StockCode:688208StockName:Autel
AutelIntelligentTechnologyCorp.,Ltd.
The2025AnnualReport
ImportantNotes
1.TheBoardofDirectors(orthe“Board”)aswellasthedirectorsandseniorexecutivesofAutelIntelligentTechnologyCorp.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethatthecontentsofthisReportaretrue,accurateandcompleteandfreeofanymisrepresentations,misleadingstatementsormaterialomissions,andcollectivelyandindividuallyacceptlegalresponsibilityforsuchcontents.
2.IndicatewhethertheCompanywasunprofitableatthetimeoflistingandhasremainedsoeversince.
□Yes√No
3.MajorriskwarningTheCompanyhaselaboratedinthisReportonvariousrisksthatitmayfaceduringitsoperationsandthecountermeasures.Forfurtherinformation,pleasereferto“PartIIIManagementDiscussionandAnalysis/IVRiskFactors”herein.
4.AllthedirectorsoftheCompanyattendedtheboardmeetingforthereviewofthisReport.
5.Pan-ChinaCertifiedPublicAccountantsLLPhasissuedanindependentauditor’sreportwithunmodifiedunqualifiedopinionfortheCompany.
6.LiHongjing,theCompany’slegalrepresentativeandpersoninchargeofaccounting,andPanHaotian,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethatthefinancialstatementscarriedinthisReportaretrue,accurateandcomplete.
7.Finaldividendand/orbonusissueplanapprovedbytheBoardofDirectors
Accordingtotheauditor’sreportissuedbyPan-ChinaCertifiedPublicAccountantsLLP,thenetprofitattributabletoourshareholdersintheconsolidatedfinancialstatementsfor2025wasRMB935,875,122.31,andasofDecember31,2025,thedistributableprofitof
theparentcompanywasRMB538,502,334.59.AsresolvedbytheBoardofDirectors,the2025finaldividendplanisacashdividendofRMB5(taxinclusive)per10sharesbasedonthetotalsharecapitalminusthesharesintheCompany’saccountofrepurchasedsharesattherecorddateforthedividendpayout,withthetotalcashdividendamounttobedistributedbeingRMB333,265,934.50(taxinclusive),accountingfor35.61%ofthenetprofitattributabletoourshareholdersintheconsolidatedfinancialstatementsfor2025.WhereanychangeoccurstothetotalsharecapitaloftheCompanyduetoanyconvertiblebond-to-stockconversion/repurchaseofsharesandothermattersduringtheperiodfromthedateoftheBoard’sresolutionofthedividendplantotherecorddateforthedividendpayout,thecashdividendpershareshallremainthesamewhilethetotalpayoutamountshallbeadjustedaccordingly.Andthereisnobonusissuefromeitherprofitorcapitalreserves.Indicatewhethertheparentcompanyhasunrecoveredlosses.
□Applicable√Notapplicable
8.Indicatewhethertherewereanyspecialarrangementsforcorporategovernanceandothersignificantmatters.
□Applicable√Notapplicable
9.Riskwarningregardingforward-lookingstatements
√Applicable□Notapplicable
Anyplans,developmentstrategiesandotherforward-lookingstatementsmentionedinthisReportshallnotbeconsideredaspromisestoinvestors.Investorsareremindedtoexercisecautionwhenmakinginvestmentdecisions.
10.IndicatewhetherthecontrollingshareholderoranyotherrelatedpartyoccupiedtheCompany’scapitalfornon-operatingpurposes.Yes.
11.IndicatewhethertheCompanyprovidedanyguaranteeforanyexternalpartyinviolationoftheprescribeddecision-makingprocedure.No.
12.Indicatewhetheroverhalfofthedirectorsrefusedtoguaranteethetruthfulness,accuracyandcompletenessofthisReport.No.
13.Otherinformation
□Applicable√Notapplicable[TheEnglishversionofthisReportistranslatedfromtheChineseversion.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.]
TableofContents
PartIDefinitions ...... 6
PartIICorporateInformationandKeyFinancialInformation ...... 8
PartIIIManagementDiscussionandAnalysis ...... 15
PartIVEnvironmental,SocialandGovernanceInformation ...... 95
PartVSignificantEvents ...... 138
PartVIShareChangesandShareholderInformation ...... 178
PartVIIBonds ...... 188
PartVIIIFinancialStatements ...... 193
| Documentsavailableforreference | Thefinancialstatementssignedandstampedbythelegalrepresentativeandpersoninchargeofaccounting,andthefinancialmanager |
| TheIndependentAuditor’sReportstampedbytheaccountingfirm,aswellassignedandstampedbytherelevantcertifiedpublicaccountants | |
| TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedonthewebsitedesignatedbytheCSRCduringtheReportingPeriod |
PartIDefinitions
IDefinitionsTheexpressionsintheleftcolumninthetablebelowrefertothecontentsintherightcolumnunlessotherwisespecified.
| Definitionsoffrequentlyusedterms | ||
| “Autel”,“we”orthe“Company” | refersto | AutelIntelligentTechnologyCorp.,Ltd. |
| A-stock | refersto | Ordinarystockthatisapprovedforlistingondomesticstockexchanges,withparvaluedenominatedinRMB,andissubscribedforandtradedinRMB |
| DaoheTongda | refersto | ShenzhenDaoheTongdaInvestmentEnterprise(LimitedPartnership) |
| NingboHuishun | refersto | NingboHuishunInvestmentPartnership(L.P.)(formerlyknownas“DongTaiHeShunJiaBusinessManagementLimited(L.P.)”) |
| SkyFendTechnology | refersto | ShenzhenSkyFendTechnologyCo.,Ltd. |
| QingdaoJinshi | refersto | QingdaoJinshiHaoruiInvestmentCo.,Ltd. |
| FortuneChuangheng | refersto | ShenzhenFortuneChuanghengEquityInvestmentEnterpriseL.P. |
| FortuneChuangtai | refersto | ShenzhenFortuneChuangtaiEquityInvestmentEnterpriseL.P. |
| FortuneChuangrui | refersto | ShenzhenFortuneChuangruiEquityInvestmentEnterpriseL.P. |
| FortuneChuangfeng | refersto | ShenzhenFortuneChuangfengEquityInvestmentEnterprise(L.P.) |
| FortuneCaxin | refersto | ShenzhenFortuneCaxinVentureCapitalManagementCo.,Ltd. |
| HainingJiahui | refersto | ZhejiangHainingJiahuiInvestmentPartnership(LimitedPartnership) |
| NanshanHongtai | refersto | ShenzhenNanshanHongtaiEquityInvestmentFundLimitedPartnership |
| PingyangTitanium | refersto | PingyangTitaniumInvestmentManagementCenter(LimitedPartnership) |
| ShenzhenJiangu | refersto | ShenzhenJianguEquityInvestmentFundEnterprise(L.P.) |
| LavaStrategy | refersto | PingtanLavaNewStrategyEquityInvestmentPartnership(L.P.) |
| MeishanJundu | refersto | NingboMeishanBondedPortAreaJunduDeruiEquityInvestmentManagementCenter(L.P.) |
| FiveStarTitanium | refersto | ChangzhouFiveStarTitaniumGreenEquityInvestmentFundPartnership(LimitedPartnership) |
| GuangzhouZhizao | refersto | GuangzhouZhizaoVCPartnership(L.P.) |
| YangzhouShangqi | refersto | YangzhouShangqiPhaseIIIAutomobileIndustryM&AEquityInvestmentFundCenter(L.P.) |
| WenzhouTitaniumStar | refersto | WenzhouTitaniumStarOneInvestmentManagementCenter(LimitedPartnership) |
| LavaNo.2 | refersto | PingtanLavaNewStrategyNo.2EquityInvestmentPartnership(L.P.) |
| LavaWave | refersto | PingtanLavaNewWaveEquityInvestmentPartnership(L.P.) |
| LavaAge | refersto | ShenzhenLavaNewAgeEquityInvestmentPartnership(L.P.) |
| CSRC | refersto | TheChinaSecuritiesRegulatoryCommission |
| SSE | refersto | TheShanghaiStockExchange |
| The“ArticlesofAssociation” | refersto | TheCompany’sexistingArticlesofAssociation |
| RMBRMB’0,000RMB’00,000,000 | refersto | ExpressedintheChinesecurrencyofRenminbiExpressedintensofthousandsofRenminbiExpressedinhundredsofmillionsofRenminbi(unlessotherwisespecified) |
| TPMS | refersto | TirePressureMonitoringSystem |
| ADAS | refersto | AdvancedDrivingAssistantSystem |
| ReportingPeriod | refersto | January1,2025-December31,2025 |
PartIICorporateInformationandKeyFinancialInformation
IGeneralCorporateInformation
| CompanynameinChinese | 深圳市道通科技股份有限公司 |
| ShortnameinChinese | 道通科技 |
| CompanynameinEnglish | AutelIntelligentTechnologyCorp.,Ltd. |
| ShortnameinEnglish | Autel |
| Legalrepresentative | LiHongjing |
| Registeredaddress | Floor2,CaihongKejiBuilding,36Hi-techNorthSixRoad,SongpingshanCommunity,XiliSub-district,NanshanDistrict,ShenzhenCity,China |
| Pastchangesofregisteredaddress | OnApril6,2023,theCompany’sregisteredaddresswaschangedfrom“Floors7,8and10ofBuildingB1,Zhiyuan,1001XueyuanAvenue,XiliSub-district,NanshanDistrict,ShenzhenCity,China”to“Floor2,CaihongKejiBuilding,36Hi-techNorthSixRoad,SongpingshanCommunity,XiliSub-district,NanshanDistrict,ShenzhenCity,China”. |
| Officeaddress | CaihongKejiBuilding,36Hi-techNorthSixRoad,SongpingshanCommunity,XiliSub-district,NanshanDistrict,ShenzhenCity,China |
| Zipcode | 518055 |
| Companywebsite | http://www.auteltech.cn/ |
| Emailaddress | ir@autel.com |
IIContactInformation
| BoardSecretary | SecuritiesRepresentative | |
| Name | LiLv | ChenCai |
| Address | Floor2,CaihongKejiBuilding,36Hi-techNorthSixRoad,SongpingshanCommunity,XiliSub-district,NanshanDistrict,ShenzhenCity,China | Floor2,CaihongKejiBuilding,36Hi-techNorthSixRoad,SongpingshanCommunity,XiliSub-district,NanshanDistrict,ShenzhenCity,China |
| Tel. | 0755-8159-3644 | 0755-8159-3644 |
| Fax | 0755-8614-7758 | 0755-8614-7758 |
| E-mailaddress | ir@autel.com | ir@autel.com |
IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged
| MediaandwebsiteswherethisReportisdisclosed | ChinaSecuritiesJournal(www.cs.com.cn),ShanghaiSecuritiesNews(www.cnstock.com),SecuritiesTimes(www.stcn.com),andSecuritiesDaily(www.zqrb.cn) |
| StockexchangewebsitewherethisReportisdisclosed | http://www.sse.com.cn |
| PlacewherethisReportislodged | TheBoardOfficeoftheCompany |
IVStock/DepositoryReceiptProfilei.Stockprofile
√Applicable□Notapplicable
| Stockprofile | ||||
| Classofstock | Stockexchangeandlistingboard | Stockname | Stockcode | Formerlyusedstockname |
| A-stock | STARMarketoftheShanghaiStockExchange | Autel | 688208 | N/A |
ii.Depositoryreceiptprofile
□Applicable√NotapplicableVOtherInformation
| DomesticaccountingfirmappointedbytheCompany | Name | Pan-ChinaCertifiedPublicAccountantsLLP |
| Officeaddress | BlockB,ChinaResourcesBuilding,1366QianjiangRoad,JiangganDistrict,HangzhouCity,ZhejiangProvince,China | |
| Accountantswritingsignatures | GengZhenandYeNan |
VIKeyFinancialInformationfortheLastThreeYearsi.Keyaccountinginformation
Unit:RMB
| Keyaccountinginformation | 2025 | 2024 | 2025-on-2024change(%) | 2023 | |
| Restated | Before | ||||
| Operatingrevenue | 4,832,751,860.91 | 3,932,256,447.46 | 3,932,256,447.46 | 22.90 | 3,251,152,240.25 |
| Grossprofit | 1,079,121,405.82 | 637,163,986.15 | 637,163,986.15 | 69.36 | 166,947,216.93 |
| Netprofitattributabletothelistedcompany’sshareholders | 935,875,122.31 | 640,925,193.32 | 640,925,193.32 | 46.02 | 179,233,332.27 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses | 868,885,632.48 | 540,774,400.55 | 540,774,400.55 | 60.67 | 366,828,763.59 |
| Netcashgeneratedfrom/usedinoperatingactivities | 595,597,662.21 | 747,517,485.85 | 747,517,485.85 | -20.32 | 434,056,417.87 |
| December31,2025 | December31,2024 | ChangeofDecember31,2025onDecember31,2024(%) | December31,2023 | ||
| Restated | Before | ||||
| Equityattributabletothelistedcompany’sshareholders | 3,870,168,751.39 | 3,557,794,019.86 | 3,557,794,019.86 | 8.78 | 3,215,507,730.34 |
| Totalassets | 7,259,186,823.69 | 6,307,590,501.10 | 6,307,590,501.10 | 15.09 | 5,576,848,578.52 |
ii.Keyfinancialindicators
| Keyfinancialindicator | 2025 | 2024 | 2025-on-2024change(%) | 2023 | |
| Restated | Before | ||||
| Basicearningspershare(RMB/share) | 1.42 | 0.97 | 1.45 | 46.39 | 0.40 |
| Dilutedearningspershare(RMB/share) | 1.25 | 0.95 | 1.42 | 31.58 | 0.40 |
| Basicearningspersharebeforeexceptionalgainsandlosses(RMB/share) | 1.32 | 0.81 | 1.22 | 62.69 | 0.82 |
| Weightedaveragereturnonequity(%) | 25.96 | 19.47 | 19.47 | 6.49 | 5.72 |
| Weightedaveragereturnonequitybeforeexceptionalgainsandlosses(%) | 24.10 | 16.42 | 16.42 | 7.68 | 11.72 |
| R&Dinvestmentsas%ofoperatingrevenue | 18.08 | 17.29 | 17.29 | Upby0.79percentagepoint | 18.34 |
Note:Autelcarriedoutits2024finaldividendpayoutinMay2025.Wemadeabonusissueof4.9additionalsharesforevery10sharesheldbyshareholdersfromcapitalreserves,totaling218,304,502shares.Assuch,therelevantfinancialindicatorsinthetableabovehavebeenretrospectivelyadjustedinaccordancewithour2024finaldividendpayoutplan.Notestothekeyaccountingandfinancialinformationforthelastthreeyears:
□Applicable√NotapplicableVIIAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandardsi.Differencesinnetprofitandequityattributabletothelistedcompany’sshareholdersunderCASandIFRS
□Applicable√Notapplicableii.Differencesinnetprofitandequityattributabletothelistedcompany’sshareholdersunderCASandoverseasaccountingstandards
□Applicable√Notapplicableiii.Reasonsforaccountingdatadifferencesabove
□Applicable√NotapplicableVIIIKeyFinancialInformationfor2025byQuarter
Unit:RMB
| Q1(January-March) | Q2(April-June) | Q3(July-September) | Q4(October-December) | |
| Operatingrevenue | 1,093,779,525.58 | 1,251,660,083.30 | 1,150,985,938.17 | 1,336,326,313.86 |
| Netprofitattributabletothelistedcompany’sshareholders | 199,492,887.25 | 280,973,266.90 | 252,944,042.74 | 202,464,925.42 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses | 196,718,014.58 | 277,942,301.44 | 243,129,437.04 | 151,095,879.42 |
| Netcashgeneratedfrom/usedinoperatingactivities | 279,379,460.48 | 18,679,851.00 | -95,948,753.00 | 393,487,103.73 |
IndicatewhetheranyofthequarterlyfinancialdatainthetableabovediffersfromwhathavebeendisclosedintheCompany’spastperiodicreports.
□Applicable√NotapplicableIXExceptionalGainsandLosses
√Applicable□Notapplicable
Unit:RMB
| Exceptionalgainorloss | 2025 | Note(ifapplicable) | 2024 | 2023 |
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 29,563,192.86 | 95,308,517.51 | -24,063.28 | |
| Governmentgrantsrecognizedinprofitorloss(exclusiveofthosethatarecloselyrelatedtotheCompany'snormalbusinessoperationsandgiveninaccordancewithdefinedcriteriaandincompliancewithgovernmentpolicies,andhaveacontinuingimpactontheCompany'sprofitorloss) | 17,231,131.99 | 7,234,424.64 | 25,150,300.11 | |
| Gainorlossonfair-valuechangesinfinancialassetsandliabilitiesheldbyanon-financialenterprise,aswellasondisposaloffinancialassetsandliabilities(exclusiveoftheeffectiveportionofhedgesthatisrelatedtotheCompany'snormalbusinessoperations) | 9,869,323.92 | -6,819,610.47 | -20,881,573.69 | |
| Capitaloccupationchargesonanon-financialenterprisethatarerecognizedinprofitorloss |
| Gainorlossonassetsentrustedtootherentitiesforinvestmentormanagement | 26,849.32 | 3,439,324.76 | ||
| Gainorlossonloanentrustments | ||||
| AssetlossesduetoactsofGodsuchasnaturaldisasters | ||||
| Reversedportionsofimpairmentallowancesforreceivableswhicharetestedindividuallyforimpairment | 2,323,447.42 | 5,000,000.00 | ||
| GainequaltotheamountbywhichinvestmentcostsfortheCompanytoobtainsubsidiaries,associatesandjointventuresarelowerthantheCompany’senjoyablefairvalueofidentifiablenetassetsofinvesteeswhenmakinginvestments | ||||
| Currentprofitorlossonsubsidiariesobtainedinbusinesscombinationsinvolvingentitiesundercommoncontrolfromtheperiod-begintocombinationdates,net | ||||
| Gainorlossonnon-monetaryassetswaps | ||||
| Gainorlossondebtrestructuring | ||||
| One-offcostsincurredbytheCompanyasaresultofdiscontinuedoperations,suchasexpensesforemployeearrangements | ||||
| One-timeeffectonprofitorlossduetoadjustmentsintax,accountingandotherlawsandregulations | ||||
| One-timeshare-basedpaymentsrecognizedduetocancellationandmodificationofequityincentiveplans | ||||
| Gainorlossonchangesinthefairvalueofemployeebenefitspayableafterthevestingdateforcash-settledshare-basedpayments | ||||
| Gainorlossonfair-valuechangesininvestmentpropertiesofwhichsubsequentmeasurementiscarriedoutusingthefairvaluemethod | ||||
| Incomefromtransactionswithdistinctlyunfairprices | ||||
| GainorlossoncontingenciesthatareunrelatedtotheCompany'snormalbusinessoperations | ||||
| Incomefromchargesonentrustedmanagement | ||||
| Non-operatingincomeandexpenseotherthantheabove | 22,341,268.84 | 1,457,177.97 | -252,933,168.03 | |
| Othergainsandlossesthatmeetthedefinitionofexceptionalgain/loss | -79,696.73 | |||
| Less:Incometaxeffects | 10,331,612.98 | -726,634.92 | -53,841,885.12 | |
| Non-controllinginterestseffects | 1,604,118.07 | 106,648.54 | 1,188,136.31 |
| (netoftax) | ||||
| Total | 66,989,489.83 | 100,150,792.77 | -187,595,431.32 |
ItemsunlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItemsareidentifiedasexceptionalandtheitemsareofasignificantamount,andexceptionalgain/lossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItemsareidentifiedasrecurrent.
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinvolved | Cause |
| Valueaddedtaxrebateforsoftwareproducts | 63,030,064.83 | RecognizedasexceptionalgainforbeingrelatedtothecontinuingoperationsofsubsidiariesAutelHeshengandAutelHexin |
XCompanieswithequityincentiveplansoremployeestockownershipplansmaychoosetodisclosenetprofitnetoftheimpactofshare-basedpayments.
√Applicable□Notapplicable
Unit:RMB
| Keyaccountinginformation | 2025 | 2024 | 2025-on-2024change(%) | 2023 | |
| Restated | Before | ||||
| Netprofitnetoftheimpactofshare-basedpayments | 991,959,854.16 | 574,105,089.65 | 574,105,089.65 | 72.78 | 143,824,883.50 |
| Netprofitattributabletoownersoftheparentcompanynetofexceptionalgainsandlossesandshare-basedpayments | 970,363,990.91 | 554,541,861.41 | 554,541,861.41 | 74.98 | 370,931,366.02 |
XINon-CASFinancialIndicators
□Applicable√NotapplicableXIIItemsMeasuredatFairValue
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Closingbalance | Changeintheperiod | Effectoncurrentprofit |
| Equityinvestments | 7,021,284.08 | 4,913,258.26 | -2,108,025.82 | -2,108,025.82 |
| Total | 7,021,284.08 | 4,913,258.26 | -2,108,025.82 | -2,108,025.82 |
XIIIInformationSuspensionsandExemptionsduetoStateSecrets,TradeSecrets,etc.
√Applicable□Notapplicable
AsthecooperationinformationbetweentheCompanyandcertaincustomersandsuppliersinvolvestradesecrets,inaccordancewiththerelevantprovisionsoftheStockListingRulesoftheSTARMarketoftheShanghaiStockExchangeandtheSelf-RegulatoryGuidelineNo.1forListedCompaniesoftheSTARMarketoftheShanghaiStockExchange-StandardizedOperations,theCompanyhascompletedtheapprovalproceduresforrelevantinformationdisclosureexemptionsaccordingtotheInformationDisclosureManagementRules.
PartIIIManagementDiscussionandAnalysis
IPrincipalOperations,BusinessModels,andIndustryOverviewoftheCompanyduringtheReportingPeriodi.Principaloperations,productsandservices
Wearealeadingsolutionproviderofsmartvehiclediagnosticsandsmartcharging.Wepursuetechnologicalinnovationattheforefrontandareactivelyexploringembodiedswarmintelligence.WearecommittedtodeliveringAI-drivensolutionsthatseamlesslyintegratehardwareandsoftwaretoaddressevolvingcustomerneeds,contributingtotheadvancementofanintelligentfuturecenteredonpeople.OurkeyproductsduringtheReportingPeriodareoutlinedbelow,alongwiththecorrespondingillustrations:
| Primarycategory | Secondarycategory | Productdescription | Illustration |
| Smartrepairdevices | Vehiclediagnostictabletsandothers | Vehiclediagnostictabletsandothers:Theproductsleveragecomputertechnologytoconductfullyautomateddiagnosticsonin-vehicleelectroniccontrolsystems,andenableuserstoidentifyfaulttypes,causes,andlocationsforvehiclerepair.Supportingawiderangeofmainstreambrandsandmodels,thesystemfeaturesbroadvehiclecoverage,highaccuracy,andeaseofuse,andprovidescustomerswithadvanceddiagnosticservices,makingitanidealsolutionformediumandlargeindependentrepairshops.ByleveraginggenerativeAItodeeplyempowervehiclediagnosticsandrepair,wehavelaunchedintelligentfunctionssuchasAIVoiceAgentandAIInspectionAgentforhigh-endflagshipmodels.NEVDiagnosticSystem:Thesystemsupportshigh-voltagesystemdiagnostics,andenablesrapidbatterypackdataretrievalanddetailedbatteryinformationanalysis.Integratedwithhigh-voltagelithiumbatterymaintenancetoolchainsolutions,thesystemprovidesadvanceddiagnosticsforbothin-vehicleandoff-vehiclebatterymaintenancescenarios. |
| TPMSproducts | TirePressureMonitoringSystem(TPMS)Sensor:Itisauniversalsensortirepressuresensorthatcanbewirelesslyprogrammedwithadedicatedtool,ensuringcompatibilitywithvariousvehiclebrands.TPMSDiagnosticandMatchingTool:Itisacompact,portabletablet/handhelddevicespecificallydesignedfortirepressuresystemtestingandtirepressuresensoractivation,programming,andlearning.Itsupportsarangeoffunctions,includingreading/writingIDs,readingandclearingcodes,turningofffaultindicators,andreadinganddisplayingdetailedsensorparameters.Additionally,itcanrecordandreplaysensordata,aswellasidentifysensorpositionsandIDs. | |
| ADAScalibrationproducts | TheproductintegratescalibrationfunctionsforAdvancedDriverAssistanceSystems(ADAS),includingadaptivecruisecontrol,lanedeparturewarning,nightvision,andblindspotdetection.Bycombiningcalibrationtools,diagnosticsoftware,andcalibrationmethods,itcombinesfour-wheelalignmentwithADAS.Additionally,thisproductenhancestheaccuracyandeaseofuseofADAScalibrationbyusingtheAI??VoiceAgentofthediagnosticproductandvoicecontrolfunction,thusgreatlyimprovingthecalibrationefficiencyofADAS. | |
| Chargingnetwork | Smartchargingnetwork | ACchargers:TheproductincludesACchargerscompliantwithEuropeanandAmericanstandards,withpowerratingsfrom7kWto44kW,whicharedesignedprimarilyforhomesettings,shoppingmalls,andofficebuildings.Theself-developedAIVoiceAgentenablespersonalizedandsmartcharging.DCchargers:Theproductincludesintegratedandsplit-typeDCchargers,aswellasultra-fastchargersandMegawattChargingSystem(MCS)devices,allcompliantwithEuropeanandAmericanstandards,withpowerratingsrangingfrom40kWto1,440kW.Itisdesignedprimarilyforhighwayserviceareas,petrolstations,andfleets.Theself-developedAIVoiceAgentenablespersonalizedandsmartcharging.Thecommercialultra-fastcharger,featuringasingle-gunmaximumpowerof480kW,enablesa10-minutechargeforanapproximaterangeof600kilometers.Additionally,itsupportsMCScharging,withamaximumcurrentof1,500Aandchargingpowerofupto |
| 1.2MW. | ||
| One-stopenergymanagementsolution | Thissolutiontypicallyintegrates(1)photovoltaicpanelsthatcapturesolarenergyandconvertitintoelectricity,(2)energystoragesystemsthatstorethegeneratedelectricity,(3)EVchargersthatdeliverelectricityforvehiclecharging,(4)proprietaryenergyedgecontrollersthatprocessreal-timedataanddynamicallyadjustenergyallocations,and(5)aproprietaryEMScloudplatformthatcoordinatesphotovoltaicgeneration,energystorage,andchargingdemandbymanagingenergyflowsinrealtime,storingsurplussolarpowerwhenavailableanddischargingitduringpeakdemandperiods.Andwesourcephotovoltaicpanelsandenergystoragesystemsfromqualifiedsuppliers.Weofferone-stopenergymanagementsolutionuponcustomerneedstohelpalleviatetheimpactofupstreamgridcapacitylimitations,ensuringstablechargingpowerandimprovingstationutilization.Thissignificantlyreducesoverallenergycostsforchargingstationoperators. | |
| AIandsoftware | Cloud-baseddiagnosticsoftwareservices | Softwareupgrade:Thisservicedeliversvehiclemodelupdatesandfunctionalityexpansionsservicesfordiagnosticandtestingapplicationsoftware.AutelCloudSpaceislaunchedtoconnectthedeviceandcloudends,providingtechnicianswithsmarterandmorecomprehensiveservicesinareassuchasdevicemanagement,reportmanagement,dataanalysis,andremotediagnostics.AutelCloud:ItisaSaaSplatformthatprovidesrepairreportstorage,datamanagement,andisdesignedtobuildadatabasethatencompassfulllifecycleinformationofavehicle,therebysupportingeffectivedevicemanagementandlong-termdataconsolidation.ThroughitsopenAPIintegrationcapabilities,AutelCloudcanseamlesslyinterconnectwithexternalsystems,enablingsecuredatasharing,eliminatinginformationsilosandsupportingamoreconnectedandcollaborativevehiclediagnosticexperience. |
| Chargingcloudplatform | OperationalCloud:Thesystemoffersacomprehensivesuiteoffunctions,includingchargermanagement,stationoperations,businessanalysis,multitenantmanagement,andsmartcharging,significantlyenhancingmanagementefficiencyforoperators.PoweredbyaverticalAImodelspecifictoourindustriesoffocus,theCSMSAIAgentprovideschargingstationoperatorswithmoreefficientmanagementtools.O&MCloud:ThissystemusesAIforpredictivemaintenanceandproactivetroubleshootingtoreducethefailurerate.Italsohasbasicremotediagnosticcapabilitiesandsomeremoterepaircapabilities,whichcaneffectivelyreducemanualmaintenancecosts.PaymentCloud:Itisanend-to-endpaymentsolutionforchargingscenarios,whichconnectstomainstreamglobalpaymentgateways.Itsmodulararchitectureflexiblyadaptstomultiplebusinessmodels,coversmultipleterminalscenarios,andenablesaclosedfinancialloopforcustomers.EnergyManagementSystem(EMS)Cloud:Thesystemoffersarangeoffunctions,includingmulti-stationenergymonitoring,stationenergyanalysis,energyoptimizationandAI-drivenschedulingalgorithms,integratedequipmentmanagement,devicefaultalarms,andintelligentearlywarning.Itfacilitatessmoothgridpowerexpansion,reducesenergycosts,andimproveschargingutilizationefficiency.Meanwhile,itprovidesuserswithcomprehensiveandaccurateenergydatasupportanddecision-makingrecommendations. |
Newimportantnon-principaloperations:
□Applicable√Notapplicableii.Principalbusinessmodels
1.Smartrepairdevices
(1)ProcurementmodelAutelfollowsa“production-basedprocurement”modeltoformulateprocurementplansanddetermineprocurementquantitiesbasedonsalesforecasts,transportationmethods,marketsupply,inventory,andproductionfactors.Theprocurementprocessprimarilyincludesformulatingprocurementplans,issuingpurchaseorders,andmanaging
deliveryandpayment.Themainprocurementitemsincluderawmaterialsandoutsourcedprocessingservices.RawmaterialsprimarilyconsistofIntegratedCircuit(IC)chips,LiquidCrystalDisplays(LCDs),resistors,capacitors,PrintedCircuitBoards(PCBs),diodes,transistors,andotherelectroniccomponents,whicharetypicallyprocuredashigh-qualityindustrial-gradeproducts.Othermaterialsincludestructuralcomponents,packagingmaterials,andproductionconsumables.OutsourcedprocessingservicesmainlycoverSurfaceMountTechnology(SMT)processingattheShenzhenManufacturingCenter,handledbycontractmanufacturers.Duetothelimitedavailabilityofoutsourcedprocessingservicesinthelocalmarket,theoverseasVietnamManufacturingCenterestablisheditsownSMTproductionlinein2020.
(2)ProductionmodelThecoretechnologyofAutel’sproductsliesinvehiclediagnosticandtestingapplicationsoftware,whichisembeddedintohardwareterminalstoenablerelateddiagnosticandtestingfunctions.Weprimarilyfocusonproductassembly,functionaltesting,andqualityinspection.
Productionfollowsa“sales-drivenproduction”model,wherearollingproductionplanisformulatedweeklybasedonforecastedsalesvolumesforthecomingmonths.Productionschedulingisdynamicallyadjustedbasedoncapacityandrawmaterialavailability.TheMarketingCenterisresponsiblefororganizingsalesforecastreviewsandissuingproductdemandplanstothePlanningDepartmentunderSupplyChainCenter,whichoverseesoverallproductionplanning,materialoutsourcing,andexpediting.TheProductionDepartmentisresponsiblefordetailedproductionscheduling,productionprogresscontrol,qualityverificationofmaterials,semi-finishedproducts,andfinishedproducts,aswellastechnicalissueresolutionandsupportduringproduction.
(3)Salesmodel
Autelcategorizesitssalesmodelsintodistributionsalesanddirectsales,basedontheintendeduseofitsproductsandservices.Givendownstreammarketdemandandproductcharacteristics,diagnostictabletsandothers,TPMSproducts,andADASproductsprimarilyfollowadistributionsalesmodel,supplementedbydirectsales.Distributioncustomersincludelargeretailchains,automotivepartsdistributors,ande-commerceplatforms.Underthedistributionsalesmodel,customerspurchaseproductsfromAutelandresellthemtosub-distributorsorend-users.Directsalescustomersmainlyincludelarge
automotivemaintenancechainstores,insurancecompanies,retailers,andend-userswhopurchasesoftwareupgradesviasmartterminals.
2.Chargingnetwork
(1)ProcurementmodelWeforecastcustomerordersbasedonmarkettrendsanddeterminethetotalandactualmaterialdemandthroughMaterialRequirementsPlanning(MRP)calculations,ensuringsufficientsafetystockbeforeissuingpurchaseorderstosuppliers.Byleveragingcentralizedprocurementandoverseassupplychainadvantages,Auteloptimizescostefficiency.
(2)ProductionmodelTheproductionofchargersfollowsa“sales-drivenproduction”model,whereproductionplansandappropriatestocklevelsaredeterminedbasedonsalesforecastsandexistingorderdata.Additionally,Autelconsiderslocaltariffs,relevantincentives,andlawsandregulationstoselectthemostcost-effectiveproductionlocation.
(3)SalesmodelAutelcategorizessalesmodelsintodistributionsalesanddirectsales,dependingontheintendeduseofitsproductsandservices.Givendownstreammarketdemandandproductcharacteristics,chargerproductsprimarilyfollowadistributionsalesmodel,supplementedbydirectsales.Distributioncustomersincludelargeretailchains,automotivepartsdistributors,chargerdistributors,ande-commerceplatforms.Underthedistributionsalesmodel,customerspurchaseproductsfromAutelandresellthemtosub-distributorsorend-users.Directsalescustomersprimarilyincludenewenergychargeroperators,chargerinstallers,energycompanies,fleets,residentialpropertymanagers,insurancecompanies,retailers,andlargeautomotivemaintenancechainstores.
3.AIandsoftwareFordiagnosticsoftwarecloudservices,AuteladoptsasubsequentsoftwareupgradechargingmodelinmarketssuchasNorthAmericaandEurope.Underthismodel,oncethefreesoftwareupgradeperiodincludedwithsmartdeviceproductsexpires,usersshouldpurchasesoftwareupgradesviaonlinerenewalorprepaidupgradecardstoaccesssubsequentcloud-basedsoftwareservices,suchasvehiclemodelupdatesandfeatureexpansions.Foronlineupgrades,end-userspayupgradefeesviacreditcardsorthird-partypaymentplatformssuchasPayPalandupgradetheirproductsviaAutel’scloudplatforms.Forupgradesviaprepaidupgradecards,end-userspurchaseprepaidupgradecardsfrom
distributorsandusetheuniqueserialnumberonthecardtoupgradetheirproductsviaAutel’scloudplatforms.OurchargingcloudplatformservicesinNorthAmerica,Europe,andothermarketsadoptmodelssuchassoftwaresubscriptions,transactioncommissions,andAIservices.Basedoncustomerandspecificprojectneeds,wechargesoftwarelicensefeesaccordingtothenumberofauthorizations.Amongthese,thechargingoperationcloudplatformischargedbasedonthenumberofcableportsonthecharger;thechargingpaymentcloudplatformadoptsasubscriptionmodelchargedbasedonthenumberofpaymentterminals;theenergymanagementcloudplatformadoptsasubscriptionmodelchargedbasedonthenumberofchargingstationsandthescaleofeachstation.Meanwhile,weareactivelyexploringnewprofitmodels,includingthosebasedonAgentusagevolumeandcustomervaluesharing,tofurtherenhancethemarginalreturnsofourproducts.iii.Industryoverview
1.Developmentstages,basiccharacteristicsandmaintechnologicalbarriersoftheindustriesUponyearsofdevelopment,wehavefocusedonthe“AI”strategyandestablishedthreemajorbusinessdivisions:smartrepairdevices,chargingnetwork,andembodiedintelligencerobots,whichbelongtothesmartvehiclediagnosticsindustry,thesmartchargingindustry,andtheembodiedswarmintelligenceindustry,respectively.
(1)Globalsmartvehiclediagnosticsindustry
①DevelopmentstageandbasiccharacteristicsoftheindustryTheglobalsmartvehiclediagnosticsindustryisinagrowthstageofrapidtransformationfromthetraditionaldiagnosticmodeltosmartdiagnosticsolutions,withasignificanttrendtowardssmartandefficientupgrading.
AccordingtotheindustryreportissuedbyFrost&Sullivan,themarketsizeoftheglobalsmartvehiclediagnosticsindustryincreasedsteadilyfromUSD2,808.8millionin2020toUSD3,831.5millionin2024,representingaCAGRof8.1%.Benefitingfromthegrowingtrendsofelectricandsmartvehicles,aswellasthedeepapplicationofAItechnologyindiagnostics,theindustryisexpectedtomaintainahighgrowthrateof13.1%from2024to2030.TheglobalmarketsizeisexpectedtoexceedUSD8,003.5millionby2030,indicatingcontinuedgrowthpotentialintheindustry.
In2024,NorthAmerica,Europe,China,andotherregionsaccountedfor36.5%,
39.3%,12.1%,and12.2%,respectively.By2030,NorthAmericaisexpectedtoremainthelargestmarketwithaprojectedshareof37.9%.
MarketSizeofGlobalSmartVehicleDiagnosticsIndustry
(BreakdownbyRegions,2020-2030E)
Sources:InternationalOrganizationofMotorVehicleManufacturers,InternationalCouncilonCleanTransportation,AmericanAutomobileManufacturersAssociation,Frost&Sullivan
②KeytechnologicalbarriersIntheglobalsmartvehiclediagnosticsindustry,entrybarriersstemprimarilyfromdeepdataaccumulation,long-termcredibilitybuilding,andhightechnicalcomplexity.Newentrantsfacesignificantexperienceanddatabarriers,ascatchingupwiththemassivestockofvehiclecommunicationprotocolsandadaptationdataisextremelychallenging.Meanwhile,buildingrobustchannelsandatrustedbrandpresencedemandsyearsofsustainedinvestmenttoearntheconfidenceofworkshopsandtechnicianswhorelyonsafety-criticaldiagnostictools.Additionally,R&Dcapabilitiesrepresentanotherformidablehurdle,requiringcontinuous,intensiveinvestmenttomasteradvancedcommunication,connectivity,andAI-relatedtechnologieswhileensuringcompatibilitywithrapidlyevolvingsmart-vehiclesystemarchitectures.
(2)Globalsmartchargingindustry
①DevelopmentstageandbasiccharacteristicsoftheindustryAccordingtotheindustryreportissuedbyFrost&Sullivan,theglobalownershipofEVchargersincreasedfromapproximately4.6millionunitsin2020toapproximately25.3millionunitsin2024,representingaCAGRofapproximately53.4%.Thefigureisexpectedtoreachapproximately125.5millionunitsby2030,withaCAGRofapproximately30.6%from2024to2030.TheaverageEV-to-publicchargerratioinNorthAmericaandEuropewerearound18:1and12:1in2024respectively.Asthemarketshare
ofEVscontinuesrising,ultra-fastchargingandhigh-voltageplatformsacceleraterollout,andpublicandprivatechargingnetworksexpand,globalcharginginfrastructuredevelopmentisenteringanewphasecharacterizedbyhighdensity,refinementandintelligence.
ThemarketsizeoftheglobalsmartchargingindustryincreasedfromapproximatelyUSD2.4billionin2020toapproximatelyUSD10.4billionin2024,representingaCAGRofapproximately44.0%.WithcontinuedEVpenetration,densercharging-networkdeploymentanddeeperintegrationofAIinenergymanagement,themarketsizeisexpectedtoreachapproximatelyUSD50.4billionby2030,withaCAGRofapproximately
30.2%during2024to2030.Thesoftwaresegmentisexpectedtoexpandsignificantlyfromapproximately4.4%ofthemarketin2024toapproximately25.4%in2030,becomingthecoredriverofvalue-chainupgrading.InNorthAmerica,therapidexpansionofpublicchargingnetworksisexpectedtopropeltheregionalmarkettoapproximatelyUSD10.5billionby2030,representingaCAGRofapproximately30.7%from2024to2030.
MarketSizeofGlobalSmartChargingIndustry(2020-2030E)
Sources:InternationalEnergyAgency,EuropeanAutomobileManufacturers’Association,InternationalCouncilonCleanTransportation,Frost&Sullivan
②Keytechnologicalbarriers
Theglobalsmartchargingindustryfacesfourmajorentrybarriers:technologicalbarriers,market-accessbarriers,productandoperationalservicebarriers,andsupplychainbarriers.
?Technologicalbarriersarisefromtheneedtocombinehigh-efficiencycharging
moduleswithadvanceddataandalgorithmcapabilitiestoensurereliableperformanceacrossdiversegridenvironments.
?Market-accessbarriersresultfromstringentglobalrequirementsonsafety
standardsandoperationalcompliance,whichrequiresdemandingcertificationprocessesandlocalregulatoryunderstanding.
