgers GmBH is the foreign shareholder of the joint venture entity, Ningbo Borgers Tuopu Automobile Parts Co., Ltd. In accordance with the agreementestablished with this entity, the Company has acquired a 50% equity stake in Ningbo Borgers Tuopu Automobile Parts Co., Ltd. for a cash consideration ofEUR2,450,000.00 (approximately RMB19,005,379.52). Following the successful completion of this acquisition, the Company's ownership in the original jointventure increased to 100%, thereby granting it full control over the company and its subsidiaries. On April 25, 2024, the Company remitted the acquisition paymentand finalized the necessary procedures for the alteration of shareholding in the previous joint venture. Subsequent to the acquisition, Ningbo Borgers TuopuAutomobile Parts Co., Ltd. was rebranded as Ningbo Tuopu Trim Parts Co., Ltd.

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

(2). Business combination transactions not under the same control occurring during the period

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Consolidated costsNingbo Borgers
--Cash19,005,379.52
--Fair value of non-cash assets
--Fair value of debt issued or assumed
--Fair value of equity securities issued
--Fair value of contingent consideration
-Fair value at purchase date of equity interests held prior to purchase date38,766,011.89
- - Other
Total cost of consolidation57,771,391.41
Less: share of fair value of identifiable net assets acquired79,672,887.61
Amount by which goodwill/cost of combination is less than share of fair value of identifiable net assets acquired-21,901,496.20

Method of determining fair value of consolidated costs:

□Applicable √Not Applicable

Completion of performance commitments:

□Applicable √Not Applicable

Main reasons for the formation of large amount of goodwill:

□Applicable √Not applicable

(3). Identifiable assets and liabilities of the purchased party at the date of purchase

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Ningbo Borgers
Fair value on the acquistion dateCarrying value on the acquistion date purchase
Assets:
Monetary funds25,335,492.7525,335,492.75
Accounts receivable59,419,514.5559,419,514.55
Prepayments1,061,595.991,061,595.99
Other receivables1,176,369.021,176,369.02
Inventories24,168,195.2424,168,195.24
Fixed assets17,723,957.1917,723,957.19
Intangible assets412,657.00412,657.00
Construction in progress12,251,380.5912,251,380.59
Long-term amortized expenses8,268,621.228,268,621.22
Other current assets2,574,128.192,574,128.19
Liabilities:

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

Payables71,247,206.6271,247,206.62
Employee compensation payable1,433,704.321,433,704.32
Other payables38,113.1938,113.19
Net assets79,672,887.6179,672,887.61
Less: minority interests
Net assets acquired79,672,887.6179,672,887.61

(4). Gains or losses arising from the remeasurement to fair value of equity interests held prior tothe date of acquisitionExistence of transactions in which a business combination was achieved in stages through multipletransactions and control was obtained during the reporting period?

□Applicable √Not applicable

(5). Explanation of the inability to reasonably determine the merger consideration or the fair valueof the acquiree's identifiable assets and liabilities on the date of acquisition or at the end of thecurrent period of the combination

□Applicable √Not applicable

(6). Other notes

□Applicable √Not applicable

2. Business combination under common control

□Applicable √Non-applicable

3. Counter purchase

□Applicable √Non-applicable

4. Disposal of subsidiaries

Whether there is any transactions or events during the period in which control of subsidiaries is lost

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

Whether there is a step-by-step disposal of investments in subsidiaries through multiple transactions andloss of control during the period

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

5. Changes in the scope of consolidation due to other reasons

Account for the changes in the scope of consolidation as a result of other reasons (for example, newestablishments of subsidiaries, liquidation of subsidiaries) and relevant circumstances:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

6. Others

□Applicable √Non-applicable

X. Equity in Other Entities

1. Equity in Subsidiaries

(1). Composition of the group

√Applicable □Non-applicable

Unit: yuan Currency: RMB

Name of SubsidiaryPrincipal Business SiteRegistered CapitalRegistered AddressNature of BusinessPercentage of Shares (%)Method of Acquisition
DirectIndirect
Tuopu Automobile ElectronicsNingboRMB 2,500 millionNingboManufacturing100.00Establishment
Tuopu Thermal ManagementNingboRMB 4,500 millionNingboManufacturing100.00Establishment
Tuopu Imp&ExpNingboRMB 200 millionNingboTrading100.00Business combination under common control
Tuopu Automobile PartsNingboRMB 200 millionNingboTrading100.00Business combination under common control
TUOPU VIBRO-ACOUSTICSNingboRMB 200 millionNingboTrading100.00Business combination under common control
Zhejiang TowinJinhuaRMB 180 millionJinhuaManufacturing100.00Business combination not under common control
Suining TuopuSuiningRMB 150 millionSuiningManufacturing100.00Business combination not under common control
USHONE ELECTRONIC CHASSISNingboRMB 50 millionNingboTrading100.00Establishment
Tuopu ChassisNingboRMB 600 millionNingboManufacturing100.00Establishment
Hunan TuopuXiangtanRMB 800 millionXiangtanManufacturing100.00Establishment
Skateboard ChassisNingboRMB 2,000 millionNingboManufacturing100.00Establishment
Taizhou TuopuTaizhouRMB 100 millionTaizhouManufacturing100.00Establishment
SHANGHAI TUOPUYALEShanghaiRMB 50 millionShanghaiManufacturing100.00Establishment
Pinghu TuopuJiaxingRMB 208 millionJiaxingManufacturing100.00Establishment
Tuopu NorthCanadaCADCanadaTrading51.00Business

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

America Limited10,000combination not under common control
Tuopu USA, LLCUSAUSD 5 millionUSATrading100.00Establishment
Tuopu PolandPolandPLN 10 millionPolandManufacturing100.00Establishment
Xi’an TuopuXi’anRMB 200 millionXi’anManufacturing100.00Establishment
Wuhan TuopuWuhanRMB 150 millionWuhanManufacturing100.00Establishment
Sichuan TuopuLinshuiRMB 20 millionLinshuiManufacturing100.00Establishment
Liuzhou TuopuLiuzhouRMB 100 millionLiuzhouManufacturing100.00Business combination under common control
Huzhou TuopuHuzhouRMB 350 millionHuzhouManufacturing100.00Establishment
Baoji TuopuBaojiRMB 50 millionBaojiManufacturing100.00Establishment
Yantai TuopuYantaiRMB 62.80 millionYantaiManufacturing100.00Business combination under common control
Ningbo QianhuiNingboUSD 3.7551 millionNingboManufacturing51.00Business combination not under common control
Shenyang TuopuShenyangRMB 10 millionShenyangManufacturing100.00Establishment
Jinzhong TuopuJinzhongRMB 8 millionJinzhongManufacturing100.00Establishment
Chongqing TuopuChongqingRMB 14.6422 millionChongqingManufacturing100.00Business combination not under common control
Hangzhou TuopuHangzhouRMB 3 millionHangzhouManufacturing100.00Business combination not under common control
Shanghai TowinShanghaiRMB 12.1 millionShanghaiR&D100.00Establishment
Shenzhen TowinShenzhenRMB 20 millionShenzhenR&D100.00Establishment
Ushone E-commerceNingboRMB 100 millionNingboService100.00Establishment
Ushone TechnologyNingboRMB 300 millionNingboManufacturing100.00Establishment
Tuopu InvestmentNingboRMB 200 millionNingboInvestment100.00Establishment
Tuopu InternationalHong KongRMB 33 millionHong KongInvestment100.00Establishment
Tuopu Industrial AutomationNingboRMB 20 millionNingboManufacturing100.00Establishment
Tuopu North America USA Limited, INCUSAUSD 10USAService51.00Establishment

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

Tuopu SwedenSwedenSEK 50,000SwedenR&D100.00Establishment
TUOPU DO BRASILBrazilBRL 80.8095 millionBrazilManufacturing99.960.04Establishment
Tuopu MalaysiaMalaysiaMYR 2.50 millionMalaysiaManufacturing100.00Establishment
Chongqing ChassisChongqingRMB 500 millionChongqingManufacturing100.00Establishment
Anhui TuopuHuainanRMB 600 millionHuainanManufacturing100.00Establishment
Tuopu MexicoMexicoMXN 598,5179 millionMexicoManufacturing99.001.00Establishment
Tuopu Photovoltaic Technology (Ningbo Beilun)NingboRMB 50 millionNingboPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Hangzhou Bay)NingboRMB 100 millionNingboPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Pinghu)JiaxingRMB 50 millionJiaxingPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Taizhou)TaizhouRMB 20 millionTaizhouPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Jinhua)JinhuaRMB 10 millionJinhuaPower generation service100.00Establishment
Henan TuopuKaifengRMB 50 millionKaifengManufacturing100.00Establishment
Jinan TuopuJinanRMB 50 millionJinanManufacturing100.00Establishment
Tuopu Photovoltaic Technology (Ningbo Yinzhou)NingboRMB 50 millionNingboPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Xiangtan)XiangtanRMB 50 millionXiangtanPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Wuhan)WuhanRMB 30 millionWuhanPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Linshui)Guang’anRMB 20 millionGuang’anPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Suiningn)SuiningRMB 10 millionSuiningPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Liuzhou)LiuzhouRMB 10 millionLiuzhouPower generation service100.00Establishment
Tuopu Photovoltaic Technology (Shenyang)ShenyangRMB 10 millionShenyangPower generation service100.00Establishment
Ningbo Tuopu Trim PartsNingboRMB 21 millionNingboManufacturing100.00Business combination not under common control
Langfang Tuopu Trim PartsLangfangRMB 5 millionLangfangManufacturing100.00Business combination not under common control

Ningbo Tuopu Group Co., Ltd.Semi-annual Report 2024

Shenyang Tuopu MaigaoShenyangRMB 3 millionShenyangManufacturing100.00Business combination not under common control

(2). Important non-wholly owned subsidiaries

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Name of SubsidiaryPercentage of shares held by minority shareholdersProfit and loss attributable to minority shareholders in the current periodDividends declared to minority shareholders in the current periodBalance of minority shareholders' equity at the end of the period
Tuopu North America Limited493,720,127.791,228,770.26

Notes to the percentage of shares held by minority shareholder that is different from the percentage ofvoting rights:

□Applicable √Non-applicable

Other Notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(3). Main financial information of important non-wholly-owned subsidiaries

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Name of subsidiaryBalance at the end of the periodBalance at the beginning of the period
Current assetsNon-current assetsTotal assetsCurrent liabilitiesNon-current liabilitiesTotal LiabilitiesCurrent assetsNon-current assetsTotal assetsCurrent liabilitiesNon-current liabilitiesTotal Liabilities
Tuopu North American USA Limited, INC81,149,721.416,018,742.0787,168,463.4884,660,769.0884,660,769.0856,444,244.578,948,741.1065,392,985.6769,495,929.5069,495,929.50
Name of SubsidiaryAmount incurred in the current periodAmount incurred in previous period
Operating incomeNet profitTotal comprehensive incomeCash flow from operating activitiesOperating incomeNet profitTotal comprehensive incomeCash flow from operating activities
Tuopu North American USA Limited, INC705,347,044.557,592,097.547,592,097.548,936,436.28701,326,331.1812,757,929.7312,757,929.73-33,880,344.85

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(4). Significant restrictions on the use of group assets and the settlement of group debts

□Applicable √Non-applicable

(5). Financial support or other support provided to structured entities included in the scope ofconsolidated financial statements

□Applicable √Non-applicable

Other Notes:

□Applicable √Non-applicable

2. Transactions leading to a change in the share of owner's equity in the subsidiary and the controlover the subsidiary remains

□Applicable √Non-applicable

3. Rights and interests in joint ventures or associates

□Applicable √Non-applicable

(1). Important joint ventures or associates

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Name of joint venture or associatePrincipal Business SiteRegistered AddressBusiness NaturePercentage of Shares Held (%)Accounting treatment of investment in joint ventures or associate
DirectIndirect
Tuopu Electrical AppliancesNingboNingboManufacturing50.00Equity method