?Productandoperationalservicebarriersstemfromtheprovisionofflexibleload
managementandcontinuousperformanceupgradesthroughintelligentoperations.?Supplychainbarriersoriginatefromrelianceonhigh-precisionpower-electronicscomponents,makingastableandglobalizedsupplychainsystemcriticalforproductionandscalability.Together,thesebarriersraisethethresholdfornewentrantsseekingtoestablishacompetitivefootholdintheglobalsmartchargingmarket.
(3)Globalembodiedswarmintelligenceindustry
①DevelopmentstageandbasiccharacteristicsoftheindustryDrivenbyrapiditerationsinAI,verticalmodels,andmulti-agentcollaborativecontroltechnologies,theglobalembodiedswarmintelligencemarkethasgrownrapidly.AccordingtotheindustryreportissuedbyFrost&Sullivan,themarketsizeincreasedfromUSD12.5billionin2020toUSD34.3billionin2024,representingaCAGRof28.7%.Lookingahead,asapplicationscenarioscontinuetoexpand,theglobalembodiedswarmintelligencemarketisexpectedtoreachUSD200.2billionby2030,withaCAGRof34.2%from2024to2030.Furthermore,aslarge-scaleadoptionofembodiedswarmintelligencedrivesdownhardwarecostsandAIbreakthroughsenhancesystemintelligence,theindustry’svaluefocuswillgraduallyshifttowardsoftware.Thesoftwareshareisexpectedtoincreasefrom
14.1%in2024to30.0%in2030.
China,leveragingitscomprehensiveindustrialecosystemandrapidadvancementinintelligenttransformation,issteadilydrivingthedevelopmentoftheswarmintelligencemarket.From2020to2024,China’sembodiedswarmintelligencemarketgrewfromUSD5.5billiontoUSD16.8billion,representingaCAGRof32.1%.WithacceleratedindustrialupgradingandtheimplementationofAIandembodiedintelligencetechnologies,themarketisprojectedtofurtherexpandtoUSD101.1billionby2030,withsoftwareaccountingfor18.9%ofthemarket.
MarketSizeofGlobalandChina’sEmbodiedSwarmIntelligenceIndustries
(2020-2030E)
Sources:InternationalFederationofRobotics,Frost&Sullivan
②KeytechnologicalbarriersKeytechnologicalbarriersintheglobalembodiedswarmintelligenceindustryinclude:
?Multi-agentcollaborativecontroltechnology:Itisnecessarytoachieveefficient
collaboration,real-timedatasharing,andcommandcoordinationamongintelligentagentsofdifferenttypesandfunctions,andtoestablishastablecollaborativeoperationmechanism;?AImodelintegrationcapabilities:Itisnecessarytodeeplyintegratemultimodal
foundationmodels,verticalAImodels,andembodiedintelligencemodels,enablingthesystemtoself-learnandautonomouslyscheduletasksbasedonscenariodata,withactiveperceptionandautonomousdecision-makingcapabilities;?Hardware-softwareadaptationtechnologies:Itisnecessarytodeeplycoordinatecriticalhardwaretechnologiessuchasintelligentsensing,pathplanning,obstacleavoidance,andlongendurancewithsoftwaresystemsandreal-timescenariodatatoensurestableequipmentoperationincomplexenvironments;?Complexenvironmentadaptationtechnology:Itrequiresintelligentagentsto
achievehigh-precision,long-durationautonomousoperationunderharshconditionssuchascomplexterrainandextremeweather,posingextremelyhighrequirementsfortheequipment’senvironmentaladaptabilityandreliability.
2.AnalysisoftheCompany’spositionintheindustriesandchangesWehaveachievedleadingpositionsacrossmultipleindustries,underpinnedbyourstrongperformanceandtechnologicalcapabilities.AccordingtotheindustryreportissuedbyFrost&Sullivan:
Intheglobalsmartvehiclediagnosticsindustry,wewerethelargestsmartvehiclediagnosticsolutionproviderintheworldintermsofrevenuein2022,2023and2024,withourmarketshareincreasingfrom9.1%in2022to11.1%in2024.Intheglobalsmartchargingindustry,wewerethelargestChinesesmartchargingsolutionproviderintermsofoverseasrevenuein2024,andwewerethefourthlargestandthelargestChinesesmartchargingsolutionproviderinNorthAmericaintermsofrevenuein2024.
Inaddition,weareamongthefirsttodevelopverticalAImodelsandapplysuchmodelstoenableintelligentfeaturesinsmartvehiclediagnosticsandsmartchargingsolutions.
3.Developmentsofnewtechnologies,industries,businessformsandbusinessmodelsduringtheReportingPeriodandfuturedevelopmenttrends
(1)Globalsmartvehiclediagnosticsindustry
①Growthintheglobalvehicleownershipcombiningwithacceleratingelectrification
Thesmartvehiclediagnosticsindustryisexperiencingglobalopportunitiesasboththevolumeandaverageageofvehiclescontinuetorise.AccordingtotheindustryreportissuedbyFrost&Sullivan,theglobalvehicleownershipisexpectedtoincreasefrom2.0billionunitsin2024to2.3billionunitsin2030,representingaCAGRof2.2%.Globalsalesvolumeofnewenergyvehiclesareprojectedtogrowfromapproximately19.0millionunitsin2024toapproximately44.1millionunitsin2030,representingaCAGRofapproximately15.0%.Withtheacceleratedpopularizationofnewenergyvehicles,thediagnosticsmarketfornewenergyvehiclesisusheringinasignificantstructuraldevelopment.Intermsofvehicleage,theaverageageofpassengercarsandlightcommercialvehiclesintheUnitedStatesincreasedfromapproximately10yearsin2010toapproximately13yearsin2024andcontinuestogrow.InmaturemarketssuchasNorthAmericaandEurope,thehighvehicleownershipcombinedwitharisingaveragevehicleageisdrivingsteadygrowthinrepairandmaintenancedemand.Meanwhile,China,theworld’slargestvehiclemarket,notonlyhasalargevehiclebasebutisalsoexperiencingstronggrowthdrivenbysurgingnewenergyvehiclesales.AsChina’svehicleagestructureenterstheconcentratedmaintenancecycle,aftersalesdemandisbeingreleasedrapidly.
②RegulatorymomentumisdrivingthestandardizationofTPMS
Asglobalvehiclesafetyandintelligentvehiclestandardscontinueimproving,manycountrieshaveintroducedregulationsmandatingTPMStoreduceaccidentrisksandenhancedrivingsafety.Forexample,inadditiontopassengervehicles,theEuropeanUnionhasexpandedTPMSmandatestotrucks,trailers,buses,andcoaches.TheregulationappliestonewvehicletypesfromJuly2022andallnewlyregisteredvehiclesfromJuly2024.InChina,the2017TPMSperformanceandtestingstandardrequiresallnewlyapprovedpassengervehiclestoinstallTPMSfrom2019,withfullimplementationbeginningin2020.SinceTPMSsensorstypicallyhavealifespanof6to8years,thelargevolumeofin-usevehiclesiscreatingsizablereplacementdemand.Combinedwithregulatoryrequirementsandexpandingaftermarketpenetration,theTPMSmarkethassubstantialgrowthpotentialandisexpectedtofurtherbroadenitsapplicationsinintelligentconnectivityandpredictivemaintenance.AccordingtotheindustryreportissuedbyFrost&Sullivan,theglobalTPMSsolutionsmarketisexpectedtoexceedUSD1,400.0millionby2030.
③IncreasingdemandforADAScalibration
TherapidglobaladoptionofintelligentdrivingtechnologiesisacceleratingdemandforADAScalibration.AccordingtotheindustryreportissuedbyFrost&Sullivan,thepenetrationrateofL2–L5vehiclesisexpectedtoincreasetoapproximately74.9%in2030.Withrisingfront-loadedADASpenetration,growingconsumerawarenessofactivesafetyfeatures,andinsurancecompaniespromotingADAS-basedrepairstandardstoreduceclaimcosts,demandforefficientandprofessionalADAScalibrationservicesisexpandingrapidly.ADAScalibrationisexpectedtoevolveintoalarge-scaleandstandardizedessentialrepairprocess.TheglobalADAScalibrationsolutionsmarketisexpectedtoexceedUSD1,800.0millionby2030.
④GenerativeAIisenablingmultimodalintelligentinteractioninvehiclediagnostics
WiththeintegrationofgenerativeAI,andverticalAImodel,vehiclediagnosticsisshiftingfrompassivefaultdetectiontoproactivemultimodalsmartdiagnosticsandinteractivedecision-making.AIAgentsenablereal-timemonitoringofkeyvehiclecomponents,automatedidentificationofpotentialrisks,andpredictivemaintenancebasedonhistoricalandreal-timedata.Thisestablishesafull-cycleclosed-loopprocessfromissuedetectiontosolutionexecution.Multisystemandmultimodaldiagnostictoolswillfurther
enhanceaccuracyandefficiency,supportingintelligentvehiclehealthmanagementandhigh-qualitymaintenance.
(2)Globalsmartchargingindustry
①RapidadoptionofnewenergyvehiclesdrivesindustryexpansionTheglobalpenetrationrateofnewenergyvehiclescontinuestorise,servingastheprimarydriverfortheexpansionofthesmartchargingindustry.AccordingtotheindustryreportissuedbyFrost&Sullivan,globalnewenergyvehiclesalesincreasedfromapproximately3.2millionunitsin2020toapproximately19.0millionunitsin2024,representingaCAGRofapproximately56.1%.By2030,globalnewenergyvehiclesalesareexpectedtoexceed44millionunits,whichwillrapidlyboostdemandforcharginginfrastructure.ThenumberofglobalEVchargersisexpectedtoreachapproximately125.5millionunitsby2030,providingascalablemarketfoundationforsmartcharging.Atthesametime,theincreaseinchargingpowerdemand,theimplementationof800Vhigh-voltageplatforms,andmegawatt-levelultra-fastchargingtechnologiesbringmorecomplexenergyschedulingandsafetymanagementchallenges.Thisfurthergeneratessystemicdemandforintelligentscheduling,energyoptimization,andsafetycontrol.
②PolicysupportacceleratesmarketexpansionGovernmentpoliciesareacceleratingthedevelopmentofsmartchargingnetworks.Forexample,inJuly2025,China’sNationalDevelopmentandReformCommissionandthreeotherdepartmentsjointlyissuedthe“NoticeonPromotingtheScientificPlanningandConstructionofHigh-PowerChargingFacilities,includingmegawatt-levelultra-fastchargingfacilitiesinthekeyareasofnextgenerationinfrastructure.Thenoticesettargetstoachievemorethan100,000high-powerchargingfacilitiesnationwidebytheendof2027,withequipmentavailabilityofnolessthan98%.
TheUnitedStatesrevisedtheNationalElectricVehicleInfrastructure(NEVI)ProgramGuidanceinAugust2025,reinstatingtheUSD5billionfundingundertheInfrastructureInvestmentandJobsActtosupportthedevelopmentofanationwideinterconnectedchargingnetwork.TherevisionalsostreamlinestheapprovalprocessforstatestoaccessNEVIfunds,providinggreaterflexibilityindeterminingcharging-stationlocationsandconstructiontimelines.InJune2025,theEuropeanUnionadoptedthedelegatedact(EU)2025/656undertheAlternativeFuelsInfrastructureRegulation(AFIR),whichharmonizeschargingstandardsandrequiresthat,startingin2025,atleastone150kWfast-chargingstationbeinstalledevery60kilometersalongtheTrans-European
TransportNetwork(TEN-T),aswellasone350kWchargingstationforheavy-dutyvehiclesevery100kilometers,withfullnetworkcoveragetobeachievedby2030.Theintensiveintroductionofthesepoliciesnotonlydrivestheglobalsmartchargingnetworktowardstandardizationandhigh-powerdevelopmentbutalsoprovidesinstitutionalsupportfortheindustry.Thisacceleratestheshiftfrominfrastructureconstructiontointelligentoperationandmanagement.
③PV-storage-chargingintegrationoptimizessmartchargingWiththerapidgrowthofnewenergyvehiclechargingdemand,manychargingstationsarefacingconstraintssuchaslimitedgridcapacity,highgrid-upgradecosts,risingenergy-operationexpenses,weakservicecapability,andlowchargerutilization.LeadingsmartchargingsolutionprovidershaveintroducedintegratedPV-storage-chargingenergymanagementsolutionsthatintegrate“PV,storage,charging,edgecomputing,andcloudplatforms”intoaunifiedframework.Poweredbygenerationandloadforecasting,andenhancedwithalgorithmsforenergyoptimization,smartcharging,smartdispatching,andbatterydiagnostics,thesolutionensuresreliablepowersupply,enablesdynamiccapacityexpansion,reducesenergy-relatedcosts,andperformspeakshavingandvalleyfilling.Thisenablescustomerstomaximizechargerutilizationatoptimalcost,improveoveralloperatingprofitability,andsignificantlyshortentheinvestmentpaybackperiod.
④AI-drivenintelligentschedulinganddiverseservicemodelsLeadingsmartchargingsolutionprovidersleverageaccumulatedexperiencesandverticalAImodelstobuildanintegratedintelligentdecision-makingsystemviaAIAgentsandintelligentmanagementplatforms.AIAgentsutilizemultidimensionalAImodelingbasedonelectricityprices,loadcurves,trafficflow,andstationoperationdatatopredictchargingdemandchangesandenergysupplycapabilitiesinrealtime.Theydynamicallyoptimizeschedulingstrategies,enablingkeyfunctionssuchaspowergenerationforecasting,capacityexpansion,andpeakshaving.
Inaddition,intelligentmanagementplatformsarebecomingthecorevehicleforserviceinnovation.Throughmodulardesignandstandardizedinterfaces,theplatformscanextendtochargingmanagement,paymentsettlement,dynamicelectricitypricing,fleetmanagement,andotherdiversifiedservices.Theycanalsodeeplyintegratewithelectricitymarkets,energytradingplatforms,anddistributedenergymanagementsystemstosupportflexiblepricingsettlementandvirtualpowerplant(VPP)scheduling.Inthefuture,smartchargingsystemsequippedwithAIschedulingandcloud-edgecollaborationcapabilities
willbecomecriticalintelligenthubsconnectingpowergrids,energydispatchnetworks,andpaymentnetworks.
(3)Globalembodiedswarmintelligenceindustry
①TheproportionofsoftwarevaluecontinuestoincreaseAslarge-scaleindustryadoptiondrivesdownhardwarecostsandAIbreakthroughsenhancesystemintelligence,theindustry’svaluefocuswillgraduallyshifttowardsoftware.Afterseveralyearsofaccumulation,theindustrywilltransitiontoavaluecreationmodelcenteredon“Intelligence+Services”.WiththematurationofverticalAImodels,edgecomputing,multi-agentcollaborationalgorithms,anddigitaltwintechnologies,theintelligenceofsolutionscontinuestoimprove.SoftwareservicescenteredonanAIbraindeliverhigheraddedvalue,strongerreplicability,andsustainedprofitability,supportingnewbusinessmodelssuchassubscription-basedandpay-per-usemodels,anddrivingenterprisestotransformfrom“sellingproducts”to“sellingservices”.Meanwhile,ashardwarecostscontinuetodeclineandstandardizationincreases,hardwareisgraduallybecomingageneral-purposefoundationalcomponent,whileAIbraincapabilitieswillbecomethekeytodifferentiatedcompetition.
②MoreandmoreapplicationscenariosWiththedeepintegrationofaerialandgroundintelligentequipmentandAItechnologies,theindustrybottlenecksofstandaloneaerialoperationsandinsufficientair-groundcoordinationhavebeeneffectivelyovercome.Theapplicationscenariosofthesesolutionswillgraduallyexpandfromcurrentfieldssuchasenergy,transportation,andindustrialparkstomoreindustrialscenarios,withcontinuouslydeepeningapplicationinhigh-risk,highlycomplex,andlabor-intensivefields,becomingakeyforcedrivingefficient,safe,andsmartoperationsacrossindustries.IIDiscussionandAnalysisonOperations
In2025,amidprofoundchangesintheinternationaltradelandscapeandacomplexandvolatilepolicyenvironment,weleveragedourforward-lookingglobalexpansionandstrategicresolvetoconsolidateourindustryleadershipinmarketfluctuationsandproactivelyincreaseourglobalmarketshare.With“AIintelligentization”asourcoregrowthdriver,wehaveestablishedacomprehensivebusinessmatrixspanningsmartvehiclediagnostics,smartcharging,andembodiedswarmintelligence,buildingacollaborative,closed-loopecosystemof“hardwaredevices+agentapplications+
scenario-basedsolutions”.Drivenbythedualdriversofcutting-edgetechnologicalbreakthroughsandbusinessmodelinnovation,weachievedanewhighinfinancialperformance.DuringtheReportingPeriod,weachievedoperatingrevenueofRMB4,833million,representingayear-on-yeargrowthof22.90%,anetprofitattributabletoourshareholdersofRMB936million,markinga46.02%year-on-yearincrease,andanetprofitattributabletoourshareholdersbeforeexceptionalgainsandlossesofRMB869million,up60.67%yearonyear.Wecontinuetoimplementthebusinessmodelof“usingsmartdevices/chargingnetworks/embodiedintelligencetoaccesscustomersandachievingcontinuouschargesthroughAIagents”.DuringtheReportingPeriod,AIandsoftwareachievedoperatingrevenueofRMB552million,representingayear-on-yearincreaseof22.85%,withagrossprofitmarginexceeding99%.Asthestrategyof“EmbraceAI”continuestopermeatedeeplythroughouttheentirebusinesschain,high-gross-margin,high-customer-royaltysoftwareandagentserviceswillcontinuetounlockgrowthpotential,providinguswithsustainable,high-qualitygrowthmomentum.i.Smartvehiclediagnostics:AI-empoweredproductecosystem,leadingtheglobalmarketBenefitingfrommultipledrivingfactors,includingtheelectrificationandintelligenttransformationofautomobiles,aswellasaftermarketreplacementdemand,theglobalsmartvehiclediagnosticsindustryshowsatrendofrelativelyrapidgrowth.AccordingtoFrost&Sullivan,themarketsizeoftheglobalsmartvehiclediagnosticsindustryisexpectedtogrowtoapproximatelyUSD8billionby2030,withaprojectedcompoundannualgrowthrate(CAGR)of13.1%from2024to2030.
Leveragingmorethan20yearsoftechnologicalaccumulationandglobalexpansion,wehaveestablishedaleadingpositionworldwide.AccordingtoFrost&Sullivan,basedonrevenuesin2022,2023,and2024,wearetheworld’sNo.1solutionproviderofsmartvehiclediagnostics.Ourmarketshareincreasedfrom9.1%in2022to11.1%in2024,andisexpectedtofurtherriseto12%in2025,continuouslyconsolidatingourindustryleadership.
In2025,oursmartrepairdevicesachievedoperatingrevenueofapproximatelyRMB2,980million,reflectingayear-on-yearincreaseof15.83%.Amongthem,vehiclediagnostictabletsandothersachievedrevenueofRMB1,392million,representinga
year-on-yearincreaseof9.83%;TPMSproductsachievedrevenueofRMB1,007million,markinga42.73%year-on-yearincrease;andADAScalibrationproductsachievedrevenueofRMB381million.Revenuefromdiagnostics-relatedAIandsoftwareservicesamountedtoRMB530million,representingayear-on-yearincreaseof18.87%,withagrossprofitmarginremainingatabove99%.Ithasbecomeanimportantdriverofbusinessgrowth,confirmingthesustainabilityandhighprofitabilityofthe“hardware+software+services”businessmodel.
1.Coretechnologicalbreakthroughs,leadingindustrydevelopmentDuringtheReportingPeriod,welaunchedourself-developedverticalAImodelforsmartvehiclediagnostics.Basedonourindependentlybuiltedgecloudcollaborativearchitecture,weprovidereal-timefaultidentificationanddecisionsupport,significantlyimprovingtheaccuracyofissuedetectionandtheoverallefficiencyofvehiclediagnostics.
Wealsodevelopedtechnologiesonbatterydiagnosticsforelectricvehicles.Basedonlarge-scaleoperationaldataacrossdifferentbrandsandusescenarios,weestablishedcomprehensivebatteryhealthindicators.Throughmachinelearninganddeeplearningtechnologies,wedevelopedintelligentmodelscapableofaccuratelydetectingissuessuchascellaging,enablingprecisefaultidentification,improvingdiagnosticaccuracyandefficiency,andeffectivelyaddressingchallengesinfaultlocalization,incompletediagnosticindicators,andlowtestingefficiencyintheinspectionandmaintenanceofthepowerbatteriesforelectricvehicles.InAugust2025,weofficiallyobtainedthestateofhealth(SOH)batterytestingcertificationissuedbytheEuropeanCircularAutomotiveRemarketingAssociation(CARA).BytheendoftheReportingPeriod,amongallcertifiedenterprises,AutelwastheonlyChineseenterprisetoobtainthiscertification,andwasalsotheonlyenterprisearoundtheworldcapableofprovidinganintegratedservicesolutionencompassingbatterytesting,diagnostics,andrepair.Wecontinuetobuilda“hardwaretestingequipment+softwarealgorithmsystem”edge-cloudcollaborativeecosystem,coveringscenariossuchasdiagnostics,usedvehicleinspection,andechelonutilization.Balancingstabilityandcompatibility,weusestandardizedandefficienttestingtobreaktherelianceonexperience,providingtheindustrywithreliablesolutionsandpromotingthestandardizeddevelopmentoftheindustry.
2.Launchofamatrixofnewproducts,empoweringallscenarios
In2025,wefocusedonlaunchinganewgenerationofcomprehensivediagnosticproductUltraS2,theADAScalibrationproductIA1000,andacommercialvehicleTPMSsolution,buildingacompleteproductsystemcoveringpassengerandcommercialvehicles,diagnosticsandcalibration,andhardwareandservices,fullymeetingtheindustry’sintelligentupgradeneeds.
?Diagnostictabletsandothers:Welaunchedthenew-generationcomprehensive
diagnosticproductUltraS2,whichusesagentssuchasAIVoiceAgentandAIInspectionAgenttoachievehighaccuracyandsignificantlyimprovedefficiency,fullyrevolutionizingtheuserexperience.
?ADAScalibrationproducts:Welaunchedthenew-generationADAScalibration
productIA1000,anewsystemintegratingdigitalization,automation,andintelligentization.ItcaninvoketheUltraS2multimodalvoiceverticalAImodelthroughnaturallanguagetoenableautomaticpositioningofthecalibrationframe,significantlyimprovingtheaccuracyandusabilityofADAScalibrationandsubstantiallyenhancingcalibrationefficiency.
?TPMSproducts:Wecontinuedtoconsolidatethecorecompetitivenessof
passengervehicleTPMSproducts,withcontinuoussoftwareupgradesanditerations,achievingindustry-leadingfirstlaunchesfornewvehiclemodels;meanwhile,wefurtherimprovedthesolutionecosystemandlaunchedthecommercialvehicleTPMSsolution.Withcoreadvantagessuchashighreliability,simplicityandeaseofuse,andvehiclemodelcoverageofmorethan95%,wehavesecuredastrategicpositioninthehighlypromisingcommercialvehicleTPMSaftermarket.
3.Deepenedsoftwareservices,buildingecosystembarriers
DuringtheReportingPeriod,wecontinuedtoadvancediagnosticAIandsoftwareserviceupgrades.Atpresent,ourhigh-enddiagnosticmodelswithAIfeaturesareequippedwithfunctionssuchasRemoteExpertandAITechnicalAssistant,significantlyimprovingtherepairaccuracyandefficiencyofservicetechniciansandfurtherincreasingthesoftwarerenewalrate.
Inaddition,asaSaaS-baseddiagnosticdatamanagementplatform,wecontinuetorefineAutelCloud,committedtobuildinganautomotivemaintenancedataecosystemcoveringinformationacrossthelifecycle,enablingefficientdevicemanagementanddataaccumulation.ThroughopenAPIintegrationcapabilities,AutelCloudcanachieve
seamlessdatasharingwithexternalsystems,breakingdowninformationbarriersandpromotingthedevelopmentofacollaborativeandinterconnectedautomotiverepairecosystem.Meanwhile,weattachgreatimportancetodatasecurityandprivacyprotectionandadoptstrictaccesscontrolstoensuretheconfidentialityandintegrityofalluserdataduringstorageandtransmission.Goingforward,wewillcontinuetoincreasethepenetrationofagentsinsmartdevicesand,incombinationwithAIcapabilities,furtherdeveloprelatedfunctionstoexploremorebusinessmodelsforsoftwarefeesandagentfees.
ii.Smartcharging:AI-empoweredend-to-endinnovation,goodnewsacrosstheglobeTheglobalsmartchargingindustryisridingthewaveofrisingnewenergyvehiclepenetration,achievingdualimprovementsinbothscaleandquality,withthemarketspacecontinuingtoexpand.AccordingtoFrost&Sullivan,themarketsizeoftheglobalsmartchargingindustryincreasedfromapproximatelyUSD2.4billionin2020toapproximatelyUSD10.4billionin2024,withaCAGRofapproximately44.0%.ItisexpectedtofurtherrisetoaroundUSD50.4billionby2030,withaCAGRofnearly30.2%from2024to2030.
AccordingtoFrost&Sullivan,byoverseasrevenuein2024,wearethelargestChinesesolutionproviderofoverseassmartcharging;rankfourthintheNorthAmericansmartchargingsolutionsindustryandarethelargestChineseenterprisebymarketsizeinthismarket.In2025,ourleadingadvantagecontinuedtoexpand.Leveragingourdeeptechnologicalaccumulation,full-scenariosolutioncoverage,andAIdeepempowerment,ourmarketshareincreasedsteadily,andourcomprehensivecapabilitiesadvancedintothefirsttieraroundtheworld.
1.Hardware+Software+Agents:End-to-endinnovationconsolidatingthecorefoundation
Wehavealwaysadheredtotechnologicalinnovationasthedrivingforce.Relyingontwosolidcornerstones,namelypowerelectronicsandAIintelligentization,wehavebuiltcorecapabilitiescoveringself-developedchargingmodules,smartchargingverticalAImodels,smartcharging,intelligentenergyschedulingforPV-storage-charging,vehicle-charger-cloudcompatibility,uninterruptedcommunication,smartO&M,smartoperations,andsmartpayment.
DuringtheReportingPeriod,welaunchedourself-developed60kW/120kWliquid-cooledpowermodule,forminganend-to-endintegratedsolutionrangingfrompowermodulestothesmartchargingnetwork.
WelaunchedtheMaxiChargerDS600Lfullyliquid-cooledultra-fastcharger,whichadoptshigh-efficiencysiliconcarbide(SiC)liquid-cooledmoduleswithastableoverallefficiencyofover97%.Combinedwithamodulardesignandend-to-endsupplychainintegration,weoptimizetotallifecyclecostsandsupportahigh-poweroutputof600kWpercabinet,andcanachieveamaximumtotaloutputof3MWthroughcabinetparalleling.Itcanbeflexiblyadaptedtomulti-scenarioapplicationsrangingfrompassengervehiclestoheavy-dutytrucks.Thesystemintegratesthecollaborativecapabilitiesof“PV,storage,charging,edgecomputing,andcloudplatforms”.Itcandynamicallyallocatepowerresources,effectivelyreducinggridpressure,andprovideefficientandstableenergyreplenishmentsolutionsforhigh-frequencyoperationscenariossuchasports,mines,andtrunklogistics,helpingcustomersbreakthroughtheenergyreplenishmentbottleneckforthelarge-scaleapplicationofelectricheavy-dutytrucks.
| Liquid-cooledChargingModule | FullyLiquid-cooledUltra-fastChargers |
Oursmartcharging,centeredonAIagents,continuestodeepenthesmartchargingverticalAImodel,establishinganintelligentcapabilitysystemthatconnectsterminalswithplatformsandlinksuserswithoperations,increasingthenumberofagentsforchargingproductsandevolvingtoward“AIintelligentEmployees”withhigherautonomy.
ByfullyintegratingAI-nativecapabilitiesintothechargingoperationsplatform,wehavebuilttheindustry’sfirstbatchofAIdigitalemployeesystemstobeimplementedinpractice.Onthenew-generationCSMSplatform,weofficiallylaunchedtheAIIntelligentEmployeeMatrix,specificallycomprisingAIintelligentagentsthatareonlinearoundtheclock,includingtheProductQ&AAssistant,IntelligentSiteConstructionAssistant,DataAnalyst,PricingAnalyst,andMarketAnalyst.Throughdeepintegrationofindustry-specificknowledgebaseswithdatacapabilities,AIfunctionsaretrulyembeddedintotheentireoperationanddecision-makingprocess,coveringkeybusinesstypessuchasQ&A,reporting,pricing,analysis,andstrategydevelopment.ThisenablesAItoserveasapartnerincustomers’operationsanddecision-making,significantlyenhancingefficiencyandrevenueoptimizationcapabilities,anddrivingtheoperationalsystemtoleapfromtraditionalmanagementtoaconversational,smartoperationnetwork.WhileactivelyadvancingAI-drivenbusinessinnovationanddevelopment,weattachgreatimportancetodatasecurityandcompliancemanagement,andintegratetheapplicationconceptofresponsibleAIthroughouttheentirelifecycleofproductR&Dandservices.DuringtheReportingPeriod,wesuccessivelypassedanumberofinternationallyrecognizedcertifications,continuouslystrengtheningourcompliancefoundation:
?WesuccessfullyobtainedtheISO/IEC42001ArtificialIntelligenceManagement
Systemcertification(theworld’sfirstinternationalstandardfocusedonAImanagementsystems),establishingasystematicframeworkforAIsystemdevelopmentandapplicationtoensurethetrustworthiness,safety,compliance,andsustainabledevelopmentofAIsystems;
?WecomprehensivelyensuredthedatasecurityandcomplianceofcloudservicesthroughOCPP2.0.1certificationforallfunctions,ISO/IEC27018cloudserviceprivacycertification,andCSA-STARcloudsecuritycertification.
SuchcertificationsnotonlydemonstratedourleadingcapabilitiesindatasecurityandAIcompliancebutalsostrengthenedthesafetybarrierforthesustainedandhealthydevelopmentofourbusiness,providingglobalcustomerswithtrustedandreliableintelligentsolutions.
2.Customerecosystemexpansion:Benchmarkprojectsacrossthegloballandscape
In2025,leveragingoursystematicadvantagesinproducts,technology,brand,market,services,andglobalsupplychain,oursmartchargingengagedinin-depthcooperationwithhigh-qualitycustomersworldwide,coveringmultiplesectorsincludingglobalenergygiants,leadingconveniencestoreandgasstationoperators,largeparkinglotoperators,state-ownedpowercompanies,andmajorretailchaingiants.Ourcomprehensivecompetitivenessroseintothetoptieroftheglobalindustry,formingafavorabledevelopmentlandscapefeaturingglobalmulti-locationexpansionandcoordinatedgrowth.Basedonvariouscustomers’electrificationplansthrough2030,futureordersareexpectedtounderpinthemedium-tolong-termhigh-speedgrowthofoursmartchargingbusiness.
(1)NorthAmericanmarket
AsNorthAmericaisacorestrategicmarketforus,wecontinuetoconsolidateandexpandourbusinesslayout,achievingsignificantgrowthinboththenumberofstrategiccustomersandordervolume.
Inpowerscenarios,weestablishedpartnershipswithmultiplestate-ownedandregionalpowerutilitiesintheUnitedStates,withcooperationregionscoveringareaswiththemostconcentratedenergydemand,suchasNevada,California,andTexas.Leveragingourintegratedcapabilitiesof“smartcharging+energystorage+energyoptimization”,theprojectjointlyimplementedwithCompanyNinNevadaprovidedassuranceforthestabilityofelectricitysupplyfordatacentersandindustrialusersunderextremeweatherconditions.Leveragingthe“energystorage+ultra-fastcharging+EMS”systemwithmodularreplicationandexpansioncapabilities,welaidthefoundationforsubsequentcooperationtomovefromsingle-sitepilotstolarge-scalerollout.Bytheendof2025,wecommencedconstructionofsixbenchmarkprojectsinNorthAmericaforenergystorage+ultra-fastcharging.Atpresent,onesitehasbeencompleted.Inthefuture,weplantostandardizethesolutionandpromoteitextensivelyacrosstheUnitedStates,andplantocarryoutenergystorageprojectsofover5MWhforlargechargingstationsin2026.
Intheparkinglotscenario,wesuccessfullywonthebidforthecommercialACchargerprojectofLAZParking,thelargestcommercialparkinglotoperatorinNorthAmerica,becomingitsexclusivesupplier.Inthefirstphase,50,000intelligentchargingnetworkswillbedeployed,withacontractvalueofRMB238million.LAZParkingoperatesmorethan4,000commercialparkinglotsand1,700,000parkingspacesacross43statesand536citiesintheUnitedStatesandCanada.Thedeliveryofthefirstphasehasnowbeensuccessfullycompleted,andthisprojectwillserveasabenchmarkcaseforthescaleddeploymentofachargingnetworkforcommercialparkinglotsinNorthAmerica.Inretailandlogisticsscenarios,weadded12newglobalretailchaingiantcustomersandsignedamulti-yearDCfast-chargingequipmentprocurementagreementwithCompanyA,theworld’slargestconveniencestore.OurDH480high-powerDCchargerwillbedeployedatscaleacrossitscorestorenetworkinNorthAmerica;atthesametime,weserveleadinglogisticsfleetssuchasCompanyAandCompanyW,providinghigh-powerchargingsolutionsfortheirbasesandwarehousinghubs.
| AutelIntegratedChargingandBatteryEnergyStorageProjectforElectricVehiclesinNorthCarolina,theUnitedStates | AutelChargingandBatteryEnergyStorageSystemSolutionDeployedinSouthernCalifornia |
(2)Europeanmarket
InDecember2025,theEuropeanUnionreleasedtheEuropeanGridsPackage,proposingtoinvestEUR1.2trillioningridupgradesby2040,ofwhichapproximatelyEUR584billionwillbeallocatedwithinthisdecadetokeyareasincludingpowerdistributionnetworkretrofits,high-powercharging,andenergystorage.ThenextfewyearswillbeacriticalwindowofopportunityforthesynchronizedupgradeofEuropeanpowergridsandcharginginfrastructure,creatingconditionsforhigh-powerfastcharging,vehicle-to-gridinteraction,andthecoordinationofdistributedenergy.AstheEUpowergridupgradecyclebegins,AutelisbecominganimportantparticipantinthereconstructionofEurope’snewenergyinfrastructure.
Wesuccessfullysecuredbusinesswithanumberofglobalandregionalkeycustomersandwonbidsfromothertop-tierindustrycustomers,includingwell-knownenergycompanies,heavy-dutytruckfleets,supermarketchains,gasstations,andcharginginfrastructureoperators.Ourbusinesscoversmaturemarkets,includingtheNetherlands,theUnitedKingdom,France,Germany,andNorthernEurope,andweacceleratedexpansionintogrowthmarketssuchasSouthernEuropeandEasternEurope.
AutelreachedastrategicpartnershipwithMer,aleadingEuropeanelectricvehiclecharginginfrastructureenterprise.MerwillintegratetheCompany’sallMaxiChargerACproductsanddeploythemacrossitscontinuouslyexpandingchargingnetworkincoremarkets,includingNorthernEurope,theUK,Germany,andAustria.
AuteljoinedhandswithglobalenergygiantShelltofurtherdeploythechargingnetworksystem.ThefirstbatchofACUltraurbancommercialchargersofficiallywentliveinourprojectintheNetherlands,markingthefurtherpenetrationofAutel’sdigitalpowerproductsintothecorescenariosofpubliccharginginEurope.
Autelofficiallydeliveredourfirstheavy-dutyelectricvehiclechargingstationinSwedentoCircleK,agloballyleadingconveniencestoreandgasstationoperator.
Autel’smegawatt-levelchargingsystem(MCS)wassuccessfullydeployedandputintooperationinIceland,servingthelocalmajorchargingnetworkoperatorONPower,andhasbecomeIceland’sfirstmegawatt-levelpublicfast-chargingdemonstrationstation.Thisprojectverifiedthestabilityandhigh-poweroutputcapabilitiesofAutel’sequipmentinlow-temperatureenvironments,providingareferencefortheconstructionofcharginginfrastructureforelectricheavy-dutytrucksintheNordicregion.
AutelreachedapartnershipwiththeleadingchargingoperatorinBulgariaandsuccessfullybuiltanew-generationhigh-powercharginghubonaBulgarianhighway,whichwasofficiallyputintooperation.TheprojectadoptedAutel’sMaxiChargerhigh-powerchargingsolution,withatotalsystempowerof1.44MW,becomingoneofthefirstmegawatt-levelchargingprojectsinEasternEuropetobeputintocommercialoperation.Thesystemachievesachargingefficiencyof24kWhperminute,enablingthefastestchargingofanelectricheavy-dutytruckinaslittleas13minutes,deliveringanenergyreplenishmentexperienceof“fiveminutesofchargingfora100-kilometerrange”.Thishubwillsignificantlyenhancechargingefficiencyforelectricheavy-dutytrucksandlong-haulcommercialvehiclesalongBulgaria’smainhighways,supportingthedevelopmentofelectrictransportationinfrastructureinEasternEurope.
| BulgariaMCSProject | IntegratedStorage-ChargingProjectintheNetherlands |
(3)OthermarketsWeacceleratedeffortstodeepenourpresenceinemergingmarketssuchasAsia-Pacific,theMiddleEastandAfrica,implementingcustomizedsolutionstailoredtoregionalcharacteristicsandworkingwithkeycustomerstojointlyestablishindustrybenchmarks.AutelpartneredwithAustralia’slargestretailgiant,alargelogisticscompanyinAustralia,andsuccessfullydeployedtheMaxiChargerDS480high-powerDCchargingsystemattheMoorebankDistributionCenterinSydney,creatinganelectricheavy-dutytruckchargingnetworkwithatotalpowercapacityof960kW,whilereservingupgradecapabilityforMCS.AsoneofAustralia’shighest-powercommercialheavy-dutytruckchargingstationstodate,thisprojectprovidesfastandstablechargingsupportforoneofthecountry’slargestelectricheavy-dutytruckfleets.Inaddition,wemadebreakthroughprogressinmaturemarketssuchasMalaysia,Japan,andSingapore,andactivelyexpandedintohigh-potentialmarketssuchasThailandandVietnam,therebyestablishingabusinessfootprintacrosstheAsia-Pacificregion.AutelsignedastrategiccooperationmemorandumwiththeUAEnationalchargingoperator,deeplyparticipatingintheupgradeoflocalcharginginfrastructure.Focusingoncutting-edgedirectionssuchasV2G(vehicle-to-gridinteraction)andbatteryenergystoragesystems,thepartiescarriedoutjointR&DandprovidedDCfastchargingsystemsthatcanoperatestablyinextremelyhigh-temperatureenvironmentsabove55°C,supportingtheimplementationoftheUAE’sgreenmobilitystrategy.Inaddition,AutelpartneredwithSouthAfricanpartnerSTSTechGrouptojointlydevelopanelectricbuschargingnetworkfortheArrowgatedepotinCapeTown.ThisisthelargestprojectofitskindinSouthAfrica.Itusesasolar-gridhybridpowersupplysystemandisequippedwithMaxiChargerDCfastchargersandaself-developedAIchargingcloudplatform.Oncefully
commissioned,itwillsupporttheoperationof120electricbuses,settingabenchmarkfortheelectrificationofpublictransportationinAfrica.
Ournewenergyfootprinthasbeenblossominginmultiplelocationsworldwide,andournewenergybusinesslandscapehasbeenrapidlyexpandingglobally.Thisnotonlydemonstratesouroutstandingcapabilitiesintechnologicalinnovation,marketexpansion,andcustomerservicebutalsomakesanimportantcontributiontoadvancingtheglobalenergytransitionandpromotinggreenandlow-carbondevelopment.
| CommercialHeavy-dutyTruckChargingStationinSydney,Australia | ElectricBusChargingNetworkinCapeTown,SouthAfrica |
3.Deepeninglocalizeddevelopmentinoverseasmarkets,withanincreasinglystrongbrandpresence
Sinceourforward-lookingexpansionintothesmartchargingbusinessin2021,wehavevigorouslyadvancedlocalizationeffortsinoverseasmarkets,focusingonnurturingandbuildinglocaloverseasmarketingteams,furtherconsolidatingandexpandingourglobalmarketingsystem.BytheendoftheReportingPeriod,weestablishedmorethan30overseasregionalheadquarters,salesplatforms,andsubsidiariesworldwide.Meanwhile,wecontinuetoexpandanddeepenpartnershipswithbusinesspartners,andstrengthencooperationwithlocalgovernments,industryorganizations,communities,andlargeenterprisestoenhanceourmarketinfluenceandcompetitiveadvantages.
DuringtheReportingPeriod,weparticipatedinorhostedmorethan70exhibitionsorproduct/solutionlauncheventsworldwide,establishedconnectionswithmorethan70leadingverticalmediaoutlets,andreceivedmultipleregionalmarketawards,comprehensivelystrengtheningourimageasasolutionexpertintheindustry.Theseinitiativessignificantlystrengthenedourbrandpresencewhilealsodemonstratingtocustomersourdeterminationtocontinuouslystriveforprogress.
iii.Embodiedswarmintelligence:AI-drivenscenariodeepening,solidifyingthefoundationacrossalldomains
Theglobalembodiedswarmintelligencemarketisinaperiodofrapidgrowth,withmarketpotentialcontinuingtoexpand.Fromtheperspectiveofindustrydemand,traditionalmanualoperationsandstandaloneintelligentdevicescannolongermeettheneedsforhigh-frequencysensing,precisedecision-making,andefficientmanagementincomplexscenariosacrosssectorssuchasenergy,transportation,andindustry.Demandisbecomingincreasinglyurgentforunmanned,autonomous,andswarm-basedintelligentsolutions,andembodiedswarmintelligencehavebecomeacoredirectionforintelligenttransformationacrossindustries.AccordingtoareportbyFrost&Sullivan,alongwithindustrydevelopment,theproportionofsoftwarevaluecontinuestoincreaseandisexpectedtorisefrom14.1%in2024to30.0%in2030,highlightingtheincreasinglyprominentcoreroleoftechnologyandservices.
Withkeeninsightsintotechnologydevelopmenttrends,weestablishedShenzhenDaoheTongtaiRobotCo.,Ltd.inNovember2024,specificallyresponsibleforadvancingtheapplicationofembodiedintelligencecapabilitiesincorescenariossuchassmarttransportation,industrialparks,andcharging.Leveragingforward-lookingtechnologyR&D,acomprehensiveproductportfolio,andsynergizedglobalresources,duringtheReportingPeriod,wehaveestablishedacompleteclosedloopof“technology-products-market”.Ourcorecompetitivenesscontinuestostandout,layingasolidfoundationforthescaledexpansionofourbusiness.
1.Coretechnologysupport,withsolutionscateringtodiversescenarios
Intheembodiedswarmintelligencefield,wehaveestablishedcomprehensivecapabilitiesof“coretechnologies+integratedsolutions”.Ourcoretechnologiescoverthreemajorareasoftechnologiesofembodiedrobots(reliablerobotbodies,embodiedintelligentagents,spatialintelligence,andmotioncontrol),verticalmodelsfortheswarmintelligentinspection(multimodalmodels,VLAmodels,andindustrymodels),andmulti-agentcoordinationtechnologybasedona“centralcommanderwithexecutionteams”architecture,providingsolidsupportforsolutionimplementation.
Ourembodiedswarmintelligencesolutionscatertomultiplescenariossuchasenergymanagement,transportationhubs,andindustrialparks,withacorearchitectureofthe“EmbodiedIntelligentAgents+AIApplicationPlatforms”:theembodiedintelligentagents,asphysicalcarriers,featureautonomousnavigationandmulti-scenarioadaptability;
theAIapplicationplatforms(Hub,AIP,DataPlatforms)providefunctionssuchasintelligentagentmanagement,low-codedevelopment,andlifecycledatamanagement,formingaclosedloopof“hardwareexecution+platformenablement”.
InOctober2025,DaoheTongtaiofficiallylauncheditsfirstintelligentinspectionoperationrobot,AvantRoboticsGen1.Basedonanembodiedindustry-specificverticalAImodel,therobotperformedoutstandinglyinthreekeymetrics,withpathplanningsuccessrate>99%,dynamicobstacleavoidancesuccessrate>95%,andpreciseoperationsuccessrate>80%,achievingclosed-loopoperationsfromperceptiontoexecution.
DaoheTongtaialsolaunchedAvantHub,theintelligentautonomousinspectionplatform,whichsupportsend-to-endunmannedoperationsandcollaborationamongheterogeneousintelligentagents.Italsointroducedsevenmajorverticalagentsand12general-purposeagentscoveringscenariossuchasexpressways,industrialparks,andoilandgaspipelinenetworks,therebybuildingacomprehensiveapplicationecosystem.
2.Marketbreakthroughsdeliveringresults:Aligningwithcorepartnersandverifyingoutcomesthroughimplementation
Ourembodiedswarmintelligencebusinessachievedmultiplemarketbreakthroughs,withcoreproductsandsolutionswinningbroadrecognitionacrosstheindustry.
Attheecosystemcollaborationlevel,wecarriedoutcomprehensiveandin-depthcooperationwithtechnologygiantstojointlydevelopsolutionsforintegratedair-groundrobotswarms,becomingtheir“capability-based”partnerfortakingembodiedintelligenceoverseas,andlayingthefoundationforlarge-scaleapplicationsinsmartcharging,transportation,andotherfields.
Intermsofbrandingandcontracting,onOctober30,2025,DaoheTongtai,asubsidiaryofAutel,hostedthefirst“IntegratedAir-GroundSwarmIntelligenceandAIEcosystemAllianceConference”,comprehensivelyshowcasingthe“IntelligentInspectionAIStrategyPanorama”andhighlightingourtechnology-leadingpositioninthefieldofembodiedintelligence.Thesigningresultsattheconferencewerefruitful.DaoheTongtaienteredintostrategiccooperationagreementswithmultiplepartners,fullyvalidatingthemarketrecognitionofourtechnologyroadmapandclosed-loopservicecapabilities,andinjectingstrongmomentumintothescaledexpansionofourbusiness.
Meanwhile,weactivelyparticipatedinindustryecosystemdevelopment.Asamemberofthefirstbatchofindustrypartners,welaunchedthenewglobaltrackof“PhysicalAI”,providingindustrial-gradescenarioverificationconditionsforthe
engineeringtransformationofscientificresearchachievements,andcontinuouslyenhancingourvoiceandinfluenceintheindustry.Inaddition,weactivelyparticipatedininternationalexhibitions,appearingatkeyplatformssuchastheConsumerElectronicsShow(CES2026),the2025WorldArtificialIntelligenceConference(WAIC2025),theChinaHi-TechFair(CHTF),andtheGlobalAITerminalExpo,showcasingourcoretechnologiesandproductachievementsinaconcentratedmannerandcontinuouslyenhancingourindustryinfluenceandmarketrecognitionaroundtheworld.
| DaoheTongtai’sEmbodiedIntelligentAgentsMadeaDebutattheCHTF | IntegratedAir-GroundSwarmIntelligenceandAIEcosystemAllianceConferenceinOctober2025 |
(3)Globalsupplychaindeployment,continuouslyenhancingriskresilienceWehaveremainedcommittedtoourglobalizationstrategy.Againstthecomplexbackdropofintensifyingglobalgeopoliticalrisksandescalatinginternationaltradefrictions,weplanourglobalsupplychaininaforward-lookingmanner.Wehavedevelopedanetworkofproductbasesandoptimizedourwarehousingandlogisticssystemstobuildarobustandefficientglobalsupplysystem,withourriskresilienceandmarketresponsivenesscontinuouslystrengthened.
Afteryearsofdedicatedefforts,threecoreproductionbaseshavebeenestablishedinShenzhen,China;Haiphong,Vietnam;andNorthCarolina,theUnitedStates.In2025Q4,theMexicoproductionbasewasofficiallyputintooperation,formingaglobalproductionnetworkspanningAsiaandtheAmericasandprovidingasolidsafeguardagainstpotentialriskssuchaschangesintradepolicies.Amongthem:
?TheHaiphong,Vietnamfacilityhas,byleveragingmatureoperationsmanagement,
anefficientlocalizedproductionmodel,andtheintegrationofsupplychain,fullycapitalizedonlaborresourcesandcostadvantages,becominganimportantpillarsupportingourglobalizationstrategy;
?SincetheNorthCarolina,USAfacilitycommencedoperationsattheendof2023,
ithasactivelyrespondedtolocalpolicyrequirementssuchastheNationalElectricVehicleInfrastructure(NEVI)FormulaProgramandtheBuildAmerica,BuyAmericaAct(BABA),extendingoursupplychaintothemarketfrontlineandrapidlymeetingtheneedsofNorthAmericancustomers;?ThenewlycommissionedMexicofacilityfurtherimprovedtheclosed-loop
integrationofproduction,supply,andsalesfortheNorthAmericanmarket.Throughagloballycoordinatedproductioncapacityportfolio,wesignificantlyenhancedourflexibilityinrespondingtochangesininternationaltradepolicies.Intermsofwarehouselayout,wecontinuedtoimprovethelocalizedwarehousingsystemsinEurope,NorthAmerica,andtheAsia-Pacificregion,achievingcomprehensivecoverageofmajormarketsandcomprehensivelyenhancingregionalsupplycapacityandresponsespeed.
Thisseriesofstrategicdeploymentsacrosstheglobalsupplychainnotonlyenabledustoflexiblyrespondtochangesintheinternationaltradeenvironmentandsignificantlyenhanceourriskresilience,butalso,throughthecontinuousoptimizationoflocalizedproductionandwarehousinglogistics,shorteneddeliveryleadtimesandreducedoperatingcosts,furtherstrengtheningourmarketcompetitivenessandlayingasolidfoundationforthesustainedhigh-qualitydevelopmentofourbusiness.
| TheShenzhen,ChinaProductionBase | TheHaiphong,VietnamProductionBase |
| TheNorthCarolina,USAProductionBase | TheMonterrey,MexicoProductionBase |
iv.Practicing“AI-drivenGrowth”toreshapeorganizationaleffectivenessandthegovernancefoundationDuringtheReportingPeriod,weelevatedAIfromatooltoacorefactorofproduction,advancingorganizationalcapabilitiesfrom“digitalsupport”to“intelligentization-driven”.
Weremaincommittedtopracticing“AI-drivenHigh-qualityGrowth”.AcrosscorevaluechainssuchasR&D,supplychain,andoperationsmanagement,wesuccessfullydeployedmorethan80AIagents,buildingasmartoperationsmatrixfeaturing“human-machinecollaboration”.ThistransformationenhancedoverallR&Defficiencyandsignificantlyshortenedthetime-to-marketforproducts;meanwhile,itstronglysupportedtherapidbusinessexpansionandachievedstructuralgrowthinper-capitaefficiency.
Meanwhile,wearecommittedtoachievinganintelligentleapincapabilitiesacrossallemployees,upgradingourtalentfoundation,anddrivingAIcognitiverestructuringandcapabilitytransformationwithinourcoreteams.DuringtheReportingPeriod,wecontinuedtocarryoutAIcognitiverestructuringforkeyR&Dpersonnel.Throughskillenablementandintensivepracticaldrills,wedrovethesoftwareR&Dteam’stransformationtowardhybridrolesas“AIproductmanagers+full-stackengineers”,fundamentallyimprovingourorganization’stechnicalcapacityintheeraofintelligentizationandthespeedofinnovativeresponse.
Inaddition,wecarriedoutprofoundreformsofthecoreleadershipsystemandimplementedanincentiveandrestraintmechanismanchoredin“long-termvalue”.Ontheincentivefront,weintroducedamilestoneassessmentmechanismforstrategies,deeplylinkingthecoreteam’s“actualshares+options”totheachievementofourlong-termstrategicgoals,therebybuildingacommunityofsharedinterestsandshareddestiny.Ontheconstraintfront,weimplementedregularpartnerleadershipinventoryandassessment,and
establishedathree-dimensionalthresholdof“Leadership+Values+Performance”.Byrefiningatieredandgraded,dynamicallyadjustedpartner“entryandexitmechanism”,wemaintainedthecombateffectivenessofthecoreteamandinjectedstrongendogenousmomentumintoourenduringsuccess.
| “AILectures”TrainingSite | AIEmpowermentCoursesforAllEmployees |
Analysisandprospectofnon-CASfinancialindicatorchanges:
□Applicable√NotapplicableIIIAnalysisonCoreCompetitivenessduringtheReportingPeriodi.Analysisoncorecompetitiveness
√Applicable□Notapplicable
1.TechnologicalinnovationAutelhaslongplacedgreatemphasisonR&Dinnovation,consideringitthecoredriverofmarketcompetitiveness.WithAItechnologyasourcoredrivingengine,wefocusonthedeepintegrationoftechnologicalinnovationandscenario-basedapplications,continuouslyimprovingourcoretechnologyarchitectureandsystem.Withindustry-specificverticalAImodelsastheintelligentfoundationandplatformcapabilitiesasthescaleengine,wehavebuiltarobusttechnologicalbarrierthatisbothsolidandcapableofsustainableevolution.In2025,Autel’sR&DinvestmentamountedtoRMB874million,accountingfor18.08%ofoperatingrevenue.?Smartvehiclediagnostics:
Wehavebuiltmultiplesystemcapabilitiesforsmartvehiclediagnostics,includingMaxiFlash,MaxiOS,MaxiSim,andMaxiSys,andhavestrategicallydeployedverticalAImodelsforsmartvehiclediagnosticsandnewenergybatterytestingtechnologies.
Ourself-developedverticalAImodelforsmartvehiclediagnosticsisbasedonanedgecloudcollaborativearchitecture.Leveragingextensivediagnosticdataandcaselibraries,thismodelprovidesreal-timefaultdiagnosisanddecisionsupport.Themodelsupportscapabilitiessuchasnaturallanguagefuzzyqueries,multimodalinteraction,andintelligentannotationoptimization,withcontinuousiterationofmodelperformancesignificantimprovementofdiagnosticaccuracy.
?Smartcharging:
CenteredonpowerelectronicsandAIasourcorefoundations,wehavebuiltcorecapabilitiescoveringself-developedchargingmodules,smartenergyverticalAImodels,smartcharging,intelligentenergydispatchingforPV-storage-charging,vehicle-charger-cloudcompatibility,uninterruptedcommunication,smartO&M,smartoperations,andsmartpayment.
Ourself-developedverticalAImodelforsmartchargingfeaturesmultimodalprocessingcapabilities,enablingintelligentdatamanagementacrosstheentirechargingstationoperationsprocessandcorefunctionssuchas24/7automatedcustomerQ&A.Asouruserbaseexpandsanddatavolumescontinuetogrow,userfeedbackanddataaccumulationfurtherenhancethemodel’sstabilityandscenarioadaptability.
?Embodiedswarmintelligence:
WehavedeeptechnologicalaccumulationinthefieldoftherobotbodyandAIbrainforembodiedintelligentrobots,andhaveestablishedcorecapabilitiescoveringtheR&DofverticalAImodels,AIapplicationplatforms,androbots.
OurverticalmodelsforswarmintelligentinspectionbuildcorecapabilitiesaroundthetechnologicalsystemofmultimodalverticalAImodels,industryverticalAImodels,andembodiedVLAverticalAImodels.Trainedondiversedatatypesandemployingmultiplemodel-trainingmethods,thesemodelsenablemulti-modalperception,autonomousdecision-making,andreliabletaskexecution,whilecontinuouslyimprovingmodelgeneralizationandtasksuccessrates.Inaddition,wehavedevelopedanintegratedsuiteofAIapplicationplatformsthatsupportthemanagementofembodiedintelligentagentsaswellasthefull-lifecyclemanagementofAIagentdevelopment,modeltrainingandinference,anddataprocessing,therebyimprovingsolutiondeliveryefficiencyandscalability.
2.Productsandsolutions
Weadheretothebusinessphilosophyof“Value-DrivenInnovationwithUnwaveringCommitment”,themanufacturingphilosophyof“SurpassingtheImagination”,andthecorevaluesof“ExceedingCustomerExpectations,EmpoweredbyRelentlessDrive”.WithAIasitscoredriver,Autelsteadfastlyexecutesitsstrategicblueprintfor“Intelligentization”,continuouslydeepeningtheintegrationofAIwithbusinessplans.?Insmartvehiclediagnostics,AutelleveragesitsstrongR&Dcapabilitiesto
developsolutionsthatarehighlycompatible,widelyapplicable,easyandintelligent,andhighlyintegrated,withrapiditerationcycles.Withhundredsofthousandsofhighlyengagedindustryend-usersintheglobalautomotiveaftermarket,wefullyapplygenerativeAItoempowersmartdevices,comprehensivelyenhancevehiclediagnosticefficiencyanduserexperience,andcontinuouslyconsolidatingourleadershipinthesmartvehiclediagnosticsindustry.
●Intermsofsmartcharging,Autelprovidesend-to-endsmartchargingnetworks
andintegratedPV-storage-chargingenergymanagementsolutions.Ourproductsolutionsincludevariouschargermatrices,suchas“ultra-fastDCchargersandintegratedACresidential&commercialchargers”;andchargingcloudplatformssuchasintelligentoperations,intelligentoperationandmaintenance,andchargingpayment.PoweredbyPVpowergenerationandchargingloadforecasting,andenhancedwithalgorithmsforenergyoptimization,smartcharging,andAI-baseddispatching,thesolutionintegrates“PV,storage,charging,edgecomputing,andcloudplatforms”.Itmaximizeschargerutilizationatoptimalcost,improvesoperatingprofitabilityofcharging,andshortenstheinvestmentpaybackperiod.
●Asforembodiedswarmintelligence,byleveraginggenerativeAI,Auteldeliverssmarterandmoreefficientinspectionsolutionsfortheenergy,transportation,industrialparkandothersectors.Wehavebuiltafullyintegratedtechnologychaincoveringindustry-specificverticalAImodels,intelligentbrains,smartroboticactuators,andscenariodata.Thesesolutionsarehighlyefficient,intelligent,andcontinuouslyevolving,andempowerthetransformationofvariousindustriestoanewoperationmodelthatisintelligent,autonomous,andair-groundintegrated.
3.Globalizationanddifferentiation
Autelremainscommittedtoglobalizationandupholdsthecorephilosophyof“GlobalizedInnovation,MarketsandProduction”,establishingafullvalue-chainsystemcoveringR&D,sales,andmanufacturing,therebylayingasolidfoundationforglobalbusinessexpansion.?AcomprehensiveglobalizedinnovationR&Dsystem.Weintegratecoretechnologydevelopmentwithlocalmarketinsight,andhaveestablishedmultipleR&Dcentersworldwidetofullyactivatethetechnicalstrengthsofvariousregionsinareassuchaspowerelectronics,AIintelligentization,industrialdesign,andsoftwaredevelopment.Throughacross-regionalcollaborationmechanism,weensurebreakthroughsincutting-edgetechnologieswhilerapidlyadaptingtolocalizedneedsindifferentmarkets,promotinganefficientconnectionbetweentechnologicalinnovationandcommercialization.?Anextensiveglobalizedsalesandservicenetwork.Leveragingdirectly
affiliatedsalessubsidiariesandlocalizedserviceteamsestablishedworldwide,wehavebuiltamarketingandservicenetworkcoveringmorethan120countriesandregions,includingNorthAmerica,Europe,Asia-Pacific,theMiddleEast,andSouthAmerica.Thisenablesustorapidlyidentifymarkettrendsandcustomerpainpointsineachregionandachieveagile,full-cycleresponsivenessfromrequirementsalignmentandproductdevelopmenttoafter-salesservice,deliveringaconsistentandhigh-qualityserviceexperiencetocustomersworldwide.
?Arobustsupplychainsystemforglobalizedproduction:WeoperateproductionbasesinChina,Vietnam,theUnitedStates,andMexico,supportedbylocalizedproductionandoperationteamsandsupplychains.Thisisofgreatstrategicsignificanceforcontinuouslyoptimizingresourceallocation,mitigatinguncertaintiesintheinternationaltradeenvironment,andenhancingproductcompetitiveness.Theseeffortsimprovesupplychainresponsivenessandoveralloperationalefficiency,allowingAuteltomaintainitsleadingpositionandachievesustainablegrowthonaglobalscale.
4.High-qualitycustomerbaseandcollaborativerelationships
Ourcustomersincludeinternationallyrenownedenergyenterprises,leadingautomakers,largechainretailers,andcoredistributors.Wehavebuiltamulti-tiercustomerecosystemthatcombinesdirectsalesanddistribution.Also,wehavebuiltacollaborative
andmutuallyempoweringrelationshipwithourcustomers.Theirinsightsandforward-thinkingcontinuallyfuelourproductinnovationandtechnologicaladvancement,drivingbusinessbreakthroughs.Throughourintegratedproductdevelopmentprocess,wemaintainclosecollaborationwithcustomers,fosteringacontinuouscyclewhereinnovationisdrivenbycustomerneedsand,inturn,benefitsthem.
Throughlong-termtrust,valueco-creation,andtwo-wayempowerment,wehavebuiltamulti-tiercustomersystemandcontinuedtostrengthenourbrandpresence,layingasolidfoundationforthesteadygrowthofourglobalization.
5.Talentedteam
Autelplacesgreatimportanceonstrengtheningitstalentteam,strivingtobecomeanexcellentorganizationdrivenby“UltimateEfficiencyandRelentlessPursuitofExcellence”.ByleveragingAI,Auteldrivesintelligenttransformationacrossitsorganization,andcomprehensivelyoptimizesitswholebusinesschain,includingR&D,marketing,sales,customerservice,supplychain,IT,andfunctions.
OurfounderhasguidedAutel’sdevelopmentwithaforward-lookingstrategicvisionandoutstandingstrategicexecution,andhasbroughttogetheragroupofseasonedexpertsinvehiclediagnostics,newenergyvehicles,andartificialintelligence,formingacoremanagementteamthatcombinesstrategicforesightwithefficientexecution.Guidedbyinnovationandresults,ourmanagementteamcontinuouslyenhancesorganizationalresponsivenessandinnovationcapabilitiestoensuretheefficientimplementationofstrategicplans.
Meanwhile,wehavemadeinnovationacornerstoneofourdevelopment,fosteringacorporateculturethatencouragescreativityandforward-thinking.Weaimtoattracttopindustrytalentthroughdiverseincentivemechanismsandbuildanorganizationalecosystemofsharing,co-creation,andwin-winoutcomes.BytheendoftheReportingPeriod,wehadmorethan960R&Dprofessionals,injectinganinexhaustibledrivingforceintoAutel’ssustainedleapfrogdevelopment.ii.EventsduringtheReportingPeriodthatseverelyimpactedAutel’scorecompetitiveness,impactanalysis,andcountermeasures
□Applicable√Notapplicable
iii.CoretechnologiesandR&Dprogress
1.CoretechnologiesandtheiradvancementaswellaschangesduringtheReportingPeriod
(1)CoretechnologiesofsmartvehiclediagnosticsWehavebuiltproprietarydiagnosticsystemsandbatterydiagnostictechnologies,supportedbyourdiagnosticverticalAImodel,whichtogetherformthetechnologyfoundationofoursmartvehiclediagnostics.
①DiagnosticsystemsWehavedevelopedasuiteofinterconnectedsystems.Eachsystemservesaspecificfunctionwithinaunifiedframework,creatingaclosed-loopsystemthatspanshardwareconnection,systemcontrol,andintelligentanalysis,therebyenablingefficient,accurate,andadaptivevehiclediagnostics.a.MaxiFlash,ourvehiclediagnosticcommunicationsystemMaxiFlashisourvehiclediagnosticcommunicationsystem,servingastheentrypointthatconnectsdiagnosticdeviceswithavehicle’sonboardECUsthroughstandardinterfacessuchastheOBDport.Itfeaturesaproprietary,highlyintegratedcommunicationsystemthatensuresstableandreliableconnectionswithvehicles.Thesystemsupportsanumberofdifferentcarcommunicationprotocols,aswellasthreemaininternationalstandardsinrelationtodiagnosticdevices,andautomaticallydetectsthetypeofconnectionneeded.Withmulti-channelcommunicationandanoptimizedprotocolstack,itgreatlyimprovescommunicationspeedandefficiency,allowingstableconnectionswithmorethan20ECUsatonce.Thisprovidesthefoundationforallsubsequentdiagnosticoperations.
b.MaxiOS,ourvehiclediagnosticoperatingsystemMaxiOSisourvehiclediagnosticoperatingsystemthatmanageshowdiagnostictasksareprocessedandexecuted.BuiltonacustomizedAndroidsystem,MaxiOSincludesaunifiedSDK,whichprovidesastandardizedsetoftoolsthatmakedevelopmenteasier,improvetheuserexperience,andensurecompatibilityacrossdifferentvehiclesystemsandmodels.Thesystemincorporatesdynamicresourcemanagement,allocatingsystemresourcessuchasprocessingpowerandbandwidthbasedonthereal-timedemandsofdiagnostictasks,preventingsystemoverloadandmaintainingsmoothoperation.Additionally,MaxiOSaccelerateskeydiagnosticprocessesbyoptimizingthespeedofdataprocessingandresultanalysis,enablingfaster,moreaccuratediagnosticsandimprovingoverallefficiency.Withbuilt-insecurityfeatures,includingthreatdetection,MaxiOSoffers
strongprotectionforbothdevicesanddata,makingitsafeandreliableforvehiclediagnostics.c.MaxiSim,oursimulationandanalysissystemMaxiSimisoursimulationandanalysissystemthatusesbigdataandmachine-learningtechnologiestoautomaticallyinterpretvehiclecommunicationprotocolsandverifyalgorithms.MaxiSimcanaccuratelycreatevirtualvehicleenvironmentsandsimulateECUandcommunication-busbehaviors,greatlyreducingtheneedforrealvehiclesintestingandsignificantlyimprovingoperationalefficiency.
d.MaxiSys,ourdiagnosticexpertsystemMaxiSysisourdiagnosticexpertsystemthatanalyzesdatacollectedthroughMaxiFlashandprocessedbyMaxiOS.Itenablesfastandaccuratediagnosticsacrossmultiplevehiclebrandsandmodels.MaxiSyscanautomaticallyidentifythevehicle,communicationprotocolandcontrolunits,significantlyincreasingscanningspeed.Itscross-platformandmodulardesignseparatesfunctions,allowingthesystemtobequicklyadaptedtodifferentproductplatformswhilemaintainingaconsistentuserexperience.ConnectedwithMaxiSimandAutelCloud,MaxiSysservesastheanalyticalcorethatturnsrawdiagnosticdataintoactionableresults.
②BatterydiagnostictechnologyWedevelopbatterydiagnostictechnologytoaddresskeychallengesintheinspectionandrepairofEVpowerbatteries,includingthedifficultyoflocatingfaults,incompletediagnosticindicators,andlowtestingefficiency.Bystandardizingandstreamliningthediagnosticprocess,itreducesrelianceontechnicianexperienceandenhancesoverallefficiency.
Drawingonalargeanddiversedatabaseofrealcases,wehaveestablishedacomprehensivesetofbatteryhealthindicatorsbasedonlarge-scaleoperationaldataacrossdifferentbrandsandusagescenarios.Combiningin-depthresearchintobatterybehaviorwithmachine-learninganddeep-learningtechniques,wehavedevelopedintelligentmodelsthatcanaccuratelydetectissuessuchascellaging,enablingprecisefaultidentificationandimprovingdiagnosticaccuracyandefficiency.
③VerticalAImodelforsmartvehiclediagnostics
Builtonanedge–cloudcollaborativearchitecture,wehavebuiltaverticalAImodelthatprovidesreal-timefaultidentificationanddecisionsupport,significantlyimprovingtheaccuracyofissuedetectionandtheoverallefficiencyofvehiclediagnostics.
Themodelistrainedonextensivedatacollectedfromabroadrangeofvehicletypes,fromtraditionalfuel-poweredvehiclestoEVs.Thisdatabaseenablesthemodeltoidentifyfaultswithaccuracy,evenwhenusersdescribeissuesingeneralornon-technicalterms.Themodelsupportsmultimodalinteraction,allowingittoprocesstext,voice,imagesandsensordatastreamsatthesametime.Thisprovidesaholisticunderstandingofvehicleconditionsandenablesintegrated,multi-dimensionaldiagnostics.Tosupportcontinuousimprovement,themodellearnsfromreal-timedataanddiagnosticfeedbackgeneratedduringactualvehicleinspections.Usinganintelligentdatalabelingsystemthatcombinesautomatedlearningtechniqueswithexpertreview,diagnosticcasescanbeefficientlyorganizedandtransformedintostructuredknowledge,enhancingthemodel’sperformanceanddiagnosticaccuracyovertime.
(2)Coretechnologiesofsmartcharging
Oursmartchargingsolutionisbuiltontwocoretechnicalfoundations,namelypowerelectronicstechnologyandAIchargingtechnologies.
①Powerelectronicstechnology—chargingmodules
Wehavelaunchedourhomegrown60kW/120kWliquid-cooledpowermodules,providinganend-to-endintegratedsolutionfrompowermodulestothechargingnetwork.Ourchargingmoduleshavethefollowingfeatures:
a.Highefficiency?Achieveenergyconversionefficiencyupto97%,significantlyreducingoperationallossesandelectricitycosts.?IntegratedDCphotovoltaic-storage-chargingarchitecturereducesenergy
conversionstages.
b.Highreliability
?Liquidcoolingandwateranddustresistanceprotectionextendmodulelifetoover15years.?Real-timemonitoring,remotediagnostics,lifetimeprediction,andremote
upgradesenablepredictivemaintenance.
c.Highgridcompatibility
?Harmonicdistortion(iTHD)under3%optimizesgridquality.?SupportvPFC,VDE4100-andVDE4110-certified,andcanabsorbgrid
harmonicsandpurifythegridasneeded.
②AIchargingtechnologies
WehavedevelopedasuiteofAIchargingtechnologiesthatformthetechnicalfoundationofoursmartcharging,including:
a.Smartcharging
Wehavedevelopedsmartchargingtechnologybuiltonamulti-agentcollaborativearchitecturetoautomateandoptimizetheend-to-endchargingworkflow.Avehicleidentificationagentrecognizesthevehiclemodelwhenitconnects.Apower-demandforecastingagentanticipatestherequiredchargingpower.Apowerschedulingagentcomputesanoptimalone-timeallocationacrossmultiplechargerstoimprovegroup-chargingefficiencyandreduceelectricitycosts.Duringcharging,abatteryassessmentagentperformsbatteryconditionchecks.Together,thesecapabilitiesimprovechargingefficiency,safety,andcharging-stationoperatingreturns.
Enabledbyamulti-agentarchitecture,oursmartchargingtechnologyfeaturesa“one-timeoptimal”approach,asignificantshiftfromthetraditional“multipleadjustments”approach.Oursmartchargingtechnologyisfurtherenhancedbyadataclosedloop,builtonouraccumulatedchargingdataandvehicle-modeldatabase,whichenablesthecontinuousoptimizationofourAImodel.
b.SmartO&M
ThecoretechnicalarchitectureofthesmartO&Mplatformisbuiltonthreepillars:
AI-driven,lifecycledigitaltwin,andunifiedprotocolgovernance(OCPP+ACMPstandards).Thisarchitectureintegratesreal-timeequipmentdatawithAIanalyticscapabilitiestoestablishavirtualdigitaltwinforchargers,enablingintelligenceandautomationacrossthefullprocessfromequipmentmonitoringandfaultpredictiontoremoterepair,anddrivingtheO&Mmodelfrompassiveresponsetoproactiveprevention.
Theplatformaccuratelyidentifiesfaultsthroughcomponent-levelsmartdiagnosticsand3Dvisualizationtechnology,andprovidesmaintenanceguidance;withtheend-to-endsecurefirmwaremanagementsystem,wehaveachievedrisk-freefirmwareupgradesandrollbacks;conversational,smartO&MagentssupportnaturallanguageinteractionandcanautonomouslyperformO&Mtasks;standardizedOpenAPIsoutputcorecapabilitymodules,securelyempoweringecosystempartnersandfacilitatingcoordinatedandefficientchargingservices.
c.VerticalAImodelforsmartcharging
WehavedevelopedaverticalAImodelforsmartcharging.Thismodelisdeeplyintegratedwithourbusinesslogicandproductfunctionalitiesand,togetherwith
AI-enhancedsamplegenerationmethodsandmodelfine-tuningtechniques,isabletodeliverdecisionsupportandoperationalguidancethatcloselyalignwiththepracticalneedsofchargingstations.AIagentspoweredbythismodelsupportmulti-turnvoiceinteractionswithusers.Theycanaccuratelyinterpretuserintent,makereliablejudgments,andexecuteoperationalinstructions.Byincorporatingfeedbackfromactualoperationalactivities,themodelestablishesaclosed-looplearningsystemthatenablescontinuousoptimization.Asourchargingequipmentandcloudplatformsaredeployedacrossabroaderrangeofusecases,themodelcontinuestoimprovedialogaccuracy,task-executioncapabilities,andoverallsystemreliability,therebysupportingtheongoingenhancementofuserexperience.
(3)Coretechnologiesofembodiedswarmintelligence
①TechnologiesontheR&DofembodiedrobotsOurembodiedrobotsarefeaturedwiththefollowingtechnologies:
a.ReliablerobotbodyWedesigntherobotbodytoensurereliability,bodybalanceandstabilityduringmovementandexecutingtasks.Keymodules,suchassensors,joints,andactuators,aremodularandeasilyreplaceableorupgradeable,therebyincreasingoperationaluptime,simplifyingmaintenance,andsupportingscalabilityforfutureupgrades.b.EmbodiedintelligencebrainOurembodiedintelligencebrainisthecoredecision-makingsystemforrobots.Theycombinemultimodalperception,languageunderstandingandtaskplanningtoenabletherobottoautonomouslyunderstanditsenvironmentandgenerateactionableinstructions.Theagentusesamulti-strategymodeltoimprovetaskexecutionefficiencyandsuccessrates,ensuringstableandpredictableperformanceindynamicenvironments.c.SpatialintelligenceOurspatialintelligencetechnologyallowsrobotstounderstandtheirsurroundingsbyintegratinglocationsandsemanticinformation.Thesystemenablesrobotstoprocessandmakesenseofcomplexenvironmentsmoreeffectively.Usingmultimodalmodels,weenhancetherobot’sabilitytounderstandtasksandadapttonewenvironments,improvingbothtaskexecutionanddecision-makingoutcomesacrossawiderangeofusecases.
d.MotioncontrolWehavedevelopedamotioncontrolsystemthatcombinesforcecontrolforrobots’safeinteractionwithpeopleandobjects.Thesystemensuresstableandprecisecontrolof
robotsduringdynamictasks,optimizingmovementandmanipulation.Italsoenablesrobotstomoveandoperateincoordination,allowingthemtoperformtaskseffectivelywhilemoving,enhancingoveralltaskstabilityandefficiency.
②VerticalAImodelsfortheswarmintelligenceinspectionseriesWehavedevelopedthreeverticalAImodelsforswarmintelligence,eachdesignedforpost-trainingandenhancedperformanceofembodiedintelligentagentsincomplexanddynamicenvironments.a.Multi-ModalmodelWehavedevelopedamulti-modalmodelfocusedonenvironmentperceptionandrobotictaskplanning.Forenvironmentperception,themodelisdesignedtoenablerobotstounderstandtheenvironmentbymodelingdiversescenarios,includingextremeconditions.Thisstrengthensarobot’sspatialunderstanding,reasoning,anddecision-making,improvingitseffectivenessinreal-worldtasks.
Fortaskplanning,themodelhelpsrobotslearnquicklyfromsmalldatasetsbygeneralizingacrosstasks,inferringunderlyingenvironmentalfactors,andimprovingdecision-makingthroughreinforcementlearning.Asaresult,robotscanautonomouslygenerateplanswithactionsbasedontheenvironmentandinstructions,improvingtaskperformancewhilereducingtheneedforlargeamountsofdata.b.Vision-Language-Action(VLA)modelWehaveindependentlydevelopedaVLAmodelforreal-worldrobotapplications.Themodelcombinesvisualinputs,languageinstructions,andmotioncontrolinonesystem,soitcanbeusedacrossdifferentrobottypes,understandwherethingsareandhowtheychangeovertime,andoutputspecificactionsteps.Bytrainingondatafromdifferentrobotsandoperatingsituations,themodelcanmaintainconsistentsensingandunderstandingandachieveahightaskcompletionrateincomplexenvironments,enablingthedeploymentofmultiplerobottasks.Keyfeaturesofthismodelinclude:
?Usingacommonwaytodescriberobotactions,plusalightweightadaptation
method,sodifferentrobottypescanfollowthesamecommandsandfitdifferentoperatingenvironments;
?Breakingtasksintomultiplestepsandreasonsstepbysteptosupporttask
execution;
?Aself-supervisedtrainingloopthatimprovesthemodelthroughinferencerollouts
whilepreservinggeneralizationacrossdifferentrobotembodiments.
c.IndustrymodelWehavedevelopedadedicatedindustrymodelthataddressesthelimitationsofgeneral-purposemodelsbyincorporatingdomain-specificknowledge,includingequipmentcharacteristics,operationalprocedures,andsafetystandards.Wecombineindustrydatawithmodelfine-tuningandaretrieval-augmentedgenerationapproachthatdynamicallyretrievesrelevantreferenceinformationduringresponsegeneration,improvingscenariounderstanding,Q&Aaccuracy,andresponseconsistency.Traceabilityandstabilitymechanismshelpkeepthemodelalignedwithpracticalindustryrequirements.Withthesecapabilities,themodelsupportskeyworkflows,includingtechnicalQ&Aandsafetyriskanalysis.
③Technologiesonswarmintelligence——multi-agentcoordinationandschedulingtechnology
Wehaveindependentlydevelopedmulti-agentcoordinationtechnologybasedona“centralcommanderwithexecutionteams”architecture.Underthisframework,asingledigitalcommanderagentorchestratestwospecializedteams:a.digitalagents,whichhandletaskssuchasgoalcomprehension,taskorchestration,anddataanalytics;andb.embodiedintelligentagents,whichexecuteon-sitephysicaloperations.Thisinteractionformsaclosed-loopsystemofcentralizeddecision-making,on-siteexecution,andreal-timefeedback,therebyenhancingoveralloperationalefficiencyandreliability.
Ourmulti-agentcoordinationtechnologyexcelsintwoareas:decision-makingandtaskorchestration,aswellasexecutioncapabilitiesandthetoolecosystem.Thisrobusttechnologicalframeworkenablesthestandardizeddeployment,scalablerollout,andcontinuousadvancementofourembodiedintelligenceswarmsolution.NationalScienceandTechnologyAwards?Applicable√NotapplicableRecognitionasaNationalSpecialized,Refined,Distinctive,andInnovative“LittleGiant”EnterpriseandManufacturing“SingleChampion”
√Applicable?Notapplicable
| Entity | Titlegranted | Year | Productname |
| AutelIntelligentTechnologyCorp.,Ltd. | NationalSpecialized,Refined,Distinctive,andInnovative“LittleGiant”Enterprise | 2025 | / |
2.R&DachievementsduringtheReportingPeriod
(1)Smartvehiclediagnostics
①Vehiclediagnostictabletsandothers:
?High-endsmartdevices:Threeflagshipproducts,UltraS2,MS909S2,and
MS919S2,werelaunchedglobally.Systematicimprovementsweremadetohardwareperformance,enablingfasterprocessingandasmootheruserexperience.DeeplyempoweringoperationswithgenerativeAI,weimplementedtheAIVoiceAgentandAIInspectionAgentfunctions;thenewlyintroducedmajorcorefeatures,suchasTopology3.0,DataFlow3.0,andgraphicaldiagnostics,wereadded.Meanwhile,wecontinuedtostrengthenthedevelopmentofthecloud-baseddiagnosticecosystemandlaunchedAutelCloudServices,breakingdownedgecloudbarriers.Fromdevicemanagement,reportmanagement,dataanalysis,toremotediagnostics,weprovidedtechnicianswithmoreconvenient,intelligent,andcomprehensiveservices.?NEVdiagnostics:WelaunchedAI-basedrapidinspectionforhigh-voltage
batteries,enablingintelligentreadingofinformationonNEVbatteriesandfurtherimprovingtheefficiencyoftroubleshootingNEVissues.ThecoverageofNEVdiagnosticscontinuedtobeupgraded,andunderbodydrivingcapabilitiesforhigh-voltagecomponentscontinuedtobestrengthened(includingmainstreamcomponentssuchashigh-voltagebatteries,compressors,OBCs,DCDCs,48Vbatteries,48Vmotors,PTCs,etc.),maintainingindustry-leadingcompetitiveness.NEVbatterySOHtestingobtainedEuropeanCARAcertification,furtherconsolidatingtheindustry-leadingpositionofNEVdiagnosticsinEurope.