(2). Main financial information of important joint venturesMain financial information ofimportant joint ventures

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Balance at the end of the period/Amount incurred in the current periodBalance at the beginning of the period/Amount incurred in previous period
Tuopu Electrical AppliancesTuopu Electrical Appliances
Current assets265,799,808.10281,521,077.93
Including: cash and cash equivalents62,803,092.2536,912,035.93
Non-current assets44,460,372.3346,509,479.21
Total assets310,260,180.43328,030,557.14
Current liabilities71,199,733.89129,151,221.33
Non-current liabilities531,850.99

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Total liabilities71,199,733.89129,683,072.32
Minority shareholders' equity
Equity attributable to shareholders of the parent company239,060,446.54198,347,484.82
Share of net assets calculated at the percentage of shares held119,530,223.2799,173,742.41
Adjusted events-53,931.41-64,653.71
--Goodwill
--Unrealized profits from internal transactions-53,931.41-64,653.71
-Others
Book value of equity investment in joint ventures119,476,291.8699,109,088.70
Fair value of equity investment in joint ventures with public offers
Operating income189,399,253.97122,454,781.32
Financial expenses-130,124.06282,039.71
Income tax expense6,118,172.664,375,262.99
Net profit40,712,961.7224,898,919.02
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income40,712,961.7224,898,919.02
Dividends received from joint ventures in this year

(3). Main financial information of important associates

□Applicable √Non-applicable

(4). Summarized financial information on insignificant joint ventures and associates

□Applicable √Non-applicable

(5). Notes to significant restrictions on the ability of joint ventures or associates to transfer funds tothe Company

□Applicable √Non-applicable

(6). Excess losses suffered by joint ventures or associates

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(7). Unconfirmed commitments related to joint venture investment

□Applicable √Non-applicable

(8). Contingent liabilities related to investment in joint ventures or associates

□Applicable √Non-applicable

4. Important joint operations

□Applicable √Non-applicable

5. Equity in structured entities not included in the scope of consolidated financial statementsNotes to structured entities not included in the scope of the consolidated financial statements:

□Applicable √Non-applicable

6. Others

□Applicable √Non-applicable

XI. Government subsidies

1. Government grants recognized at the end of the reporting period based on amounts receivable

□Applicable √Not applicable

Reasons for failing to receive government grants in the estimated amount at the estimated point in time

□Applicable √Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

2. Liability items involving government grants

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Financial statement itemsOpening balanceAmount of new grants during the periodAmount included in non-operating income during the periodTransferred to other income during the periodOther changes during the periodClosing balanceAsset/income related
Automobile composite fiber production project141,666.6749,999.9891,666.69Asset-related
Production and application technology transformation project of lightweight materials for vehicles1,750,000.00437,500.021,312,499.98Asset-related
Technological transformation project of high-performance Vibration Control system4,621,219.22330,087.064,291,132.16Asset-related
Production line transformation project of high-performance Vibration Control system for cars1,102,476.00275,619.00826,857.00Asset-related
Digital workshop2,837,027.59202,644.842,634,382.75Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

project with an annual capacity of 120,000 sets of intelligent brake systems
Machine substitution for human project with an annual capacity of 700,000 sets of Vibration Control products826,000.00235,999.98590,000.02Asset-related
Technological transformation project of high-performance Vibration Control system for automobiles4,456,305.47445,630.564,010,674.91Asset-related
Technological Transformation Project of Automobile Interior and Exterior Trim Parts4,431,366.69407,733.244,023,633.45Asset-related
Technological Transformation Project of Automobile Lightweight Parts Production Line4,576,282.23457,628.164,118,654.07Asset-related
Technological Improvement Project for4,376,875.65437,687.583,939,188.07Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Automobile Lightweight Chassis Components
Technological transformation project of automobile lightweight chassis system production line4,649,268.11332,090.584,317,177.53Asset-related
Technological Transformation Project of Automobile Lightweight Control Arms21,328,207.60692,857.1420,635,350.46Asset-related
Technological transformation project of lightweight auto parts757,135.1454,081.06703,054.08Asset-related
Tuopu Intelligent Automotive Electronics Industrial Park Project8,114,431.38540,962.047,573,469.34Asset-related
Digitalization Workshop Project of Thermal Management System for New Energy Vehicles with Annual Capacity of 250,000 Sets16,410,256.421,025,641.0215,384,615.40Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Technology Transformation Project for New Energy Vehicle Chassis Key Parts13,594,517.32795,166.9212,799,350.40Asset-related
New Energy Vehicle Intelligent Brake System Digitalization Workshop6,433,159.48209,325.786,223,833.70Asset-related
New Energy Vehicle Electronic Chassis Critical Components Technological Transformation Project16,719,026.09911,058.8415,807,967.25Asset-related
Technological transformation project for the production line of automotive lightweight alloy parts with an annual capacity of 300,000 sets5,790,289.43500,000.105,290,289.33Asset-related
Technological Transformation Project of Automobile High-Performance Vibration Control System3,915,520.20286,603.803,628,916.40Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Land leveling subsidies7,313,818.9077,291.167,236,527.74Asset-related
Automotive Parts Production and Industrial Automation Project66,666,861.652,250,000.0064,416,861.65Asset-related
Automobile Lightweight Steering System Technological Transformation Project16,420,799.93995,200.0215,425,599.91Asset-related
2022 Automobile Chassis Vibration Control System Technological Transformation Project17,929,166.62956,250.0216,972,916.60Asset-related
Automobile High Performance Shock Absorption System Production Project with an Annual Capacity of 2 Million Sets4,929,166.62325,000.014,604,166.61Asset-related
Technological Transformation Project for Automotive NVH Interior Trim Parts2,190,900.76346,524.441,844,376.32Asset-related
Technological4,929,166.63325,000.014,604,166.62Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Transformation Project for Automotive Lightweight Components
Automotive Lightweight Components Technological Transformation Project with an Annual Capacity of 3 million sets4,929,166.63325,000.014,604,166.62Asset-related
District-level Technological Transformation Project for New Energy Vehicle Front and Rear Axle Assembly1,683,333.27100,000.021,583,333.25Asset-related
District-level Technological Transformation Project for Lightweight Steering System1,683,333.28100,000.021,583,333.26Asset-related
District-level Technological Transformation Subsidies for Automobile Chassis Vibration Control System1,683,333.27100,000.021,583,333.25Asset-related
Technological Transformation Project for New15,666,666.591,000,000.0214,666,666.57Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Energy Vehicle Front and Rear Axle Assembly
2023 Technological Transformation Subsidies for Automotive Control Arm Project3,766,666.69116,666.663,650,000.03Asset-related
2023 lightweight subframe digitalization workshop4,930,000.0085,000.004,845,000.00Asset-related
Pinghu Tuopu Auto Parts Production Project10,346,050.00397,925.009,948,125.00Asset-related
Relocation Project for Automotive Interior Trim Parts with an Annual Capacity of 300,000 sets442,375.1855,302.90387,072.28Asset-related
Technological Transformation Project for Lightweight Suspension System with an Annual Capacity of 350,000 sets5,188,000.00259,400.004,928,600.00Asset-related
Technological Transformation Project for New Energy Vehicle5,600,000.00280,000.005,320,000.00Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Battery Holder with an Annual Capacity 200,000 sets
Hunan Xiangtan Auto Parts Industrial Base Project14,226,009.67399,721.00405,063.9514,220,666.72Asset-related
Tuopu Chassis Auto Parts Industrial Base Project15,398,446.37164,689.2615,233,757.11Asset-related
Technological Transformation Project for Lightweight Automobile Chassis System Production Line with an Annual Capacity of 100,000 Sets3,563,721.74299,334.983,264,386.76Asset-related
Technical Improvement Subsidy for Chassis System2,700,000.005,263.162,694,736.84Asset-related
Related Auto Parts Production Line Project with an Annual Capacity of 300,000 sets401,147.3843,399.14357,748.24Asset-related
Automobile Chassis Components Project with an4,197,999.5551,614.754,146,384.80Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Annual Capacity of 500,000 sets
Production Line Project for Passenger Car Chassis Suspension Related Parts with an Annual Capacity of 500,000 sets1,398,804.64163,026.481,235,778.16Asset-related
Technological transformation project for automobile suspension chassis production line with an annual capacity of 500,000 sets2,339,628.20206,000.882,133,627.32Asset-related
Technological transformation project for automobile front and rear axle production line with an annual capacity of 200,000 sets409,269.80179,516.48229,753.32Asset-related
Technological transformation project for automobile suspension chassis production line with an818,520.16144,593.61673,926.55Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

annual capacity of 300,000 sets
Automobile Fabric Production Line Project2,087,711.71266,516.391,821,195.32Asset-related
Intelligent Factory Construction Project for Automobile Interior Trim Parts with an annual capacity of 2 million sets375,833.3155,000.00320,833.31Asset-related

Technologicaltransformationproject for AutoRoof and CarpetAssembly SeriesInterior TrimParts with anannual capacity of

1.6 million sets

495,000.0082,500.00412,500.00Asset-related
Liudong New Area Auto Parts Production Project1,109,674.4242,139.581,067,534.84Asset-related
Factory Outdoor Supporting Engineering Project5,307,890.16165,532.345,142,357.82Asset-related
Shenyang Tuopu Auto Parts Base Project194,444.39194,444.390.00Asset-related
Production Base Project for Tuopu New Energy57,600,000.000.0057,600,000.00Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Vehicles Lightweight Chassis System and Interior Vibration Control Trim Parts System
Subsidies for the Second Batch of Intelligent Manufacturing Projects in Beilun District in 2023 by Beilun District Economy and Information Bureau5,219,966.4253,355.725,166,610.70Asset-related
Tuopu Anhui land subsidies5,949,152.5510,000,000.00129,627.5815,819,524.97Asset-related
Incentive for domestic equipment upgrading and transformation from Economic and Information Technology Bureau of Qianwan New District1,000,000.0049,999.98950,000.02Asset-related
Receipt of 2023 Industrial Investment (Technological Reform and Reconstruction) Incentive from5,100,000.0042,500.005,057,500.00Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Qianwan New District
Total424,223,057.1819,199,721.0019,466,996.68423,955,781.50/

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

3. Government grants recognized in profit or loss for the period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

TypeAmount in current periodAmount in prior period
Asset related19,466,996.6816,435,725.56
Income related153,534,333.9370,696,427.95
Total173,001,330.6187,132,153.51

Other notes:

Government grants:

Unit: Yuan Currency: RMB

ItemAmount of government subsidiesAmounts recognized in profit or loss for the periodAsset-related/ Income-related
Automobile composite fiber production project1,000,000.0049,999.98Asset-related
Production and application technology transformation project of lightweight materials for vehicles7,000,000.00437,500.02Asset-related
Technological transformation project of high-performance Vibration Control system5,910,700.00330,087.06Asset-related
Production line transformation project of high-performance Vibration Control system for cars4,409,904.00275,619.00Asset-related
Digital workshop project with an annual capacity of 120,000 sets of intelligent brake systems4,041,000.00202,644.84Asset-related
Machine substitution for human project with an annual capacity of 700,000 sets of Vibration Control products4,720,000.00235,999.98Asset-related
Technological transformation project of high-performance Vibration Control system for automobiles8,250,992.00445,630.56Asset-related
Technological Transformation Project of Automobile Interior and Exterior Trim Parts7,794,112.00407,733.24Asset-related
Technological Transformation Project of Automobile Lightweight Parts Production Line8,443,472.00457,628.16Asset-related
Technological Improvement Project for Automobile Lightweight Chassis Components8,085,312.00437,687.58Asset-related
Technological transformation project of automobile lightweight chassis system production line6,125,420.00332,090.58Asset-related
Tuopu Intelligent Automotive Electronics27,000,000.00692,857.14Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Industrial Park Project
Digitalization Workshop Project of Thermal Management System for New Energy Vehicles with Annual Capacity of 250,000 Sets1,000,500.0054,081.06Asset-related
Technology Transformation Project for New Energy Vehicle Chassis Key Parts10,458,600.00540,962.04Asset-related
New Energy Vehicle Intelligent Brake System Digitalization Workshop20,000,000.001,025,641.02Asset-related
New Energy Vehicle Electronic Chassis Critical Components Technological Transformation Project15,161,900.00795,166.92Asset-related
Technological transformation project for the production line of automotive lightweight alloy parts with an annual capacity of 300,000 sets6,489,100.00209,325.78Asset-related
Technological Transformation Project of Automobile High-Performance Vibration Control System17,936,000.00911,058.84Asset-related
Land leveling subsidies10,000,000.00500,000.10Asset-related
Tuopu Intelligent Automotive Electronics Industrial Park Project5,713,900.00286,603.80Asset-related
Digitalization Workshop Project of Thermal Management System for New Energy Vehicles with Annual Capacity of 250,000 Sets7,729,116.0077,291.16Asset-related
Automotive Parts Production and Industrial Automation Project90,000,000.002,250,000.00Asset-related
Automobile Lightweight Steering System Technological Transformation Project19,904,000.00995,200.02Asset-related
2022 Automobile Chassis Vibration Control System Technological Transformation Project20,000,000.00956,250.02Asset-related
Automobile High Performance Shock Absorption System Production Project with an Annual Capacity of 2 Million Sets6,500,000.00325,000.01Asset-related
Technological Transformation Project for Automotive NVH Interior Trim Parts2,889,100.00346,524.44Asset-related
Technological Transformation Project for Automotive Lightweight Components6,500,000.00325,000.01Asset-related
Automotive Lightweight Components Technological Transformation Project with an Annual Capacity of 3 million sets6,500,000.00325,000.01Asset-related
District-level Technological Transformation Project for New Energy Vehicle Front and Rear Axle Assembly2,000,000.00100,000.02Asset-related
District-level Technological Transformation Project for Lightweight Steering System2,000,000.00100,000.02Asset-related
District-level Technological Transformation Subsidies for Automobile Chassis Vibration Control System2,000,000.00100,000.02Asset-related
Technological Transformation Project for New Energy Vehicle Front and Rear Axle Assembly20,000,000.001,000,000.02Asset-related
2023 Technological Transformation4,000,000.00116,666.66Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Subsidies for Automotive Control Arm Project
2023 lightweight subframe digitalization workshop5,100,000.0085,000.00Asset-related
Pinghu Tuopu Auto Parts Production Project14,470,000.00397,925.00Asset-related
Relocation Project for Automotive Interior Trim Parts with an Annual Capacity of 300,000 sets965,300.0055,302.90Asset-related
Technological Transformation Project for Lightweight Suspension System with an Annual Capacity of 350,000 sets5,188,000.00259,400.00Asset-related
Technological Transformation Project for New Energy Vehicle Battery Holder with an Annual Capacity 200,000 sets5,600,000.00280,000.00Asset-related
Hunan Xiangtan Auto Parts Industrial Base Project15,500,279.00405,063.95Asset-related
Tuopu Chassis Auto Parts Industrial Base Project16,000,000.00164,689.26Asset-related
Technological Transformation Project for Lightweight Automobile Chassis System Production Line with an Annual Capacity of 100,000 Sets4,386,700.00299,334.98Asset-related
Technical Improvement Subsidy for Chassis System2,700,000.005,263.16Asset-related
Related Auto Parts Production Line Project with an Annual Capacity of 300,000 sets1,110,000.0043,399.14Asset-related
Automobile Chassis Components Project with an Annual Capacity of 500,000 sets5,032,438.0051,614.75Asset-related
Production Line Project for Passenger Car Chassis Suspension Related Parts with an Annual Capacity of 500,000 sets2,539,990.00163,026.48Asset-related
Technological transformation project for automobile suspension chassis production line with an annual capacity of 500,000 sets3,541,300.00206,000.88Asset-related
Technological transformation project for automobile front and rear axle production line with an annual capacity of 200,000 sets3,056,045.00179,516.48Asset-related
Technological transformation project for automobile suspension chassis production line with an annual capacity of 300,000 sets2,582,045.00144,593.61Asset-related
Automobile Fabric Production Line Project4,104,000.00266,516.39Asset-related
Intelligent Factory Construction Project for Automobile Interior Trim Parts with an annual capacity of 2 million sets1,100,000.0055,000.00Asset-related

Technological transformation project forAuto Roof and Carpet Assembly SeriesInterior Trim Parts with an annualcapacity of 1.6 million sets

1,650,000.0082,500.00Asset-related
Liudong New Area Auto Parts Production Project1,510,000.0042,139.58Asset-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Factory Outdoor Supporting Engineering Project7,000,011.00165,532.34Asset-related
Shenyang Tuopu Auto Parts Base Project2,000,000.00194,444.39Asset-related
Production Base Project for Tuopu New Energy Vehicles Lightweight Chassis System and Interior Vibration Control Trim Parts System5,300,000.0053,355.72Asset-related
Subsidies for the Second Batch of Intelligent Manufacturing Projects in Beilun District in 2023 by Beilun District Economy and Information Bureau6,000,000.00129,627.58Asset-related
Incentive for domestic equipment upgrading and transformation from Economic and Information Technology Bureau of Qianwan New District1,000,000.0049,999.98Asset-related
Receipt of 2023 Industrial Investment (Technological Reform and Reconstruction) Incentive from Qianwan New District5,100,000.0042,500.00Asset-related
Subsidies for Large, Excellent and Strong Enterprises1,200,000.001,200,000.00Income-related
Social Security Subsidies for Female Employees of Enterprises in 2023 Q424,038.9124,038.91Income-related
Special Funds for Technological Reform in 2023 and Reward for Enterprise Cultivation and Growth Project in 20222,010,000.002,010,000.00Income-related
Funding Subsidies for 2022 Industrial Strengthening Zone of Pinghu Economic Development30,000.0030,000.00Income-related
Industrial Development Bureau 2022 Enterprises on the Steps Award10,000.0010,000.00Income-related
Subsidies for 2023 enterprise wind-up700,000.00700,000.00Income-related
Funding for Statistics of High-tech Zone for 2022 Q2-Q44,500.004,500.00Income-related
The first batch of provincial industrial development emergency funds in 202319,748.0019,748.00Income-related
Statistics Funding for 2023 Q1, Economic and Information Bureau1,500.001,500.00Income-related
R&D Funding for District Economic and Science Bureau in 20222,928.002,928.00Income-related
Unemployment refund for Hangzhou Employment Management Service Center550.94550.94Income-related
Subsidies for Industrial Enterprises Windfall in 2023100,000.00100,000.00Income-related
The first batch of subsidies for promoting industries from the District Science and Technology Bureau37,000,000.0037,000,000.00Income-related
High-quality development funding from the Development and Reform Bureau320,000.00320,000.00Income-related
2023 first batch of development support incentive allocation funds to Commerce and Trade Enterprises2,690,000.002,690,000.00Income-related
Tax Rebate (Stamp Duty)800,000.00800,000.00Income-related
Government Stamp Duty Subsidy2,440,000.002,440,000.00Income-related
Provincial high-tech enterprise research and development subsidy300,000.00300,000.00Income-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Pinghu Employment Center (social security for female workers during maternity leave) subsidy2,730.352,730.35Income-related
Job Retention Subsidy22,500.0022,500.00Income-related
Water-saving Enterprise Subsidy100,000.00100,000.00Income-related
High-tech Enterprise Subsidy220,000.00220,000.00Income-related
Subsidies for upgrading small enterprises200,000.00200,000.00Income-related
Subsidies for Regulated Enterprises100,000.00100,000.00Income-related
Reward and subsidy funds for enterprise sub-metering equipment and running costs2,100.002,100.00Income-related
Reward for Capacity Increase of Qianwan New District from September to December 20231,278,000.001,278,000.00Income-related
Subsidy for stabilizing job positions in 2022560,753.75560,753.75Income-related
Subsidy for enterprises to absorb jobs and social security in June-December 2023, allocated from the Employment Bureau146,700.06146,700.06Income-related
Government Incentives - First Batch of Sales Advancement Award in 202330,000.0030,000.00Income-related
Special Funds for Provincial Industrial Development for the First Batch in 202330,000.0030,000.00Income-related
Subsidies for industrial technological reform policy support projects in 2023130,000.00130,000.00Income-related
Award and subsidy funds for the management committee of the Economic Development Zone100,000.00100,000.00Income-related
Unemployment Insurance Stabilization Rebate1,000.001,000.00Income-related
Subsidies from the Bureau of Economy, Information, Science and Technology (Industrial Rainbird Policy Incentive Subsidy)50,530.9750,530.97Income-related
Subsidies for four-star benchmark enterprises of management innovation in new districts in 202320,000.0020,000.00Income-related
Subsidy for stabilizing jobs in 2022116,798.16116,798.16Income-related
VAT Withholding and Payment Handling Fee241,360.43241,360.43Income-related
One-time Subsidy for Job Expansion123,000.00123,000.00Income-related
Wuyi County Science and Technology Bureau 2022 R&D subsidy245,800.00245,800.00Income-related
Social Security Subsidy (Recruitment of Unemployed 4050 Personnel & Poverty Eradicators)27,060.3627,060.36Income-related
Patent Subsidy for Intellectual Property Office4,500.004,500.00Income-related
Promotion of Economic Development Policy Subsidy455,000.00455,000.00Income-related
Jingkai District Finance Bureau Award Funding290,000.00290,000.00Income-related
2023 Municipal Key Project Assessment Subsidy Funding50,000.0050,000.00Income-related
Subsidy for Promoting Industries11,110,000.0011,110,000.00Income-related
Subsidy for the Tenth Batch of Projects54,890,000.0054,890,000.00Income-related

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Specialized in New Energy Vehicles in 2024
Post-subsidy for enterprise R&D investment of Beilun District Science and Technology Bureau of Ningbo60,600.0060,600.00Income-related
Foreign Trade Enterprises Outbound Reward in January-April 20234,886.004,886.00Income-related
R&D subsidy for integrated die-casting molding of aluminum alloy structural parts400,000.00400,000.00Income-related
Subsidy for the Tenth Batch of Projects Specialized in New Energy Vehicles in 202421,935,000.0021,935,000.00Income-related
Subsidy for Capacity Expansion of Pinghu Economy and Information Technology Bureau43,900.0043,900.00Income-related
Provincial Science and Technology-based Small and Medium-sized Enterprises Reward5,000.005,000.00Income-related
Wuyi County Municipal Administration Invention Patent Subsidy in 202310,000.0010,000.00Income-related
Subsidy for Employment Bureau (Recruitment of New Growth Employees)1,000.001,000.00Income-related
Special fund subsidy for energy conservation339,108.00339,108.00Income-related
Subsidy for Technological Reform50,000.0050,000.00Income-related
Technology reform subsidy380,000.00380,000.00Income-related
Employment Bureau Subsidy277,000.00277,000.00Income-related
Yushi County Advanced Manufacturing Development Zone Management Committee Subject in 2024330,840.00330,840.00Income-related
Subsidy for New Labor for Enterprises in Qianwan New District in 2024300,000.00300,000.00Income-related
Subsidy for the Tenth Batch of Projects Specialized in New Energy Vehicles in 202411,065,900.0011,065,900.00Income-related
Funding Subsidy for Green Factory in Ningbo Qianwan New Area in 2023100,000.00100,000.00Income-related
Subsidy for Newly Incorporated Enterprises in Qianwan New Area in 202330,000.0030,000.00Income-related

X. Risks related to financial instruments

√Applicable □Non-applicable

The Company faces various financial risks in the course of its operations: credit risk, liquidity riskand market risk (including exchange rate risk, interest rate risk and other price risks). The said financialrisks and the risk management policies adopted by the Company to reduce these risks are describedbelow:

The Board of Directors is responsible for planning and establishing the risk management structureapplicable to the Company, laying down the risk management policies and guidelines, and supervisingthe implementation of risk management measures. The Company has laid down some risk managementpolicies to identify and analyze the risks exposed to it. These risk management policies clearly identifyspecific risks, ranging from market risk, credit risk to liquidity risk management. The Company assessesthe market environment and changes in its business activities at regular intervals in order to decide

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

whether to update the risk management policy and system or not. Its risk management is carried out bythe Risk Management Committee in accordance with the policies approved by the Board of Directors.Risk Management Committee will identify, evaluate and avoid related risks by maintaining a closecooperation with other business units within the Company. The internal audit division conducts regularaudits on risk management control and procedures, and reports the audit results to the AuditingCommittee of the Company.The Company carries out the diversification of risks in financial instruments through appropriatediversified investment and business portfolios, and prepares appropriate risk management policies toreduce the risk concentrated in a single industry, specific region or specific counterparty.