②TPMSproducts:
?PassengervehicleTPMS:Thesoftwarecontinuedtobeupgradedanditerated,achievingindustry-leadingfirstreleasesfornewvehiclemodels.ThepassengervehicleTPMSsolutionreachedover99%ofvehicles,anditscompetitivenessconsistentlyremainedatanindustry-leadinglevel.?CommercialvehicleTPMS:Asmandatoryregulationsoncommercialvehicle
TPMSweresuccessivelyimplementedinChinaandEurope,welaunchedthefirst-generationuniversalcommercialvehicletirepressuresensorCVS-A01andthecompatibletoolITS600CV,providingacompletecommercialvehicletirepressuresolution.Theproductissimpleandeasytouseandachievesavehicle
coveragerateofover95%,withindustry-leadingcompetitiveness.③ADASproducts:
?ADAScalibrationproducts:VehiclecoverageforADAScalibrationsoftware
andfour-wheelalignmentsoftwarecontinuedtobeupdated,withglobalvehicle
coverageexceeding95%;thenew-generationADAScalibrationproductIA1000
hasbeenofficiallylaunchedglobally,whichfeaturesautomaticpositioningforthe
entirevehicleanddigitalizedcalibrationpatterns.CombinedwithanAI
multimodalvoiceverticalAImodel,ittrulyachievesdigitalized,automated,and
intelligentcalibration,significantlyimprovingcalibrationefficiencyandeaseof
use.?Four-wheelalignmentsystem:Theall-newIWA500wheelalignmentsystemis
comingtomarketsoon.Featuringindustry-leadingproductaccuracyandaguided
softwareworkflow,itsupportsSAScalibrationtodeliveraone-stop,end-to-end
wheelalignmentsolution.
④Diagnostics-relatedsoftwareservices:
?RemoteExpert:Focusingoncomprehensiveupgradestotheunderlying
communicationandtechnicalcompatibilityofdiagnosticequipment,weprovide
morestableandefficienttechnicalsupportforremoterepair.Protocolandvehicle
coveragecontinuedtoexpand,cumulativelysupportingmorethan400passenger
vehicleandNEVbrandsinChinaandoverseas.?Renewalandupgrade:Comprehensivediagnosticsoftwareupgradeswere
completedformorethan300newvehiclemodels,alongwithsoftwareupdatesfor
over600NEVmodels.Forcomplexfaultscenarios,weintroducedspecial
diagnosticfunctions,includingquicksearchanddirectaccesstoadvanced
vehicle-widefunctions,misfiredetection,intelligentfunctionassistance,and
graphicalanalysisoffuelsystems,significantlyimprovingcustomerefficiencyin
faultidentificationandresolution.
(2)Smartcharging
①Chargingnetworks:
a.Liquid-cooledchargingmodule:BoththeUS-standardversionandtheEU-standardversioncompletedmassproductionandwerelaunchedonthemarket.Itscorecompetitiveness(highefficiency,lowgridharmonics,longservicelife,andhighintelligence)reachedanindustry-leadinglevel.Itismainlydesignedfor
PV-storage-chargingandhigh-powerchargingscenarios,featuringfastcharging,PV-storageintegration,andlongservicelife,andcanadapttovariousharshenvironmentssuchashigh-salt-spraycoastalareasandhigh-dustminingareas.
b.Welaunchedabrand-newMaxiChargerDCproductseries,includingDH480(US-andEU-standard),DS480(EU-standard),DH240,andDS600Lliquid-cooledultra-fastcharging,withmainfeaturesofrelevantproductsasfollows:
?Ultimateuserexperience:Uptoonekilometerofdrivingrangepersecond,a
chargingsuccessrateabove99%,andconvenientpaymentenabledbyaggregatedpaymentmethods.
?Ultimatereliability:Itsupportsuptimeofover98%andanonlinerateexceeding
99.9%,enablingremotemaintenancethroughfullyonlineO&M;fullyliquid-cooledultra-fastchargingproductswithhighprotection,15-yearlongservicelife,reducingthetotalcostofownership(TCO)forlong-terminvestment.
?Excellentreturns:Chargingefficiencyisimprovedby10%,withend-to-end(E2E)efficiencyupto96%,DC-coupled,supportingintegrationwithphotovoltaicandbatteryenergystoragesystems.
?Fullymodulardesign,easytomaintain.On-siteupgradescanbeachievedby
replacingchargingmodules,enablingcontinuousiterativeupgradesandpowercapacityexpansion.
?Platform-baseddesign,withpowerrangescovering80-1,440kW,meetingthechargingneedsofdifferentcustomerscenariossuchason-the-go,destination,fleet,andMCS.
?Scalablepower,supportingMCSchargingsolutions.Themaximumcurrentofa
singleconnectorcanreach1,500A,andthemaximumpowersupportsupto1.44MW.Itcanbepairedwithair-cooledorliquid-cooledterminalsandissuitableforelectrictruckchargingwithachargingpowerdemandabove1MW.
c.Welaunchedanewintegratedresidential/commercialACcharger,thesecond-generationMaxiChargerSingleCharger,withthemainfeaturesofthisproductasfollows:
?Five-minutequickinstallation,10-minuteguidedbatchcommissioningofcharging
stations.
?Equippedwithintelligentfeaturessuchassmartdynamicloadbalancingfor
managinglarge-scalechargingstationsandAI-drivenoptimization.
?Featuringthree-layersafetyprotectionandahighnetworkonlinerate,and
deliveringahighlyreliable,ultimatechargingexperienceforusers.
②Chargingcloudplatformsa.Operationcloudplatform?AIagent:WefullyintegratedAI-nativecapabilitiesintothechargingoperationplatformtobuildan“AIIntelligentEmployeesMatrix”,achievingend-to-endintelligentassistanceacrossQ&A,dataanalysis,pricingstrategies,andmarketinsights.ThisenablesAItobecomeapartnerinoperationsanddecisions,significantlyimprovingefficiencyandrevenueoptimizationcapabilities,anddrivingtheoperationsystemtoleapfromtraditionalmanagementtoaconversational,smartoperationshub.?Edgecloud:Weinnovativelyachieved“edgecloudintegration”inthecharging
cloudandlaunchedanedgecloudsolutiontoensurethatinoffline/weaknetworkenvironments,chargingpowerisnotoverloaded,chargingstrategiesareconsistent,andchargingordersarenotlost,therebyensuringthenormaloperationofchargingstations.?Opencompatibility:AutelChargeCloudhasobtainedOCPP2.0.1certificationforallfunctionsandisthefirstsoftwareserviceproviderinGreaterChinatoreceivethiscertification.Ithassuccessivelypassedmultipleinternationallyrecognizedcloudservicesecuritycertifications,includingISO/IEC27018,CSA-STAR,andISO/IEC42001,ensuringthatthedevelopmentanduseofourAIsystemsareresponsible,ethical,andsecure.b.O&Mcloudplatform?RemotesmartO&M:Throughreal-timedevicemonitoringandfull-chaindatatracking,combinedwithmulti-dimensionaldevicelogs,wehavebuiltacomprehensivedeviceO&Mmanagementsystemtoaccuratelyanalyzekeydataacrosseachprocess,improveO&Mefficiency,andreducefailurerates.?Component-leveldiagnostics:Byusingmulti-viewanalysistointerpretthe
operatingstatusofcorecomponentsofequipment,wehavebuiltadigitalequipmentaccesssystemthroughtemperature,data,appearancefeedback,andotheraspects,preciselypinpointingfaultstothecomponentlevelandsignificantlyimprovingtroubleshootingefficiency.?Customizedservicesystem:Basedontheworkordersystem,weintelligently
allocatehumanresourcesforservices,monitorserviceprogressandefficiencyinrealtime,optimizeservicequality,ensurefull-chainservicetraceabilityandtrackability,andensurefaultresponsemeetsSLArequirements.c.Paymentcloud:Basedonpublicchargingscenarios,wehavebuiltawell-establishedintegratedonline-to-offlinepaymentsolution.CPOcollectionsaresimplified,withone-clickaccountopening,reducingoverallcostsbymorethan30%;wecontinuedtoaccelerateourdeploymentaroundoptimizingpaymentefficiencyinenergyservicescenariosandenhancingthevalueofindustrialassets.
d.Energymanagementcloud:Startingwithchargingandcenteredonintelligentenergymanagement,weintegrate“PV,storage,charging,edgecomputing,andcloudplatforms”.Basedonpowergenerationandloadforecastingandincombinationwithalgorithmssuchasenergyoptimization,smartcharging,smartdispatching,andbatterydiagnostics,theenergymanagementcloudprovidesfunctionsincludingpowersupplyassuranceonthechargingside,dynamiccapacityexpansion,reductionofdemandcharges,andpeakshavingandvalleyfilling.Ithelpscustomersachievethehighestchargingutilizationattheoptimalcost,increasechargingoperationrevenue,andsignificantlyshortentheinvestmentpaybackperiod.
③One-stopPV-storage-chargingenergymanagementsolution
?Hardwaresolutions:Wecompletedsystematicintegrationtestingandvalidationof
hardwareplatformssuchasenergystoragebatteriescompliantwithEuropeanandUSstandards,powerconversionsystems(PCSs),photovoltaicinverters,andAC/DCchargers,meetinghardwaretechnicalrequirementsformillisecond-levelrapidresponseandsmoothcapacityscaling.
?Softwaresolutions:WereleasedtheenergymanagementcloudMaxiPowerXand
thestation-levelenergymanagementsystemMaxiPowerS,andoverseasdemonstrationsitesofficiallycommencedoperations.
?MaxiEdgeController:Featuringmulti-port,multi-protocol,andmulti-brand
compatibility,itcanmeetsecond-levelormillisecond-leveldataacquisitionandprocessingandmillisecond-leveldispatchingresponserequirements.Itenablesenergyoptimizationandstrategicdispatchingalgorithmstodelivermulti-strategycontrolmodelogic,includingAIschedulingmode,cloudedgecollaborationmode,andlocalpolicymode.Itsupportsindependentdeploymentandoperationatthestationlevelandadoptsadual-redundant,high-reliabilitydesignwithreliabilityup
to99.99%,ensuringthenormaloperationofenergydispatching.
(3)EmbodiedswarmintelligenceDuringtheReportingPeriod,ourembodiedswarmintelligencesolutionswereapplicabletoawiderangeofapplicationscenarios,includingtheenergysector(e.g.,oilfields),transportationhubs(e.g.,highways),andindustrialparks.Throughreal-timeinformationcollectionandanalysis,thissolutionsupportedearlyfaultdetectionandtimelyresponse,therebyimprovingmanagementefficiencyandoperationalresponsiveness.WeintegrateembodiedintelligentagentsthroughourproprietaryAIapplicationplatforms,includingtheHubPlatform,theAIPPlatform,andtheDataPlatform,tosupporttheconnectionandcoordinationofembodiedrobotsinvariousforms,includinghumanoidrobots.
①EmbodiedIntelligentAgentsEmbodiedintelligentagentsserveasthephysicalcarriersofourembodiedswarmintelligencesolutionandaredesignedtosupportabroadrangeofpotentialapplications.DuringtheReportingPeriod,welaunchedproprietaryembodiedrobotswithadvancedperception,planningandmotion-controlcapabilities,allowingthemtooperateautonomouslywithminimalhumaninvolvement.Leveragingautonomousnavigationcapabilities,ourembodiedrobotscaninterprettheirsurroundings,planmovementpaths,andexecutetasks.Theirmulti-directionalmobilityandadaptivecontrolsystemsenablethemtooperatebothindoorsandoutdoors,navigateunevenorconstrainedspaces,andrespondtoenvironmentalchanges.
②AIapplicationplatformsDuringtheReportingPeriod,wedevelopedthreeAIapplicationplatformstoenabletheefficientmanagementandoperationofembodiedintelligentagents:
a.HubPlatformTheHubPlatformisanopenplatformdesignedtofacilitatetheconnectionandmanagementofembodiedintelligentagentsacrossmultiplebrands.Throughthisplatform,userscanmanageembodiedintelligentagentstoautomateworkflows,includingtaskexecution,monitoring,response,archiving,anddatamanagement.Theplatformsupportstheclosed-loopexecutionofembodiedintelligentagents,fromissueidentificationandassessmenttoresolutioninreal-worldscenarios,therebyacceleratingthetransitiontounmannedandintelligentoperationsacrossindustries.
Byleveragingmulti-agentworkflowsbuiltontheAIPplatform,userscandrivecoordinatedagentoperationsthroughnaturallanguagecommands.Uponreceivinganinstruction,ataskorchestrationagent,actingasthecommander,plansandassignstaskstotheembodiedagentswarm.Arouteplanningagentthengeneratesoptimalexecutionroutes.Duringtaskexecution,amulti-modalanalysisagentidentifiesissuesandtriggersreal-timealerts.Uponcompletion,areportgenerationagentautomaticallycreatesindustry-compliantoperationalreports.Thisenablesasingle-command,end-to-endautonomousexecutionmodelforembodiedintelligentagentoperations.
b.AIPPlatform
TheAIPPlatformintegratesanAIagentdevelopmentmodulewithanAImodeltrainingandinferencemodule,providingfulllifecyclemanagementforbothAIagentdevelopmentandAImodeltrainingandinference.Specifically,
?TheAIagentdevelopmentmoduleallowsuserstocreateAIagentswithoutcoding
throughAI-powerednatural-languageinteractionsoravisualdrag-and-dropinterface.Itprovidespre-builttemplatesandsupportingtoolsthatallowuserstoefficientlyincorporatecommonlyusedfunctions,significantlyreducingagentdevelopmenttime.Userscancreatemulti-agentworkflowstoautomateandoptimizetheirroutinetasks,enhancingoverallefficiency.
?AImodeltrainingandinferencemodulesupportsthetraining,deployment,and
managementofAImodels.Itsvisualconfigurationcangeneratetraininganddeploymenttaskswithminimalmanualtuning.Italsosupportsdatasetmanagementandintelligentlabeling,togetherwithreal-timemonitoringofAImodeltrainingprogress,deploymentstatus,andinferenceperformance.
AIPworkswithHubPlatformtoenablesmoothworkflowandcoordinatedexecutionacrossclientscenarios,improvingoveralloperationalefficiency.
c.DataPlatform
TheDataPlatformprovidesdatalifecyclemanagementforAImodeltraining.Itautomateskeysteps—includingdatacollection,cleaning,organization,labeling,andevaluation—toreducemanualwork.Italsomanagesdatastorageandprocessing,andisdesignedtoworkwithmainstreamAImodelsfortrainingandinference,includingthatonAIPPlatform,whichshowsseamlessdataflowacrossend-to-endworkflowsandcontinuousmodelimprovement.
IntellectualpropertyachievementsduringtheReportingPeriod:
| Newadditionsintheyear | Cumulativetotal | |||
| Applicationsfiled(units) | Granted(units) | Applicationsfiled(units) | Granted(units) | |
| Inventionpatents | 78 | 83 | 922 | 435 |
| Utilitymodelpatents | 32 | 32 | 315 | 304 |
| Designpatents | 34 | 55 | 1,048 | 1,065 |
| Softwarecopyrights | 37 | 37 | 207 | 174 |
| Others(copyrightsofworks) | 4 | 4 | 4 | 4 |
| Total | 185 | 211 | 2,496 | 1,982 |
3.R&Dinvestments
Unit:RMB
| 2025 | 2024 | Change(%) | |
| ExpensedR&Dinvestments | 774,630,849.60 | 635,783,425.06 | 21.84 |
| CapitalizedR&Dinvestments | 98,989,377.13 | 44,243,730.79 | 123.74 |
| TotalR&Dinvestments | 873,620,226.73 | 680,027,155.85 | 28.47 |
| TotalR&Dinvestmentsas%ofoperatingrevenue | 18.08 | 17.29 | Upby0.79percentagepoint |
| CapitalizedR&Dinvestmentsas%oftotalR&Dinvestments | 11.33 | 6.51 | Upby4.82percentagepoints |
ReasonsforsignificantchangesintotalR&Dinvestmentcomparedtothepreviousyear?Applicable√NotapplicableReasonsforsignificantchangesintheproportionofcapitalizedR&Dinvestmentanditsjustification?Applicable√Notapplicable
4.OngoingR&Dprojects
√Applicable?Notapplicable
Unit:RMB’0,000
| No. | Projectname | Estimatedtotalinvestment | Currentperiodinvestment | Cumulativeinvestment | Progressormilestoneachievements | Targetobjectives | Technicallevel | Specificapplicationprospects |
| 1 | NEVsmartdiagnosticsolution | 18,955.81 | 8,637.11 | 14,322.68 | 1.AutelcompletedupgradesformainstreamNEVbrandsinChina,Europe,andtheUnitedStates,covering95%ofNEVdiagnosticsintermsofhigh-voltagebatterytestingandSOHassessment.2.Auteladded48Vmotortesting,48Vbatterytesting,andPTCtestinginthescopeofunderbodytesting.3.ModelcoverageforADAScalibrationandfour-wheelalignmentfunctionsexceeded95%,supportingfullfunctions,includingACC,LDW,BSD,NVS,AVM,RCW,andHUD.4.Autelachievedmultiplepositioningmethods,includingdual-laserpositioningand3Dvisionpositioning,completingonecalibrationwithinfiveminutes.5.Itprovidedanintegratedsolutioncombiningcalibrationtools,diagnosticsoftware,andcalibrationmethods,withguidedworkflowsprovided. | 1.NEVdiagnostics:Itcoveredmorethan95%ofNEVmodelsworldwidethroughmulti-protocoldiagnostics.Diagnosticfunctionsincludedcomplete-vehiclefaultscanning,basicfunctions,andspecialfunctions,withaccuracyreachingtheOElevel,addressingissuessuchaspoorcompatibilityandweakfunctionalityofdiagnosticsoftwareforNEVs.2.High-voltagebatterytestingforNEVs:ThroughAItechnologytolearnbatterycharacterizationdataofvariouschemicalpropertiesandanalyzebatterydynamicdata,itcovershigh-voltagebatterytestingfor95%ofNEVsworldwide,providinginformationincludinghigh-voltagebatterySOH,SOC,current,voltage,temperature,andcellvoltage.Itaddressedissuessuchashighentrybarriersforhigh-voltagebatterytestingandinaccurateresults.3.UnderbodycomponenttestingforNEVs:(1)Itcoveredhigh-voltagebatteryunderbodytestingfor95%ofNEVs.(2)High-voltagecomponenttestingforNEVscoveredtestingofmainstreamhigh-voltagecomponentssuchas | 1.NEVdiagnostics:Vehiclecoverage>95%;functionalaccuracyreachestheOElevel.2.High-voltagebatterytestingforNEVs:Batterybrandcoverage>95%;SOHassessmentaccuracyreachesabove95%;batterytestingcompleteswithin10minutes,improvingefficiencybymorethan30%.3.UnderbodycomponenttestingforNEVs:High-voltagecomponenttestingcoverageexceeds95%ofmainstreambrands.4.ADAScalibrationandfour-wheelalignmentforNEVs:Product | 1.NEVdiagnostics,faultlocation,andpartsrecommendationsforrepairshops.2.Powerbatteryfaultlocation,batteryconditiontesting,full-packcharginganddischarging,modulebalancing,cellbalancing,post-maintenancebatterypacktesting,andtestingafterbatteryinstallation.3.Batterysecond-lifeutilization.4.ReplacementofglassandtiresforNEVs,aswellaspost-accidentADAScalibrationandfour-wheelalignment. |
| high-voltagebatteries,compressors,DCDC,OBC,48Vbatteries,48Vmotors,andPTC.4.ADAScalibrationandfour-wheelalignmentforNEVs:(1)ItenabledADAScalibrationformorethan95%ofvehiclemodelsworldwide.(2)TechnicianscancompletetheplacementofthemaincalibrationframewithinoneminuteandcompleteADAScalibrationwithinfiveminutesthrough3Dvisualpositioning,significantlyimprovingADAScalibrationefficiency.(3)ItprovidedacompleteADAScalibrationandfour-wheelalignmentsolutionthroughanintegratedADAScalibrationandfour-wheelalignmentsolution,improvingcustomers’repairefficiency. | accuracyreaches0.02degrees;productframeratereachesabove6frames/second. | |||||||
| 2 | Second-generationultra-fastintegratedchargingproductproject | 19,846.25 | 5,394.14 | 19,006.25 | 1.MaxiChargerDH480480kW,anintegratedcharger,isnowavailableandcanbesuppliedinbulk.2.MaxiChargerDS480480kW,asplitcharger(Europeanstandard),isnowavailableandcanbesuppliedinbulk.3.RegardingourMCS(megawatt-class)chargingseries,wehavecompletedprotocolinteroperabilitytestingwithmultiplemainstreammanufacturers;andwehavealsoconductedproductverificationandmanufacturingimplementationatBetasites.4.Intelligentrecognitionandchargingcurvepredictionhavebeencompletedfor25 | 1.Customerswereprovidedwithnew-generationultra-fastchargingproducts,coveringafullpowerrangefrom60kWto1.44MW.2.Autelsupportedmultiplematrixstrategies,achieving100%poweravailabilityacrosstheentirematrixandimprovinggridutilizationby10%.3.ItenabledAI-poweredintelligentchargingaswellasdigitalandintelligentoperationandmaintenance,significantlyenhancingthecustomerexperience.4.TheMCSstandardissupportedwithamaximumsingle-plugpowerof1.2MW.5.FuturebusinessevolutionissupportedbyintegratingPVpowergeneration,energystoragesystems, | 1.Fastcharging(400kmrangeintenminutes).2.Full-matrixswitchingisavailablewith100%powerutilization.3.AI-poweredsmartchargingissupported,increasinggridutilizationby10%.4.Megawatt-classchargingtechnology.5.ParallelPVandenergystoragetechnology. | 1.Full-power-rangeDCultra-fastchargingmeetsthetechnicalrequirementsforchargingproductsoverthenextfiveyears.ItiscompatiblewithCCS,MCS,NACS,CHAdeMO,andGBTstandards,supportingvariouschargingscenarios,includingpassengervehicles,publictransport,andcommercialelectrictrucks.2.Users’painpointsofslowchargingareaddressedbyfurtherimprovingcharging |
| mainstreamvehiclemodels.5.Thedesignoftheliquid-cooledcablesystemhasbeencompleted.Ithasamaximumcurrentof650A,iseasytomaintain,andmeetsperformancerequirements. | andcharginginfrastructure. | efficiency.3.Uptimehasbeenraisedto99%,ensuringsafetyduringchargingandmeetinghighreliabilityrequirementsforproductoperationandmaintenance.4.Theissueoflowgridutilizationhasbeenaddressedbyincreasinggridefficiencyby10%.5.Geenenergyisavailabletoaddresspowersupplyshortagesinspecificscenarios. | ||||||
| 3 | Liquid-cooledchargingmodule | 15,200.00 | 6,889.61 | 10,395.24 | Wehavecompletedsmall-batchproductionandmarketlaunchofliquid-cooledchargingmodules(USstandard),andourcorecompetitiveness(highefficiency,lowgridharmonics,longlifespan,andhighintelligence)hasreachedanindustry-leadinglevel. | 1.Ultimatereliability:Industry-leadinglowfailureratewithhighreliability.2.Lownoise:Liquidcoolingensureslownoise(<50dBpermodule),contributingtoanultra-fastchargingexperiencewithminimalnoise.3.Highefficiency:Autelhasestablishedahigh-efficiencybrandwithmodulesachieving97.5%maximumefficiency,reducingcustomers’operationalelectricitycosts.4.Intelligentfeatures:blackbox,OTA,lifespanprediction,diagnosticsandmaintenance | 1.Itisappliedtocircuittopologytechnologydesignedforsiliconcarbidedevices.2.Itisalsoappliedtopowercontroltechnologytailoredforpowerelectronicscontrol.3.Modulediagnosticsandmaintenanceareenabledthroughfaultdetection,faulttreeanalysis,blackboxrecording,andOTAupgrades. | 1.Highpowerenablesfasterchargingscenarios.2.Lownoiseandgrid-friendlydesignensurean“environmentallyfriendly”chargingsolution.3.Forcustomerswithhighenergyefficiencyrequirements,customerswithlonglifespanrequirements,andcustomersusingtheproductinharshenvironments(suchascoastalareasandmines). |
| Total | / | 54,002.06 | 20,920.86 | 43,724.17 | / | / | / | / |
Description:
None
5.R&Dpersonnel
Unit:RMB’0,000
| Generalinformation | ||
| 2025 | 2024 | |
| NumberofR&Dpersonnel | 966 | 995 |
| R&Dpersonnelas%oftotalemployees | 34.79 | 36.26 |
| TotalremunerationofR&Dpersonnel | 51,718.35 | 42,933.54 |
| AverageremunerationofR&Dpersonnel | 53.55 | 43.15 |
Note:ThenumberofR&Dpersonnelaccountedfor57.33%ofAutel’stotalstaff(excludingproductionpersonnel)asoftheendoftheReportingPeriod.
| EducationalbackgroundofR&Dpersonnel | |
| Educationalbackground | Numberofemployees |
| Doctoraldegree | 16 |
| Master’sdegree | 132 |
| Bachelor’sdegree | 766 |
| Juniorcolleges | 50 |
| Seniorhighschoolandbelow | 2 |
| AgestructureofR&Dpersonnel | |
| Age | Numberofemployees |
| Below30(exclusive) | 301 |
| 30-40(inclusiveof30andexclusiveof40) | 545 |
| 40-50(inclusiveof40andexclusiveof50) | 116 |
| 50-60(inclusiveof50andexclusiveof60) | 4 |
| 60andbeyond | 0 |
ReasonsforanysignificantchangetothecompositionofR&DpersonnelandtheimpactontheCompany:
□Applicable√Notapplicable
6.Otherinformation
□Applicable√NotapplicableIVRiskfactorsi.Riskofnotyetachievingprofitability
□Applicable√Notapplicableii.Riskofsignificantperformancedeclineorlosses
□Applicable√Notapplicable
iii.Corecompetitivenessrisks
√Applicable□Notapplicable
1.RiskofrevolutionarytechnologicaliterationOurproductsprimarilyservetheautomotiveindustry,whichisundergoingrapidtransformationduetotheacceleratedintegrationofemergingtechnologiessuchas5G,theInternetofThings(IoT),cloudcomputing,AI,andnewenergy.Astheindustryshiftstowardgreaterintelligence,connectivity,andnewenergy,theseadvancementspresentbothopportunitiesandchallengesfortheautomotiveadvanceddiagnosticandtestingindustry.FuturedisruptiveproductsandinnovationsintheautomotiveindustrymayleadtosignificantchangesandrevolutionaryiterationsofAutel’sexistingproducts.AlthoughAutelprioritizesR&Dandtechnologyascoredriversandcontinuestoinvestheavilyintheseareas,failuretosuccessfullyanticipateindustrytrendsandeffectivelycompletetechnologicalupgradescouldresultinthelossofitstechnologicaladvantage,ultimatelynegativelyimpactingproductionandoperations.
2.RiskoftechnicaltalentturnoverorshortageThefieldsofautomotiveadvanceddiagnosticandtesting,newenergyandpowerequipment,andAI-poweredroboticsaretechnology-intensiveindustriescharacterizedbyhighsectoralattributesandstrongentrybarriers.AdvancementsandinnovationinthesefieldsdependonexperiencedandstableR&Dteams.However,comparedtotherapidlyevolvingmarket,high-endR&Dtalentremainsrelativelyscarce,andcompetitionforskilledprofessionalswithintheindustryisintense.Thelossoftechnicalpersonneloccursfromtimetotime.IfAutelexperiencesasignificantoutflowofcoretechnicalpersonnelwithoutsuitablereplacements,oriftalentdevelopmenteffortsfailtokeeppacewithbusinessexpansionneeds,Autel’scompetitivenessmaybeweakenedorrestricted,whichcouldadverselyaffectproductionandoperations.
3.RiskofcoretechnologyleakageAlthoughAutelhasimplementedprotectiveandconfidentialitymeasuresforitscoretechnologiestosafeguardagainsttechnologyleakage.Meanwhile,confidentialityandnon-competeagreementshavebeensignedwiththeseniormanagementandcoretechnicalpersonnel.Nevertheless,thecompetitionfortalentintheindustryisintense.TheriskofcoretechnologyleakageremainsduetothepossibilitiesthatemployeesfamiliarwithrelevanttechnologiesmayleaveAutel,potentiallyleadingtotechnologyleakage,andthat
patentprotectionmeasuresareinsufficient.Ifsuchasituationoccurs,itcouldweakenAutel’stechnologicaledgeandnegativelyimpactproductionandoperations.
4.RiskofintellectualpropertydisputesAspartofitsglobalizationstrategy,Autel’soverseasoperationsaresubjecttocomplexlegalenvironments.AsAutelexpandsintonewbusinesssectors,itmaybedifficulttocompletelyavoidintellectualproperty(IP)disputesinitiatedbycompetitorsorotherentitiesforvariousreasons.SinceIPinvestigations,applications,authorizations,negotiations,andlegalrulingsarecomplexprocesses,failuretoproperlymanageIPissuesanddisputescouldleadtounfavorablelegaloutcomes.IntheeventofanadverseIPlawsuitruling,Autelmayfacecompensationclaims,highlegalfees,patentlicensingcosts,oreveninjunctionsthatpreventtheproductionandsaleofcertainproducts.iv.Operatingrisk
√Applicable□Notapplicable
1.RisksassociatedwithoverseasoperationsAutelhaslongreliedprimarilyonoverseasmarketsforproductsales,withacertaindegreeofdependenceontheNorthAmericanmarket.Currently,Autel’soverseassalescovermorethan120countriesandregions,withoverseasbranchesestablishedinkeymarketssuchasNorthAmericaandEurope,aswellasproductionbasesinVietnamandtheUS.IfbilateralrelationsbetweenChinaandrelevantcountriesorregionsundergosignificantchanges,orifadversedevelopmentsoccurinmarketconditions,industrytrends,orforeigntradepoliciesoftheabovecountriesorregions,Autel’sroutineoperationsandprofitabilityintherelevantcountriesandregionscouldbesignificantlyaffected.
2.RisksinrawmaterialsupplyThemainrawmaterialsrequiredforAutel’sproductionincludeICchips,resistorsandcapacitors,PCBs,diodes,transistors,andLCDs.Ingeneral,theserawmaterialsaresourcedfromindustrieswithalargenumberofsuppliersandsufficientsupplycapacity.However,keycomponentssuchasICchipsandLCDsundergofrequenttechnologicalupgradesintheconsumerelectronicssector.Asproductsevolve,oldercomponentmodelsmayfacereducedproductionordiscontinuation,potentiallyleadingtosupplyshortages.Sincethesekeyrawmaterialsdirectlyimpactproductdesign,Autelmustmakenecessarymodificationstoitsproductdesignsaccordingly.IfAutelfailstoadjustinatimelymannerorsecure
alternativesources,itmayexperiencetemporaryshortages,adverselyaffectingproductionandoperations.Additionally,someICandelectroniccomponentsusedinAutel’sproductsareimported.IntheeventofheightenedUS-Chinatradefrictionorextremeinternationaltradedisruptions,certainmaterials–particularlycriticalchips–couldfaceextendedprocurementcycles,significantpricefluctuations,orimportrestrictions.IfAutelisunabletoeffectivelyadjustproductionandsalesplans,modifyproductdesigns,identifyalternativesuppliers,orshiftprocurementandproductionoverseas,itsproductionandoperationscouldbenegativelyimpacted.
3.RisksfrombusinessandassetexpansionofAutelDuringtheReportingPeriod,Autel’sbusinessandassetscaleexperiencedrapidgrowth.Ifthemanagementqualityandcapabilitiesdonotalignwiththedemandsofrapidexpansionandbusinessdevelopment,andifAutel’sorganizationalstructureandmanagementsystemsfailtoadjustandimproveintime,achievingbusinessobjectivesmaybecomechallenging.v.Financialrisks
√Applicable□Notapplicable
1.RiskofexchangeratefluctuationsAsAutelprimarilyexportsitsproducts,overseasrevenueconstitutesasignificantportionofitstotalincome.ThemainsettlementcurrenciesforoverseassalesaretheUSDandtheEUR.FluctuationsintheexchangeratesoftheRMBagainsttheUSDandtheEURcouldimpactAutel’sbusinessperformance,tosomeextent.
2.RiskofhighinventoriesAttheendoftheReportingPeriod,Autel’snetinventoriesamountedtoRMB1,668million,accountingfor33.66%ofcurrentassets.IfrawmaterialpricesfluctuatesignificantlyorifmarketpricesforAutel’sproductsdeclinesharplyinthefuture,thereisariskofinventoryvaluationlosses.
3.RiskofchangesinexporttaxrebatepoliciesAsAutelprimarilyreliesonexportsales,itsexportproductsaresubjecttothe“exemption,deduction,andrebate”taxpolicy.Iffuturepolicyadjustmentsleadtoareductioninexporttaxrebateratesforkeyproducts,Autel’sbusinessperformancemaybe
adverselyaffected.Asaresult,Autelfacesrisksassociatedwithfluctuationsinexporttaxrebaterates.
4.RiskofdeclininggrossprofitmarginDuringtheReportingPeriod,Autelmaintainedarelativelyhighoverallgrossprofitmargin.However,theoverallgrossprofitmarginisinfluencedbymultiplefactors,includingproductmix,pricing,rawmaterialcosts,andfreightexpenses.ChangesinproductmixmayleadtoadeclineinouroverallgrossprofitmarginduringtheReportingPeriod.Additionally,productpricingisaffectedbymarketcompetition,salesstrategiesofAutel,andexchangeratefluctuations,whileproductioncostsareinfluencedbyrawmaterialprices,laborcosts,businessscale,andproductionefficiency.IfsignificantadversechangesoccurtotherelevantfactorsthataffectAutel’sproductpricesandcosts,leadingtoasharpdropinproductpricesorarapidincreaseincosts,Autel’sgrossprofitmarginmaydecline.vi.Industryrisks
√Applicable□Notapplicable
1.Riskofpolicychangesandresultingfluctuationsindownstreammarketdemand
GovernmentpoliciesinvariouscountriesregardingnewenergyandtheautomotiveadvanceddiagnosticandtestingindustryhaveasignificantimpactonthesalesofAutel’sproducts.Ifmajorcountriesorregionsintroduceunfavorablepolicychangesintheseindustries,demandfromdownstreamcustomersforAutel’sproductsmayfluctuate,potentiallyaffectingAutel’sbusinessperformance.
2.Marketcompetitionrisk
Asanexport-orientedbusinessprimarilyservingoverseasmarketssuchasNorthAmericaandEurope,Autelfacescompetitionfromwell-establishedindustryplayerswithsignificantassetscalesandstrongbrandrecognition.IfAutelfailstoaccuratelyanticipateindustrytrendsandmaintainlong-termtechnologicalleadershipandcorecompetitiveness,itsmarketposition,marketshare,andbusinessperformancemaybeadverselyaffected.
Additionally,astheglobalnewenergy,powerequipment,andautomotiveadvanceddiagnosticandtestingindustriescontinuetoexpand,morecompetitorsareexpectedtoenterthemarket,furtherintensifyingcompetition.IfAutelisunabletofullyleverageandsustainitsexistingcompetitiveadvantages–particularlyitstechnologicalsuperiority–then
increasingcompetitionmaydeclineitsmarketshare,lowerproductandservicepricing,andlowergrossprofitmarginandprofitability.vii.Macroeconomicenvironmentrisks
√Applicable□Notapplicable
Inrecentyears,theinternationalpoliticalandeconomiclandscapehasbecomeincreasinglyvolatile,withescalatingtradefrictionandgrowinguncertaintiesinglobalgeopoliticalsecurityandeconomicdevelopment.Ifinternationaltradepolicies,tariffs,additionaltaxes,exportrestrictions,orothertradebarriersworsen,Autel’soperationsmaybenegativelyimpacted.Autelhaslongbeencloselymonitoringglobalpolicytrends.Since2018,ithasproactivelyestablishedoverseasmanufacturingfacilities.Todate,AutelhasbuiltfourmajorproductionbasesinShenzhen(China),HaiPhong(Vietnam),NorthCarolina(USA),andMonterrey(Mexico),formingaglobalproductionandsupplychainnetwork.Movingforward,Autelwillcontinuetocloselymonitorglobalpolicydevelopmentsandadoptarisk-averseapproach.Itwillconstantlyassessandenhanceself-sufficiencyinkeymarkets,ensuringmultiplesupplychainredundancies.Onthesalesfront,Autelwilladoptmoreflexiblesalesstrategies,increaseitsfocusonenterprisecustomers,andallocateadditionalresourcestoEuropean,Asia-Pacific,andChinesemarkets.Autelaimstomitigaterisksassociatedwithanysinglemarketandensurethestabilityandsustainabilityofitsproductionandoperations.viii.Risksrelatedtodepositaryreceipts
□Applicable√Notapplicableix.Othermajorrisks
□Applicable√NotapplicableVKeyOperatingResultsduringtheReportingPeriod
DuringtheReportingPeriod,weachievedoperatingrevenueofRMB4,833million,representingayear-on-yeargrowthof22.90%,anetprofitattributabletoourshareholdersofRMB936million,markinga46.02%year-on-yearincrease,andanetprofitattributable
toourshareholdersbeforeexceptionalgainsandlossesofRMB869million,up60.67%yearonyear.i.AnalysisofPrincipalOperations
1.Changesinconsolidatedincomestatementandcashflowstatementitems
Unit:RMB
| Item | 2025 | 2024 | Change(%) |
| Operatingrevenue | 4,832,751,860.91 | 3,932,256,447.46 | 22.90 |
| Costofsales | 2,123,193,935.28 | 1,757,168,323.58 | 20.83 |
| Sellingexpense | 574,522,935.79 | 559,013,309.44 | 2.77 |
| Administrativeexpense | 395,727,313.28 | 323,794,075.80 | 22.22 |
| Financecosts | -16,452,351.42 | 21,877,567.43 | -175.20 |
| R&Dexpense | 774,630,849.60 | 635,783,425.06 | 21.84 |
| Netcashgeneratedfrom/usedinoperatingactivities | 595,597,662.21 | 747,517,485.85 | -20.32 |
| Netcashgeneratedfrom/usedininvestingactivities | -75,981,944.05 | -205,668,017.11 | 63.06 |
| Netcashgeneratedfrom/usedinfinancingactivities | -670,752,126.91 | -328,610,891.25 | -104.12 |
The22.90%year-on-yearincreaseinoperatingrevenuewasprimarilydrivenbythecontinuedconsolidationofoursystematicadvantagesinproducts,technology,brand,market,serviceandglobalsupplychain,aswellasthesubstantialincreaseinrevenueofsmartvehiclediagnosticsandsmartcharging.
The20.83%year-on-yearincreaseincostofsaleswasprimarilydrivenbytheincreaseinsalesrevenueleadingtoasimultaneousincreaseincosts.
The2.77%year-on-yearincreaseinsellingexpensewasprimarilydrivenbytheincreasedtravelneedsrelatedtobusinessexpansionandimplementationalongwithbusinessgrowth,resultinginincreasedtransportationandtravelexpenses.
The22.22%year-on-yearincreaseinadministrativeexpensewasprimarilydrivenbytheimplementationofequityincentivesformanagementpersonnelunderourgooddevelopmentmomentumintheperiod.
Thesignificantyear-on-yeardecreaseinfinancecostswasprimarilydrivenbytheincreaseinexchangegainsintheperiodcomparedwiththepriorperiod.
The21.84%year-on-yearincreaseinR&DexpensewasprimarilydrivenbythecontinuedincreaseininvestmentinAItechnologyanditsintegrationwithrepairandchargingbusinesses,whichledtoanincreaseintheremunerationsofR&Dpersonnelandprofessionalservicecharges,aswellastheimplementationofequityincentives,intheperiod.
The20.32%year-on-yeardecreaseinnetcashgeneratedfromoperatingactivitieswasprimarilydrivenbybusinessgrowth,withasignificantincreaseincashpaymentsforgoodsandservices.The63.06%year-on-yearincreaseinnetcashgeneratedfrominvestingactivitieswasprimarilydrivenbythereceiptofemployeeinvestmentfundsinthevestingofthefirsttrancheunderthe2024RestrictedShareIncentivePlanintheperiod,andthereceiptofpaymentsintheperiodforthetransferofourequityinterestsinSkyFendTechnology.The104.12%year-on-yeardecreaseinnetcashgeneratedfromfinancingactivitieswasprimarilydrivenbythedividendpayoutandtherepurchaseofsharesintheperiod.ParticularsaboutanysignificantchangetotheCompany’sbusinessnature,profitcompositionorsourcesintheperiod:
□Applicable√Notapplicable
2.Revenueandcostanalysis
√Applicable□Notapplicable
DuringtheReportingPeriod,weachievedoperatingrevenueofRMB4,832.7519million,representingayear-on-yeargrowthof22.90%.
(1)Principaloperationsbyoperatingdivision,productcategory,operatingsegmentandsalesmodel
Unit:RMB
| Principaloperationsbyoperatingdivision | ||||||
| Operatingdivision | Operatingrevenue | Costofsales | Grossprofitmargin(%) | YoYchangeinoperatingrevenue(%) | YoYchangeincostofsales(%) | YoYchangeingrossprofitmargin(%) |
| Smartrepairdevices | 2,979,536,924.61 | 1,336,046,558.58 | 55.16 | 15.83 | 12.69 | Upby1.25percentagepoints |
| Chargingnetwork | 1,241,916,656.39 | 731,730,181.44 | 41.08 | 43.83 | 34.81 | Upby3.94percentagepoints |
| AIandsoftware | 551,715,048.86 | 4,186,685.19 | 99.24 | 22.85 | 24.49 | Downby0.01percentagepoint |
| Principaloperationsbyproductcategory | ||||||
| Productcategory | Operatingrevenue | Costofsales | Grossprofitmargin(%) | YoYchangeinoperatingrevenue(%) | YoYchangeincostofsales(%) | YoYchangeingrossprofitmargin(%) |
| Vehiclediagnostictabletsandothers | 1,392,008,487.27 | 641,466,878.43 | 53.92 | 9.83 | 11.04 | Downby0.50percentagepoint |
| TPMSproducts | 1,007,321,147.14 | 419,906,618.51 | 58.31 | 42.73 | 33.19 | Upby2.98percentagepoints |
| ADASproducts | 381,231,831.28 | 147,334,784.74 | 61.35 | -2.36 | -5.50 | Upby1.28percentagepoints |
| Otherproducts | 198,975,458.92 | 127,338,276.90 | 36.00 | -4.72 | -6.85 | Upby1.46percentagepoints |
| Smartchargingnetworks | 1,241,916,656.39 | 731,730,181.44 | 41.08 | 43.83 | 34.81 | Upby3.94percentagepoints |
| AIandsoftware | 551,715,048.86 | 4,186,685.19 | 99.24 | 22.85 | 24.49 | Downby0.01percentagepoint |
| Principaloperationsbyoperatingsegment | ||||||
| Operatingsegment | Operatingrevenue | Costofsales | Grossprofitmargin(%) | YoYchangeinoperatingrevenue(%) | YoYchangeincostofsales(%) | YoYchangeingrossprofitmargin(%) |
| China | 116,463,494.71 | 72,876,698.66 | 37.43 | 22.35 | 17.80 | Upby2.43percentagepoints |
| NorthAmerica | 2,531,956,170.06 | 944,199,843.00 | 62.71 | 28.39 | 27.71 | Upby0.20percentagepoint |
| Europe | 908,559,317.68 | 411,061,311.23 | 54.76 | 16.23 | 12.42 | Upby1.54percentagepoints |
| Otherregions | 1,216,189,647.41 | 643,825,572.32 | 47.06 | 17.40 | 13.99 | Upby1.58percentagepoints |
Note:In2025,thediagnostics-relatedsoftwareupgradeservicesandchargingcloudplatformswerepresentedas“AIandsoftware”.Notestotheprincipaloperationsbyoperatingdivision,productcategory,andoperatingsegment:
DuringtheReportingPeriod,with“AIintelligentization”asourcoregrowthdriver,wehaveestablishedacomprehensivebusinessmatrixspanningsmartvehiclediagnostics,smartcharging,andembodiedswarmintelligence,buildingacollaborative,closed-loopecosystemof“hardwaredevices+agentapplications+scenario-basedsolutions”.Intermsof??smartrepairdevices,wemaintainedourleadershipandachievedsteadygrowth,withTPMSproductsexperiencingrapidgrowth.Asfor??chargingnetworks,wehavemaderapidbreakthroughs,andourcompetitivenesshasjumpedtothetopoftheglobalrankings.
(2)Outputandunitsalesanalysis
√Applicable□Notapplicable
| Primaryproducts | Unit | Output | Unitsales | Inventory | YoYchangein | YoYchangein | YoYchangein |
| output(%) | unitsales(%) | inventory(%) | |||||
| Vehiclediagnostictabletsandothers | PC | 710,950 | 675,288 | 175,878 | 18.31 | 7.05 | 25.43 |
| TPMSproducts | PC | 13,392,942 | 12,032,599 | 4,232,942 | 44.78 | 43.44 | 47.36 |
| ADASproducts | PC | 4,167 | 5,475 | 2,642 | -33.24 | 9.57 | -33.11 |
| Chargers | PC | 111,266 | 113,758 | 53,693 | 25.84 | 24.79 | -4.44 |
Descriptionofoutputsandunitsales:
None.
(3)Executionofsignificantpurchaseorsalescontracts
□Applicable√Notapplicable
(4)Costanalysis
Unit:RMB
| Byoperatingdivision | |||||||
| Operatingdivision | Costcategory | 2025 | As%oftotalcostsin2025(%) | 2024 | As%oftotalcostsin2024(%) | Changeinamount(%) | Note |
| Smartrepairdevices | Directmaterials | 1,196,603,390.12 | 57.75 | 1,043,665,821.02 | 60.26 | 14.65 | |
| Outsourcing | 53,363,776.44 | 2.58 | 57,659,200.17 | 3.33 | -7.45 | ||
| Directlabor | 29,398,289.72 | 1.42 | 26,300,411.93 | 1.52 | 11.78 | ||
| Manufacturingexpenses | 56,681,102.30 | 2.74 | 57,933,374.72 | 3.35 | -2.16 | ||
| Chargingnetwork | Directmaterials | 656,200,101.07 | 31.67 | 489,943,746.65 | 28.29 | 33.93 | |
| Outsourcing | 10,825,232.44 | 0.52 | 4,437,385.36 | 0.26 | 143.96 | ||
| Directlabor | 10,744,151.24 | 0.52 | 10,929,850.39 | 0.63 | -1.70 | ||
| Manufacturingexpenses | 53,960,696.69 | 2.60 | 37,472,862.76 | 2.16 | 44.00 | ||
| AIandsoftware | Directmaterials | 1,426,820.90 | 0.07 | 3,363,077.20 | 0.19 | -57.57 | |
| Directlabor | 2,759,864.29 | 0.13 | - | - | 100.00 | ||
| Byproductcategory | |||||||
| Productcategory | Costcategory | 2025 | As%oftotalcostsin2025(%) | 2024 | As%oftotalcostsin2025(%) | Changeinamount(%) | Note |
| Vehiclediagnostictabletsandothers | Directmaterials | 582,603,725.68 | 28.13 | 520,144,943.96 | 30.04 | 12.01 | |
| Outsourcing | 35,249,833.57 | 1.70 | 28,974,284.31 | 1.67 | 21.66 | ||
| Directlabor | 7,422,474.19 | 0.36 | 8,145,812.60 | 0.47 | -8.88 | ||
| Manufacturingexpenses | 16,190,844.99 | 0.78 | 20,404,343.34 | 1.18 | -20.65 | ||
| TPMS | Direct | 360,391,730.24 | 17.40 | 269,412,743.34 | 15.56 | 33.77 | |
| products | materials | |||||
| Outsourcing | 10,248,236.42 | 0.49 | 7,656,724.67 | 0.44 | 33.85 | |
| Directlabor | 17,880,120.96 | 0.86 | 13,263,300.92 | 0.77 | 34.81 | |
| Manufacturingexpenses | 31,386,530.89 | 1.51 | 24,944,553.06 | 1.44 | 25.83 | |
| ADASproducts | Directmaterials | 142,393,925.40 | 6.88 | 148,685,945.02 | 8.59 | -4.23 |
| Outsourcing | 1,389,161.97 | 0.07 | 1,621,777.64 | 0.09 | -14.34 | |
| Directlabor | 1,126,445.35 | 0.05 | 1,558,987.01 | 0.09 | -27.75 | |
| Manufacturingexpenses | 2,425,252.02 | 0.12 | 4,041,591.03 | 0.23 | -39.99 | |
| Smartchargingnetworks | Directmaterials | 656,200,101.07 | 31.67 | 489,943,746.65 | 28.29 | 33.93 |
| Outsourcing | 10,825,232.44 | 0.52 | 4,437,385.36 | 0.26 | 143.96 | |
| Directlabor | 10,744,151.24 | 0.52 | 10,929,850.39 | 0.63 | -1.70 | |
| Manufacturingexpenses | 53,960,696.69 | 2.60 | 37,472,862.76 | 2.16 | 44.00 | |
| Otherproducts | Directmaterials | 111,214,008.79 | 5.37 | 105,422,188.69 | 6.09 | 5.49 |
| Outsourcing | 6,476,544.48 | 0.31 | 19,406,413.56 | 1.12 | -66.63 | |
| Directlabor | 2,969,249.22 | 0.14 | 3,332,311.40 | 0.19 | -10.90 | |
| Manufacturingexpenses | 6,678,474.41 | 0.32 | 8,542,887.28 | 0.49 | -21.82 | |
| AIandsoftware | Directmaterials | 1,426,820.90 | 0.07 | 3,363,077.20 | 0.19 | -57.57 |
| Directlabor | 2,759,864.29 | 0.13 | - | - | 100.00 |
Otherinformationofcostanalysis:
None.
(5)ChangestotheconsolidationscopeduetochangedownershipinprincipalsubsidiariesduringtheReportingPeriod
□Applicable√Notapplicable
(6)SignificantchangestothebusinessscopeorproductorservicerangeduringtheReportingPeriod
□Applicable√Notapplicable
(7)MajorcustomersandsuppliersA.Majorcustomers
√Applicable□NotapplicableSalestothetopfivecustomersstoodatRMB1,250.1717million,accountingfor25.87%ofthetotalannualsales.Salestotherelated-partiesamongthetopfivecustomersstoodatnil,accountingfor0%ofthetotalannualsales.
Topfivecustomers:
√Applicable□Notapplicable
Unit:RMB’0,000
| No. | Customer | Sales | As%oftotalannualsales | Whetherarelatedpartytothelistedcompany |
| 1 | CustomerA | 34,519.03 | 7.14 | No |
| 2 | CustomerB | 29,685.60 | 6.14 | No |
| 3 | CustomerC | 28,498.93 | 5.90 | No |
| 4 | CustomerD | 17,592.52 | 3.64 | No |
| 5 | CustomerE | 14,721.08 | 3.05 | No |
| Total | / | 125,017.17 | 25.87 | / |
Indicatewhethersalestoasinglecustomeraccountedforover50%ofthetotalsales,therewasanynewcustomerinthetopfivecustomers,ortheCompanyheavilyreliedonafewnumbersofcustomersduringtheReportingPeriod.
□Applicable√NotapplicableThetopfivecustomersofthetradingbusiness,ofwhichtherevenueaccountedformorethan10%oftheCompany’stotaloperatingrevenueduringtheReportingPeriod:
□Applicable√NotapplicableB.Majorsuppliers
√Applicable□NotapplicablePurchasesfromthetopfivesuppliersstoodatRMB462.0124million,accountingfor
17.95%ofthetotalannualpurchases.Purchasesfromtherelated-partiesamongthetopfivesuppliersstoodatnil,accountingfor0%ofthetotalannualpurchases.Topfivesuppliers:
√Applicable□Notapplicable
Unit:RMB’0,000
| No. | Supplier | Purchases | As%oftotalannualpurchases | Whetherarelatedpartytothelistedcompany |
| 1 | SupplierA | 16,563.91 | 6.44 | No |
| 2 | SupplierB | 9,519.66 | 3.70 | No |
| 3 | SupplierC | 7,291.63 | 2.83 | No |
| 4 | SupplierD | 6,725.41 | 2.61 | No |
| 5 | SupplierE | 6,100.63 | 2.37 | No |
| Total | / | 46,201.24 | 17.95 | / |
Indicatewhetherpurchasesfromasinglesupplieraccountedforover50%ofthetotalpurchases,therewasanynewsupplierinthetopfivesuppliers,ortheCompanyheavilyreliedonafewnumbersofsuppliersduringtheReportingPeriod.
□Applicable√NotapplicableThetopfivesuppliersofthetradingbusiness,ofwhichtherevenueaccountedformorethan10%oftheCompany’stotaloperatingrevenueduringtheReportingPeriod:
□Applicable√NotapplicableC.TradingrevenueduringtheReportingPeriod
□Applicable√Notapplicable
3.Expense
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | Change(%) |
| Sellingexpense | 574,522,935.79 | 559,013,309.44 | 2.77 |
| Administrativeexpense | 395,727,313.28 | 323,794,075.80 | 22.22 |
| R&Dexpense | 774,630,849.60 | 635,783,425.06 | 21.84 |
| Financecosts | -16,452,351.42 | 21,877,567.43 | -175.20 |
4.Cashflows
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | Change(%) |
| Netcashgeneratedfrom/usedinoperatingactivities | 595,597,662.21 | 747,517,485.85 | -20.32 |
| Netcashgeneratedfrom/usedininvestingactivities | -75,981,944.05 | -205,668,017.11 | 63.06 |
| Netcashgeneratedfrom/usedinfinancingactivities | -670,752,126.91 | -328,610,891.25 | -104.12 |
ii.Significantchangesinprofitincurredbynon-corebusiness
□Applicable√Notapplicable
iii.Analysisofassetsandliabilities
√Applicable□Notapplicable
1.Assetsandliabilities
Unit:RMB
| Item | Closingbalance | As%ofclosingtotalassets(%) | Openingbalance | As%ofopeningtotalassets(%) | Change(%) | Note |
| Notesreceivable | 3,318,915.70 | 0.05 | 4,926,365.63 | 0.08 | -32.63 | Note1 |
| Accountsreceivable | 1,137,762,744.54 | 15.67 | 866,754,517.65 | 13.74 | 31.27 | Note2 |
| Otherreceivables | 42,151,663.64 | 0.58 | 62,031,971.26 | 0.98 | -32.05 | Note3 |
| Inventories | 1,668,239,318.16 | 22.98 | 1,151,135,380.05 | 18.25 | 44.92 | Note4 |
| Othercurrentassets | 329,415,575.78 | 4.54 | 237,444,024.96 | 3.76 | 38.73 | Note5 |
| Long-termequityinvestments | 500,000.00 | 0.01 | 46,871,205.76 | 0.74 | -98.93 | Note6 |
| Othernon-currentfinancialassets | 4,913,258.26 | 0.07 | 7,021,284.08 | 0.11 | -30.02 | Note7 |
| Right-of-useassets | 247,893,834.94 | 3.41 | 48,029,568.67 | 0.76 | 416.13 | Note8 |
| Intangibleassets | 177,418,531.97 | 2.44 | 128,941,981.61 | 2.04 | 37.60 | Note9 |
| Developmentcosts | 77,709,022.37 | 1.07 | 55,731,847.87 | 0.88 | 39.43 | Note10 |
| Othernon-currentassets | 237,046,241.75 | 3.27 | 141,139,074.33 | 2.24 | 67.95 | Note11 |
| Currentportionofnon-currentliabilities | 62,724,546.93 | 0.86 | 27,422,917.04 | 0.43 | 96.65 | Note8 |
| Othercurrentliabilities | 39,993,886.11 | 0.55 | 27,374,527.08 | 0.43 | 46.10 | Note12 |
| Leaseliabilities | 201,823,998.81 | 2.78 | 25,115,372.96 | 0.40 | 703.59 | Note8 |
| Provisions | 7,166,640.02 | 0.10 | 26,827,549.50 | 0.43 | -73.29 | Note13 |
| Deferredincome | 5,544,996.90 | 0.08 | 2,835,419.92 | 0.04 | 95.56 | Note14 |
| Othernon-currentliabilities | 447,656,889.89 | 6.17 | 241,979,614.63 | 3.84 | 85.00 | Note15 |
| Sharecapital | 670,183,441.00 | 9.23 | 451,878,028.00 | 7.16 | 48.31 | Note16 |
| Othercomprehensiveincome | -111,463,016.54 | -1.54 | -28,223,467.84 | -0.45 | 294.93 | Note17 |
Otherinformation:
Note1:Notesreceivabledecreasedcomparedwiththeendoftheprioryear,primarilydrivenbyadecreaseinreceiptsthroughnotesintheyear.
Note2:Accountsreceivableincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythesignificantincreaseinsalesrevenueleadingtoasimultaneousincreaseinaccountsreceivableintheyear.
Note3:Otherreceivablesdecreasedcomparedwiththeendoftheprioryear,primarilydrivenbytherecoveryofpartofthepaymentsforthetransferofourequityinterestsinSkyFendTechnologyintheyear.
Note4:Inventoriesincreasedcomparedwiththeendoftheprioryear,primarilydrivenbytheincreasedprocurementdrivenbyrevenuegrowth;andtheincreasedstrategicstockpilinginventorytodealwiththecomplexandchangeableinternationalsituation.
Note5:Othercurrentassetsincreasedcomparedwiththeendoftheprioryear,primarilydrivenbytheincreaseinoverpaidinputtaxasaresultofbusinessgrowthandtheincreasedprocurementforstrategicstockpiling.
Note6:Long-termequityinvestmentsdecreasedcomparedwiththeendoftheprioryear,primarilydrivenbythedisposaloftheremaining46%stakeinSkyFendTechnologyintheyear.
Note7:Othernon-currentfinancialassetsdecreasedcomparedwiththeendoftheprioryear,primarilydrivenbythedecreaseinthefairvalueofequityinvestmentsheldintheyear.
Note8:Right-of-useassets,currentportionofnon-currentliabilities,andleaseliabilitiesincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythenewofficespaceleasedintheperiod.
Note9:Intangibleassetsincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythefactthatcapitalizeddevelopmentcostsintheyearmettherecognitioncriteriaforintangibleassetsandwererecognizedasintangibleassets.
Note10:Developmentcostsincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythefactthatsomeR&Dprojectsmetthecapitalizationcriteriaandbegantobecapitalizedintheyear.
Note11:Othernon-currentassetsincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythefactthatthepaymentsforourstakeinSkyFendTechnologytransferredintheyearweredueinmorethanoneyear.
Note12:Othercurrentliabilitiesincreasedcomparedwiththeendoftheprioryear,primarilydrivenbytheincreasedaftersalesproductwarrantyobligationsasaresultofrevenuegrowth.
Note13:Provisionsdecreasedcomparedwiththeendoftheprioryear,primarilydrivenbytheconclusionoftheOrangepatentdisputecase(thecourtruledthatwehadnotcommittedanyinfringement),whichresultedinareversalofthepreviouslymadeprovisionintheyear.
Note14:Deferredincomeincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythereceiptofgovernmentgrantsrelatedtoassetsintheyear.
Note15:Othernon-currentliabilitiesincreasedcomparedwiththeendoftheprioryear,primarilydrivenbytheincreasedadvancepayments(contractliabilities)forsoftwareserviceswithacontracttermofmorethanoneyear.
Note16:Sharecapitalincreasedcomparedwiththeendoftheprioryear,primarilydrivenbythebonusissuefromcapitalreservesalongwiththe2024finaldividendpayout,andtheconversionfromconvertiblecorporatebondstoshares.
Note17:Othercomprehensiveincomesignificantlydecreasedcomparedwiththeprioryear,primarilydrivenbytheincreaseinlossesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatementsasaresultofcurrencyfluctuations.ThereasonswhytheCompanyhasnotyetmadeaprofitanditsimpactontheCompany:
□Applicable√Notapplicable
2.Overseasassets
√Applicable□Notapplicable
(1)ValueofassetsOfwhich:overseasassetsstoodatRMB2,905.3073million,accountingfor40.02%ofthetotalassets.
(2)Explanationforthehighproportionofoverseasassets
√Applicable□Notapplicable
OuroverseasassetsprimarilyconsistoftheassetsofsubsidiariesestablishedintheUnitedStates,Germany,Vietnam,andothercountries,whichareresponsibleforproductionandlocalsalesoperations.Theproductsmanufacturedandsoldincludesmartvehiclediagnosticandsmartchargingsolutions.
3.Majorrestrictedassetsasattheperiod-end
√Applicable□Notapplicable
Asattheendoftheperiod,therewereETCsecuritydepositsofRMB7,500.00andfrozenfundsofRMB3,892,370.84inbankdeposits.OthermonetaryassetsincludedcustomsdepositsofRMB42,164,174.75,billdepositsofRMB63,510,655.69,guaranteedepositsofRMB1,296,785.68,andanAppleStoreaccountbalanceofRMB272,175.10.Theuseoftheabovemonetaryassetswasrestricted.
4.Otherinformation
□Applicable√Notapplicableiv.Industryenvironmentanalysis
□Applicable√Notapplicable
v.InvestmentsmadeEquityinvestmentsinotherentities
√Applicable□Notapplicable
Unit:RMB
| InvestmentamountduringtheReportingPeriod(RMB) | Investmentamountinthesameperiodoflastyear(RMB) | Change(%) |
| 4,913,258.26 | 7,021,284.08 | -30.02% |
1.Significantequityinvestments
□Applicable√Notapplicable
2.Significantnon-equityinvestments
□Applicable√Notapplicable
3.Financialassetsmeasuredatfairvalue
√Applicable□Notapplicable
Unit:RMB
| Typeofasset | Openingbalance | Gain/lossonchangesinfairvalueintheperiod | Cumulativefairvaluechangesrecordedinequity | Impairmentallowanceestablishedintheperiod | Amountpurchasedintheperiod | Amountsold/redeemedintheperiod | Otherchanges | Closingbalance |
| Other | 7,021,284.08 | -2,108,025.82 | 4,913,258.26 | |||||
| Total | 7,021,284.08 | -2,108,025.82 | 4,913,258.26 |
Securitiesinvestments:
□Applicable√NotapplicableDerivativesinvestments:
□Applicable√Notapplicable
4.Investmentsinprivateequityfunds
□Applicable√NotapplicableOtherinformation:
None.
5.ProgressonanymajorassetrestructuringduringtheReportingPeriod
□Applicable√NotapplicableIndependentdirectors’opinion:
vi.Saleofsignificantassetsandequityinvestments
√Applicable□Notapplicable
Wetransferredour34.50%,11%,and0.50%equitystakesintheinvesteecompany,SkyFendTechnology,totaling46%,tosevennewlyestablishedemployeestockownershipplatformsofSkyFendTechnology,ShenzhenDaoheTongliaoInformationConsultingEnterprise(LimitedPartnership),andMr.ZhaoGuanjie.Thistransactionhasbeencompleted,andwenolongerholdanyequityinSkyFendTechnology.ThesaidtransactionwasreviewedandapprovedattheFourthSpecialMeetingofIndependentDirectorsoftheFourthBoardofDirectors,the26thMeetingoftheFourthBoardofDirectors,the15thMeetingoftheFourthSupervisoryCommittee,andtheSecondExtraordinaryGeneralMeetingofShareholdersin2025.
Forfurtherinformation,pleaserefertotheAnnouncementontheTransferofAllEquityInterestsinaJoint-stockCompany&Related-partyTransactions(AnnouncementNo.:2025-076)andtheAnnouncementonProgressoftheTransferofAllEquityInterestsinaJoint-stockCompany&Related-partyTransactions(AnnouncementNo.:2025-089),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn).vii.Principalsubsidiaries
√Applicable□Notapplicable
Unit:RMB’0,000
| Companyname | Companytype | Principaloperations | Registeredcapital | Totalassets | Equity | Operatingrevenue | Netprofit |
| AutelNewYork | Subsidiary | Saleofsmartvehiclediagnosticandsmartchargingsolutions | USD50,000 | 203,009.74 | 9,057.73 | 194,004.15 | 5,664.38 |
SubsidiariesacquiredanddisposedofduringtheReportingPeriod:
√Applicable□Notapplicable
| Companyname | Wayofacquisitionordisposal | Impactonoverallproduction,operationsandperformance |
| NanjingTongtai | Incorporated | Nomajorimpact |
| HangzhouTongtai | Incorporated | Nomajorimpact |
| EvotaNetherlands | Incorporated | Nomajorimpact |
| BaoanTongtai | Incorporated | Nomajorimpact |
| MexicanFactory | Incorporated | Nomajorimpact |
| FrontierRoboticsHongKong | Incorporated | Nomajorimpact |
Otherinformation:
□Applicable√Notapplicableviii.StructuredentitiescontrolledbytheCompany
□Applicable√Notapplicable
VIDiscussionandAnalysisontheCompany’sFutureDevelopmenti.Industrylandscapeandtrends
√Applicable□Notapplicable
Pleasereferto“iii.Industryoverview”under“IPrincipalOperations,BusinessModels,IndustryOverviewandR&DProgressoftheCompanyduringtheReportingPeriod”of“PartIIIManagementDiscussionandAnalysis”.ii.DevelopmentstrategiesoftheCompany
√Applicable□Notapplicable
Autelisagloballeaderinsmartvehiclediagnosticsandsmartcharging,andapioneerinembodiedswarmintelligence.WearecommittedtoprovidingglobalcustomerswithAI-drivensolutionsthatseamlesslyintegratehardwareandsoftware,andtocontinuouslycreatingvaluefortheintelligentfutureofhumansociety.
TheCompanywillcontinuetotakeAIintelligentizationasthecore,with“verticalmodels”and“smartdiagnosticdevices,chargingnetworks,andembodiedintelligentrobots”asthetwowings,formingacomprehensiveproductmatrixspanningsmartvehiclediagnostics,smartcharging,andembodiedswarmintelligence.Wewillbuildacollaborativeecosystemof“hardwaredevices+agentapplications+scenario-basedsolutions”,reshapingourbusinesslandscapethroughcutting-edgetechnologyandbusinessmodelinnovation,toachievesteadyAI-drivengrowth.iii.Businessplans
√Applicable□Notapplicable
1.DevelopAI-drivenproductsforhigh-valueapplications
Wewillcontinuetofocusonaddressingkeyindustrypainpoints,identifyingscenariosforhigh-valueAIapplications,anddevelopinginnovativeAI-drivensolutions.Bydrivingtechnologicalinnovation,weaimtoaccelerateindustryupgradesanddrivefurthergrowth.
(1)Smartvehiclediagnostics
?WewillcontinuetodevelopanewgenerationofAI-enabledsmartvehicle
diagnosticsolutions.ForEVs,weplantointegratethecapabilitiesofAIdiagnosticagentsandAIbatterytestingagentstodeliverupgradedEVdiagnosticsolutions
coveringboththevehicleandbatterysystems.?Inthemeantime,wewillfurtherenhanceAutelCloud.Throughitsopenplatform
architecture,weaimtotransformAutelCloudfromastandalonediagnostictool
intoasharedindustryplatformthatsupportstheformationofstandardizeddata
integrationandstrengthensourtechnologicaladvantage.
(2)Smartcharging?Wewillcontinuetoenhanceourone-stopPV-storage-chargingenergy
managementsolutiontoaddressindustrychallengessuchasinsufficientpower
supply,highgridexpansioncosts,andrisingenergyoperationexpenses.
Leveragingtheindustry-specificverticalAImodelcapabilities,wewilldevelop
the“PV-Storage-ChargingAgents”seriestoestablishdifferentiatedcompetitive
advantagesthroughself-organizing,self-learning,self-evolvingchargingstations
withstation-specificoptimizationstrategies.Thisenablesintelligentmanagement
ofchargingstationsacrosstheirfulllifecycle,fromplanningandconstructionto
maintenance,optimization,andexpansion,therebysignificantlyimproving
chargingcapacityutilizationandreducingoverallelectricitycostsandenergy
failurerisks.?WealsoplantoextendAIintoenergytradingbydevelopingenergytradingagents,
strengtheningvehicle-to-gridcoordinationandparticipatinginvirtualpowerplant
markets,furtherincreasingreturnstochargingstationoperators.?Wewillfurtherexpandtheapplicationscenariosofoursmartchargingsolution.
Leveragingtechnologiesaccumulatedfrommegawatt-levelhigh-powercharging
products,wewillactivelyexploreopportunitiesinglobalAIdatacenterpower
supplysystems.Atthesametime,wewillfurtherexploreopportunitiesofrobotic
chargingforautonomousvehicles.
(3)Embodiedswarmintelligence?WeplantoupgradetheecosystemcapabilityofHubPlatformtoenableseamless
accesstoandcentralizedmanagementofembodiedrobotsfromdifferentbrands
andforms,supportingautonomousswarmoperations.Atthesametime,we
continuetostrengthentheAIPPlatform,empoweringcustomerstobuildAIagent
matricestailoredtoverticalindustryscenarios.Thisenablesthereplacementof
traditionalmanualoperationswithagentworkflows,achievingend-to-end
unmannedoperations.
?Wewillalsocreateamulti-formrobotmatrix,withself-developedrobotsservingasthecorephysicalcarrieroftheoverallsolution.?Additionally,wewillexplorearecurringfeemodelbasedontokenusage.AsAIP
capabilitiescontinuetoupgrade,therewillbemoretokenapplicationsforcustomers,therebydrivingtherecurringfeesandprofitabilityofrelatedagentapplications.
2.EmbraceAIandcontinuetoincreaseinvestmentincutting-edgetechnologiesWewillcontinuetofullyembraceAIandincreaseourinvestmentintechnologies.ThroughthedevelopmentofverticalAImodels,reinforcementofAIagents,andthecreationofunifiedintelligentplatform,weaimtoaccelerateAI’sapplicationacrossindustryscenarios.
(1)WeplantoimproveourverticalAImodelsforsmartvehiclediagnostics,smartcharging,andembodiedswarmintelligence.Specifically,wewillconductresearchtooptimizemodelalgorithmsanddataiterationmechanisms,improvingmultimodalperception,reasoning,anddecision-makinginsmarthardware.
(2)Weplantostrengthenthecapabilitiesofourintelligentagents,therebyenhancingcompetitivenessacrossourofferings.
?ForAIagents,wewillimprovecapabilitiesindynamicplanning,context
management,andmulti-agentcollaboration,enablinghardwaredevicestoautonomouslycompletediversetasks.
?Forembodiedintelligentagents,wewilldeepenourexpertiseinintelligentdecision-making,spatialintelligence,adaptivemotioncontrol,swarmcollaborationandreliablehardware,therebydevelopingleadingembodiedintelligentagentsforspecificindustryapplications.
(3)WeplantoimprovetheunderlyingtechnologiesofAIPPlatformandDataPlatform,acceleratingtheimplementationofAIapplicationsinourbusiness.
?TheAIPPlatformwillincludeanagentevaluationsystemtooptimizeprompts,
knowledgecleansing,modelfine-tuning,andcostadjustments,enablingagents’continuouslearningandself-evolution.
?WewillalsoimprovethemodeltrainingandinferencecapabilitiesoftheAIP
Platformtoincludereal-timemonitoringandanomalydetection,drivingimprovementsinmodelaccuracy,inferencespeed,andcostefficiency.
?Additionally,ourDataPlatformwillintegratedataengineeringandknowledge
engineeringintoanautomatedpipeline,enhancingdataproductionefficiencyandqualitywhileoptimizingthedataflywheelforacceleratedoperation.
3.BuildastrongAI+multi-skilledtalentpoolwithapeople-centeredapproachWehavealwaysviewedtalentasthedrivingforcebehindourbusinessgrowth.Byrecruitingtalentasneeded,fosteringskilldevelopment,andretainingadiverseworkforce,wearebuildingatalentpoolinAIanditsapplicationstosupportourlong-termgrowth.Wewilladoptafocusedtalentrecruitmentstrategytobuildcross-disciplinaryteamswithstronginnovationcapabilities.WeplantoattractprofessionalswhocombinestrongAIcapabilitieswithindustryexperience,andrecruittalentsinkeyareassuchasAImodels,agentdevelopment,embodiedswarmintelligenceandpowerelectronics.Bybuildingacross-disciplinary,collaborativeinnovationteamstructure,wedriveefficientcoordinationbetweenR&Dandbusinessoperations,achievingadeepintegrationoftechnologicalbreakthroughsandcommercialimplementation.
Wewillalsoestablishacomprehensivetalentdevelopmentsystem,focusingonindustry-orientedAItalent.ThroughstructuredtraininginAIfundamentals,automatedprogramming,agentdevelopmentandapplication,AItoolsandplatformengineering,weaimtodeepenemployees’understandingofAI,aswellastoenhancetheircapabilitiestousetoolsandinnovateacrossvariousscenarios,therebybuildingaculturewhereAIisunderstoodandusedbyeveryone.Inaddition,wewillbuildadiverseincentivesystemtosupportlong-termtalentdevelopment.Weplantoadoptmoretargetedandtieredincentives,includingpartnershipmechanisms,long-termincentiveplansandproject-basedrewards,andoptimizethecombinationoflong-termandshort-to-medium-termincentives,toencourageinnovationinourcoreteam,reinforceorganizationalcohesionandstability,andunlockinnovativepotentialofourtalenttothemaximum.
4.ElevateoperationalefficiencythroughAI-drivenorganizationaltransformation
WeplantoacceleratethedigitalizationofourworkflowacrossR&D,manufacturing,sales,andservice,aimingtoenhanceoveralloperationalefficiency.Tosupportglobaloperations,wewillbuildamodulardigitalarchitecture,promoteprocessstandardizationanddeploydigitaltoolsconsistentlyacrossregions,improvingresponsivenessandeliminatinggeographicandfunctionalsilos.
Weplantodevelopsharedcapabilityplatformsbyconvertingprovenpracticesintoreusable,standardizedcapabilities.Inthemeantime,wewillbuildunifiedknowledgebasesandanalyticscloudplatformstointegrateend-to-enddataandindustryinsights,enablingmoreaccurateandtimelydecision-making.Wewillactivelydriveorganizationalintelligencetransformationtounlocknewsourcesofinnovativegrowth.Forthispurpose,wewillfullyexplorethepotentialofAIagentapplications,createanagentworkforcematrix,andtransformtheorganizationfromatraditionalhierarchicalstructuretoaflatterandmoreefficientmodel.Thisshiftwillhelpemployeesevolvefromexecutorstoproblemsolvers,decisionmakers,andsystemdesigners,establishinganeworganizationaloperatingmodelthatsupportscontinuousinnovationandlong-termgrowth.iv.Otherinformation
□Applicable√Notapplicable
PartIVEnvironmental,SocialandGovernanceInformation
IOverviewofCorporateGovernance
√Applicable□NotapplicableDuringtheReportingPeriod,theCompanystrictlycompliedwiththeCompanyLaw,theSecuritiesLaw,theStockListingRulesoftheSTARMarketoftheShanghaiStockExchangeandotherapplicablelawsandregulations,aswellastheCompany’sArticlesofAssociation,rulesofproceduresandotherrules.TheCompanyhasestablishedandimproveditscorporategovernancestructureandhasensuredcomplianceinitsoperationsinaccordancewiththeregulatorydocumentsonlistedcompanygovernanceissuedbytheCSRC.TheCompanyhasfulfilleditsinformationdisclosureobligationsinafair,timely,accurate,truthfulandcompletemanner.Itsdirectorshavebeendiligentandresponsible,anditsseniorexecutiveshavefaithfullyperformedtheirduties,safeguardingthebestinterestsoftheCompanyandallshareholders.Movingforward,theCompanywillcontinuetofollowtherequirementsoftheregulatoryauthorities,continuouslyimprovethecorporategovernancestructure,andcontinuouslyimprovethelevelofcompliance,soastoachievesustainable,stableandhealthydevelopment.Indicatewhethertherewasanymaterialincompliancewiththeapplicablelawsandregulations,aswellastheCSRC’srequirementsincorporategovernance.Ifyes,pleaseexplain.
□Applicable√NotapplicableIISpecificMeasuresTakenbytheCompany’sControllingShareholderandActualControllertoEnsuretheIndependenceoftheCompany’sAssets,Personnel,Finances,Organization,andBusiness,aswellasSolutions,WorkProgress,andSubsequentWorkPlansforAnyImpactontheCompany’sIndependence
√Applicable□Notapplicable
Mr.LiHongjing,thecontrollingshareholderandactualcontrolleroftheCompany,alsoservesastheChairmanoftheBoardandGeneralManager.Thisisprimarilyduetothefounder,Mr.Li’sdeepinvolvementinandcontrolovertheCompany’sbusinessandstrategy,whichhelpsensuretheforward-lookingnatureoftheCompany’sstrategicdevelopmentdirectionandimprovedecision-makingefficiency.TheCompanyhas
specifiedinitsinternalsystems,suchastheArticlesofAssociation,thattheactualcontrollerandcontrollingshareholderguaranteestheintegrityoftheCompany’sassets,theindependenceofitspersonnel,finances,organization,andbusiness,andshallnotaffecttheCompany’sindependenceinanyway;ithasalsoreasonablydefinedthepowersandresponsibilitiesoftheBoardofDirectorsandtheGeneralManagerthroughsystemssuchastheRulesofProcedurefortheBoardofDirectorsandtheWorkingRulesfortheGeneralManager.Indicatewhetherthecontrollingshareholder,theactualcontroller,oranyentityundertheircontrolisengagedinthesameorsimilarbusinesswiththeCompany.PleaseexplaintheimpactofhorizontalcompetitionoranysignificantchangetohorizontalcompetitionontheCompany,solutionstaken,progressandsubsequentplans.
□Applicable√NotapplicableIndicatewhetherthecontrollingshareholder,theactualcontroller,oranyentityundertheircontrolisengagedinhorizontalcompetitionthathasasignificantadverseimpactontheCompany.