1. Credit risk

Credit risk refers to the risk of the company's financial losses due to the failure of the counterpartyto perform its contractual obligations.The credit risk exposed to the Company mainly arises from monetary funds, notes receivable,accounts receivable, accounts receivable financing, other receivables, as well as those debt instrumentinvestments and derivative financial assets that are not included in the scope of impairment assessmentand are measured at fair value and whose changes are included in the current profit and loss. On thebalance sheet date, the book value of the Company's financial assets has represented its maximum creditrisk exposure.The monetary funds owned by the Company are mainly bank deposits deposited in well-reputatedstate-owned banks with high credit ratings and other large and medium-sized listed banks. In the opinionof the Company, there is no significant credit risk, and there will be almost no critical loss caused bybank defaults.The Company lays down relevant policies to control credit risk exposure in respect of notesreceivable, accounts receivable, financing receivables and other receivables. The Company assesses thecredit profile of each customer and defines the credit term based on its financial standing, the possibilityof obtaining guarantees from a third party, credit record and other factors such as current marketcondition. The Company will monitor the credit record of each customer at regular intervals. For thosefound with poor credit record, the Company will maintain its overall credit risk to the extent controllableby written demand, shortening or cancellation of credit term.

2. Liquidity risk

Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation ofsettlement by cash or other financial assets.

The Company's policy is to ensure that there is sufficient cash to repay the liabilities due. Theliquidity risk is under the concentrated control of the Company's Financial Department. Throughmonitoring the balance of cash and securities cashable at any time and rolling forecasting the cash flowin the next twelve months, the Financial Department ensures that the Company has sufficient funds torepay its debts under all reasonable predictions. And it will continue to monitor whether the Companycomplies with the provisions of the borrowing agreement and obtains commitments from major financialinstitutions to provide sufficient reserve funds to meet its funding needs, whether short term or longterm.

3. Market risk

The market risk of financial instruments refers to the risk of fluctuation at fair value of financialinstruments or future cash flows with the change of market prices, including exchange rate risk, interestrate risk and other price risks.

(1) Interest rate risk

The interest rate risk refers to the risk in which the fair value or future cash flow of financialinstruments changes due to the change of market interest rate.

Interest-bearing financial instruments applicable to fixed interest rates and floating interest ratesbring the Company up to fair value interest rate risk and cash flow interest rate risk respectively. TheCompany ascertains the ratio of fixed interest rates to floating interest rate instruments based on themarket environment, and maintains an appropriate portfolio of fixed and floating interest rateinstruments at regular intervals. If necessary, the Company will adopt interest rate swap instruments tohedge interest rate risk.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

On June 30, 2024, if other variables remain the same, the borrowing interest rate calculated byfloating interest rate rises or falls by 100 base points, the Company's net profit will decrease or increaseby RMB 23,150,372.49. In the opinion of the management,100 base points can reasonably reflect thereasonable range of possible changes in interest rates in the next year.

(2) Exchange rate risk

Exchange rate risk refers to the risk that the fair value of financial instruments or future cash flowswill fluctuate due to changes in foreign exchange rates.

The Company will try its best to match the revenues with the expenses in foreign currency, to lowerthe exchange rate risk. In addition, the Company may also sign forward foreign exchange contracts orcurrency swap contracts to avoid exchange rate risks. In the current period and the previous period, thecompany did not sign any forward foreign exchange contracts or currency swap contracts.

The exchange rate risk faced with by the Company is mainly from financial assets and liabilities inUSD. The amounts of assets and liabilities in foreign currencies and converted into RMB are presentedas below:

ItemBalance at the end of the periodBalance at the End of Last Year
US dollarsOther foreign currenciesTotalUS dollarsOther foreign currenciesTotal
Cash and bank balances18,646,917.39442,271,027.82460,917,945.21272,871,157.38179,132,342.92452,003,500.30
Accounts receivable155,037,631.371,461,841,009.291,616,878,640.66530,455,755.57411,937,700.49942,393,456.06
Other Receivables2,320,478.9738,524,013.3840,844,492.3517,549,238.9713,482,218.1231,031,457.09
Accounts payable1,346,532.29134,274,222.61135,620,754.9062,456,222.83113,998,603.33176,454,826.16
Other Payables1,078,436.227,093,667.388,172,103.60555,541.92428,818.53984,360.45
Total178,429,996.242,084,003,940.482,262,433,936.72883,887,916.67718,979,683.391,602,867,600.06

On June30, 2024, if all other variables remain the same, if the exchange rate of RMB against any offoreign currencies (principally USD, Euro, CAD, BRL, MYR, SEK, PLN) appreciates or depreciates by5%, the Company will Increase or decrease the net profit by RMB 98,742,410.98. In the opinion of themanagement, 5% can reasonably reflect the reasonable range of possible changes in the exchange rate ofRMB against any of the above foreign currencies in the next year.

(3) Other price risks

Other price risk refers to the risk that the fair value or future cash flow of financial instrumentswill fluctuate due to changes in market prices other than exchange rate risk and interest rate risk.

Other price risks exposed to the Company mainly arise from investments in various equityinstruments, and there is a risk of changes in the price of equity instruments.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

2. Hedging

(1) The company conducts hedging business for risk management

□Applicable √Not applicable

Other notes

□Applicable √Not applicable

(2) The Company conducts eligible hedging operations and applies hedge accounting

□Applicable √Not applicable

Other notes

□Applicable √Not applicable

(3) The company conducts hedging business for risk management and expects to achieve the riskmanagement objectives, but does not apply hedge accounting.

□Applicable √Not applicable

Other notes

□Applicable √Not applicable

3. Transfer of financial assets

(1) Classification of transfer methods

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Mode of transferNature of financial assets transferredAmount of financial assets transferredDerecognition of financial assetsJudgment basis for derecognition
EndorsementOutstanding bank acceptance notes in receivables financing1,370,555,249.36DerecognitionSince the credit risk and deferred payment risk of bankers' acceptances in receivables financing are small, and the interest rate risk related to the notes has been transferred to the bank, it can be judged that the major risks and rewards of title of the notes have been transferred, so they are

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

derecognized.
Total/1,370,555,249.36//

(2) Financial assets derecognized due to transfer

√Applicable □Not applicable

Unit: Yuan Currency: RMB

ItemMode of transfer of financial assetsAmount of financial assets derecognizedGain or loss related to derecognition
Receivables financingEndorsement1,370,555,249.36
Total/1,370,555,249.36

(3) Transferred financial assets with continuing involvement

□Applicable √Not applicable

Othe notes

□Applicable √Not applicable

XIII. Disclosure of Fair Values

1. Fair values of the assets and liabilities at the end of the period

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemFair value at the end of the period
Fair value measurement at the first-levelFair value measurement at the second-levelFair value measurement at the third-levelTotal
I. Constant measurement at fair value
(I) Trading Financial Assets935,400.961,640,000,000.001,640,935,400.96
1. Financial assets at fair value through profit or loss in this period935,400.961,640,000,000.001,640,935,400.96
(1) Investment in debt instruments
(2) Investment in equity instrument935,400.96935,400.96
(3)Derivative Financial Assets
(4) Other1,640,000,000.001,640,000,000.00
2. Designated financial assets that are measured at fair value and whose changes are included in the current profit and loss
(1) Investment in debt

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

instruments
(2) Investment in equity instrument
(II) Receivables financing881,452,138.71881,452,138.71
Total assets measured at fair value on an ongoing basis935,400.962,521,452,138.712,522,387,539.67
(VI) Financial liabilities held for trading
1. Financial liabilities that are measured at fair value and whose changes are included in the current profit and loss
Including: issued trading bonds
Derivative Financial Liabilities
Others
2. Designated Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit and Loss
Total amount of liabilities constantly measured at their fair values
II. Non-continuous fair value measurement
(1) Held-for-sale assets
Total assets that are not continuously measured at fair value
Total liabilities not continuously measured at fair value

2. Determination basis for the market price of continuous and non-continuous first-level fair valuemeasurement projects

√Applicable □Non-applicable

The Company's trading financial assets included in the first level of fair value measurement are theshares of Lifan Technology (Group) Company Limited ("Lifan Technology"), which are listed on themain board of the Shanghai Stock Exchange and have active quoted prices, therefore, the closing priceof the shares of Lifan Technology is regarded as the fair value.

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

3. Qualitative and quantitative information on the valuation techniques used and importantparameters for continuous and non-continuous second-level fair value measurement items

□Applicable √Non-applicable

4. Continuous and non-sustainable third-level fair value measurement projects, qualitative andquantitative information on valuation techniques and important parameters used

√Applicable □Non-applicable

1. For bank financial products included in trading financial assets, the Company uses the expectedrate of return to forecast future cash flows, the unobservable estimate is the expected rate of return, andthe fair value is determined at the end of the period based on the amount that is expected to be recoveredwith a high probability.

2. For receivables financing, the Company determines the fair value of the promissory notes at theend of the period based on the face amount, considering the small difference between the face amountand the fair value.

5. Continuous third-level fair value measurement items, adjustment information between the bookvalue at the beginning of the period and that at the end of the period and sensitivity analysis ofunobservable parameters

□Applicable √Non-applicable

6. Continuous fair value measurement items, if there is a conversion between levels occurred in thecurrent period, the reasons for the conversion and the policies for determining the time point ofthe conversion

□Applicable √Non-applicable

7. Changes in valuation technique in the current period and reasons for the changes

□Applicable √Non-applicable

8. The fair value of financial assets and financial liabilities not measured at fair value

√Applicable □Non-applicable

The Company's financial assets and financial liabilities that are measured at amortized cost consistmainly of cash funds, notes receivable, accounts receivable, other receivables, short-term borrowings,notes payable, accounts payable, other payables, non-current liabilities due within one year, long-termborrowings and bonds payable.

The differences between the carrying amounts and fair values of the Company's financial assets andliabilities not measured at fair value were minimal and are not disclosed in detail.

9. Others

□Applicable √Non-applicable

XIV. Related Parties and Related-party Transactions

1. The parent company

√Applicable □Non-applicable

Unit: Yuan Currency: HKD

Name of parent companyRegistered addressNature of businessRegistered capitalPercentage of the Company’s shares held by the parent companyPercentage of the Company’s voting rights held by the parent company
Mecca International Holding (HK)Hong KongInvestment1,000,000.0059.6659.66

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Limited

The ultimate controlling party of the Company is Wu Jianshu.

2. Subsidiaries of the Company

More details of the subsidiaries of the Company are available in the notes.

√Applicable □Non-applicable

Details about the subsidiaries of the Company are available in the note "X. Interests in otherentities"

3. Joint ventures and associates of the Company

More details of the subsidiaries of the Company are available in the note.