□Applicable√NotapplicableIIIImplementationandChangesofDifferentialVotingRightsArrangementsduringtheReportingPeriod
□Applicable√NotapplicableIVGovernanceofaRedChipStructuredCompany
□Applicable√Notapplicable
VDirectorsandSeniorExecutivesi.Shareholdingchangesandremunerationsofincumbentdirectors,seniorexecutivesandkeytechnicalpersonnelandthosewhoresignedbeforetheendoftheirtenuresduringtheReportingPeriod
√Applicable□Notapplicable
Unit:share
| Name | Officetitle | Gender | Age | Startoftenure | Endoftenure | Openingshareholding(share) | Closingshareholding(share) | ChangeinshareholdingintheReportingPeriod(share) | Reasonforchange | Totalpre-taxremunerationreceivedfromtheCompanyintheReportingPeriod(RMB’0,000) | PaidbyanyoftheCompany’srelatedparties |
| LiHongjing | ChairmanoftheBoardandGeneralManager | Male | 58 | 2014.5.30 | 2026.6.15 | 168,491,606 | 252,169,993 | 83,678,387 | Bonusissuefromcapitalreservesandimplementationofequityincentives | 142.37 | No |
| DengRenxiang | Director | Male | 46 | 2023.6.15 | 2026.6.15 | - | - | - | / | / | No |
| DengRenxiang | DeputyGeneralManager(former) | Male | 46 | 2023.6.16 | 2025.11.12 | - | - | - | / | / |
| NongYingbin | DirectorandDeputyGeneralManager | Female | 45 | 2018.10.23 | 2025.11.12 | 0 | 372,500 | 372,500 | Implementationofequityincentives | 119.04 | No |
| YinHui | EmployeeDirector | Male | 37 | 2025.11.12 | 2026.6.15 | - | - | - | / | / | |
| YinHui | Director(former) | Male | 37 | 2023.6.15 | 2026.6.15 | - | - | - | / | / | No |
| LiuYing | IndependentDirector | Female | 62 | 2023.6.15 | 2026.6.15 | 0 | 0 | - | / | 7.20 | No |
| ZhaoYajuan | IndependentDirector | Female | 48 | 2025.4.18 | 2026.6.15 | 0 | 0 | - | / | 5.04 | No |
| QuFeng | IndependentDirector | Male | 45 | 2025.11.28 | 2026.6.15 | 0 | 0 | - | / | 0.63 | No |
| LiLv | BoardSecretary | Male | 36 | 2025.10.24 | 2026.6.15 | 0 | 26,075 | 26,075 | Implementationofequityincentives | 35.79 | No |
| DengRenxiang | Keytechnicalpersonnel | Male | 46 | 2007.11.5 | 2026.6.15 | 1,513,163 | 2,332,838 | 819,675 | Bonusissuefromcapitalreservesandimplementationofequityincentives | 135.16 | No |
| LuoYongliang | Keytechnicalpersonnel | Male | 36 | 2012.7.1 | 2026.6.15 | 100,589 | 179,778 | 79,189 | Bonusissuefromcapitalreservesandimplementationofequity | 66.33 | No |
| incentives | |||||||||||
| YinHui | Keytechnicalpersonnel | Male | 37 | 2014.4.8 | 2026.6.15 | 105,750 | 220,148 | 114,398 | Bonusissuefromcapitalreservesandimplementationofequityincentives | 148.03 | No |
| ZhanJinyong | Keytechnicalpersonnel | Male | 40 | 2014.4.2 | 2026.6.15 | 0 | 0 | - | / | 60.62 | No |
| ChenQuanshi | IndependentDirector(former) | Male | 80 | 2019.4.19 | 2025.4.18 | 0 | 0 | - | / | 2.16 | No |
| LiangDanni | IndependentDirector(former) | Female | 49 | 2020.5.28 | 2025.11.28 | 0 | 0 | - | / | 6.60 | No |
| QuSongsong | ChairmanoftheSupervisoryCommittee(former) | Male | 42 | 2023.6.15 | 2025.11.28 | 6,625 | 9,871 | 3,246 | Bonusissuefromcapitalreserves | 67.45 | No |
| ZhouQiufang | Supervisor(former) | Female | 44 | 2017.5.31 | 2025.11.28 | 129,250 | 192,583 | 63,333 | Bonusissuefromcapitalreserves | 35.92 | No |
| RenJunzhao | Supervisor(former) | Male | 49 | 2017.5.31 | 2025.11.28 | 0 | 0 | - | / | 2.75 | No |
| ZhaoGuanjie | BoardSecretary(former) | Male | 33 | 2025.5.30 | 2025.10.24 | 0 | 41,720 | 41,720 | Implementationofequityincentives | 42.78 | No |
| LiXiongwei | BoardSecretary(former) | Male | 46 | 2024.3.29 | 2025.5.30 | 0 | 234,675 | 234,675 | Implementationofequityincentives | 67.09 | No |
| Total | / | / | / | / | / | 170,346,983 | 255,780,181 | 85,433,198 | / | 944.96 | / |
Name
| Name | Mainworkexperience |
| LiHongjing | Male,Chinesenationality,noforeignresidency.Bornin1968,hegraduatedfromCarnegieMellonUniversity,holdingaMaster’sdegreeinBusinessAdministration.FromJuly1990toAugust1997,heservedasaSalesRepresentativeatSinochemHainanCo.,Ltd.FromJuly2001toDecember2003,heworkedasaStrategicAnalystatPNCFinancialServicesGroupintheUnitedStates.FromJanuarytoJune2004,heservedasOverseasMarketingDirectoratShenzhenLaunchTechCo.,Ltd.FromJunetoAugust2004,heworkedasAssistanttothePresidentatHyteraCommunicationsCorporationLimited.InSeptember2004,hefoundedAutelLimitedandheldpositionsthere(whichlatertransitionedintoAutelTechnology).HepreviouslyservedasExecutiveDirectorandGeneralManagerofShenzhenAutelTechnologyCo.,Ltd.,andlaterasChairmanandGeneralManager.SinceMay2014,hehasbeenservingasChairmanoftheBoardandGeneralManagerofAutel. |
| DengRenxiang | Male,Chinesenationality,noforeignresidency.Bornin1980,hegraduatedfromHunanUniversityofScienceandTechnologywithadegreeinComputerMultimediaApplications.FromNovember2004toNovember2007,heworkedasaSoftwareEngineeratShenzhenCheboshiElectronicTechnologyCo.,Ltd.SinceNovember2007,hehasbeenworkingatAutel,previouslyservingasaSoftwareEngineer,SoftwareManager,andDirectorofApplicationSoftwareDevelopment.HecurrentlyservesasDirectorofAutel. |
| NongYingbin | Female,Chinesenationality,noforeignpermanentresidency.BorninJuly1980,shegraduatedfromCheungKongGraduateSchoolofBusinesswithanMBAinFinance.FromDecember2009toApril2012,sheservedasHRDirectorandDeputyGeneralManageroftheTrainingBusinessDivisionatCaixinMediaCo.,Ltd.FromMay2012toJune2018,sheheldthepositionsofVicePresident,Director,andGeneralManageroftheInvestmentandIndustrialParkDivisionatGuangxiYuchaiLogisticsCo.,Ltd.SinceJune2018,shehasbeenworkingatAutelandcurrentlyservesasDirectorandDeputyGeneralManager. |
| YinHui | Male,Chinesenationality,noforeignresidency.Bornin1988,hegraduatedfromSichuanUniversitywithaBachelor’sdegreeinComputerScienceandTechnology.FromJanuary2011toJanuary2012,heworkedasaC++ProgrammeratWindInformationCo.,Ltd.FromJanuary2012toApril2014,heservedasaC++EngineeratShenzhenHeiguCommunicationsCo.,Ltd.SinceApril2014,hehasbeenworkingatAutel,previouslyservingasSoftwareEngineer,SupervisorofSoftwareDivisionIII,DeputyManagerofSoftwareDivisionIII,andDeputyDirectorofSoftwareR&D.HecurrentlyservesastheEmployeeDirectorofAutel. |
| LiuYing | Female,Chinesenationality,noforeignpermanentresidency.Bornin1963,shegraduatedfromNankaiUniversitywithaMaster’sdegreeinEconomics.Currently,sheservesasanAssociateProfessorandMaster’sSupervisorattheSchoolofAccounting,CapitalUniversityofEconomicsandBusiness. |
| ZhaoYajuan | Female,Chinesenationality,noforeignpermanentresidency.BorninNovember1977,shegraduatedfromXiamenUniversitywithadoctoraldegree.SinceJuly2005,shehasservedasanassociateprofessorandmaster’ssupervisorattheSchoolofLaw,SouthChinaUniversityofTechnology. |
| QuFeng | Male,HongKongcitizen.Bornin1980,hegraduatedfromPekingUniversitywithaMasterofBusinessAdministrationdegree.FromOctober2010toMay2015,heservedasaprojectmanageratShinewingCertifiedPublicAccountants.FromSeptember2015toJuly2017,August2017toJune2019,September2020toAugust2021,September2021toJune2022,andNovember2022toMarch2025,heservedastheChiefFinancialOfficeratShenZhenHuayilongElectricCo.,Ltd.,ShenzhenXintuoAssetManagementCo.,Ltd.,ShenzhenDogcareInnovationandTechnologyCo.,Ltd.,HynetekSemiconductorCo.,Ltd.,andChinaIntertransCo.,Limited.Currently,heservesasanIndependentNon-ExecutiveDirectorofShenzhenCityShangDingXinTechnologyCo.,Ltd. |
| LiLv | Male,Chinesenationality,noforeignresidency.Bornin1989,hegraduatedfromCentralSouthUniversity.HepreviouslyservedasAssistantGeneralManageroftheBoardOfficeofHainanAirportInfrastructureCo.,Ltd.,SecuritiesOperationSupervisoroftheSecuritiesBusinessDepartmentofHNAIndustrialHoldings(Group)Co.,Ltd.,SeniorSupervisorandBusinessManageroftheInvestmentBankingManagementDepartmentofHNAGroupCo.,Ltd.,andDirectoroftheBoardOfficeandSecuritiesRepresentativeofHYEnergyGroupCo.,Ltd.HejoinedAutelinSeptember2020,previouslyservingasSecuritiesRepresentativeandDirectorofInvestorRelations,andiscurrentlyAutel’sBoardSecretary. |
| LuoYongliang | Male,Chinesenationality,noforeignresidency.Bornin1989,hegraduatedfromHunanUniversitywithaBachelor’sdegreeinElectronicScienceandTechnology.Since2012,hehasbeenworkingatAutel,previouslyservingasSoftwareEngineerintheSystemPlatformDepartmentandProjectManagerofSoftwareDivisionIII.Currently,heservesasSoftwareSupervisoroftheTPMSDivisionandisoneofthekeyleadersoftheTPMSproductline. |
| ZhanJinyong | Male,Chinesenationality,noforeignresidency.Bornin1985,hegraduatedfromHuazhongUniversityofScienceandTechnologywithaMaster’sdegreeinImageRecognitionandArtificialIntelligence.FromMarch2011toJune2013,heworkedasaMonitoringSoftwareDevelopmentEngineeratShenzhenMindrayBio-MedicalElectronicsCo.,Ltd.SinceApril2014,hehasbeenworkingatAutelasaC++SoftwareDevelopmentEngineerandisoneofthecoremembersofthesoftwareteam. |
Otherinformation:
□Applicable√Notapplicable
ii.OfficesheldbyincumbentdirectorsandseniorexecutivesandthosewhoresignedbeforetheendoftheirtenuresduringtheReportingPeriod
1.Officesheldconcurrentlyinshareholdingentities
□Applicable√Notapplicable
2.Officesheldconcurrentlyinotherentities
√Applicable□Notapplicable
| Name | Otherentity | Officeheldinotherentity | Startoftenure | Endoftenure |
| LiHongjing | ShenzhenDaoHeTongYingInvestmentCo.,Ltd. | ExecutiveDirectorandGeneralManager | April2021 | / |
| BeijingJingtaiheCultureCo.,Ltd. | ExecutiveDirectorandManager | August2021 | / | |
| ShenzhenDaoheZhiheInformationConsultingEnterprise(LimitedPartnership) | ManagingPartner | November2025 | / | |
| ShenzhenDaoheZhixinInformationConsultingEnterprise(LimitedPartnership) | ManagingPartner | December2025 | / | |
| ShenzhenDaoHeZhiBoInformationConsultingEnterprise(L.P.) | ManagingPartner | September2020 | / | |
| ShenzhenDaoHeZhiBenInformationConsultingEnterprise(L.P.) | ManagingPartner | September2020 | March2025 | |
| NongYingbin | NingboHuishunInvestmentPartnership(L.P.) | ManagingPartner | November2018 | / |
| ShenzhenHuiTongJiaChengBusinessManagementCo.,Ltd. | DirectorandManager | October2024 | / | |
| LiuYing | ShaanxiHuaqinTechnologyIndustryCo.,Ltd. | IndependentDirector | December2020 | / |
| GuangdongSongfaCeramicsCo.,Ltd. | IndependentDirector | November2021 | August2025 | |
| ZhaoYajuan | SouthChinaUniversityofTechnology | Associateprofessor | July2005 | / |
| GuangzhouHuayinHealthcareGroupCo.,Ltd. | IndependentDirector | December2020 | / | |
| GuangzhouResourceEnvironmentalProtectionTechnologyCo.,Ltd. | IndependentDirector | October2021 | / | |
| QuFeng | ShenzhenCityShangDingXinTechnologyCo.,Ltd. | IndependentNon-ExecutiveDirector | June2025 | / |
| ChenQuanshi(havingresigned) | OngoalTechnologyCo.,Ltd. | IndependentDirector | December2020 | / |
| YoupinAutomotiveServiceGroupCo.,Ltd. | IndependentDirector | January2023 | / |
| LiangDanni(havingresigned) | SunYat-senUniversity | AssociateProfessorandDoctoralSupervisorofLawSchool | July2006 | / |
| ChinaInternationalEconomicandTradeArbitrationCommission | Arbitrator | March2014 | / | |
| GuangdongAdvertisingGroupCo.,Ltd. | IndependentDirector | January2020 | / | |
| AMERTechnologyCo.,Ltd. | IndependentDirector | May2020 | / | |
| GuangzhouGoalandEnergyConservationTechCo.,Ltd. | IndependentDirector | March2024 | / | |
| LiXiongwei(havingresigned) | ShenzhenLongxuManagementConsultingCo.,Ltd | ExecutiveDirectorandGeneralManager | August2023 | / |
| Note | None | |||
iii.Remunerationsofdirectors,seniorexecutivesandkeytechnicalpersonnel
√Applicable□Notapplicable
Unit:RMB’0,000
| Decision-makingproceduresfortheremunerationofdirectorsandseniorexecutives | TheremunerationoftheCompany’sdirectorsandseniorexecutivesisassessedbytheRemunerationandAppraisalCommitteeoftheBoardofDirectorsinaccordancewiththerelevantprovisionsoftheCompany’sArticlesofAssociation,theRulesofProcedureoftheRemunerationandAppraisalCommitteeoftheBoardofDirectors,etc.TheremunerationofseniorexecutivesisapprovedbytheBoardofDirectorsinaccordancewiththerelevantprovisionsoftheCompany’sArticlesofAssociation,etc.AndtheremunerationoftheCompany’sdirectorsisapprovedbytheCompany’sgeneralmeetingofshareholdersinaccordancewiththerelevantprovisionsoftheCompany’sArticlesofAssociation,etc. |
| Whetheradirectorrecusedhimself/herselffromtheBoard’sdiscussionofhis/herremunerationmatters | Yes |
| DetailsofrecommendationsissuedbytheRemunerationandAppraisalCommitteeorindependentdirectorsatanyspecialmeetingonmattersrelatingtotheremunerationsofdirectorsandseniorexecutives | OnMarch16,2026,theProposalonDirectors’Remunerationfor2025andRemunerationPlanfor2026andtheProposalonSeniorExecutives’Remunerationfor2025andRemunerationPlanfor2026werereviewedandapprovedattheNinthMeetingoftheRemunerationandAppraisalCommitteeoftheFourthBoardofDirectors. |
| Basisfordeterminingtheremunerationofdirectorsandseniorexecutives | 1.Directors'Remunerationfor2025:(1)Non-independentdirectorsreceiveapre-taxdirector’sallowanceofRMB2,500permonth.ThoseholdingotherpositionswithintheCompanyoritssubsidiariesreceiveremunerationbasedontheirspecificmanagementroles,inaccordancewiththeCompany'sorsubsidiaries'remunerationandperformanceevaluationmanagementsystem.TheCompanymayadjustthebasicsalaryofseniormanagementpersonnelconsideringfactorssuchasposition, |
| responsibilities,capabilities,andmarketsalarylevels.PerformancebonusesaredeterminedandawardedbasedontheCompany'soperatingresultsandindividualperformanceevaluations.(2)Independentdirectorsreceiveremunerationintheformofanallowance,setatRMB72,000peryear(pre-tax),whichispaidonamonthlybasis.2.SeniorExecutives’Remunerationfor2025:SeniormanagementpersonnelreceiveremunerationbasedontheirspecificpositionswithintheCompanyandareassessedinaccordancewiththeCompany’sremunerationandperformanceevaluationmanagementsystem.TheCompanymayadjustthebasicsalaryofseniormanagementpersonnelconsideringfactorssuchasposition,responsibilities,capabilities,andmarketsalarylevels.PerformancebonusesaredeterminedandawardedbasedontheCompany'soperatingresultsandindividualperformanceevaluations. | |
| Actualpaymentofremunerationfordirectorsandseniorexecutives | DuringtheReportingPeriod,theactualremunerationpaidtotheCompany’sdirectorsandseniorexecutiveswasconsistentwiththeinformationdisclosedbytheCompany. |
| TotalactualremunerationreceivedbyalldirectorsandseniorexecutivesattheendoftheReportingPeriod | 593.25 |
| TotalactualremunerationreceivedbykeytechnicalpersonnelattheendoftheReportingPeriod | 410.14 |
| TheappraisalbasisandexecutionoftheactualremunerationreceivedbyalldirectorsandseniorexecutivesattheendoftheReportingPeriod | In2025,theallowancesreceivedbyindependentdirectorswerenotsubjecttoappraisal;andnon-independentdirectorsandseniorexecutivesreceivedcorrespondingremunerationsinaccordancewiththeCompany’sperformanceappraisalrules.PerformanceappraisalwaseffectivelyimplementedandcompletedinaccordancewiththeCompany’srelevantrules. |
| DeferredpaymentarrangementsfortheactualremunerationreceivedbyalldirectorsandseniorexecutivesattheendoftheReportingPeriod | N/A |
| PaymentstopandrecoveryoftheactualremunerationreceivedbyalldirectorsandseniorexecutivesattheendoftheReportingPeriod | N/A |
iv.Changesofdirectors,seniorexecutivesandkeytechnicalpersonnel
√Applicable□Notapplicable
| Name | Officetitle | Typeofchange | Reasonforchange |
| ChenQuanshi | IndependentDirector | Resignation | Jobtransfer |
| LiangDanni | IndependentDirector | Resignation | Jobtransfer |
| ZhaoYajuan | IndependentDirector | Election | / |
| QuFeng | IndependentDirector | Election | / |
| DengRenxiang | DeputyGeneralManager | Resignation | Jobtransfer |
| YinHui | Director | Resignation | Jobtransfer |
| YinHui | EmployeeDirector | Election | / |
| LiXiongwei | BoardSecretary | Resignation | Personalreasons |
| ZhaoGuanjie | BoardSecretary | Appointment | Jobtransfer |
| ZhaoGuanjie | BoardSecretary | Resignation | Jobtransfer |
| LiLv | BoardSecretary | Appointment | Jobtransfer |
v.Punishmentsimposedbysecuritiesregulatorsinthelastthreeyears
√Applicable□Notapplicable
OnDecember5,2025,theCompanyandtherelevantresponsiblepersonsreceivedtheDecisiononOrderingAutelIntelligentTechnologyCorp.,Ltd.toMakeCorrectionsandIssuingWarningLetterstoLiHongjing,NongYingbinandFangWenbin(AdministrativeSupervisionMeasureDecisionoftheShenzhenSecuritiesRegulatoryBureauoftheChinaSecuritiesRegulatoryCommission[2025]No.234)issuedbytheShenzhenSecuritiesRegulatoryBureauoftheChinaSecuritiesRegulatoryCommission(hereinafterreferredtoasthe“ShenzhenSecuritiesRegulatoryBureau”).Onthesamedate,theCompanyreceivedtheDecisiononCriticizingAutelIntelligentTechnologyCorp.,Ltd.andRelevantResponsiblePersonsbyCirculatingaNotice(DisciplinaryActionDecisionoftheShanghaiStockExchange[2025]No.225)issuedbytheShanghaiStockExchange(hereinaftercollectivelyreferredtoasthe“Decisions”).
Afterreceivingtheabove-mentionedDecisions,theCompanyattachedgreatimportancetothematter,convenedrelevantdepartmentsandpersonneltoanalyzeanddiscussthematterssetforthintheDecisions,andactivelyimplementedrectification.InrespectoftheissuesinvolvedintheDecisions,theCompanyearnestlycarriedoutself-inspectionandsorting-outinstrictaccordancewiththerequirementsofrelevantlaws,regulations,regulatorydocumentsandtheArticlesofAssociationandinlightoftheactualsituationoftheCompany,conductedin-depthanalysisofthecausesoftheissues,putforwardrectificationmeasures,andformulatedandsubmittedarectificationreporttotheregulatoryauthorities.
TheCompanywillcontinuetostrengthenthestudyofrelevantlawsandregulationsbyalldirectors,seniormanagementpersonnelandrelevantresponsiblepersonsoftheCompany,improvetheirperformancecapabilitiestoperformtheirdutiesfaithfully,diligentlyandprudently,continuouslyenhancethestandardizedoperationoftheCompany,improvetheinformationdisclosuremanagementsystem,promotethestandardized,healthyandsustainabledevelopmentoftheCompany,andeffectivelysafeguardtheinterestsoftheCompanyandallshareholders.
vi.Otherinformation
□Applicable√NotapplicableVIPerformanceofDutybyDirectorsi.AttendanceofdirectorsatboardmeetingsandgeneralmeetingsofshareholdersduringtheReportingPeriod
| Nameofdirector | Independentdirectorornot | Attendanceatboardmeetings | Attendanceatgeneralmeetingsofshareholders | |||||
| Totalnumberofboardmeetingsthedirectorwassupposedtoattend | Boardmeetingsattendedonsite | Boardmeetingsattendedbywayoftelecommunication | Boardmeetingsattendedthroughaproxy | Absence | Thedirectorfailedtoattendtwoconsecutiveboardmeetings(yes/no) | Totalnumberofgeneralmeetingsofshareholdersthedirectorwassupposedtoattend | ||
| LiHongjing | No | 12 | 12 | - | - | - | No | 4 |
| DengRenxiang | No | 12 | 12 | 3 | - | - | No | 4 |
| NongYingbin | No | 12 | 12 | - | - | - | No | 4 |
| YinHui | No | 12 | 12 | 3 | - | - | No | 4 |
| LiuYing | Yes | 12 | 12 | 11 | - | - | No | 4 |
| ZhaoYajuan | Yes | 10 | 10 | 10 | - | - | No | 3 |
| QuFeng | Yes | 1 | 1 | 1 | - | - | No | 0 |
| ChenQuanshi(havingresigned) | Yes | 2 | 2 | 2 | - | - | No | 1 |
| LiangDanni(havingresigned) | Yes | 11 | 11 | 11 | - | - | No | 4 |
Explainwhyanydirectorfailedtoattendtwoconsecutiveboardmeetings.
□Applicable√Notapplicable
| TotalnumberofboardmeetingsconvenedintheReportingPeriod | 12 |
| Ofwhich:on-sitemeetings | - |
| Meetingsconvenedbywayoftelecommunication | - |
| Meetingswhereon-siteattendanceandattendancebytelecommunicationwerebothallowed | 12 |
ii.ObjectionsraisedbydirectorsonmattersoftheCompany
□Applicable√Notapplicableiii.Otherinformation
□Applicable√NotapplicableVIISpecialCommitteesundertheBoardofDirectors
√Applicable□Notapplicablei.Membersofthespecialcommittees
| Specialcommittee | Members |
| TheAuditCommittee | LiuYing,QuFeng,ZhaoYajuan,LiangDanni(havingresigned),andYinHui(havingresigned) |
| TheNominationCommittee | QuFeng,ZhaoYajuan,NongYingbin,LiangDanni(havingresigned),andChenQuanshi(havingresigned) |
| TheRemunerationandAppraisalCommittee | ZhaoYajuan,LiuYing,YinHui,andChenQuanshi(havingresigned) |
| TheStrategyandESGCommittee | LiHongjing,NongYingbin,andDengRenxiang |
ii.TheAuditCommitteeheldsixmeetingsduringtheReportingPeriod.
| Date | Contents | Importantcommentsandsuggestions | Performanceofotherduties |
| March26,2025 | 1.Proposalonthe2024FinancialFinalAccountsReport2.Proposalonthe2024FinalDividendPlanandBonusIssuefromCapitalReserves3.Proposalonthe2024AnnualReportanditsSummary4.ProposalonUsingTemporarilyIdleRaisedFundsforCashManagement5.Proposalonthe2024PerformanceReportoftheAuditCommitteeoftheBoardofDirectors6.ProposalontheReportontheAuditCommitteeoftheBoardofDirectors’PerformanceofSupervisoryResponsibilitiesontheAccountingFirmin | TheAuditCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheAuditCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| 20247.ProposalontheAssessmentReportonthePerformanceoftheAccountingFirm8.Proposalonthe2024InternalControlAssessmentReport9.ProposalonRe-appointingtheAccountingFirm | |||
| April24,2025 | 1.Proposalonthe2025FirstQuarterlyReport | TheAuditCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheAuditCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| August12,2025 | 1.Proposalonthe2025InterimReportanditsSummary2.Proposalonthe2025InterimDividendPlan | TheAuditCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheAuditCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| October21,2025 | 1.Proposalonthe2025ThirdQuarterlyReport | TheAuditCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheAuditCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| November11,2025 | 1.ProposalontheProfitDistributionPlanPriortotheCompany’sH-StockOffering2.ProposalontheAppointmentofanAuditingFirmfortheCompany’sH-StockOfferingandListing | TheAuditCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheAuditCommittee.Anduponsufficientcommunication | None |
| anddiscussion,allproposalswerepassedunanimously. | |||
| December30,2025 | 3.ProposalontheCompletionoftheInvestmentProjectsFundedbyRaisedFundsandthePermanentSupplementationofWorkingCapitalwiththeRemainingRaisedFunds | TheAuditCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheAuditCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
iii.TheNominationCommitteeheldfourmeetingsduringtheReportingPeriod.
| Date | Contents | Importantcommentsandsuggestions | Performanceofotherduties |
| March27,2025 | 1.ProposalontheExpirationofIndependentDirectors’TermandtheElectionofAdditionalIndependentDirectorsandAdjustmentofMembersoftheBoard’sSpecialCommittees | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheNominationCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| May30,2025 | 1.ProposalontheAppointmentofBoardSecretary | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheNominationCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| October24,2025 | 1.ProposalontheAppointmentofBoardSecretary | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’s | None |
| ArticlesofAssociationandtheWorkingRulesfortheNominationCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | |||
| November11,2025 | 1.ProposalontheAppointmentofCompanySecretaryandAuthorizedRepresentatives2.ProposalontheElectionofIndependentDirectors3.ProposalontheDeterminationoftheRolesofDirectors4.ProposalontheAdjustmentandElectionofMembersoftheBoard’sSpecialCommittees | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheNominationCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
iv.TheRemunerationandAppraisalCommitteeheldthreemeetingsduringtheReportingPeriod.
| Date | Contents | Importantcommentsandsuggestions | Performanceofotherduties |
| March27,2025 | 1.ProposalonDirectors’Remunerationfor2024andRemunerationPlanfor20252.ProposalonSeniorExecutives’Remunerationfor2024andRemunerationPlanfor20253.ProposalonCancellingCertainRestrictedSharesGrantedbutNotYetVestedunderthe2021RestrictedShareIncentivePlan | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheRemunerationandAppraisalCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| October23,2025 | 1.ProposalonAdjustingtheGrantPriceandtheGrantedNumberofSharesofthe2024RestrictedShareIncentivePlan2.ProposalonCancellingCertainRestrictedSharesGrantedbutNotYetVestedunderthe2024RestrictedShareIncentivePlan3.ProposalontheSatisfactionofVestingConditionsfortheFirstVestingPeriodofthe2024RestrictedShareIncentivePlan | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheRemunerationandAppraisalCommittee.And | None |
| uponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | |||
| November11,2025 | 1.ProposalonPurchasingLiabilityInsuranceforDirectors,SeniorExecutives,andtheProspectus | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheRemunerationandAppraisalCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
v.TheStrategyandESGCommitteeheldthreemeetingsduringtheReportingPeriod.
| Date | Contents | Importantcommentsandsuggestions | Performanceofotherduties |
| March28,2025 | 1.ProposalontheCompany’s2025ActionPlanfor“ImprovingQuality,IncreasingEfficiencyandEmphasizingShareholderReturn”2.Proposalonthe2024SustainabilityReport | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheStrategyandESGCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
| August14,2025 | 1.ProposalontheInterimAssessmentReportonthe2025ActionPlanfor“ImprovingQuality,IncreasingEfficiencyandEmphasizingShareholderReturn” | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheStrategyandESGCommittee.Anduponsufficientcommunication | None |
| anddiscussion,allproposalswerepassedunanimously. | |||
| November11,2025 | 1.ProposalontheOfferingofHSharesandListingontheHongKongStockExchange2.ProposalonthePlanfortheOfferingofHSharesandListingontheHongKongStockExchange3.ProposalontheCompany’sConversionintoanOverseas-ListedJoint-StockCompany4.ProposalontheValidityPeriodoftheResolutionontheCompany’sOfferingandListingofHShares5.ProposalonthePlanfortheUseofProceedsfromtheCompany’sOfferingofHShares | TheNominationCommitteecarriedoutitsworkinadiligentandresponsiblemannerinstrictaccordancewiththeCompanyLaw,theregulatoryrulesoftheCSRC,theCompany’sArticlesofAssociationandtheWorkingRulesfortheStrategyandESGCommittee.Anduponsufficientcommunicationanddiscussion,allproposalswerepassedunanimously. | None |
Note:TheProposalonAdjustingandElectingMembersoftheBoard’sSpecialCommitteeswasreviewedandapprovedatthe28thMeetingoftheFourthBoardofDirectorsonNovember12,2025,andthe“StrategyCommittee”wasrenamedthe“StrategyandESGCommittee”.vi.Objections
□Applicable√NotapplicableVIIIRisksDetectedbytheAuditCommittee
□Applicable√NotapplicableTheAuditCommitteeraisednoobjectionsduringtheReportingPeriod.IXEmployeesoftheParentCompanyandItsPrincipalSubsidiariesatthePeriod-endi.Employees
| Numberofin-serviceemployeesoftheparentcompany | 705 |
| Numberofin-serviceemployeesofprincipalsubsidiaries | 2,072 |
| Totalnumberofin-serviceemployees | 2,777 |
| Numberofretireestowhomtheparentcompanyoritsprincipalsubsidiariesneedtopayretirementpensions | 3 |
| Functions | |
| Function | Employees |
| Production | 1,092 |
| Sales | 433 |
| Technical | 966 |
| Financial | 35 |
| Administrative | 251 |
| Total | 2,777 |
| Educationalbackground | |
| Educationalbackground | Employees |
| Doctoraldegree | 20 |
| Master’sdegree | 305 |
| Bachelor’sdegree | 1,267 |
| Juniorcollegeandbelow | 1,185 |
| Total | 2,777 |
ii.Remunerationpolicy
√Applicable□Notapplicable
InalignmentwithAutel’sbusinessdevelopment,ashort-,medium-,andlong-termincentivemechanismhasbeenestablishedtoensureexternalcompetitiveness,internalmotivation,andrelativefairness.Thissystemisdesignedtoattractandretainoutstandingtalent.Thecoreofourremunerationpolicyis“focusingonkeytalentanddeterminingrewardsbasedonvaluecontribution”.Wehaveestablishedashort-,medium-,andlong-termcombinedmechanismthatiscompetitiveexternallyandprovidesfairinternalincentivestodrivestrategicimplementationandtalentretention.EspeciallyinthefieldofAI,wehaveformulatedtheTopAITalentIntroductionandManagementMechanismandthePartnerIncentiveMechanism,aimingtoaccuratelyattract,effectivelyincentivize,andscientificallymanagetopAItalentthroughasystematicglobaltalentrecruitmentstrategy,therebybuildingcoretechnologicalbarriersandstrengtheningourstrategicadvantagesintheeraofAI.iii.Trainingplans
√Applicable□NotapplicableDuringtheReportingPeriod,wereliedonourAIstrategictransformationtobuildatraininganddevelopmentsystemandanAIdigitalplatform,andcreatedatalentempowermentsystemdrivenby“AI+business”inatieredandhierarchicalmanner,includingbutnotlimitedtoseniormanagement,R&Dstaff,workersandnewrecruits.iv.Laboroutsourcing
√Applicable□Notapplicable
| Totalhoursoflaboroutsourcing | 190,741.00 |
| Totalpaymentforlaboroutsourcing(RMB’0,000) | 4,890.45 |
XFinalDividendand/orBonusIssuePlani.Formulation,executionandadjustmentsofthecashdividendpolicy
√Applicable□Notapplicable
TheCompanyhasimplementeditscashdividendpolicyinstrictaccordancewiththeRegulatoryGuidelineNo.3forListedCompanies-CashDividendsofListedCompaniesissuedbytheChinaSecuritiesRegulatoryCommission,theSelf-RegulatoryGuidelineNo.1forListedCompaniesoftheShanghaiStockExchange-StandardizedOperations,theStockListingRulesoftheSTARMarketoftheShanghaiStockExchange,andtheCompany’sArticlesofAssociation.
TheProposalonthe2025FinalDividendPlanwasreviewedandapprovedatthe31stMeetingoftheFourthBoardofDirectorsonMarch20,2026.AsresolvedbytheBoardofDirectors,the2025finaldividendplanincludesacashdividendbasedonthetotalsharecapitalminusthesharesintheCompany’saccountofrepurchasedsharesattherecorddateforthedividendpayout,withdetailsasfollows:
1.TheCompanyintendstopayacashdividendofRMB5(taxinclusive)per10sharestoshareholders.AsofMarch10,2026,basedonthetotalsharecapitalof670,183,486sharesminusthe3,651,617sharesintheCompany’saccountofrepurchasedshares,thetotalcashdividendamounttobedistributedisRMB333,265,934.50(taxinclusive),accountingfor35.61%ofthenetprofitattributabletothelistedcompany’sshareholdersintheconsolidatedfinancialstatementsof2025.
Thetotalcashdividendamountforthefullyear(includingtheinterimcashdividendpayout)isRMB716,198,627.48,andtheamountofcashusedasconsiderationtorepurchasesharesontheopenmarketisRMB100,166,174.24intheyear.ThetwoamountscombinedisRMB816,364,801.72,accountingfor87.23%ofthenetprofitattributabletothelistedcompany’sshareholdersintheyear.Inparticular,theamountofcashusedasconsiderationfortherepurchaseandretirementofshares(hereinafterreferredtoasthe“RepurchaseandRetirementofShares”)ontheopenmarketisnil.This,togetherwiththetotalcashdividendamountforthefullyear,totalRMB716,198,627.48,accountingfor
76.53%ofthenetprofitattributabletothelistedcompany’sshareholdersintheyear.
2.AsofthedateofdisclosureofthisReport,theCompanyheld3,651,617sharesinitsaccountofrepurchasedshares,whichareexcludedfromthefinaldividendplan.
3.WhereanychangeoccurstothetotalsharecapitaloftheCompanyduetoanyconvertiblebond-to-stockconversion/repurchaseofsharesandothermattersduringtheperiodfromthedateofdisclosureofthisReporttotherecorddateforthedividendpayout,thecashdividendpershareshallremainthesamewhilethetotalpayoutamountshallbeadjustedaccordingly.Ifanychangeoccurstothetotalsharecapitalafterthesaidperiod,thespecificadjustmentswillbeannouncedseparately.ii.Specialstatementonthecashdividendpolicy
√Applicable□Notapplicable
| IncompliancewiththeCompany’sArticlesofAssociationortherelevantresolutionsofgeneralmeetingofshareholders | √Yes□No |
| Specificandcleardividendstandardsandratios | √Yes□No |
| Completedecision-makingprocedureandmechanism | √Yes□No |
| Independentdirectorshavefaithfullyperformedtheirdutiesandplayedtheirduerole | √Yes□No |
| Non-controllingshareholdersareabletofullyexpresstheiropinionanddemandandtheirlegalrightsandinterestsarefullyprotected | √Yes□No |
iii.WheretheCompanyfailstoputforwardacashdividendproposaldespitethefactsthattheCompanyhasmadeprofitsintheReportingPeriodandtheprofitsoftheparentcompanydistributabletoshareholdersarepositive,itshallgiveadetailedexplanationofwhy,aswellasofthepurposeanduseplanfortheretainedearnings.
□Applicable√Notapplicableiv.FinaldividendplanfortheReportingPeriod
√Applicable□Notapplicable
Unit:RMB
| Bonusissuefromprofit(share/10shares) | 0 |
| Cashdividend/10shares(taxinclusive) | 5 |
| Bonusissuefromcapitalreserves(share/10shares) | 0 |
| Cashdividends(taxinclusive) | 333,265,934.50 |
| Consolidatednetprofitattributabletotheordinaryshareholdersofthelistedcompanyintheyear | 935,875,122.31 |
| Cashdividendsas%ofconsolidatednetprofitattributabletotheordinaryshareholdersofthelistedcompany | 35.61 |
| Cashdividendsinformofsharerepurchaseincash | 100,166,174.24 |
| Totaldividendamount(taxinclusive) | 433,432,108.74 |
| Totaldividendamountas%ofconsolidatednetprofitattributabletotheordinaryshareholdersofthelistedcompany | 46.31 |
v.Cashdividendsforthelastthreeaccountingyears
√Applicable□Notapplicable
Unit:RMB
| Netprofitattributabletothelistedcompany’sshareholdersintheconsolidatedfinancialstatementsofthelastaccountingyear | 935,875,122.31 |
| Closingretainedearningsintheparentcompany’sfinancialstatementsofthelastaccountingyear | 538,502,334.59 |
| Totalcashdividendamount(taxinclusive)forthelastthreeaccountingyears(1) | 1,291,674,886.68 |
| Totalamountusedtorepurchasesharesforretirementinthelastthreeaccountingyears(2) | 0 |
| Totalcashdividendamountandamountusedtorepurchasesharesforretirementforthelastthreeaccountingyears(3)=(1)+(2) | 1,291,674,886.68 |
| Averagenetprofitinthelastthreeaccountingyears(4) | 585,344,549.30 |
| Cashdividendpayoutratioforthelastthreeaccountingyears(%)(5)=(3)/(4) | 220.67 |
| TotalR&Dinvestmentamountinthelastthreeaccountingyears | 2,149,774,982.33 |
| TotalR&Dinvestmentamountas%oftotaloperatingrevenueinthelastthreeaccountingyears | 17.89 |
XIStatusandImpactofShareIncentivePlans,EmployeeStockOwnershipPlansorOtherIncentiveMeasuresforEmployeesi.Generalinformationofequityincentives
√Applicable□Notapplicable
1.EquityincentiveplansduringtheReportingPeriod
Unit:RMB
| Equityincentiveplan | Typeofincentive | Numberofunderlyingshares | Underlyingsharesas%oftotalshares | Numberofawardees | Awardeesas%oftotalemployees | Grantpriceofunderlyingshares |
| Autel2021RestrictedShareIncentivePlan | ClassIIrestrictedstock | 6,200,000 | 1.38 | 216 | 9.33 | 52 |
| Autel2024RestrictedShare | ClassIIrestrictedstock | 9,769,600 | 2.16 | 231 | 9.73 | 13.29 |
Note:Thetableaboveshowsthecontentoftheincentiveplanatthetimeofitsdraftannouncement.
2.ProgressofequityincentiveimplementationduringtheReportingPeriod
√Applicable□Notapplicable
Unit:share
IncentivePlan
Equityincent
iveplan
| Equityincentiveplan | Openingequityincentivesgranted | NewgrantduringtheReportingPeriod | Availableforvesting/exercise/unlockingduringtheReportingPeriod | Vested/exercised/unlockedduringtheReportingPeriod | Grant/exerciseprice(RMB) | Closingequityincentivesgranted | Vested/exercised/unlockedattheperiod-end |
| Autel2021RestrictedShareIncentivePlan | 5,945,000 | 0 | 0 | 0 | 52 | 5,945,000 | 0 |
| Autel2024RestrictedShareIncentivePlan | 9,769,600 | 4,787,103 | 6,302,998 | 6,302,998 | 8 | 7,081,746 | 6,302,998 |
Notes:1.Asthedividendpayouthasbeencompleted,thenumberofsharesgrantedandthegrantpriceofthe2024RestrictedShareIncentivePlanwereadjustedaccordingly.
2.“Grant/exerciseprice(RMB)”referstotheactualexercise/vestingpricefortheawardees.
3.“Closingequityincentivesgranted”hasexcludedrestrictedsharesthatwereforfeitedduringtheReportingPeriodduetoreasonssuchastheawardeesleavingtheCompanyorfailingtomeetthegivenperformanceappraisalstandards,asapprovedbytheCompany’sBoardofDirectorsandRemunerationandAppraisalCommittee.
3.Fulfillmentofappraisalindicatorsforequityincentivesandconfirmedshare-basedpaymentsduringtheReportingPeriod
√Applicable□Notapplicable
Unit:RMB
| Equityincentiveplan | FulfillmentofcompanyappraisalindicatorsduringtheReportingPeriod | Confirmedshare-basedpaymentsduringtheReportingPeriod |
| 2021RestrictedShareIncentivePlan | Notfulfilled | 0 |
| 2024RestrictedShareIncentivePlan | Fulfilled | 109,277,114.61 |
| 2024EmployeeStockOwnershipPlan | N/A | 5,869,840.76 |
| Total | / | 115,146,955.37 |
ii.Relevantincentivemattersdisclosedincurrentannouncementwithnosubsequentprogressorchange
√Applicable□Notapplicable
| Overview | Indextothedisclosedinformation |
| OnMarch28,2025,theProposalonCancellingCertainRestrictedSharesGrantedbutNotYetVestedunderthe2021RestrictedShareIncentivePlanwasreviewedandapprovedatthe18thMeetingoftheFourthBoardofDirectorsandthe12thMeetingoftheFourthSupervisoryCommittee. | Forfurtherinformation,pleaserefertoAnnouncementNo.2025-019 |
| OnOctober24,2025,theProposalonAdjustingtheGrantPriceandtheGrantedNumberofSharesofthe2024RestrictedShareIncentivePlan,theProposalonCancellingCertainRestrictedSharesGrantedbutNotYetVestedunderthe2024RestrictedShareIncentivePlan,andtheProposalontheSatisfactionofVestingConditionsfortheFirstVestingPeriodofthe2024RestrictedShareIncentivePlanwerereviewedandapprovedatthe27thMeetingoftheFourthBoardofDirectorsandthe16thMeetingoftheFourthSupervisoryCommittee. | Forfurtherinformation,pleaserefertoAnnouncementsNo.2025-083,2025-084,2025-085,and2025-097 |
Otherinformation:
√Applicable□NotapplicableIntheAutel2021RestrictedShareIncentivePlan,theCompany’sfinancialperformanceindicatorswouldbeappraisedannuallyinthethreeaccountingyearsfrom2022to2024.AccordingtotherelevantdataintheCompany’s2024AnnualReport,iftheperformanceindicatorsareunmetinthethirdvestingperiodoftheincentiveplan,alltherestrictedsharestobevestedintheawardeesintheyearofappraisalshouldbefullyorpartiallycancelledandinvalidated.Assuch,theimplementationofthe2021RestrictedShareIncentivePlanhasbeencompleted.Employeestockownershipplans:
√Applicable□Notapplicable
TheProposalonthe2024EmployeeStockOwnershipPlan(Draft)anditsSummaryandotherrelatedproposalswerereviewedandapprovedatthe14
thMeetingoftheFourthBoardofDirectorsandtheEighthMeetingoftheFourthSupervisoryCommitteedatedSeptember28,2024andtheThirdExtraordinaryGeneralMeetingofShareholdersin2024datedOctober15,2024.Forfurtherinformation,pleaserefertotheannouncementswhichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onSeptember30,2024andOctober16,2024,respectively.
AccordingtotheCompany’s2024EmployeeStockOwnershipPlan,thesourceofsharesforthisemployeestockownershipplanisthesharesrepurchasedbytheCompany,whichisplacedinaspecialaccount.OnJanuary3,2025,theCompanyreceivedaSecuritiesTransferConfirmationissuedbyChinaSecuritiesDepositoryandClearingCorporationLimited,confirmingthat4,622,100sharesoftheCompany’sstockheldintheaccountofrepurchasedsharesofAutelIntelligentTechnologyCorp.,Ltd.weretransferrednon-tradinglytothespecialsecuritiesaccountof“AutelIntelligentTechnologyCorp.,Ltd.-2024EmployeeStockOwnershipPlan”onJanuary2,2025,atatransferpriceofRMB26.58pershare.Forfurtherinformation,pleaserefertotheAnnouncementontheCompletionofNon-TradingTransferofthe2024EmployeeStockOwnershipPlan(AnnouncementNo.:2025-002),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onJanuary4,2025.
AsaresultoftheCompany’s2024finaldividendpayout,asoftheendoftheReportingPeriod,therewere6,886,929sharesinthespecialsecuritiesaccountof“AutelIntelligentTechnologyCorp.,Ltd.-2024EmployeeStockOwnershipPlan”,accountingfor1.03%oftheCompany’stotalsharecapital.
AccordingtotheCompany’s2024EmployeeStockOwnershipPlan,thelock-upperiodforthesharesgrantedunderthisemployeestockownershipplanis12months,calculatedfromthedatetheCompanyannouncesthefinaltransferofthesharestotheemployeestockownershipplan.Therefore,thelock-upperiodforthe2024EmployeeStockOwnershipPlanhasexpiredonJanuary3,2026.Forfurtherinformation,pleaserefertotheAnnouncementontheExpirationoftheLock-upPeriodofthe2024EmployeeStockOwnershipPlan(AnnouncementNo.:2026-004),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onJanuary6,2026.Otherincentivemeasures:
□Applicable√Notapplicableiii.Equityincentivesgrantedtodirectors,seniorexecutivesandkeytechnicalpersonnelduringtheReportingPeriod
1.Stockoptions
□Applicable√Notapplicable
2.ClassIrestrictedstock
□Applicable√Notapplicable
3.ClassIIrestrictedstock
√Applicable□Notapplicable
Unit:share
| Name | Officetitle | Openingrestrictedsharesgranted | NewgrantduringtheReportingPeriod | Grantprice(RMB) | AvailableforvestingduringtheReportingPeriod | VestedduringtheReportingPeriod | Closingrestrictedsharesgranted | Closingmarketprice(RMB) |
| LiHongjing | ChairmanoftheBoardandGeneralManager | 1,500,000 | 735,000 | 8 | 1,117,500 | 1,117,500 | 1,117,500 | 36.80 |
| NongYingbin | DirectorandDeputyGeneralManager | 500,000 | 245,000 | 8 | 372,500 | 372,500 | 372,500 | 36.80 |
| DengRenxiang | Director,DeputyGeneralManagerandkeytechnicalpersonnel | 150,000 | 73,500 | 8 | 78,225 | 78,225 | 111,750 | 36.80 |
| YinHui | Directorandkeytechnicalpersonnel | 120,000 | 58,800 | 8 | 62,580 | 62,580 | 89,400 | 36.80 |
| LiLv | BoardSecretary | 50,000 | 24,500 | 8 | 26,075 | 26,075 | 37,250 | 36.80 |
| LuoYongliang | Keytechnicalpersonnel | 60,000 | 29,400 | 8 | 44,700 | 44,700 | 44,700 | 36.80 |
| ZhanJinyong | Keytechnicalpersonnel | 40,000 | 19,600 | 8 | 20,860 | 20,860 | 29,800 | 36.80 |
| Total | / | 2,420,000 | 1,185,800 | / | 1,722,440 | 1,722,440 | 1,802,900 | / |
iv.EstablishmentandformulationofappraisalandincentivemechanismsforseniorexecutivesduringtheReportingPeriod
√Applicable□Notapplicable
Wecontinuouslyimproveourperformanceappraisalmechanism,whichisguidedbystrategicgoalsandvalues.Weregularlyconductreviewsofleadershipteamsandpartners,andlinktheresultstobonusallocation,long-termincentivesforpartners,appointmentsandpromotions,andadjustmentstopositionsandresponsibilities,formingaclosedloopof“review-decision-tracking”.Inthemeantime,westrengthendebriefingandprocesscorrectiontopromotecontinuousimprovementandperfection.XIIDevelopmentandimplementationofinternalcontrolsystemsduringtheReportingPeriod
√Applicable□Notapplicable
DuringtheReportingPeriod,AutelcontinuouslyoptimizeditsinternalcontrolsysteminaccordancewiththeBasicStandardsforEnterpriseInternalControlanditssupportingguidelines,expandingthecoverageandenforcementofinternalcontrolmeasures.AcomprehensiveinternalcontrolframeworkwasestablishedtoalignwithAutel'soperationalmanagementandsupporttheachievementofitsstrategicobjectives.Meanwhile,theAuditDepartmentstrengthenedsupervisionandevaluationeffortstoensureAutelcontinuouslyimprovesitsoverallcomplianceandstandardizedoperations.ExplanationofmaterialweaknessesininternalcontrolduringtheReportingPeriod:
□Applicable√NotapplicableXIIIManagementandcontroloversubsidiariesduringtheReportingPeriod
√Applicable□Notapplicable
DuringtheReportingPeriod,AutelstrictlyadheredtotheArticlesofAssociation,theRulesGoverningtheListingofStocksontheSTARMarketoftheShanghaiStockExchange,andotherrelevantregulationsinmanagingitssubsidiaries.Thisincludedoversightofbusinessoperations,investmentdecisions,personnelandcompensationassessments,financialpolicies,informationdisclosure,andauditsupervision.Autelparticipatedinkeyoperationaldecision-makingmeetingsofitssubsidiariestoensuretimelyunderstandinganddecision-making.Additionally,theAuditDepartmentconducted
regularoradhocauditsofsubsidiaries'financialandbusinessactivities,reinforcingtheestablishmentandeffectiveimplementationoftheirinternalcontrolsystems.Riskwarningregardingabnormalitiesinmanagementandcontroloversubsidiaries:
□Applicable√NotapplicableXIVIndependentAuditor’sReportonInternalControl
√Applicable□NotapplicablePleaserefertotheAutel2025InternalControlAssessmentReportthathasbeendisclosedbytheCompanyonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onMarch21,2026.WhethertheIndependentAuditor’sReportonInternalControlisdisclosed:YesTypeoftheindependentauditor’sopinion:UnmodifiedunqualifiedopinionXVRemediationofproblemsidentifiedbyself-inspectioninthespecialactiononthegovernanceoftheCompanyNone.XVIBoardStatementonESGMattersAutelupholdsthebusinessphilosophyofValue-DrivenInnovationwithUnwaveringCommitment"andmaintainsopencommunicationandcooperativerelationshipswithstakeholders.Byidentifyingmaterialenvironmental,social,andgovernance(ESG)topicsbasedonstakeholderconcernsrelatedtoitscorebusiness,Autelclearlydefinesinternalresponsibilities,implementskeymanagementinitiatives,andstrivestoachievehigh-qualitydevelopmentthroughitspositiveimpactontheenvironmentandsociety.TheBoardofDirectorsisthehighestgoverninganddecision-makingbodyforESGmattersandassumesfullresponsibilityforAutel’sESGstrategyandreporting.ToeffectivelyfulfillitsESGmanagementandoversightresponsibilities,Autel’sStrategyandESGCommitteeisspecificallytaskedwithimplementingtheBoard’sESGresolutions,assessingESGrisks,executingandadvancingESGinitiatives,andregularlyreportingprogresstotheBoard.
XVIIOverallESGachievements
√Applicable□Notapplicablei.Industry-specificESGpracticesinthecurrentyear
□Applicable√Notapplicableii.ESGratingperformanceforthecurrentyear
√Applicable□Notapplicable
| ESGratingsystem | ESGratingagency | Autel’sratingforthecurrentyear |
| Wind | WindInformationTechnologyCo.,Ltd. | A |
| Sino-SecuritiesIndex | Sino-SecuritiesIndexInformationService(Shanghai)Co.,Ltd. | A |
| SynTaoGreenFinance | SynTaoGreenFinanceCo.,Ltd. | B+ |
| EcoVadis | EcoVadis | Bronze |
iii.TrackingofESG-themedindexfundsforthecurrentyear
□Applicable√NotapplicableXVIIIEnvironmentalinformationofthelistedcompanyanditsmajorsubsidiariesincludedinthelistofenterprisesthatarerequiredbylawtodiscloseenvironmentalinformation
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableXIXSocialResponsibilityInitiativesi.ContributionofcorebusinesstosocietyandindustrykeymetricsFordetails,pleaserefertoPartIIIManagementDiscussionandAnalysis/IIDiscussionandAnalysisonOperationsinthisreport.ii.PromotionoftechnologicalinnovationAutelhaslongplacedgreatemphasisonR&Dinnovation,consideringitthecoredriverofmarketcompetitiveness.WithAItechnologyasourcoredrivingengine,wefocusonthedeepintegrationoftechnologicalinnovationandscenario-basedapplications,
continuouslyimprovingourcoretechnologyarchitectureandsystem.Withindustry-specificverticalAImodelsastheintelligentfoundationandplatformcapabilitiesasthescaleengine,wehavebuiltarobusttechnologicalbarrierthatisbothsolidandcapableofsustainableevolution.iii.Compliancewithtechnologyethics
Weattachgreatimportancetotheestablishmentandupgradingofatechnologyethicscompliancemanagementsystem.Inthefaceoftechnologicalinnovationinkeyapplicationscenariossuchasvehiclediagnostics,smartcharging,robotics,andAI,wefullyrecognizethecriticalimportanceoftechnologyethicstoindustrydevelopment,consumerrightsandinterests,andsocialtrust.Weadheretocomplianceasaprerequisiteandethicsasaguidingprinciple,deeplyintegratingthecorephilosophyof“RespectConsumers,PrioritizeSafety”throughouttheentireprocessofalgorithmR&D,productdesign,andscenario-basedapplications.iv.Datasecurityandprivacyprotection
1.Datasecuritysystem
Autelhasestablishedacomprehensiveandsystematicdatasecuritymanagementsystemtosafeguardtheconfidentiality,integrity,andavailabilityofinformationassets.Atthesystemlevel,wehaveestablishedmulti-dimensionalmanagementsystemscoveringtheinformationsecuritymanagementsystem(ISMS),theprivacyinformationmanagementsystem(PIMS),theinformationtechnologyservicemanagementsystem(ITSMS),andISO27018.SupportingpoliciessuchastheIntegratedManagementManualandtheInformationSecurityStrategyhavebeenformulatedtoimplementstandardizedcontrolsacrossthelifecycleofdatacollection,transmission,storage,use,sharing,anddestruction.Attheorganizationallevel,divisionofresponsibilitiesisclearlydefined.OurinformationsecurityteamfallsundertheProcessandITDepartmentandisresponsibleforsecuritygovernance,riskassessment,systemdevelopment,securitymonitoring,emergencyresponse,andemployeetraining.TheLegalDepartmentisresponsibleforlegalcomplianceinpersonalinformationprotectionandtheassessmentofprivacypolicies;wealsoappointedamanagementrepresentativeandestablishedadataprotectionofficertocomprehensivelyoverseethecomplianceofdataprocessingactivities,ensuringclearresponsibilities,soundmechanisms,andefficientsystemoperations.
2.CustomerprivacyprotectionpolicysystemWeattachgreatimportancetoprotectingcustomerprivacyandhaveestablishedacomprehensiveprivacyprotectionmanagementsystemcoveringthelifecyclemanagementofpersonalinformation,includingcollection,use,storage,sharing,anddeletion.WeconductourbusinessinstrictcompliancewithlawsandregulationssuchastheDataSecurityLawofthePeople’sRepublicofChina,theCybersecurityLawofthePeople’sRepublicofChina,thePersonalInformationProtectionLawofthePeople’sRepublicofChina,andtheEUGeneralDataProtectionRegulation.WehaveissuedpolicydocumentssuchastheDataLifecycleManagementMeasuresandthePersonalPrivacyManagementStandards,and,inaccordancewithbusinessdevelopment,havecontinuouslycarriedoutpolicyupdates,internalinspections,andaccessrightsreviews,strengtheningthemanagementofcustomerprivacyprotectionthroughouttheentireprocess.
TheCompanypubliclyexplainstocustomers,throughaprivacystatement,thescopeofpersonalinformationcollected,purposesofuse,retentionperiod,andcustomerrights,ensuringcustomers’righttoknowandrighttochoose.Westrictlyimplementsecuritymeasuressuchasgradedmanagementofpersonalinformation,theprincipleofleastprivilege,encryptionofsensitivedata,datamasking,andaccessaudits.Wealsoregularlyorganizeprivacyprotectiontrainingandreviewsofcustomerinformationprocessingprocedures,continuouslyenhancingourprivacyprotectioncapabilities.
3.Datasecurityandprivacyprotectionmeasures
Autelregardsdatasecurityandcustomerprivacyascoreprioritiesforcompliantoperations.Wehaveestablishedamulti-dimensionalprotectionsystem,includingadual-tracksecurityprotectionmechanismcoveringbothtechnologyandmanagement,amulti-formatandcomprehensiveemployeecompliancetrainingsystem,anend-to-endclosed-loopemergencyresponseplan,andadifferentiatedandgradeddatabackupstrategy,therebybuildingarobustbarrierfordatasecurityandprivacyprotectioninallaspects.
4.Datasecurityandprivacyprotectionmetricsandtargets
DuringtheReportingPeriod,weobtainedmultipleinternationallyrecognizedcertifications,includingtheISO/IEC27001InformationSecurityManagementSystem,ISO/IEC27701PrivacyInformationManagementSystem,andISO/IEC27018ProtectionofPersonallyIdentifiableInformation(PII)inPublicCloudsActingasPIIProcessors.WealsoobtainedcertificationssuchasCSAATSRT,TISAXLevel2,andtheCyberVadismaturityassessment,fullydemonstratingourinternationallycompliantlevelofdata
securitymanagement.
Autelhasalwaysregardeddatasecurityandprivacyprotectionascoreissues,deeplyintegratingthemintotheCompany’soveralldevelopmentplan.With“QualityFirst,EnhancingBrandValue;SecureDefense,ProtectingCustomerPrivacy”asourmanagementapproach,wecontinuouslyenhanceourdatasecuritycapabilities.Inthenextonetothreeyears,theCompanywillcontinuetoadvanceitsdevelopmentefforts,focusingonkeyprioritiessuchassystemoptimization,technologyupgrades,andcapabilitydevelopment.v.Typesandcontributionsofpublicwelfareandcharityactivities
| Category | Amount | Description |
| Externaldonations | ||
| Ofwhich:Funds(RMB’0,000) | 91.53 | TheCompanydonatedHKD1milliontothe“SupportFundforWangFukCourtinTaiPo”oftheGovernmentofHongKongSAR,whichwasearmarkedtosupportmedicaltreatment,transitionalresettlement,andhomereconstructioneffortsindisaster-affectedareas. |
| Goodsequivalent(RMB’0,000) | 19.01 | “LightingAfrica”GlobalElectricMobilityDemonstrationProject |
| Publicwelfareprojects | ||
| Ofwhich:Funds(RMB’0,000) | ||
| Beneficiaries(persons) | ||
| Ruralrevitalization | ||
| Ofwhich:Funds(RMB’0,000) | 5 | “Autel&YuanshanRuralScienceClass”Project |
| Goodsequivalent(RMB’0,000) | ||
| Employmentsupport(persons) | ||
1.Publicwelfareandcharityactivities
√Applicable□NotApplicable
(1)Post-disasterDonationProjectfortheTaiPoFireinHongKong
InDecember2025,wedonatedHKD1milliontothe“SupportFundforWangFukCourtinTaiPo”oftheGovernmentofHongKongSAR,whichwasearmarkedtosupportmedicaltreatment,transitionalresettlement,andhomereconstructioneffortsindisaster-affectedareas.
(2)“LightingAfrica”GlobalElectricMobilityDemonstrationProject
WejoinedhandswiththeUnitedNationsDevelopmentProgramme(UNDP)tolaunchthe“LightingAfrica”Project,supportingthefutureofgreenmobilityinAfrica.AutelplanstodonateACchargers(residentialchargers)meetingChinesenationalstandardstooneto
threeAfricancountriesforfreepublicuse,furtherpromotinggreenandsustainabledevelopment.InDecember2025,Autelcompletedtheoceanfreightshipmentofdonatedequipment,whichisexpectedtoarriveinTanzaniainlateJanuary,with50ACchargerstobedeployed.
(3)“TheGreatNanshanTeenagers”AutelVisitProjectInAugust2025,thethirdseasonoftheurbanresearchactivity“TheGreatNanshanTeenagers”,organizedbytheEducationBureauofNanshanDistrict,ShenzhenandSouthernMetropolisDaily,washeldatAutel.OutstandingstudentsfromprimaryandsecondaryschoolsacrossNanshanDistrictvisitedtheexhibitionhallandlaboratoryareas,experiencingAutel’scutting-edgetechnologies,includingAI+vehiclediagnostics,AI+smartchargingandAIrobots,andgainingaclose-upviewoftheinnovativeapplicationsofartificialintelligenceacrossvariousscenarios.
2.Consolidationandexpansionofpovertyalleviationandruralrevitalizationefforts
√Applicable□NotApplicable
| Povertyalleviationandruralrevitalizationprogram | Quantity/content | Description |
| Totalinput(RMB’0,000) | 5 | |
| Ofwhich:Funds(RMB’0,000) | 5 | |
| Supplies(RMB’0,000) | ||
| Numberofpeoplebenefiting | 182 | |
| Wayofsupport(supportingindustrialdevelopment,creatingjobopportunities,supportingeducation,etc.) | Povertyalleviationbysupportingeducation |
Detailedinformation:
√Applicable□NotApplicable
IntheSpringSemesterof2025,AutelpartneredwiththeBeijingQingxiYuanshanFoundationtocarryoutthe“Autel&YuanshanRuralScienceClass”Project.Weprovidedafullacademicyearofsciencecoursesandpublicwelfarepromotionactivitiesforfifth-gradestudentsatthebuddingstageofscientificinterest,whoarestudyingatCijianPrimarySchool,NanlicunTownCentralPrimarySchool,ShisiTownCentralPrimarySchoolandChengguanTownNo.1PrimarySchoolinXin’anCounty,HenanProvince.Thisprojectcoveredatotaloffourschools.Intotal,182studentsinfourclassesreceivedhigh-quality,engagingdual-teachersciencecoursesduringthissemester.
vi.Protectionofshareholders’andcreditors’rights
1.Improvingcorporategovernancestructureandstrengtheningshareholderprotection
AutelstrictlyadherestotheCompanyLawofthePeople'sRepublicofChina,theSecuritiesLawofthePeople'sRepublicofChina,theCodeofCorporateGovernanceforListedCompanies,andtheRulesGoverningtheListingofStocksontheSTARMarketoftheShanghaiStockExchange,aswellasrelevantregulatorydocumentsandtheArticlesofAssociationofShenzhenAutelTechnologyCo.,Ltd..AutelhasestablishedacorporategovernanceframeworkcomprisingtheGeneralMeetingofShareholders,theBoardofDirectors,andtheexecutivemanagementteam,formingagovernancemechanismwithclearrolesandresponsibilities,standardizedoperations,andeffectivechecksandbalances.DuringtheReportingPeriod,AutelcompletedtheabolitionoftheSupervisoryCommitteeandacomprehensiverevisionandimprovementofitsinternalgovernancesystem,revisingatotalof21governancerulesandestablishingsevennewones.Theseeffortshavefurtherenhancedcorporategovernancestandardsandeffectivelysafeguardedtherightsandinterestsofallinvestors,particularlyminorityshareholders.
2.Establishingandimprovinginternalcontrolsystemstomitigateoperationalrisks
AutelhasdevelopedandcontinuouslyimproveditsinternalcontrolmeasuresinaccordancewiththeCompanyLawofthePeople'sRepublicofChina,theSecuritiesLawofthePeople'sRepublicofChina,theBasicStandardsforEnterpriseInternalControlanditssupportingguidelines,theGuidelinesforInternalControlofListedCompanies,andotherregulatoryrequirements.Thesemeasuresaimtomanageandmitigaterisksassociatedwithbusinessoperations.DuringtheReportingPeriod,inresponsetochangesininternalandexternalbusinessenvironmentsandcorporateexpansion,Auteleffectivelyimplementeditsinternalcontrolsystem,strengthenedriskmanagementawarenessatalllevels,andensuredreasonableriskcontrol.Thesemeasureshavehelpedmaintainregulatorycompliance,safeguardcorporateassets,ensuretheaccuracyandcompletenessoffinancialreportingandinformationdisclosure,enhanceoperationalefficiency,andsupportAutel’sstrategicdevelopmentgoals.
3.Fulfillinginformationdisclosureobligations,ensuringequaltreatmentofallinvestorsandsafeguardingshareholders'righttoknow
AutelstrictlycomplieswiththeRulesGoverningtheListingofStocksontheSTAR
MarketoftheShanghaiStockExchange,amongotherregulationsandregulatoryguidelines.Auteldiligentlyfulfillsitsinformationdisclosureobligations,ensuringthatdisclosedinformationistruthful,accurate,complete,timely,andfair.Furthermore,Auteliscommittedtoprofessionalizingandinstitutionalizinginformationdisclosurepractices.Itstrictlyenforcestheregistrationsystemforinsidersandexternalinformationusers,standardizesinternalreporting,transmission,andconfidentialityprocedures,andensuresthesecurityofconfidentialcorporateinformation.Thesemeasuresfullyrespectandprotectthelegitimaterightsandinterestsofallshareholders,particularlyminorityshareholders.
4.FulfillingcashdividendcommitmentstoprotectshareholderreturnsAuteliscommittedtoprovidingstablecashdividendstoshareholders,prioritizingtheprotectionandrealizationofshareholdervalueasacoreprincipleofitsbusinessoperations.Autelhasestablishedastableprofitdistributionpolicy,whichisexplicitlyoutlinedintheArticlesofAssociationofShenzhenAutelTechnologyCo.,Ltd.,effectivelysafeguardingshareholders'interests.
DuringtheReportingPeriod,Autelsuccessfullyimplementedits2024finaland2025interimprofitdistributionplans,distributingatotalofRMB606millionincashdividendstoshareholders.Additionally,Autelrepurchased3,595,333sharesthroughacentralizedbiddingtransaction,representing0.54%ofitstotalsharecapitalasofDecember31,2025,withatotalrepurchasepaymentofRMB100million.vii.Protectionofemployeerightsandinterests
1.EmployeeEmployment
Inaccordancewiththeprinciplesoffairness,openness,andimpartiality,wehaveestablishedstandardizedandtransparentemploymentandrecruitmentprocessesbasedonrelevantsystemssuchastheEmploymentControlProcedure,andhaveimplementedinstitutionalizedmanagementovertherecruitment,selection,andhiringstages.Duringtherecruitmentprocess,wefocusoncandidates’capabilities,experience,andoverallqualifications,andcarryouttalentintroductioninaccordancewithestablishedprocedurestosupportstaffingneeds.
Insafeguardingemployees’humanrights,wehaveformulatedandimplementedinstitutionaldocuments,suchastheLaborHumanRightsPolicy,theProhibitionofForcedLaborManagementProcedure,theProhibitionofSlaveryandHumanTraffickingManagementProcedure,theProcedureforProhibitingChildLaborandAddressingthe
MisuseofChildLabor,andtheAnti-DiscriminationManagementProcedure,tospecifyrelevantmanagementrequirementsandmeasures,preventpotentialnon-compliantemploymentrisksduringthehiringprocess,andpromotelawfulandcompliantemploymentmanagement.
2.EmployeerewardsandengagementWeregardemployeerewardsandengagementasanimportantcomponentofhumancapitalmanagement.Byestablishingastandardizedandtransparentcompensationmanagementmechanism,enhancingemployeebenefitsandcarearrangements,andcontinuouslyimprovingchannelsforemployeecommunicationandengagement,wesafeguardemployees’reasonablereturnsandopportunitiestoexpresstheirviews,promotepositiveinteractionsbetweenemployeesandtheCompany,andsupportstableoperationsandsustainabledevelopmentoftheorganization.
3.DemocraticmanagementandcommunicationTheCompanyhasalwaysregardedemployeecommunicationandengagementasanimportantcornerstoneofcorporatesustainabledevelopment,andiscommittedtobuildinganall-round,multi-tiercommunicationsystemtopromotein-depthunderstandingandclosecollaborationbetweenemployeesandtheenterprise.
4.EmployeetraininganddevelopmentWeplacestrongemphasisonemployeecapabilitydevelopment,regardhumanresourcesasanimportantfoundationforcorporatedevelopment,andhaveestablishedandimplementedarelativelycomprehensiveemployeeeducationandtrainingmanagementsystem,offeringemployeescontinuousandtargetedtrainingsupporttopromotecapabilityenhancementandcareerdevelopment.Wehaveestablishedarelativelysoundemployeeevaluationandpromotionmanagementmechanism,andhaveformulatedandimplementedourManagementStrategyforthePositionandRankSystem,establishinga“dual-track”careerdevelopmentroutecoveringmanagementandtechnicalprofessionalpositions,andprovidingemployeesindifferentjobcategorieswithcleardevelopmentpaths.
5.EmployeehealthandsafetyWestrictlycomplywithrelevantlaws,regulations,andpolicyrequirements,includingtheProductionSafetyLawofthePeople’sRepublicofChina,theLawofthePeople’sRepublicofChinaonthePreventionandControlofOccupationalDiseases,theLawofthePeople’sRepublicofChinaonEnvironmentalProtection,andFireProtectionLawofthe
People’sRepublicofChina,and,incombinationwithnewregulationsissuedbyregulatoryauthoritiesthisyear,continuouslyimprovethesafetymanagementpolicysystemandrelatedmanagementmechanismstosupportthestandardizedoperationofoursafetymanagement.EmployeeStockOwnership
| Numberofemployeesholdingshares | 378 |
| Proportionofemployeesholdingsharesintotalworkforce(%) | 13.61 |
| Totalemployee-heldshares(10,000shares) | 26,195.40 |
| Proportionofemployee-heldsharesintotalsharecapital(%) | 39.09 |
Notes:1.TheproportionofemployeesholdingsharesinthetotalworkforceisbasedonthenumberofemployeeshareholdersasapercentageofthetotalnumberofemployeesattheendoftheReportingPeriod.
2.Theaboveemployeestockownershipdataincludedirectshareholdingbydirectors,seniorexecutives,andkeytechnicalpersonnelwhoareCompanyemployees,aswellassharesvestedunderpreviousrestrictedstockincentiveplans.Itdoesnotincludesharespurchasedbyotheremployeesonthesecondarymarket.viii.Protectionofsupplier,customer,andconsumerrights
1.Responsiblesupplychain
Auteliscommittedtobuildingasustainablesupplychainthatnotonlyensuresprocurementneedsandtimelyfulfillmentofagreementsbutalsoactivelypromotessuppliers'sustainabilityperformance.Autelimplementsfull-processmanagementacrosssupplieradmission,procurement,evaluation,andcapabilitydevelopment,incorporatingESGriskconsiderationsintosupplierassessments.
2.Enhancingcustomerservice
Auteladherestotheconceptof“ProvidingCustomerswithGenuineandLastingValue”andiscommittedtodeliveringaprofessional,timely,andcustomer-centricserviceexperiencewhilecontinuouslyimprovingcustomersatisfaction.Toprovidehigh-standardservice,Autelhasestablishedacross-functional,localizedcustomerserviceteamwithdedicatedcoordinationchannelstoofferpromptsupportandcreateaseamlesscustomerexperience.Additionally,Autelimplementsstringentmeasurestoprotectcustomerinformation,fosteringlong-termpartnershipsbuiltontrustandreliability.
3.RespectConsumers,PrioritizeSafetyWeattachgreatimportancetotheestablishmentandupgradingofatechnologyethicscompliancemanagementsystem.Inthefaceoftechnologicalinnovationinkeyapplicationscenariossuchasvehiclediagnostics,smartcharging,robotics,andAI,wefullyrecognizethecriticalimportanceoftechnologyethicstoindustrydevelopment,consumerrightsandinterests,andsocialtrust.Weadheretocomplianceasaprerequisiteandethicsasaguidingprinciple,deeplyintegratingthecorephilosophyof“RespectConsumers,PrioritizeSafety”throughouttheentireprocessofalgorithmR&D,productdesign,andscenario-basedapplications.ix.Productsafetyassurance
AutelstrictlycomplieswiththeProductQualityLawofthePeople'sRepublicofChina,theStandardizationLawofthePeople'sRepublicofChina,andrelevantdomesticandinternationalproductqualityandsafetyregulations.Ithasformulatedandimplementedaseriesofpolicies,includingtheQualityManual,theInspectionControlProcedures,theProductionProcessControlProcedures,andtheNon-ConformingProductControlProcedures.Thesepoliciescoverqualitysafety,qualityobjectives,qualityaudits,andcontinuousimprovement.
WestrictlycomplywiththerequirementsoftheQualityObjectiveManagementProcedureand,inlightoftheactualoperationalcharacteristicsofeachbusinessprocess,scientificallysetrefinedqualityobjectivesthatarequantifiableandassessablefortherelevantfunctionaldepartments,organizationallevels,andcoreproductionandserviceprocessescoveredbythequalitymanagementsystem.TheobjectivessetbothalignwiththepracticalneedsofproductR&D,manufacturing,inspection,andtestingprocesses,andtargetcustomers’coredemandsforproductquality.Throughregularlytrackingprogresstowardachievingobjectives,wepromotethecontinuousoptimizationofqualitymanagementeffortsandeffectivelyensuretheefficientoperationofthequalitymanagementsystem.
DuringtheReportingPeriod,weobtainedcertificationsrelatedtoquality,environment,professionalhealthandsafety,andinformationsecurity,includingISO9001,IATF16949,ISO14001,ISO45001,ISO27001,andISO27701.Noproductqualityorsafetyviolationsoccurredduringtheperiod.
Inaddition,leveragingourstrongtechnicalcapabilitiesandsafetymanagement
expertise,Autelsuccessfullyobtainedtwointernationalcertificationsforcloudservicesecurity,ISO/IEC27018andCSA-STAR,becomingthefirstenterpriseintheglobalchargingcloudindustrytopasstheCSA-STARsecuritycertification.Meanwhile,Autel’selectricvehiclechargermanagementsystemandintelligentinspectionsolutionspassedthecertificationoftheinternationalstandard,ISO/IEC42001ArtificialIntelligenceManagementSystem(AIMS).x.Intellectualpropertyprotection
WehaveestablishedandimplementedpoliciesrelatedtointellectualpropertymanagementandformulateddocumentssuchastheIntellectualPropertyProtectionManagementProcedure,thePolicyofAutelonR&DProjectIntellectualPropertyWorkflows,andthePatentRewardManagementMeasures,clarifyingintellectualpropertymanagementrequirementsandworkflows.Inaccordancewiththesepolicies,weguideandencourageemployeestocarryoutvarioustypesofintellectualpropertyapplicationsandmanagement.Forpatentsthathavebeenacceptedorgranted,thecorrespondingpatentincentivebonusesareappliedforanddisbursedpursuanttothePatentRewardManagementMeasures.
Meanwhile,weregularlycompareandverifyproduct-relatedinformationagainstourinternalintellectualpropertydatabasetosystematicallyidentifypotentialpatent,trademark,andcopyrightinfringementrisks.Basedontheidentificationresults,wepromptlytakecorrespondingmanagementandpreventionmeasurestopromotethestandardizedoperationofintellectualpropertycompliancemanagement.
Inaddition,wecontinuetostrengthentheorganizationalsafeguardsforcompliancemanagement,expandtheprofessionalcapabilitiesofthelegaldepartment,andenhancethemonitoringandmanagementofintellectualpropertyinfringementrisks.Allproductsarerequiredtocompleteinternalintellectualpropertyreviewproceduresbeforebeinglaunchedonthemarketandundergocompliancereviewbythelegalteam,therebypreventinginfringementrisksatthesource.xi.Otheraspectsofcorporatesocialresponsibility
√Applicable□NotApplicable
Asacorporatecitizen,Autelplacesgreatimportanceonfulfillingitssocialresponsibilitiesandalignscorporatedevelopmentwithsocietalprogress,ensuringabalance
betweencorporateandsocialbenefits,aswellasshort-termandlong-terminterests.Auteloperateswithintegrity,complieswithtaxregulations,andvaluesitsrelationshipswithsocietyandlocalcommunities.Guidedbyacommitmenttoservingandgivingbacktosociety,Autelactivelycontributestosocialharmonyanddevelopment.
Povertyalleviationisanintegralpartofcorporatesocialresponsibility.Auteldiligentlyimplementsnationalpovertyalleviationpoliciesandmaintainsastrongsenseofsocialmissionandresponsibility.Autelactivelygivesbacktosocietythroughcharitabledonations,employeeparticipationincommunityvolunteeractivities,andotherpublicwelfareinitiatives,fulfillingitscorporatesocialresponsibilitiesthroughconcreteactions.XXOtherCorporateGovernanceMattersi.Partybuilding
√Applicable□NotApplicable
AutelhasestablishedaPartybranch,with48officialPartymembersasoftheendoftheReportingPeriod.Sinceitsinception,thePartybranchhasoperatedundertheleadershipofhigher-levelPartycommittees,guidedbyXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra.AutelremainscommittedtoimplementingtheParty’sleadershiproleandintegratingParty-buildingeffortsintocorporategovernancebyearnestlyadheringtodirectivesandpoliciesissuedbyhigher-levelPartyorganizations.ii.Investorrelationsandprotection
| Category | Frequency | Details |
| Earningspresentations | 3 | HeldthreeearningspresentationsattheShanghaiStockExchangeRoadshowCenter |
| Investorrelationsactivitiesvianewmedia | Ongoing | EngagedwithinvestorsviaAutel'swebsite,WeChatofficialaccount,andotherplatforms |
| Investorrelationssectiononofficialwebsite | √Yes□No |
ImplementationofInvestorRelationsandProtectionMeasures
√Applicable□NotApplicable
Autelplacesgreatimportanceoninvestorrelationsmanagementandactivelystrengthenscommunicationwithinvestorstosafeguardtheirrights,particularlythoseofminorityshareholders.IncompliancewiththeCompanyLawofthePeople'sRepublicofChina,theSecuritiesLawofthePeople'sRepublicofChina,theRulesGoverningthe
ListingofStocksontheSTARMarketoftheShanghaiStockExchange,andotherrelevantlaws,regulations,andtheArticlesofAssociation,AutelhasformulatedandimplementedanInvestorRelationsManagementRulestailoredtoitsspecificoperationalneeds.
In2025,AutelhostedthreeearningspresentationsattheShanghaiStockExchangeRoadshowCenter,conductedsevenin-depthinvestormeetingsviateleconference,andwelcomedseveninvestorsitevisits.Additionally,15InvestorRelationsActivityRecordSheetswerereleased.Autelalsorespondedto85investorinquiriesviatheSSEe-Interactionplatform.Throughthesemulti-channelengagementefforts,Auteleffectivelycommunicateditsinvestmentvalue,furtherstrengtheninginvestorconfidenceandrecognition.Additionally,Autelremainscommittedtoenhancingitsbrandpresenceincapitalmarkets.DuringtheReportingPeriod,Autelreceivedseveralprestigiouscapitalmarketawards,including“2025MostInnovativeSTARMarketListedCompany”byCLS,“19thChinaTop100GrowingListedCompanies”bySecuritiesTimes.Theseaccoladesreflectthemarket’shighrecognitionofAutel’stechnologicalinnovation,investmentvalue,andsocialresponsibility.OtherFormsofInvestorCommunication
□Applicable√NotApplicableiii.Transparencyofinformationdisclosure
√Applicable□NotApplicable
In2025,Autelimplementedmultidimensionalmeasurestoenhancetransparencyininformationdisclosure,facilitatingefficientcommunicationwithinvestorsandthemarket.Intermsofdisclosurecontent,Autelprovidedin-depthanalysesofindustrytrendsinperiodicreportsandrelevantinterimannouncements,offeringdetailedinsightsintobusinessstrategies,operationaldata,andshort-termandlong-termstrategicgoals.TheseeffortsenableinvestorstogainacomprehensiveunderstandingofAutel’sdevelopmenttrajectory.Regardingpresentationformats,inadditiontotraditionalannouncements,Autelintroducedvisuallysummarizedreports,suchas“One-PageSummaries”ofperiodicreports,whichintuitivelyshowcaseoperationaldataanddevelopmentmilestones.Intermsofcommunicationmechanisms,Autelheldmultipleearningspresentations,allowingdirectengagementbetweenmanagementandinvestors,ensuringefficientbidirectionalinformationflow.
iv.Participationofinstitutionalinvestorsincorporategovernance
□Applicable√NotApplicablev.Anti-briberyandanti-corruptionmechanisms
√Applicable□NotApplicableWemaintainastrongfocusonthepreventionandcontrolofcommercialbriberyandcorruptionrisks,continuouslyimproveourinternalcontrolandriskmanagementsystems,systematicallyidentify,assess,andcontrolrelevantrisks,andensurecompliantandstableoperations.WestrictlyadheretotheBasicStandardsforEnterpriseInternalControlandrelevantinternalcontrolguidelines,continuouslyoptimizeandimproveourinternalcontrolsystem,establishandoperateacorruptionriskassessmentmechanism,continuouslystrengtheninternalcontrolevaluationandinternalaudit,andenhancetheeffectivenessandexecutionofourinternalcontrolsystem.Wecontinuouslyimproveouranti-corruptionandanti-briberymanagementsystem,promotingtheinstitutionalizedandnormalizedoperationofcleangovernance.WehaveobtainedISO37001Anti-briberyManagementSystemcertificationandstrictlymanagesystemoperationsinaccordancewithinternationalstandards.Internalauditsandmanagementreviewsareorganizedannually.Inlightoftheresponsibilitiesofeachbusinessdepartmentandchangesinbusinessprocedures,wedynamicallyidentifyandupdatetherisksofacceptingandofferingbribes,andpromptlyadjustcorrespondingcontrolmeasures.Atthesametime,weundergoannualsystemauditsbythird-partycertificationagenciestocontinuouslyverifytheeffectivenessofsystemoperationsandpromotecontinuousimprovementofthemanagementmechanism.
Intermsofsystemdevelopment,weclarifyrequirementsforemployeesoncleanpracticeandcompliantoperationsthroughpolicydocumentssuchastheEmployeeHandbookoftheCompanyandtheCodeofConductforEmployees,ensuringthattherearerulestofollowforcodesofconduct.Weprovideintegrityandcompliancetrainingtoallnewlyhiredemployees,achievingfullcoverageofonboardingintegritytrainingforemployees.