√Applicable □Non-applicable

Details about the subsidiaries of the Company are available in the note "X. Interests in otherentities"

The situation of other joint ventures or associates that have related party transactions with the companyduring the current period or the balance of the related party transactions with the Company in theprevious period is listed as follows.

√Applicable □Non-applicable

Other Notes

√Applicable □Non-applicable

4. Other Related Parties

√Applicable □Non-applicable

Name of Other Related PartyRelationship between Other Related Party and the Company
Ninghai Jinsuoer Auto Parts Co., Ltd. [Note]A company controlled by the niece of the actual controller of the Company
Ninghai Saipu Rubber and Plastic Parts Factory [Note]A company controlled by the niece of the actual controller of the Company
Ninghai Jinxin Packaging Co., Ltd.A company controlled by the young sister of the actual controller of the Company
Ninghai Zhonghao Plastic Products Co., Ltd.An officer’s brother-in-law holds 40% of the shares and serves as an executive director of the company
Ninghai Xidian Qingqing Plastic FactoryA company controlled by the elder sister and brother-in-law of the officer of the Company
Ningbo Hongke Auto Parts Co., Ltd. [Note]A company controlled by the niece’s husband of the actual controller of the Company
Ningbo Gloyel Intelligent Technology Co. Ltd.Other company controlled by the actual controller of the Company
Ningbo Gloyel Motor Technology Co., Ltd.Other company controlled by the actual controller of the Company
Gloyel Electric (Ningbo) Co., Ltd.Other company controlled by the actual controller of the Company

Note: Ninghai Jinsuoer Auto Parts Co., Ltd., Ninghai Saipu Rubber and Plastic Parts Factory, andNingbo Hongke Auto Parts Co., Ltd., are entities controlled by the niece of Mr. Wu Jianshu, who is theactual controller of the Company. In accordance with the definition of connected persons for listedcompanies as outlined in section 6.3.3 of the Rules Governing the Listing of Stocks on the ShanghaiStock Exchange (Revised in August 2023), these entities do not qualify as connected persons of Tuopu

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Group. Consequently, their routine transactions with Tuopu Group are not classified as connectedtransactions, and their cumulative business activities represent a relatively minor portion of theCompany's overall revenue. Beginning in 2024, the Company will cease to recognize theaforementioned three entities as related parties, and they will no longer be included in the Company'sregular reports, audit reports, announcements regarding daily connected transactions, or any otherdocumentation.

5. Related party transactions

(1). Related-party transactions of purchase and sale of goods, rendering and acceptance of laborservicesList of purchase of goods/acceptance of labor services

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Related partyRelated-party transactionAmount incurred in the current periodApproved transaction limit (if applicable)Whether the transaction limit is exceeded (if applicable)Amount incurred in previous period
Ninghai Jinxin Packaging Co., Ltd.Material8,777,651.5120,000,000.00No7,907,317.42
Ninghai Zhonghao Plastic Products Co., Ltd.Material14,269,194.8225,000,000.00No9,660,854.24
Ninghai Xidian Qingqing Plastic FactoryMaterial2,855,692.117,000,000.00No2,231,033.04
Tuopu Electrical Appliances Co., Ltd.Material249,335.05400,000.00No180,839.17
Ningbo Borgers Tuopu Automobile Parts Co., Ltd.Material3,951,220.505,000,000.00No6,802,215.97
Ningbo Gloyel Motor Technology Co., Ltd.Material35,765,025.8040,000,000.00No12,017,177.83
Ningbo Gloyel New Energy Co. Ltd.Labor service1,593,693.995,000,000.00No-
Ningbo Gloyel Intelligent Technology Co. Ltd.Equipment42,077,560.6380,000,000.00No53,169,071.20

List of sale of goods/rendering of labor services

□Applicable √Non-applicable

Unit:Yuan Currency:RMB

Related partyContent of related transactionAmount incurred in the current periodAmount incurred in previous period
Tuopu Electrical Appliances Co., Ltd.Material2,468,098.592,110,153.72
Ningbo Borgers Tuopu Automobile Parts Co., Ltd.Material15,655,164.6561,156,655.24
Ningbo Gloyel Motor Technology Co., Ltd.Material1,649,514.771,527,970.48
Ningbo Gloyel New Energy Co. Ltd.Equipment19,578.05

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Notes to related-party transactions in the purchase and sale of goods, rendering and acceptance of laborservices

□Applicable √Non-applicable

The acquisition of Ningbo Borgers by the Company was finalized on April 25, 2024. Consequently, thedata for Ningbo Borgers reflected in the above table pertains to the period from January to April 2024.

(2). Related trusteeship management/contracting and entrusted management/outsourcingList of trusteeship management/contracting of the Company:

□Applicable √Non-applicable

Related trusteeship/contracting

□Applicable √Non-applicable

List of entrusted management/outsourcing

□Applicable √Non-applicable

Related management/outsourcing

□Applicable √Non-applicable

(3). Related leases

The Company as landlord:

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Name of tenantKind of lease assetsRental income recognized in the current periodRental income recognized in previous period
Ningbo Gloyel Electric Motor Technology Co., Ltd.Houses and structures99,082.5799,082.57
Ningbo Gloyel Intelligent Technology Co., Ltd.Houses and structures308,715.60

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

The Company as tenant:

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

Name of tenantKind of lease assetsRental charges for short-term leases and leases of low-value assets for simplified processing (if applicable)Variable lease payments not included in the measurement of the lease liability (if applicable)Rent paidInterest expense on lease liability assumedAdded right-of-use assets
Amount incurred in the current periodAmount incurred in previous periodAmount incurred in the current periodAmount incurred in previous periodAmount incurred in the current periodAmount incurred in previous periodAmount incurred in the current periodAmount incurred in previous periodAmount incurred in the current periodAmount incurred in previous period
Gloyel Electric (Ningbo) Co., Ltd.Houses and structures1,564,744.961,564,744.96181,686.9270,955.02

Affiliated leases

□Applicable √Non-applicable

(4). Related guarantees

The Company as guarantor

√Applicable □Non-applicable

Unit:in 10,000 Yuan Currency:RMB

Guaranteed partyGuaranteed amountFromUntilWhether the guarantee has been fulfilled
Tuopu Poland5,417.44Refer to Note (1)Refer to Note (1)No
Tuopu Photovoltaic Technology (Hangzhou Bay)3,600.002021-12-92033-12-9No
Tuopu Mexico10,276.002023-11-12030-10-31No
Tuopu Mexico26,995.962023-11-152034-1-14No
Tuopu Mexico3,967.952024-2-62029-7-15No

The Company as guaranteed party

□Applicable √Non-applicable

Notes to related guarantees

√Applicable □Non-applicable

(1) For smooth conduct of business operations in Europe, Tuopu Poland sp.z.o.o, ("Tuopu Poland")is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases 7RPROJEKT 35 Sp. z.o.o ("7R Project Company"), customized industrial plants in Poland (includingoffice areas, production areas and warehouses). According to business practice and actual needs, theCompany provided performance bond for the said lease agreement, and authorized the chairman orauthorized representative to sign the relevant guarantee. The total liability of the letter of guarantee mustnot exceed 7 million euros (about RMB 54.1744 million), and the maturity period covers the entire termof the said lease agreement and five months after its expiration or termination, but no later than August 1,2029.

(2) On 9 December 2021, Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co.,Ltd., the wholly-owned sub-subsidiary signed a loan contract with China Development Bank NingboBranch, with the granted credit line at RMB 60 million, under the loan contract number(2021)3302202101100001111. The term of this medium and long-term loan is 12 years whichcommences from 9 February 2021 till 9 December 2023, subject to the repayment schedule as set out inthe contract. The form of guarantee is setting the real property (located at No. 59, Guanhai Road,Chunxiao, Beilun District, Ningbo) on mortgage, such guarantee is provided by Ningbo Tuopu GroupCo., Ltd. for the benefit of Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co., Ltd.As of 31 December 2023, the balance of this medium and long-term loan is RMB 39 million, theoriginal value and net value of the real property on mortgage is RMB 45,324,720.72 and RMB34,905,288.82 respectively; the original value and net value of land on mortgage is RMB 13,070,562.81and RMB 9,585,079.49 respectively.

(3) In order to expand its business in North America, Tuopu Group Mexico,S.de R.L. de C.V("Tuopu Mexico"), a subsidiary of the Company, has hired David Wolberg Peia, Armando ArturoGonzález Gutiérrez, a natural person, and Alberto González Gutiérrez, Adrián González Gutiérrez, anatural person, Arturo González Gutiérrez, Alberto González Gutiérrez and Adrián González Gutiérrez,natural persons (hereinafter collectively referred to as the "Lessors"), and has concluded an agreementwith the legal representatives of the five aforementioned co-owners. A lease agreement has been signedwith Irma Garza Ita, the legal representative of the five co-owners mentioned above. The agreementprovides for monthly rent payments beginning on November 1, 2023 and ending after 84 months (i.e.,October 31, 2030). In view of the business practice and practical needs, the Company provided

guarantee for the rent agreed in the said lease agreement and authorized the Chairman of the Board ofDirectors or his authorized representative to sign the guarantee. The total liability of the guarantee willnot exceed USD14 million (approximately RMB102.76 million) and the validity period of the guaranteecovers the entire validity period of the said lease agreement.

(4) In order to continue to expand its business in North America, Tuopu Mexico, a subsidiary ofthe Company, leased an industrial building located in the State of Nuevo León, Mexico (hereinafterreferred to as the "Phase II Building") to BANCO ACTINVE, S.A. INSTITUCI?N DEBANCAMULTIPLE, GRUPOFINANCIERO ACTINVER, COMO FIDUCIARIO DELFIDEICOMISOF/ 1401, a lessor, for use as the second phase of Tuopu Mexico's plant for automotive parts. 1401 leasedits industrial building located in Nuevo Leon, Mexico as the second phase of the Tuopu Mexico Plant(hereinafter referred to as the "second phase") for the production of automotive parts and entered into alease agreement with it for a term commencing on November 15, 2023 and ending on January 14, 2034,which is expected to be completed by the end of the lease term. In view of the business practice andpractical needs, Tuopu USA, LLC, a wholly-owned subsidiary of the Company, has provided aguarantee for the rental and related taxes agreed in the aforesaid lease agreement, with the totalguarantee liability not exceeding USD 35 million (approximately RMB 248,335,500), and the validityperiod of the guarantee will cover the entire validity period of the aforesaid lease agreement. At the sametime, the Board agreed that the Company shall deliver to the Lessor a standby letter of credit issued by acommercial bank to secure the lease of the Phase II Plant, with a standby letter of credit in the amount ofUSD 3,047,669.86 (approximately RMB 21,624,131.96), which is equivalent to the first year's rent ofthe Phase II Plant (including relevant taxes). The total amount of the above guarantees is USD38,047,669.86 (approximately RMB 269,959,631.96).

(5) Tuopu Group Mexico,S.de R.L. de C.V, a fully-owned subsidiary, has taken steps to further itsexpansion in North America by leasing an industrial facility from BancoMonex, S.A., I.B.M, MonexGrupo Financiero, which is acting as the Trustee for the Trust designated as F/3485. This facility,located in the State of Nuevo Leon, Mexico, will serve as Tuopu Mexico's plant for the manufacturing ofautomotive components within its trim operations. A lease agreement was formalized on February 6,2024, with a duration of five years. To ensure compliance with the rental obligations outlined in thelease, the Company has provided a standby letter of credit as a guarantee. The cumulative value of thetwo standby letters of credit amounts to US$5,582,369.27 (approximately RMB39,679,480.77). Thecontract remains effective from February 6, 2024, until July 15, 2029.

(5). Borrowed funds from related parties

□Applicable √Non-applicable

(6). Asset transfer and debt restructuring of related parties

□Applicable √Non-applicable

(7). Remuneration of key management members

√Applicable □Non-applicable

Unit:in 10,000 Yuan Currency:RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Remuneration from key management members4,088,692.263,587,350.52

(8). Other related-party transactions

□Applicable √Non-applicable

6. Accounts receivable and payable of related parties

(1). Items of receivable

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemRelated partyBalance at the end of the periodBalance at the beginning of the period
Book balanceBad debt provisionBook balanceBad debt provision
Accounts receivableTuopu Electrical Appliances Co., Ltd.1,709,968.7685,498.442,828,883.09141,444.15
Accounts receivableNingbo Borgers Tuopu Automobile Parts Co., Ltd.40,000,051.532,000,002.58
Other non-current assetsNingbo Gloyel Intelligent Technology Co. Ltd.1,846,000.002,387,197.00
Accounts receivableNingbo Gloyel Motor Technology Co., Ltd.531,264.3926,563.22

(2). Items of payable

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemRelated partyBook balance at the end of the periodBook balance at the beginning of the period
Accounts payableTuopu Electrical Appliances Co., Ltd.498,225.84424,128.00
Accounts payableNingbo Borgers Tuopu Automobile Parts Co., Ltd.2,584,443.67
Accounts payableNinghai Jinxin Packaging Co., Ltd.6,864,084.179,204,110.32
Accounts payableNinghai Zhonghao Plastic Products Co., Ltd.7,654,296.678,604,784.92
Accounts payableNinghai Xidian Qingqing Plastic Factory2,058,921.632,109,134.61
Accounts payableNingbo Gloyel Intelligent Technology Co., Ltd.434,509.821,025,652.12
Accounts payableNingbo Gloyel Motor Technology Co., Ltd.15,821,380.309,804,836.10
Accounts payableGloyel Electric (Ningbo) Co., Ltd.434,567.45549,037.21
Accounts payableNingbo Gloyel New Energy Technology Co., Ltd.292,803.36
Lease liabilitiesGloyel Electric (Ningbo) Co., Ltd.7,268,700.28,651,758.24

(3). Other items

□Applicable √Non-applicable

7. Related party commitments

□Applicable √Non-applicable

8. Others

□Applicable √Non-applicable

XIV. Share-based payment

1. Equity instruments

□Applicable √Not applicable

Stock options or other equity instruments issued and outstanding at the end of the period

□Applicable √Not applicable

2. Equity-settled share-based payments

□Applicable √Not applicable

3. Cash-settled share-based payments

□Applicable √Not applicable

4. Share-based payment expenses for the period

□Applicable √Not applicable

5. Modification and termination of share-based payment

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

XV. Commitments and Contingencies

1. Important commitments

√Applicable □Non-applicable

Important external commitments, nature, and amount on the balance sheet date

(1) On 14 November 2022, the Company signed a loan contract with the Export-Import Bank ofChina Ningbo Branch, with the granted credit line at RMB 300 million, under the loan contract number(2022) Jin Chu Yin (Yong Xin He) No. 1-135. As of June 30, 2024, the long-term loan balance underthe contract is RMB 300 million. On January 6, 2023, the Company signed a loan contract with theExport-Import Bank of China Ningbo Branch, with the granted credit line at RMB 300 million, underthe loan contract number (2023) Jin Chu Yin (Yong Xin He) No. 1-010. As of June 30, 2024, the

long-term loan balance under the contract is RMB 300 million. On November 14, 2023, the Companysigned a loan contract with the Export-Import Bank of China Ningbo Branch, with the granted credit lineat RMB 400 million, under the loan contract number (2024) Jin Chu Yin (Yong Xin He) No. 1-129. Asof June 30, 2024, the long-term loan balance under the contract is RMB 400 million. On June 30, 2024,the Company signed a loan contract with the Export-Import Bank of China Ningbo Branch, with thegranted credit line at RMB 400 million. On June 13, 2024, the Company signed a loan contract with theExport-Import Bank of China Ningbo Branch, with the granted credit line at RMB 380 million, underthe loan contract number (2024) Jin Chu Yin (Yong Xin He) No. 1-057. As of June 30, 2024, thelong-term loan balance under the contract is RMB 380 million. On June 13, 2024, the Company signed aloan contract with the Export-Import Bank of China Ningbo Branch, with the granted credit line at RMB120 million, under the loan contract number (2024) Jin Chu Yin (Yong Xin He) No. 1-058. As of June30, 2024, the long-term loan balance under the contract is RMB 120 million. The form of guarantee issetting real properties on mortgage, under the guarantee contract number (2022) Jin Chu Yin (Yong ZuiXin Di) No. 1-001, (2022) Jin Chu Yin (Yong Zui Xin Di) No. 1-003 and (2024) Jin Chu Yin (Yong ZuiXin Di) No. 1-003. The original value of the properties used for mortgage is RMB 944,051,258.94 witha net value of RMB 637,914,621.91 (of which the original value of fixed assets is RMB 919,521,612.08with a net value of RMB 611,764,010.67; the original value of investment properties is RMB24,529,646.86 with a net value of RMB 8,165,756.94); and the original value of the land used formortgage is RMB 202,898,354.01 with a net value of RMB 154,034,087.62.

(2) The Company and Ping An Bank Ningbo Beilun Sub-branch engaged in several agreements,specifically Ping An Bank Ningbo Strategy II Division Cheng Shen Zi No. 20231018 No.006, Ping AnBank Ningbo Strategy II Division Cheng Shen Zi No. 20231117 No.006, Ping An Bank Ningbo StrategyII Division Cheng Shen Zi No. 20231219 No.006, Ping An Bank Ningbo Strategy II Division ChengShen Zi No. 20230714 No.006, Ping An Bank Ningbo Strategy II Division Cheng Shen Zi No.20230821 No.006, as well as Ping An Bank Ningbo Strategy II Department Cheng Shen Zi No.20230915 No.006 applications for acceptance note. As of June 30, 2024, the Company submitted a bankacceptance deposit of RMB 12,100,000.00 to Ping An Bank Ningbo Beilun Sub-branch, resulting in theissuance of a note payable amounting to RMB 323,804,367.67.

(3) The Company engaged in a collaborative agreement with Zheshang Bank Company LimitedNingbo Branch, through the bill pool business cooperation agreement No. (33100000) Zheshang AssetPool Zi (2023) No. 18285 and the pledge pool guarantee contract No. (33100000) Zheshang Asset PoolQi Zi (2023) No. 18286. As of June 2024, there remains a pledge of bank acceptance note amounting toRMB 5,271,872.86. Additionally, a deposit of RMB 192,625.82 was paid to the bank in relation to thebank acceptance note. Consequently, a note payable of RMB 5,199,721.89 was issued.

(4) On 9 December 2021, Tuopu Photovoltaic Technology (Hangzhou Bay) and ChinaDevelopment Bank Ningbo Branch finalized a RMB fund loan agreement. The loan amount was RMB60 million, and the loan contract number was (2021)3302202101100001111. This medium- andlong-term loan has a duration of 12 years, starting from December 9, 2021, and ending on December 9,2033. The loan will be repaid according to the agreed-upon repayment schedule. To secure the loan, theCompany provided a real estate mortgage, specifically a mortgage guarantee on the property located atNo. 59, Chunxiao Guanhai Road, Beilun District, Ningbo, to Top Solar (Hangzhou Bay). As of June 30,2024, the remaining balance of the medium- and long-term borrowings under this contract was RMB 36million. The original value of the mortgaged property was RMB 45,324,720.72, with a net value ofRMB 33,888,928.55. Additionally, the original value of the mortgaged land was RMB 13,070,562.81,with a net value of RMB 9,454,373.86.

(5) The Company and the Management Committee of Ningbo Qianwan New Area signed aninvestment agreement in 2022 under the contract number Xin Qu Tou Xie [2022] No. 1. The agreementspecified that the fixed assets investment intensity should be RMB 3 million per mu and the average taxrevenue per mu should be RMB 0.38 million per mu. Failure to meet these terms would result in apenalty of RMB 161,100,000. Additionally, the Company obtained an Irrevocable Bank Guarantee fromBank of China Beilun Branch on 19 September 2022, for an amount not exceeding RMB161,100,000,000 in favor of the Management Committee of Ningbo Qianwan New Area. The guarantee,with number GC1901322000187, is valid from September 19, 2022, to September 30, 2030. Thisguarantee ensures that Bank of China Beilun Branch will pay the Management Committee of NingboQianwan New Area up to RMB 161,100,000 in case of default, upon receiving the necessarydocumentation.

(6) In compliance with the U.S. Customs bonding requirements, the Company entered into anIrrevocable Bank Guarantee with Citibank on 12 September 2023. This guarantee, identified asGuarantee No. 69628907, was established in favor of AVALON RISK MANAGEMENT INSURANCEAGENCY and is valued up to USD 2.8 million. The validity period of this guarantee spans from 12September 2023, to September 12, 2024. Its purpose is to ensure the timely payment of a draft, notexceeding USD 2.8 million, upon Citibank's receipt of a draft in accordance with the terms outlined inthis letter of credit.

(7) On 22 August 2023, Tuopu Automobile Electronics and Ping An Bank, Ningbo Branch,entered into an agreement known as the application for acceptance note numbered Ping An BeilunCheng Shen Zi No. 20230822 No. 006. According to this agreement, Tuopu Automobile Electronics isrequired to provide a deposit equal to or greater than 6.03% of the face value of the acceptance note. Theacceptance note is secured by a mortgage. As of June 30, 2024, Tuopu Automobile Electronics has paida total of RMB 3,700,000.00 to Ping An Bank as a deposit for the bank acceptance note. Based on thispayment, a note payable in the amount of RMB 74,090,293.43 was issued.

(8) Skateboard Chassis signed a construction contract with Ningbo Longyuan ShenghongEcological Construction Engineering Co. Ltd. for two projects: the annual production capacity of 1.1million sets of interior functional trim parts and the annual production capacity of 1.3 million sets ofthermal management systems for Tuopu Skateboard Chassis (Ningbo) Co. Ltd. The company alsoentered into a Payment Guarantee with Bank of China Limited Ningbo Branch on 1 March 2023, infavor of Ningbo Longyuan Shenghong Ecological Construction Engineering Co. Ltd. The guaranteeamount is RMB 1.7152 million, with Guarantee No. GC1900323000176. The validity period is from theeffective date of the main contract to 28 days after the payment of the contract sum. If SkateboardChassis fails to pay the contract sum, the bank will pay on their behalf within the guaranteed amount.Skateboard Chassis has already paid the guarantee deposit of RMB 1,715,200,000 to Bank of ChinaLimited Ningbo Branch.

(9) Skateboard Chassis signed a construction contract with Ningbo Zhongqin ConstructionEngineering Co. Ltd. for the construction contract for civil general contracting works for the project withan annual production capacity of 1.6 million sets of lightweight chassis systems, under the contractnumber G1012024032202. The company also entered into a Payment Guarantee with Bank of ChinaLimited Ningbo Branch on April 3, 2024, in favor of Ningbo Zhongqin Construction Engineering Co.Ltd. The guarantee amount is not exceeding RMB 2.6386 million, with Guarantee No.GC1900324000216. The validity period is from the effective date of the main contract to 28 days afterthe payment of the contract sum. If Skateboard Chassis fails to pay the contract sum, the bank will payon their behalf within the guaranteed amount. Skateboard Chassis has already paid the guarantee depositof 2.6386 million to Bank of China Limited Ningbo Branch

(10) Tuopu Automobile Parts entered into a business cooperation agreement with Zheshang BankCo., numbered 33100000 Zheshang Bills Pool Zi 2017 No. 01470, as well as an asset pool businesscooperation agreement, numbered 33100000 Zheshang Asset Pool Zi 2017 No. 01470, and numbered33100000 Zheshang Asset Pool Zi 2017 No. 01471. These agreements also include the Zheshang BankAsset Pool Pledge Guarantee Contract. As of June 30, 2024, RMB 51,338,749.73 was paid to the bankas a deposit for the bank acceptance note. Based on these transactions, notes payable totaling RMB38,981,264.18 was issued.

(11) Tuopu Automobile Parts engaged in a collaborative business arrangement with CITIC BankCorporation Ningbo Free Trade Zone Sub-branch, referred to as the note pool business cooperation andnote pledge agreement No. 20240109001, on January 9, 2024. As of June 30, 2024, there were RMB203,335,511.00 worth of pledged bank acceptance notes. The notes payable amounting to RMB186,232,527.95 were issued.

(12) Tuopu Vibro-Acoustics Technology has entered into several agreements with Bank ofNingbo Co., Ltd. Ningbo Beilun Sub-branch. These agreements include the Asset Pool InvoicingStraight-Through Agreement No. 05100AT22BFN865, the Asset Pool Business Cooperation and PledgeAgreement No. 0510100015480, and the Asset Pool Zi 2019 No. 031. As of June 30, 2024, a deposit ofRMB 100,063,703.82 was paid to the bank for the bank acceptance bills, resulting in the issuance of anote payable of RMB 76,921,879.03.

(13) Tuopu Vibro-Acoustics Technology has entered into several agreements with Bank ofNingbo Co., Ltd. Ningbo Beilun Sub-branch. These agreements include the Asset Pool InvoicingStraight-Through Agreement No. 05100AT22BFN865, the Asset Pool Business Cooperation and PledgeAgreement No. 0510100015480, and the Asset Pool Zi 2019 No. 031. As of June 30, 2024, a deposit of

RMB 111,823,800.38 was paid to the bank for the bank acceptance bills, resulting in the issuance of anote payable of RMB 72,479,867.54.

(14) Tuopu Poland signed a bank guarantee with Citibank for an amount not exceeding2,500,000.00 (PLN) on July 19, 2023, to cover customs duties related to trade, under guarantee numberGC23-2000001. As of June 30, 2024, the Company had transferred 2,500,000.00 (PLN) to Bank ofChina (equivalent to approximately RMB 4,422,000.00) as a bond deposit.

(15) At the request of the Immigration Authority, Tuopu Malaysia has entered into a bankguarantee agreement with Bank of China (Malaysia) Sdn Bhd in favor of GUO HUIQIN. The bankguarantee is for an amount not exceeding RM1,500.00, which covers GUO HUIQIN's personal passagefee for visa application. This guarantee is issued under the letter of guarantee no. LG5111723000234,valid from October 10, 2023, to October 9, 2024. According to the terms of the letter of guarantee, thebank will make the payment to Tuopu Malaysia, on behalf of the bank, within the guaranteed amountupon Tuopu Malaysia's written request for payment. As a deposit for the letter of guarantee, TuopuMalaysia has already paid MYR 1,500.00 (approximately RMB 2,264.25) to the Bank of China.

(16) Ningbo Qianhui has executed a maximum pledge contract, specifically No.06001PC20198005 (supplemental), with Bank of Ningbo Company Limited Ninghai Sub-branch. As ofJune 30, 2024, there remains a total value of RMB 2,271,976.83 in pledged bank acceptance notes.Additionally, RMB 3,725,460.59 worth of bank acceptance notes were submitted to the bank as adeposit. Consequently, a note payable amounting to RMB 2,268,399.5 was issued.

2. Contigencies

(1). Important contingencies existing on the balance sheet date

□Applicable √Non-applicable

(2). Even if the Company has no important contingencies to be disclosed, also state:

□Applicable √Non-applicable

3. Others

□Applicable √Non-applicable

XVII. Events after the Balance Sheet Date

1. Important non-adjusting events

□Applicable √Non-applicable

2. Profit distribution

□Applicable √Non-applicable

Unit: Yuan Currency: RMB

Proposed distribution of profits or dividends646,503,426.53646,503,387.61
Profits or dividends declared after deliberation and approval646,503,426.53

3. Sales return

□Applicable √Non-applicable

4. Notes to Other Events after the Balance Sheet Date

□Applicable √Non-applicable

XXVIII. Other Significant Events

1. Correction of previous accounting errors

(1). Retrospective restatement

□Applicable √Non-applicable

(2). Prospective application

□Applicable √Non-applicable

2. Debt restructuring

□Applicable √Non-applicable

3. Replacement of assets

(1). Exchange of non-monetary assets

□Applicable √Non-applicable

(2). Exchange of other assets

□Applicable √Non-applicable

4. Annuity plan

□Applicable √Non-applicable

5. Discontinuing operation

□Applicable √Non-applicable

6. Segment information

(1). Determination basis and accounting policies of the reportable segment

□Applicable √Non-applicable

(2). Financial information of the reportable segment

□Applicable √Non-applicable

(3). If the Company has no reportable segments or cannot disclose the total assets and totalliabilities of individual reportable segment, state the reason

□Applicable √Non-applicable

(4). Other notes

□Applicable √Non-applicable

7. Other significant transactions and event that have an impact on investors' decisions

□Applicable √Non-applicable

8. Others

□Applicable √Non-applicable

XXIX. Notes to the Main Items of the Financial Statements of the Parent Company

1. Accounts receivable

(1). Disclosure by age

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

AgeBook balance at the end of the periodBook balance at the beginning of the period
Within 1 year
Including: sub-items within 1 year
Within 1 year2,014,213,965.271,945,977,497.47
Subtotal within 1 year2,014,213,965.271,945,977,497.47
1 to 2 years111,669,152.26116,037,921.61
2-3 years49,933,918.5751,788,849.82
Over 3 years6,900,574.916,540,552.20
3 to 4 years
4 to 5 years
Over 5 years34,408,646.4234,341,864.17
Total2,217,126,257.432,154,686,685.27

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(2). Categorical disclosure by provision for bad debts

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

CategoryBalance at the End of the PeriodBalance at the Beginning of the Period
Book BalanceBad Debt ProvisionBook ValueBook BalanceBad Debt ProvisionBook Value
AmountPercentage (%)AmountAccrued Proportion (%)AmountPercentage (%)AmountAccrued Proportion (%)
Bad debt provision accrued based on single item
Including:
Bad debt provision accrued based on single item2,217,126,257.43100.00165,406,780.437.462,051,719,477.002,154,686,685.27100.00162,705,517.477.551,991,981,167.80
Including:
Bad debt provision accrued based on aging combinations2,217,126,257.43100.00165,406,780.437.462,051,719,477.002,154,686,685.27100.00162,705,517.477.551,991,981,167.80
Total2,217,126,257.43/165,406,780.43/2,051,719,477.002,154,686,685.27/162,705,517.47/1,991,981,167.80

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Bad debt provision accrued based on single item:

□Applicable √Non-applicable

Bad debt provision accrued based on combinations

√Applicable □Non-applicable

Accrued items based on combinations: accounts receivable with bad debt provision by aging portfolio

Unit:Yuan Currency:RMB

NameBalance at the End of the Period
Accounts ReceivableBad Debt ProvisionAccrued Proportion(%)
Within 1 year2,014,213,965.27100,710,698.265.00
1 to 2 years111,669,152.2611,166,915.2310.00
2 to 3 years49,933,918.5714,980,175.5730.00
3 to 5 years6,900,574.914,140,344.9560.00
Over 5 years34,408,646.4234,408,646.42100.00
Total2,217,126,257.43165,406,780.43

Recognition criteria for and notes to bad debt provision by combinations

□Applicable √Non-applicable

If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure ofother receivables:

□Applicable √Non-applicable

(3). Bad debt provision

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

CategoryBalance at the Beginning of the PeriodAmount Changed in the Current PeriodBalance at the End of the Period
ProvisionWithdrawal or ReversalWrite-offOther Changes
Bad debt provision accrued based on combinations162,705,517.472,701,262.96165,406,780.43
Total162,705,517.472,701,262.96165,406,780.43

Significant withdrawal or reversal amount of provision for bad debts in the current period:

□Applicable √Non-applicable

(4). Accounts receivable actually written off in the current period

□Applicable √Non-applicable

Write-off of significant accounts receivable

□Applicable √Non-applicable

(5). Accounts receivable of the top five closing balances collected by debtors

√Applicable □Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Name of EntityBalance at the End of the PeriodProportion in Total Accounts Receivable (%)Bad Debt Provision
No.1588,142,364.50588,142,364.50
No.2327,453,821.55327,453,821.55
No.3198,994,312.26198,994,312.26
No.4184,003,767.38184,003,767.38
No.5152,095,175.98152,095,175.98
Total1,450,689,441.671,450,689,441.67

Other Notes:

□Applicable √Non-applicable

2. Other Receivables

Presentation of items

√Applicable □Non-applicable

Unit:Yuan Currency:RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Interest receivable
Dividend receivable
Other Receivables189,434,485.88338,124,520.82
Total189,434,485.88338,124,520.82

Other Notes:

□Applicable √Non-applicable

Interest receivable

(1). Category of interest receivable

□Applicable √Non-applicable

(2). Important late payment interest

□Applicable √Non-applicable

(3) Disclosure by bad debt accrual method

□Applicable √Non-applicable

Provision for bad debts is made on a single item basis:

□Applicable √Non-applicable

Note to provision for bad debts is made on a single item basis:

□Applicable √Non-applicable

Provision for bad debts by portfolio:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(4). Provision for bad debts based on the general model of expected credit losses

□Applicable √Not applicable

Note to significant changes in the book amount of interest receivable for which changes in the allowancefor losses occurred during the period:

□Applicable √Not applicable

(5) Provision for bad debts

□Applicable √Not applicable

Of which the amount of bad debt provision recovered or reversed during the period is significant:

□Applicable √Not applicable

(6) Interest receivable written off during the period

□Applicable √Not applicable

Of which significant write-off of interest receivable

□Applicable √Not applicable

Note to write-offs:

□Applicable √Not applicable

Other notes:

□Applicable √Not Applicable

Dividend Receivable

(1). Dividends receivable

□Applicable √Not applicable

(2). Significant dividends receivable with an age of more than one year

□Applicable √Not applicable

(3). Disclosure by bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made on a single item basis:

□Applicable √Not applicable

Note to provision for bad debts is made on a single item basis:

□Applicable √Not applicable

Note to provision for bad debts by portfolio

□Applicable √Not applicable

(4). Provision for bad debts based on the general model of expected credit losses.

□Applicable √Not applicable

Note to significant changes in the carrying amount of dividends receivable for which changes in theallowance for losses occurred during the period:

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

□Applicable √Not applicable

(5). Provision for bad debts

□Applicable √Not applicable

Of which the amount of bad debt provision recovered or reversed during the period is significant:

□Applicable √Not applicable

(6). Dividends receivable written off during the period

□Applicable √Not applicable

Dividends receivable written off of which the amount is significant:

□Applicable √Not applicable

Note to write-offs:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(1). Disclosure by aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

AgingBook Balance at the End of the PeriodBook Balance at the Beginning of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year17,229,004.33196,727,954.35
Subtotal within 1 year17,229,004.33196,727,954.35
1 to 2 years141,306,196.9396,487,272.58
2 to 3 years65,415,077.9085,926,323.13
Over 3 years252,000.0010,614,981.71
3 to 4 years
4 to 5 years
Over 5 years255,800.00255,800.00
Total224,458,079.16390,012,331.77

(2). Disclosure by provision for bad debts

√Applicable□Non-applicable

Unit: Yuan Currency: RMB

Nature of FundsBook balance at the end of the periodBook balance at the beginning of the period
Temporary borrowings219,763,956.81383,638,156.62
Petty cash funds1,593,800.002,545,800.00
Security deposit1,209,250.001,209,250.00
Others1,891,072.352,619,125.15
Total224,458,079.16390,012,331.77

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

(3). Provision for bad debts

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Bad Debt ProvisionPhase 1Phase 2Phase 3Total
Expected credit loss in the next 12 monthsExpected credit loss throughout the duration (no credit impairment occurred)Expected credit loss throughout the duration (credit impairment has occurred)
Balance on January 1, 202351,887,810.9551,887,810.95
Balance of the current period on January 1, 2023
--Transfer to Phase 2
--Transfer to Phase 3
--Transfer to Phase 2
--Transfer to Phase 1
Provision made in the current period
Reversal in the current period16,864,217.6716,864,217.67
Write-off in the current period
Write-off in the current period
Other changes
Balance on December 31, 202335,023,593.2835,023,593.28

Notes to significant changes in the book balance of other receivables that have changed in the currentperiod:

□Applicable √Non-applicable

Amount of bad debt provision in the current period and the basis for assessing whether the credit risk offinancial instruments has increased significantly:

□Applicable √Non-applicable

(4). Particulars of bad debt provision

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

CategoryBalance atmount Changed in the Current PeriodBalance at the

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

the Beginning of the PeriodProvisionWithdrawal or ReversalWrite-offOther ChangesEnd of the Period
Accounts receivable with bad debt accrued based on aging portfolio51,887,810.9516,864,217.6735,023,593.28
Total51,887,810.9516,864,217.6735,023,593.28

Bad debt provision in the current period with significant amount of withdrawal or reversal:

□Applicable √Non-applicable

(5). Particulars of other receivables actually written off in the current period

□Applicable √Non-applicable

Of which significant other receivables are written off:

□Applicable √Not Applicable

Description of other receivables written off:

□Applicable √Not applicable

(6). Particulars of other receivables of the top five closing balances collected by debtors

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Name of UnitBalance at the end of the periodProportion in total other receivables at the end of the period (%)Nature of fundsAgingBalance of bad debt provision at the end of the period
Tuopu Poland sp.z.o.o210,263,956.8193.68Temporary borrowingNote 133,701,126.79
Hangzhou Tuopu Automobile Parts Co., Ltd.9,500,000.004.23Temporary borrowingWithin 1 year475,000.00
Zhejiang Holley & Futong Investment Co., Ltd.1,000,000.000.45Security deposit1-2 years100,000.00
Li Dongmei274,800.000.12Petty cashNote 2261,500.00
He Jinlei250,000.000.11Petty cash2-3 years75,000.00
Total221,288,756.8198.59//34,612,626.79

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Note 1: The amount for less than 1 year are RMB 5,517,683.51, for 1-2 years 9it is RMB139,993,196.90, and for 2-3 years it is RMB 64,753.076.40.Note 2: The amount for 1-2 years it is RMB 19,000.00, for 5 years it is RMB 255,800.00.

(7). Accounts receivable related to government subsidies

□Applicable √Non-applicable

Other notes:

□Applicable √Non-applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

3. Long-term equity investments

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemBalance at the end of the periodBalance at the beginning of the period
Book balanceImpairment provisionBook valueBook balanceImpairment provisionBook value
Investments in subsidiaries13,962,395,446.7813,962,395,446.7812,385,366,535.3712,385,366,535.37
Investments in joint ventures and associates119,476,291.86119,476,291.86139,641,447.46139,641,447.46
Total14,081,871,738.6414,081,871,738.6412,525,007,982.8312,525,007,982.83

(1). Investments in subsidiaries

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Invested EntityBalance at the beginning of the periodIncreased in current periodDecreased in current periodBalance at the end of the periodImpairment provision accrued in the current periodBalance at the end of the period of impairment provision
Tuopu Imp&Exp198,081,940.48198,081,940.48
Tuopu Automobile Parts196,984,594.91196,984,594.91
Tuopu Vibro-acoustics199,685,004.03199,685,004.03
Yantai Tuopu62,800,000.0062,800,000.00

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Liuzhou Tuopu100,000,000.00100,000,000.00
Shenyang Tuopu10,000,000.0010,000,000.00
Ushone Electronic Chassis20,000,000.0020,000,000.0040,000,000.00
Ningbo Qianhui31,210,000.0031,210,000.00
Sichuan Tuopu20,000,000.0020,000,000.00
Wuhan Tuopu150,000,000.00150,000,000.00
Pinghu Tuopu208,000,000.00208,000,000.00
Shanghai Towin10,000,000.00111,000,000.00121,000,000.00
Tuopu Industrial Automation20,000,000.0020,000,000.00
Tuopu Investment129,610,000.0017,990,000.00147,600,000.00
USHONE E-commerce4,000,000.00200,000.004,200,000.00
Tuopu International
Baoji Tuopu Maigao18,980,000.009,350,000.0028,330,000.00
Taizhou Tuopu100,000,000.00100,000,000.00
Tuopu Automobile Electronics2,500,000,000.002,500,000,000.00
Jinzhong Tuopu8,000,000.008,000,000.00
Shenzhen Towin15,200,000.001,800,000.0017,000,000.00
Tuopu Do Brasil80,776,216.5080,776,216.50
Zhejiang Towin571,320,000.00571,320,000.00
Suining Tuopu290,000,000.00290,000,000.00
Hunan Tuopu722,590,000.00722,590,000.00
Tuopu USA, LLC35,091,204.5635,091,204.56
Tuopu Chassis System514,900,000.00514,900,000.00
Tuopu Thermal3,836,000,000.0020,000,000.003,856,000,000.00

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

Management
Tuopu Chassis Technology
Huzhou Tuopu50,000,000.00120,000,000.00170,000,000.00
Tuopu Poland18,000,000.0018,000,000.00
Shanghai Tuopuyale16,500,000.0016,500,000.00
Xi’an Tuopu73,504,351.0046,017,520.00119,521,871.00
Ningbo Ushone Technology50,000,000.00150,000,000.00200,000,000.00
Chongqing Chassis191,200,000.00254,000,000.00445,200,000.00
Skateboard Chassis1,633,010,000.00509,000,000.002,142,010,000.00
Anhui Tuopu160,200,000.00109,500,000.00269,700,000.00
Chongqing Tuopu18,583,223.8918,583,223.89
Tuopu Mexico95,040,000.00148,500,000.00243,540,000.00
Jinan Tuopu18,900,000.001,900,000.0020,800,000.00
Henan Tuopu7,200,000.007,200,000.00
Ningbo Tuopu Trim Parts57,771,391.4157,771,391.41
Total12,385,366,535.371,577,028,911.4113,962,395,446.78

(2). Investments in joint ventures and associates

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

Invested EntityBalance at the Beginning of the PeriodDecrease/Increase in the current periodBalance at the End of the PeriodBalance of impairment provision at the end of the period
Investment IncreasedInvestment DecreasedInvestment profit and loss recognized under the equity methodAdjustment on other comprehensiveOther changes in equityCash dividends or profit declared to distributeProvision for impairment accruedOther

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024

income
I. Joint ventures
Tuopu Electrical Appliances99,109,088.7020,367,203.16119,476,291.86
Ningbo Borgers40,532,358.7619,005,379.52-1,766,346.87-57,771,391.41
Subtotal139,641,447.4619,005,379.5218,600,856.29-57,771,391.41119,476,291.86
II. Associates
Subtotal
Total139,641,447.4619,005,379.5218,600,856.29-57,771,391.41119,476,291.86

(3). Impairment test of long-term equity investments

□ Applicable √ Not applicable

Other notes

□ Applicable √ Not applicable

4. Operating income and operating cost

(1). Particulars on operating income and operating cost

√Applicable□Not applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
IncomeCostIncomeCost
Main business operations3,560,086,436.732,714,246,809.003,061,273,610.192,376,940,758.50
Other business operations381,205,946.46251,726,374.93255,445,609.81184,269,376.04
Total3,941,292,383.192,965,973,183.933,316,719,220.002,561,210,134.54

(2). Particulars on breakdown of operating income and cost

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

(3). Notes to discharge of obligations

□Applicable √Non-applicable

(4). Notes to allocation to remaining discharge of obligations

□Applicable √Non-applicable

(5). Significant Contract Changes or Significant Transaction Price Adjustments

□Applicable √Non-applicable

5. Investment income

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmount incurred in the current periodAmount incurred in previous period
Long-term equity investment income measured by cost method
Long-term equity investment income measured by equity method18,600,856.2911,141,300.10
Investment income from disposal of long-term equity investment
Investment income of trading financial assets during the holding period
Dividend income from other equity instrument investments during the holding period
Interest income from debt investment during the holding period
Interest income from other debt investments during the holding period
Investment income from disposal of trading financial assets
Investment income from the disposal of other equity instrument investments
Investment income from disposal of debt investments
Investment income from the disposal of other debt investments
Income from debt restructuring
Investment income from wealth management products6,521,837.813,553,755.28
Total25,122,694.1014,695,055.38

6. Others

□Applicable √Non-applicable

XX. Additional Data

1. Current non-recurring profit and loss schedule

√Applicable □Non-applicable

Unit: Yuan Currency: RMB

ItemAmountNote
Gains and losses on disposal of non-current assets, including the elimination of the provision for asset impairment.-10,664,542.29
Government grants recognized in profit or loss for the current period, except for government grants that are closely related to the Company's normal business operations, in compliance with national policies and in accordance with defined criteria, and that have a continuous impact on the Company's profit or loss173,001,330.61
Gains and losses arising from changes in the fair value of financial assets and financial liabilities held by non-financial enterprises and gains and losses arising from the disposal of financial assets and financial liabilities, except for effective hedging business related to the Company's normal operating business6,585,172.25
Capital occupancy fees charged to non-financial enterprises recognized as current profit or loss
Gains and losses on entrusted investment or asset management
Gains and losses on entrusted external loans
Losses on assets due to force majeure factors, such as natural disasters
Reversal of provision for impairment of receivables individually tested for impairment
Gain arising from the excess of the cost of investment in subsidiaries, associates and joint ventures over the fair value of the investee's identifiable net assets at the time of investment acquisition21,901,496.20
Net profit or loss of subsidiaries for the period from the beginning of the period to the date of consolidation arising from a business combination under the same control
Gain or loss on exchange of non-monetary assets
Gains or losses on debt restructuring
One-time costs incurred by the enterprise due to the fact that the relevant operating activities are no longer continuing, such as expenditures for the relocation of employees
One-time impact on current profit or loss due to adjustments in tax, accounting and other laws and regulations
One-time recognition of share-based payment expenses due to cancellation or modification of equity incentive plans
For cash-settled share-based payments, gains or losses arising from changes in the fair value of employee compensation payable after the feasible date of entitlement
Gains or losses arising from changes in the fair value of investment properties subsequently measured using the fair value model
Gains or losses arising from transactions where the transaction price is significantly less than fair value
Gains or losses arising from contingencies unrelated to the Company's normal business operations
Custodian fee income from entrusted operations
Non-operating income and expenses other than those listed above-376,748.90
Other items of gains and losses that meet the definition of non-recurring gains and losses
Less: Income tax effect29,864,033.59
Minority interests impact amount (after tax)105,387.18
Total160,477,287.10

For non-recurring profit and loss items that the Company has recognized as non-recurring profit and lossitems not listed in "Interpretative Announcement for Information Disclosure of Companies IssuingSecurities No. 1 - Non-recurring Profit and Loss" and the amount of which is material, as well as itemsdefined as non-recurring profit and loss in "Interpretative Announcement for Information Disclosure of

Companies Issuing Securities No. 1 - Non-recurring Profit and Loss", state the reasons.

□Applicable √Non-applicable

Other notes

□Applicable √Non-applicable

2. ROE and EPS

√Applicable □Non-applicable

Profit for the reporting periodWeighted Average ROE (%)EPS
Basic EPSDiluted EPS
Net profit attributable to common shareholders of the Company8.360.880.88
Net profit attributable to common shareholders of the Company after deducting non-recurring gains and losses7.440.770.77

3. Differences between international and Chinese accounting standards

□Applicable √Non-applicable

4. Others

□Applicable √Non-applicable

President: Wu JianshuDate of Submission to Board of Directors: August 22, 2024

Revisions

□Applicable √Non-applicable


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