Intermsofpromotionandtraining,inlinewiththerequirementsofouranti-corruptionpoliciesandtypicalcases,weuseFeishuandW3systemstopushintegrity-relatedpromotioncontentonamonthlybasis,continuouslystrengtheningemployees’
understandingandawarenessofanti-corruptionandanti-briberyrequirements.Inaddition,weregularlyorganizeintegrity-themedtrainingeachyear,andrequireemployeestosignAnti-BriberyCommitments,furtherstrengtheningintegrityandcomplianceawarenessandfosteringacleananduprightcorporateculture.vi.Othercorporategovernancematters
□Applicable√NotApplicableXXIOtherinformation
□Applicable√NotApplicable
PartVSignificantEvents
IFulfilmentofCommitments(I)CommitmentsMadebytheActualController,Shareholders,RelatedParties,Acquirers,andtheCompanyDuringorContinuingintotheReportingPeriod
√Applicable□NotApplicable
| Commitmentbackground | Commitmenttype | Commitmentparty | Commitmentdetails | Commitmentdate | Isthereaperformanceperiod? | Commitmentperiod | Hasitbeentimelyandstrictlyfulfilled? | Ifnottimelyfulfilled,explainthespecificreasons | Ifnottimelyfulfilled,explainthenextsteps |
| Commitmentrelatedtoinitialpublicoffering | Sharelock-up | LiHongjing | (1)Within36monthsfromthedateoftheCompany'sstocklisting,IwillnottransferorentrustotherstomanagethesharesIdirectlyorindirectlyholdthatwereissuedbeforetheinitialpublicoffering(IPO),norwillIproposethattheCompanyrepurchasetheseshares.(2)ThesharesIholdintheCompanycannotbetransferredwithinsixmonthsafterIceasetoserveasadirectororseniorexecutiveoftheCompany.(3)Duringmytenureasadirectororseniorexecutive,thesharesItransfereachyearshallnotexceed25%ofmytotalholdings.IfIleaveofficebeforetheexpirationofmyterm,Ishallcomplywiththiscommitmentwithinmyoriginallydesignatedtermandforsixmonthsthereafter.(4)Fortwoyearsafterthelock-upperiodexpires,IwillnotsellmysharesatapricelowerthantheIPOissueprice.If,withinsixmonthsaftertheCompany’slisting,thestockclosesbelowtheIPOpricefor20consecutivetradingdaysoriftheclosingpriceisbelowtheIPOpriceattheendofthesix-monthperiod,thelock-upperiodwillbeautomaticallyextendedbysixmonths.(Ifstockdividends,capitalizationofcapitalreserves,dividends,orother | 2020 | Yes | Within36monthsfromthedateoftheCompany'sstocklisting;within2yearsafterthelock-upperiodexpires. | Yes | N/A | N/A |
| rightsadjustmentsoccurduringthisperiod,thesellingpriceshallbeadjustedaccordingly.)(5)IfIplantoreducemyholdingsafterthelock-upperiod,IwillstrictlycomplywiththeregulationsoftheChinaSecuritiesRegulatoryCommission(CSRC)andthestockexchange,prudentlyformulateastockreductionplanbasedontheneedtostabilizestockprices,operatethebusiness,andconductcapitaloperations.Reductionmethodsincludebutarenotlimitedtocentralizedbidding,blocktrades,andnegotiatedtransfers,withreductionpricesdeterminedbasedonmarketconditionsorbulktradingagreements.IfIreduceholdingsviacentralizedbidding,Iwillsubmitareportandpre-disclosemyplan15tradingdaysbeforethefirstsale.(6)Iwillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingsharetransfersbycontrollingshareholders,actualcontrollers,directors,andseniorexecutives. | ||||||||
| Sharelock-up | LiHong | (1)ThesharesIholdintheCompanycannotbetransferredwithinsixmonthsafterIceasetoserveasadirectororseniorexecutiveoftheCompany.(2)Duringmytenureasadirectororseniorexecutive,thesharesItransfereachyearshallnotexceed25%ofmytotalholdings.IfIleaveofficebeforetheexpirationofmyterm,Ishallcomplywiththiscommitmentwithinmyoriginallydesignatedtermandforsixmonthsthereafter.(3)IfIplantoreducemyholdingsafterthelock-upperiod,IwillstrictlycomplywiththeregulationsoftheChinaSecuritiesRegulatoryCommission(CSRC)andthestockexchange,prudentlyformulateastockreductionplanbasedontheneedtostabilizestockprices,operatethebusiness,andconductcapitaloperations.Reductionmethodsincludebutarenotlimitedtocentralizedbidding,blocktrades,andnegotiatedtransfers,withreductionpricesdeterminedbasedonmarketconditionsorbulktradingagreements.IfIreduceholdingsviacentralizedbidding,Iwillsubmitareportandpre-disclosemyplan15tradingdaysbeforethefirstsale. | 2020 | Yes | Within1yearfromthedateoftheCompany'sstocklisting;within4yearsafterthelock-upperiodexpires;within6monthsaftertheindividualceasestoserveasadirectororseniorexecutiveoftheCompany;within6monthsafterresignation. | Yes | N/A | N/A |
| (4)Iwillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingsharetransfersbydirectorsandseniorexecutives.AsacoretechnicalpersonneloftheCompany,Ifurthercommitasfollows:(1)Iwillnottransferpre-IPOshareswithin12monthsfromthedateoftheCompany'sstocklistingandwithinsixmonthsafterresignation.(2)Withinfouryearsaftertheexpirationoftheinitialsharelock-upperiod,Iwillnottransfermorethan25%ofmytotalpre-IPOshareholdingsperyear,withanyunusedtransferquotabeingcumulative.(3)Iwillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingsharetransfersbycoretechnicalpersonnel. | ||||||||
| Sharelock-up | CompanyShareholderDaoheTongda,FortuneChuangfeng,FortuneChuangtai,FortuneChuangheng,FortuneCaxin,FortuneChuangrui,FiveStarTitanium,WenzhouTitaniumStar,PingyangTitanium | (1)ThesharesheldbythisentitythatwereissuedbeforetheCompany'sinitialpublicoffering(IPO)shallnotbetransferredwithinoneyearfromthedateoftheCompany'sstocklisting.(2)Ifthisentityplanstoreduceitsholdingsafterthelock-upperiodexpires,itwillstrictlycomplywiththerelevantlaws,regulations,andrequirementsoftheChinaSecuritiesRegulatoryCommission(CSRC)andthestockexchangeregardingsharereduction.Consideringtheneedtostabilizestockprices,supportbusinessoperations,andfacilitatecapitaltransactions,theentitywillprudentlyformulateasharereductionplan.Reductionmethodsincludebutarenotlimitedtocentralizedbiddingonthestockexchange,blocktrades,andnegotiatedtransfers,withreductionpricesdeterminedbasedonprevailingmarketconditionsorblocktradeagreements.Iftheentityplanstoreduceholdingsthroughcentralizedbiddingonthestockexchange,itshallreporttotheexchangeandpre-disclosethereductionplanatleast15tradingdaysbeforethefirstsale.(3)Theentitywillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingthetransferofshareholderequity. | 2020 | Yes | Within1yearfromthedateoftheCompany'sstocklisting. | Yes | N/A | N/A |
| Share | Company | (1)Thesharesheldbythisentitythatwereissued | 2020 | Yes | Within1year | Yes | N/A | N/A |
| lock-up | ShareholderNanshanHongtai,ShenzhenJiangu,LavaStrategy,HainingJiahui,MeishanJundu,QingdaoJinshi,GuangzhouZhizao,YangzhouShangqi,LavaNo.2,LavaWave,LavaAge | beforetheCompany'sinitialpublicoffering(IPO)shallnotbetransferredwithinoneyearfromthedateoftheCompany'sstocklisting.(2)Thisentitywillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingthetransferofshareholderequity. | fromthedateoftheCompany'sstocklisting. | |||||
| Sharelock-up | CompanyShareholderNingboHuishun | 1)Within36monthsfromthedateoftheCompany'sstocklisting,thisentityshallnottransferorentrustotherstomanagethesharesitdirectlyorindirectlyholdsthatwereissuedbeforetheinitialpublicoffering(IPO),norshallitproposethattheCompanyrepurchasetheseshares.(2)Thisentitywillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingthetransferofshareholderequity. | 2020 | Yes | Within36monthsfromthedateoftheCompany'sstocklisting. | Yes | N/A | N/A |
| Sharelock-up | OtherthanLiHongjingandLiHong,DirectorsandSeniorManagement:GaoYihui,LiHuajun,NongYingbin, | (1)ThesharesIholdintheCompanythatwereissuedbeforetheinitialpublicoffering(IPO)shallnotbetransferredwithinoneyearfromthedateoftheCompany'sstocklisting.(2)IfIreducemyholdingswithintwoyearsafterthelock-upperiodexpires,thesellingpriceshallnotbelowerthantheIPOissueprice.If,withinsixmonthsaftertheCompany'slisting,thestockclosesbelowtheIPOpricefor20consecutivetradingdays,oriftheclosingpriceisbelowtheIPOpriceattheendofthesix-monthperiod,thelock-upperiodwillbeautomaticallyextendedbysixmonths.(Ifstock | 2020 | Yes | Within1yearfromthedateoftheCompany'sstocklisting;within2yearsafterthelock-upperiodexpires;within6monthsaftertheindividualceasestoserve | Yes | N/A | N/A |
| WangYongzhi,WangYong | dividends,capitalizationofcapitalreserves,dividends,orotherrightsadjustmentsoccurduringthisperiod,thesellingpriceshallbeadjustedaccordingly.)(3)ThesharesIholdintheCompanycannotbetransferredwithinsixmonthsafterIceasetoserveasadirectororseniorexecutiveoftheCompany.(4)Duringmytenureasadirector,supervisor,orseniorexecutive,thesharesItransfereachyearshallnotexceed25%ofmytotalholdings.IfIleaveofficebeforetheexpirationofmyterm,Ishallcomplywiththiscommitmentwithinmyoriginallydesignatedtermandforsixmonthsthereafter.(5)IfIplantoreducemyholdingsafterthelock-upperiod,IwillstrictlycomplywiththeregulationsoftheChinaSecuritiesRegulatoryCommission(CSRC)andthestockexchange,prudentlyformulateastockreductionplanbasedontheneedtostabilizestockprices,operatethebusiness,andconductcapitaloperations.Reductionmethodsincludebutarenotlimitedtocentralizedbidding,blocktrades,andnegotiatedtransfers,withreductionpricesdeterminedbasedonmarketconditionsorbulktradingagreements.IfIreduceholdingsviacentralizedbidding,Iwillsubmitareportandpre-disclosemyplan15tradingdaysbeforethefirstsale.(6)Iwillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingsharetransfersbydirectorsand/orseniorexecutives. | asadirectororseniorexecutiveoftheCompany. | ||||||
| Sharelock-up | SupervisorsHoldingCompanyShares:ZhangWei,ZhouQiufang,RenJunzhao | (1)ThesharesIholdintheCompanythatwereissuedbeforetheinitialpublicoffering(IPO)shallnotbetransferredwithinoneyearfromthedateoftheCompany'sstocklisting.(2)ThesharesIholdintheCompanycannotbetransferredwithinsixmonthsafterIceasetoserveasasupervisoroftheCompany.(3)Duringmytenureasasupervisor,thesharesItransfereachyearshallnotexceed25%ofmytotalholdings.IfIleaveofficebeforetheexpirationofmyterm,Ishallcomplywiththiscommitmentwithinmy | 2020 | Yes | Within1yearfromthedateoftheCompany'sstocklisting;within6monthsaftertheindividualceasestoserveasasupervisorofthe | Yes | N/A | N/A |
| originallydesignatedtermandforsixmonthsthereafter.(4)IfIplantoreducemyholdingsafterthelock-upperiod,IwillstrictlycomplywiththeregulationsoftheChinaSecuritiesRegulatoryCommission(CSRC)andthestockexchange,prudentlyformulateastockreductionplanbasedontheneedtostabilizestockprices,operatethebusiness,andconductcapitaloperations.Reductionmethodsincludebutarenotlimitedtocentralizedbidding,blocktrades,andnegotiatedtransfers,withreductionpricesdeterminedbasedonmarketconditionsorbulktradingagreements.IfIreduceholdingsviacentralizedbidding,Iwillsubmitareportandpre-disclosemyplan15tradingdaysbeforethefirstsale.(5)Iwillcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingsharetransfersbysupervisors. | Company. | |||||||
| Others | Coretechnicalpersonnelholdingcompanyshares(directlyorindirectly):DengRenxiang,YinHui,ZhanJinyong,LuoYongliang | (1)Ishallnottransferthepre-IPOsharesIholdintheCompanywithin12monthsfromthedateoftheCompany'sstocklistingorwithinsixmonthsafterresignation.(2)Withinfouryearsaftertheexpirationoftheinitialsharelock-upperiod,Ishallnottransfermorethan25%ofmytotalpre-IPOshareholdingsperyear,withanyunusedtransferquotabeingcumulative.(3)Ishallcomplywithallapplicablelaws,regulations,andtheSTARMarketlistingrulesregardingthetransferofsharesbycoretechnicalpersonnel. | 2020 | Yes | Within12monthsfromthedateoftheCompany'sstocklistingand6monthsafterresignation;within4yearsaftertheexpirationoftheinitialsharelock-upperiod. | Yes | N/A | N/A |
| Others | TheCompany,itscontrollingshareholder,andactualcontroller | (1)CommitmentbytheCompanyontheRepurchaseofSharesintheEventofFraudulentIssuance:TheCompanyguaranteesthatthereisnofraudulentissuanceinitsinitialpublicoffering(IPO)andlistingontheSTARMarket.IftheCompanydoesnotmeetthelistingrequirementsandhasfraudulentlyobtainedregistrationapprovalforissuanceandlisting,theCompanywillinitiateasharerepurchaseprocedure | 2020 | No | Long-termvalid | Yes | N/A | N/A |
| withinfiveworkingdaysuponconfirmationbytheChinaSecuritiesRegulatoryCommission(CSRC)orothercompetentauthorities,repurchasingallnewlyissuedsharesfromtheIPO.(2)CommitmentbytheControllingShareholderandActualControllerontheRepurchaseofSharesintheEventofFraudulentIssuance:TheCompany'scontrollingshareholderandactualcontrollerguaranteethatthereisnofraudulentissuanceintheCompany'sIPOandlistingontheSTARMarket.IftheCompanydoesnotmeetthelistingrequirementsandhasfraudulentlyobtainedregistrationapprovalforissuanceandlisting,thecontrollingshareholderandactualcontrollerwillinitiateasharerepurchaseprocedurewithinfiveworkingdaysuponconfirmationbytheCSRCorothercompetentauthorities,repurchasingallnewlyissuedsharesfromtheIPO. | ||||||||
| Dividends | TheCompany,itscontrollingshareholderandactualcontrollerLiHongjing,andOtherDirectorsandSeniorManagement:LiHong,GaoYihui,ChenQuanshi,LiaoYixin,ZhouRunshu,NongYingbin,WangYong | TheCompany/Icommittocomplyingwithandimplementingtheprofitdistributionpoliciesoutlinedinthethen-effectiveArticlesofAssociationandtheShareholderDividendReturnPlanfortheThreeYearsFollowingtheCompany’sInitialPublicOffering(A-Shares)andListingontheSTARMarket. | 2020 | No | Long-termvalid | Yes | N/A | N/A |
| Others | The | Followingthecompletionofthisoffering,the | 2020 | No | Long-term | Yes | N/A | N/A |
| Company | Companyanticipatesthatimmediatereturnsmaybedilutedintheyearwhenthefundsarereceived.InaccordancewiththeOpinionsoftheGeneralOfficeoftheStateCouncilonFurtherStrengtheningtheProtectionofSmallandMediumInvestors'LegalRightsandInterestsintheCapitalMarket(GuoBanFa[2013]No.110)andtheGuidingOpinionsonMattersRelatedtotheDilutionofImmediateReturnsfromInitialPublicOfferings,Refinancing,andMajorAssetRestructuring(CSRCAnnouncement[2015]No.31),theCompanyintendstomitigatethedilutioneffectandenhancereturnsbyacceleratingtheimplementationofinvestmentprojectsfundedbytheIPOproceeds,strengtheningthedevelopmentofvariousbusinesssegments,andreinforcingriskmanagementtoenhanceitscorecompetitiveness.ThekeymeasuresformulatedbytheCompanyinclude:(1)ExpandinginternationalanddomesticmarketstoconsolidatetheCompany'sglobaldevelopmentstrategy.TheCompany'svehiclediagnosticproductlinehasgainedrecognitioninoverseasmarkets,establishingastrongbrandpresence.Leveragingitsexistingcustomerbaseandbrandadvantages,theCompanyplanstofurtherpenetrateemerginginternationalanddomesticmarketstosecurealargermarketshare.Itstirepressuremonitoringsystem(TPMS)productlinehasalreadybeenlaunched,andtheCompanywillcontinuetorefineandguidecustomerdemand,intensifyingpromotionaleffortstoacceleratemarketadoption.(2)AcceleratingtherecruitmentofcoretechnicaltalentandimprovingtheR&Dinnovationsystem.TheindustryinwhichtheCompanyoperatesdemandshighlyskilledR&Dpersonnel.WhiletheCompanyhasbuiltanefficientandcapabletechnicalteamthroughitsoperations,thecontinuousexpansionofitsbusinessandR&Dscalenecessitatesagreaterinfluxofhigh-leveltechnicaltalent.Toaddressthis,theCompanywillenhancetherecruitmentofdomesticandinternationalprofessionals,establishatalentmanagementandincentivemechanismsuited | Valid |
| toitsoperationalneeds,maintainahighlevelofR&Dinvestment,improveresearchinstitutions,andrefinetheR&Dinnovationframeworktoenhanceproductprofitability.(3)EnsuringthatIPO-fundedprojectsalignwiththeCompany'slong-termstrategicdevelopmentandenhanceitssustainableprofitability.TheuseofIPOproceedsiscloselyalignedwiththeCompany'sfuturestrategyandcorebusiness,ensuringitslong-termgrowth.TheCompanywillstrictlymanageandutilizethesefundsincompliancewithrelevantlaws,regulations,andtheAdministrativeMeasuresfortheUseofRaisedFunds,maximizingtheireffectivedeployment.(4)Improvingcorporategovernanceandregulatorycompliance.TheCompanywillcontinuetoenhanceitscorporategovernancestructureandinformationdisclosuremechanisms,providinginstitutionalsafeguardstoregulatetheuseofraisedfunds.Additionally,itwillmaintainastabledividendpolicy,ensuringtheconsistencyandstabilityofprofitdistributionwhilestrengtheningtheinvestorreturnmechanism.(5)Continuouslyrefininginvestorprotectionmechanisms.TheCompanywilladjustandimproveitsinvestorprotectionpoliciesinaccordancewithspecificrulesandregulationsissuedbytheChinaSecuritiesRegulatoryCommission(CSRC)andthestockexchange.Itwillalsodrawuponbestpracticesamonglistedcompaniestosupplement,revise,andimplementthesemeasurestoprotectinvestorrightseffectively. | ||||||||
| Others | Controllingshareholderandactualcontroller:LiHongjing | Toensuretheeffectiveimplementationofthemeasuresforcompensatingdilutedimmediatereturns,I,LiHongjing,thecontrollingshareholderandactualcontrolleroftheCompany,herebycommit:IwillnotoverstepmyauthoritytointerferewiththeCompany'soperationalandmanagementactivities,norwillIinfringeupontheCompany'sinterests.Fromthedateofthiscommitmentuntilthecompletionoftheissuance,iftheChinaSecurities | 2020 | No | Long-termvalid | Yes | N/A | N/A |
| RegulatoryCommission(CSRC)introducesnewregulatoryrequirementsregardingthecompensationmeasuresandrelatedcommitmentsfordilutedreturns,andtheexistingcommitmentsfailtomeetsuchrequirements,IpledgetoissueasupplementalcommitmentinaccordancewiththelatestCSRCregulations.IfurthercommittofullyimplementingtheCompany'sformulatedmeasuresforcompensatingdilutedreturnsandanyrelatedcommitments.IfIviolatethesecommitmentsandcauselossestotheCompanyorinvestors,IamwillingtoassumelegalresponsibilityandprovidecompensationtotheCompanyorinvestorsasrequiredbylaw. | ||||||||
| Others | OtherDirectorsandSeniorManagementoftheCompany:LiHong,GaoYihui,ChenQuanshi,LiangDanni,ZhouRunshu,NongYingbin,WangYong | Weherebycommitnottotransferbenefitstootherentitiesorindividualswithoutcompensationoronunfairterms,nortoengageinanyactivitiesthatmayharmtheinterestsoftheCompanybyothermeans.WecommittoregulatingpersonalexpendituresrelatedtoourofficialdutiesandnottouseCompanyassetsforinvestmentsorconsumptionactivitiesunrelatedtoourresponsibilities.WealsocommittolinkingtheremunerationsystemformulatedbytheBoardofDirectorsorthePolicyandAssessmentCommitteetotheimplementationoftheCompany'sreturncompensationmeasures.Furthermore,wecommittoensuringthatthevestingconditionsoftheCompany'sproposedequityincentiveplanaretiedtotheexecutionoftheCompany'sreturncompensationmeasures. | 2020 | No | Long-termvalid | Yes | N/A | N/A |
| Others | TheCompany,itscontrollingshareholder,actualcontroller,andotherDirectors,Supervisors,andSenior | (1)TheCompanymakesthefollowingcommitmentsregardingmeasurestobetakenintheeventoffailuretofulfillitscommitments:IftheCompanyfailstofulfillitscommitments,itwillpubliclyexplainthespecificreasonsfornon-fulfillmentandapologizetoshareholdersandpublicinvestorsviathegeneralmeetingofshareholdersandthedisclosuremediadesignatedbytheChinaSecuritiesRegulatoryCommission(CSRC).Directors,supervisors,andseniormanagementpersonnelwhoarepersonallyresponsiblefortheunfulfilledcommitmentswillhave | 2020 | No | Long-termvalid | Yes | N/A | N/A |
| Management:LiHong,LiHuajun,GaoYihui,ChenQuanshi,LiaoYixin,ZhouRunshu,ZhangWei,ZhouQiufang,RenJunzhao,NongYingbin,WangYongzhi,WangYong | theirsalariesorallowancesreducedorsuspended.Theresignationapplicationsofsuchdirectors,supervisors,andseniormanagementpersonnelwillnotbeapproved,thoughpositionadjustmentsmaybemade.IfinvestorssufferlossesduetotheCompany'sfailuretofulfillitscommitments,theCompanywillassumecompensationliabilityinaccordancewiththelaw.(2)TheCompany'scontrollingshareholderandactualcontroller,LiHongjing,makesthefollowingcommitmentsregardingmeasurestobetakenintheeventoffailuretofulfillcommitments:IfIfailtofulfillthecommitmentsdisclosedintheprospectus,Icommittopubliclyexplainingthespecificreasonsfornon-fulfillmentandapologizingtotheCompany’sshareholdersandpublicinvestorsviathegeneralmeetingofshareholdersandthedisclosuremediadesignatedbytheCSRC.IfmyfailuretofulfillthecommitmentsresultsinlossestotheCompanyorotherinvestors,Icommittoassumingcompensationliabilityinaccordancewiththelaw.IfIfailtofulfillsuchcompensationobligations,thepre-IPOsharesIholdshallnotbetransferreduntilthecompensationobligationisfullysatisfied.Additionally,theCompanyhastherighttowithholdmyallocatedcashdividendstofulfillthecompensationresponsibility.(3)TheCompany'sotherdirectors,supervisors,andseniormanagementpersonnel,LiHong,LiHuajun,GaoYihui,ChenQuanshi,LiaoYixin,ZhouRunshu,ZhangWei,ZhouQiufang,RenJunzhao,NongYingbin,WangYongzhi,WangYong,committhatifIfailtofulfillthepubliccommitmentsdisclosedintheprospectus,Iwillpubliclyexplainthespecificreasonsfornon-fulfillmentandapologizetotheCompany’sshareholdersandpublicinvestorsviathegeneralmeetingofshareholdersandthedisclosuremediadesignatedbytheCSRC.Iwillstopreceivingremunerationwithin10tradingdaysfromtheoccurrenceofsuchnon-fulfillment,andthesharesoftheCompanythatIdirectlyorindirectlyhold(ifany)shallnotbetransferreduntilIhavefullyfulfilledthe |
| relevantcommitments.IfmyfailuretofulfillthecommitmentsresultsinlossestotheCompanyorinvestors,Icommittoassumingcompensationliabilityinaccordancewiththelaw. | |||||||||
| Commitmentsrelatedtorefinancing | Others | TheCompany'scontrollingshareholderandactualcontroller:LiHongjing | (1)IwillnotoverstepmyauthoritytointerferewiththeCompany'soperationalandmanagementactivities,norwillIinfringeupontheCompany'sinterests.(2)Fromthedateofthiscommitmentuntilthecompletionoftheissuanceoftheconvertiblecorporatebonds,iftheChinaSecuritiesRegulatoryCommission(CSRC)orothersecuritiesregulatoryauthoritiesintroducenewregulatoryrequirementsregardingthemeasuresforcompensatingdilutedreturnsandrelatedcommitments,andiftherelevantcontentofthiscommitmentdoesnotmeetsuchrequirements,IpledgetoissueasupplementalcommitmentinaccordancewiththelatestregulationsoftheCSRCorothersecuritiesregulatoryauthorities.(3)IcommittofullyimplementingtheCompany'sformulatedmeasuresforcompensatingdilutedreturnsandanyrelatedcommitments.IfIviolatethesecommitmentsandcauselossestotheCompanyorinvestors,IamwillingtoassumelegalresponsibilityandprovidecompensationtotheCompanyorinvestorsasrequiredbylaw. | 2021 | No | Long-termvalid | Yes | N/A | N/A |
| Others | DirectorsandSeniorExecutives:LiHongjing,LiHong,NongYingbin,GaoYihui,ChenQuanshi,LiangDanni,ZhouRunshu,Fang | ToensuretheeffectiveimplementationoftheCompany'smeasuresforcompensatingdilutedreturns,alldirectorsandseniormanagementherebymakethefollowingcommitments:(1)Wewillnottransferbenefitstootherentitiesorindividualswithoutcompensationoronunfairterms,norwillweengageinanyactivitiesthatmayharmtheinterestsoftheCompanybyothermeans.(2)Wewillregulateourpersonalexpendituresrelatedtoourofficialduties.(3)WewillnotuseCompanyassetsforinvestmentsorconsumptionactivitiesunrelatedtoourresponsibilities.(4)TheremunerationsystemformulatedbytheBoardofDirectorsortheRemunerationandAppraisal | 2021 | No | Long-termvalid | Yes | N/A | N/A |
| Wenbin | CommitteeshallbelinkedtotheimplementationoftheCompany'sreturncompensationmeasures.(5)IftheCompanyintroducesanequityincentiveplaninthefuture,thevestingconditionsofsuchaplanshallbelinkedtotheimplementationoftheCompany'sreturncompensationmeasures.(6)WecommittoactivelyadoptingallnecessaryandreasonablemeasuresinaccordancewithfutureregulationsissuedbysecuritiesregulatoryauthoritiesandstockexchangestoensuretheeffectiveimplementationoftheCompany'sreturncompensationmeasures.(7)WecommittofullyimplementingtheCompany'sformulatedmeasuresforcompensatingdilutedreturnsandanyrelatedcommitments.IfweviolatethesecommitmentsandcauselossestotheCompanyorinvestors,wearewillingtoassumelegalresponsibilityandprovidecompensationtotheCompanyorinvestorsasrequiredbylaw. | |||||||
| Others | TheCompany'scontrollingshareholderandactualcontroller:LiHongjing | (1)Currently,therearenocircumstanceswheretheCompanyandI,aswellasotherenterprisesundermycontrol,areengagedinthesameorsimilarprincipalbusinesses;thereisnohorizontalcompetitionbetweentheCompanyandme,aswellasotherenterprisesundermycontrol,thathasamaterialadverseeffectontheCompany.(2)AftertheimplementationoftheinvestmentprojectsfundedbytheproceedsraisedfromtheCompany’sinitialpublicoffering,theCompanyandI,aswellasotherenterprisesundermycontrol,willnotengageinhorizontalcompetition,andnoadverseimpactwillbeimposedontheindependenceoftheCompany.(3)Inthefuture,IandotherenterprisesundermycontrolwillavoidhorizontalcompetitionwiththeCompany.ShouldanybusinessopportunitywithinthescopeoftheCompany’sprincipalbusinessariseinthefuture,IwillgiveprioritytoofferingsuchanopportunitytotheCompany.(4)IfIfailtoperformtheforegoingcommitments,IshallcompensatetheCompanyforanylossessufferedthereby.(5)Theforegoingcommitmentsshalltakeeffectasofthedateof | 2021 | No | Long-termvalid | Yes | N/A | N/A |
ii.WheretherehadbeenanearningsforecastforanassetorprojectandtheReportingPeriodwasstillwithintheforecastperiod,explainwhytheforecasthasorhasnotbeenreachedfortheReportingPeriod.
□Forecastreached□Forecastunreached√Notapplicableiii.Performancecommitments
□Applicable√NotapplicableChangestoperformancecommitments:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
IIOccupationoftheCompany’sFundsbytheControllingShareholderorOtherRelatedPartiesforNon-OperatingPurposesduringtheReportingPeriod
√Applicable□Notapplicable
Unit:RMB
| Nameofshareholderorrelatedparty | RelationshipwiththeCompany | Timeofoccupation | Cause | Openingbalance | NewamountoccupiedduringtheReportingPeriod | AmountrepaidduringtheReportingPeriod | Closingbalance | BalanceasofthedateofthisReport’sdisclosure | Expectedrepaymentmethod | Expectedrepaymentamount | Expectedrepaymenttime |
| ShenzhenDaoheTongliaoInformationConsultingEnterprise(LimitedPartnership) | Otherrelatedparty | [Note] | TransferofourstakeinSkyFendTechnology | 1,578.50 | - | 1,578.50 | - | - | / | / | / |
| ShenzhenDaoheTongwangInformationConsultingEnterprise(LimitedPartnership) | Otherrelatedparty | [Note] | TransferofourstakeinSkyFendTechnology | 462.00 | - | 462.00 | - | - | / | / | / |
| ShenzhenDaoheTongxingInformation | Otherrelatedparty | [Note] | TransferofourstakeinSkyFendTechnolo | 354.00 | - | 354.00 | - | - | / | / | / |
| ConsultingEnterprise(LimitedPartnership) | gy | |||||||||||
| NongYingbin | Otherrelatedparty | [Note] | TransferofourstakeinSkyFendTechnology | 47.50 | - | 47.50 | - | - | / | / | / | |
| Total | / | / | / | 2,442.00 | - | 2,442.00 | - | - | / | / | / | |
| Closingamountas%ofthelatestauditedequity | - | |||||||||||
| Decision-makingproceduresforoccupationoftheCompany’sfundsbythecontrollingshareholderorotherrelatedpartiesfornon-operatingpurposes | / | |||||||||||
| Reasons,personsheldaccountable,andmeasurestobetakenbytheBoardofDirectorsforthenewamountoccupiedbythecontrollingshareholderorotherrelatedpartiesfornon-operatingpurposesduringtheReportingPeriod | / | |||||||||||
| Reasons,personsheldaccountable,andmeasurestobetakenbytheBoardofDirectorsforthefailuretorepay,asplanned,fundsoccupiedfornon-operatingpurposes | / | |||||||||||
| Certifiedpublicaccountant’sspecialauditopinion(ifany)ontheoccupationoffunds | PleaserefertotheSpecialAuditReportonOccupationofFundsforNon-operatingPurposesandOtherRelated-partyTransactionsfordetails. | |||||||||||
| ReasonswhytheinformationdisclosedinthisReportregardingtheoccupationoftheCompany’sfundsbythecontrollingshareholderorotherrelatedpartiesdiffersfromthespecialauditopinion(ifany) | / | |||||||||||
[Note]:InMarch2024,theCompanysignedanequitytransferagreementwithDaoheTongliao,DaoheTongwang,DaoheTongxing,andNongYingbintotransferits40%stakeinSkyFendTechnology,withapaymentperiodofthreemonthsafterthesigningoftheagreement.AttheendofJune2024,theCompanysignedaSupplementaryAgreementwiththeaforementionedtransfereesandSkyFendTechnology,extendingthepaymentperiodfromthreemonthsto24months.Theaforesaidmatterwasreviewedandapprovedatthe26thMeetingoftheFourthBoardofDirectorsandtheSecondExtraordinaryGeneralMeetingofShareholdersin2025.AsoftheendofAugust2025,theCompanyhadreceivedthe
fullamountoftheequitytransferpaymentswithintheprescribedtimelimitoftheSupplementaryAgreement.Alloftheaforementionedfundsoccupiedhavebeenfullyrepaid.IIIIrregularitiesintheProvisionofGuarantees
□Applicable√Notapplicable
IVExplanationGivenbytheBoardofDirectorsRegarding“IndependentAuditor’sReportwithModifiedOpinion”
□Applicable√NotapplicableVReasonsforAccountingPolicyorEstimateChangesorCorrectionofMaterialAccountingErrorsandtheImpacti.Reasonsforaccountingpolicyorestimatechangesandtheimpact
√Applicable□Notapplicable
TheCompanyhasimplemented,sinceJanuary1,2026,theInterpretationNo.19oftheAccountingStandardsforBusinessEnterprisesissuedbytheMinistryofFinance.ThischangeinaccountingpolicyhasnoimpactontheCompany’sfinancialstatements.
1.Significantchangesinaccountingpolicies
□Applicable√Notapplicable
2.Significantchangesinaccountingestimates
□Applicable√Notapplicableii.Reasonsforcorrectionofmaterialaccountingerrorsandtheimpact
□Applicable√Notapplicableiii.Communicationswiththeformeraccountingfirm
□Applicable√Notapplicableiv.Approvalprocessandotherinformation
□Applicable√NotapplicableVIAppointmentandDismissalofAccountingFirm
Unit:RMB
| Inservice | |
| Nameofthedomesticaccountingfirm | Pan-ChinaCertifiedPublicAccountsLLP |
| TheCompany’spaymenttothedomesticaccountingfirm | 1,000,000 |
| HowmanyyearsthedomesticaccountingfirmhasprovidedauditservicefortheCompany | 6 |
| Nameofcertifiedpublicaccountantsofthedomesticaccountingfirm | GengZhen,andYeNan |
| HowmanyyearsthecertifiedpublicaccountantsofthedomesticaccountingfirmhaveprovidedauditservicefortheCompany | 1,3 |
Name
| Name | Payment | |
| Accountingfirmfortheauditofinternalcontrol | Pan-ChinaCertifiedPublicAccountsLLP | 280,000 |
| Financialadvisor | N/A | / |
| Sponsor | N/A | / |
Appointmentanddismissalofaccountingfirm:
√Applicable□NotapplicableTheProposalonRe-appointingtheAccountingFirmwasreviewedandapprovedattheNinthMeetingoftheAuditCommitteeoftheFourthBoardofDirectors,the18thMeetingoftheFourthBoardofDirectorsandthe2024AnnualGeneralMeetingofShareholders.Assuch,itwasapprovedtoappointPan-ChinaCertifiedPublicAccountsLLPasthefinancialandinternalcontrolauditorfor2025.Changeoftheaccountingfirmduringtheaudit:
□Applicable√NotapplicableIndicatewhethertheauditfeedecreasedover20%(inclusive)comparedwithlastyear.
□Applicable√NotapplicableVIIDelistingRiski.Reasonsforthedelistingriskwarning
□Applicable√Notapplicableii.TheCompany’sresponse
□Applicable√Notapplicableiii.Riskofterminationoflistingandthereasons
□Applicable√Notapplicable
VIIIInsolvencyandReorganization
□Applicable√NotapplicableIXSignificantLegalMatters
□TheCompanyhasmateriallitigationandarbitrationthisyear
√TheCompanyhasnomateriallitigationandarbitrationthisyearXPunishmentsontheCompanyaswellasItsDirectors,Seniorexecutives,ControllingShareholderandActualControllerforViolationofLawsorRegulations,aswellastheRelevantRectifications
√Applicable□Notapplicable
OnDecember5,2025,theCompanyandtherelevantresponsiblepersonsreceivedtheDecisiononOrderingAutelIntelligentTechnologyCorp.,Ltd.toMakeCorrectionsandIssuingWarningLetterstoLiHongjing,NongYingbinandFangWenbin(AdministrativeSupervisionMeasureDecisionoftheShenzhenSecuritiesRegulatoryBureauoftheChinaSecuritiesRegulatoryCommission[2025]No.234)issuedbytheShenzhenSecuritiesRegulatoryBureauoftheChinaSecuritiesRegulatoryCommission(hereinafterreferredtoasthe“ShenzhenSecuritiesRegulatoryBureau”).Onthesamedate,theCompanyreceivedtheDecisiononCriticizingAutelIntelligentTechnologyCorp.,Ltd.andRelevantResponsiblePersonsbyCirculatingaNotice(DisciplinaryActionDecisionoftheShanghaiStockExchange[2025]No.225)issuedbytheShanghaiStockExchange(hereinaftercollectivelyreferredtoasthe“Decisions”).
Afterreceivingtheabove-mentionedDecisions,theCompanyattachedgreatimportancetothematter,convenedrelevantdepartmentsandpersonneltoanalyzeanddiscussthematterssetforthintheDecisions,andactivelyimplementedrectification.InrespectoftheissuesinvolvedintheDecisions,theCompanyearnestlycarriedoutself-inspectionandsorting-outinstrictaccordancewiththerequirementsofrelevantlaws,regulations,regulatorydocumentsandtheArticlesofAssociationandinlightoftheactualsituationoftheCompany,conductedin-depthanalysisofthecausesoftheissues,putforwardrectificationmeasures,andformulatedandsubmittedarectificationreporttotheregulatoryauthorities.
TheCompanywillcontinuetostrengthenthestudyofrelevantlawsandregulationsbyalldirectors,seniormanagementpersonnelandrelevantresponsiblepersonsofthe
Company,improvetheirperformancecapabilitiestoperformtheirdutiesfaithfully,diligentlyandprudently,continuouslyenhancethestandardizedoperationoftheCompany,improvetheinformationdisclosuremanagementsystem,promotethestandardized,healthyandsustainabledevelopmentoftheCompany,andeffectivelysafeguardtheinterestsoftheCompanyandallshareholders.XICreditStandingsoftheCompanyaswellasItsControllingShareholderand
ActualControllerduringtheReportingPeriod
□Applicable√NotapplicableXIIMajorRelated-PartyTransactionsi.Continuingrelated-partytransactions
1.Alreadydisclosedincurrentannouncementwithoutnewprogressorchanges
√Applicable□Notapplicable
2.Disclosedincurrentannouncementbutwithnewprogressorchanges
□Applicable√Notapplicable
3.Undisclosedincurrentannouncement
□Applicable√Notapplicableii.Related-partytransactionsregardingpurchaseorsaleofassetsorequityinvestments
1.Alreadydisclosedincurrentannouncementwithoutnewprogressorchanges
√Applicable□Notapplicable
| Transactionoverview | Indextothedisclosedinformation |
| Auteltransferred9%,1%,and1%(11%intotal)ofitsequityinterestsinitsinvesteecompanySkyFendTechnologytoShenzhenDaoheTongliaoInformationConsultingEnterprise(LimitedPartnership),Ms.NongYingbin,andMr.ShuXilin,respectively.ThesaidtransactionwasreviewedandapprovedattheThirdSpecialMeetingofIndependentDirectorsoftheFourthBoardofDirectors,the18thMeetingoftheFourthBoardofDirectors,andthe12thMeetingoftheFourthSupervisoryCommittee. | Forfurtherinformation,pleaserefertotheAnnouncementonProgressoftheSigningofaSupplementalAgreementtotheEquityTransferAgreementandRelated-PartyTransaction(AnnouncementNo.:2025-075),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn). |
| Duringtheprocess,takingintoaccounttheexternalenvironmentandtheactualcircumstancesofthetransaction,Autelre-planneditsequityinterestsinSkyFendTechnology.Afterfriendlyconsultation,carefulstudy,andfulldeliberationamongallpartiesinvolved,andfromtheperspectiveofsafeguardingtheinterestsoftheCompanyanditsshareholders,Autelterminatedtheaforementionedtransaction. | |
| Wetransferredour34.50%,11%,and0.50%equitystakesintheinvesteecompany,SkyFendTechnology,totaling46%,tosevennewlyestablishedemployeestockownershipplatformsofSkyFendTechnology,ShenzhenDaoheTongliaoInformationConsultingEnterprise(LimitedPartnership),andMr.ZhaoGuanjie.Thistransactionhasbeencompleted,andwenolongerholdanyequityinSkyFendTechnology.ThesaidtransactionwasreviewedandapprovedattheFourthSpecialMeetingofIndependentDirectorsoftheFourthBoardofDirectors,the26thMeetingoftheFourthBoardofDirectors,the15thMeetingoftheFourthSupervisoryCommittee,andtheSecondExtraordinaryGeneralMeetingofShareholdersin2025. | Forfurtherinformation,pleaserefertotheAnnouncementontheTransferofAllEquityInterestsinaJoint-stockCompany&Related-partyTransactions(AnnouncementNo.:2025-076)andtheAnnouncementonProgressoftheTransferofAllEquityInterestsinaJoint-stockCompany&Related-partyTransactions(AnnouncementNo.:2025-089),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn). |
2.Disclosedincurrentannouncementbutwithnewprogressorchanges
□Applicable√Notapplicable
3.Undisclosedincurrentannouncement
□Applicable√Notapplicable
4.Whereaperformancecommitmentisinvolvedinsucharelated-partytransaction,theperformanceresultsfortheReportingPeriodshallbedisclosed.
□Applicable√Notapplicableiii.Majorrelated-partytransactionsregardingjointinvestmentsinthirdparties
1.Alreadydisclosedincurrentannouncementwithoutnewprogressorchanges
□Applicable√Notapplicable
2.Disclosedincurrentannouncementbutwithnewprogressorchanges
□Applicable√Notapplicable
3.Undisclosedincurrentannouncement
□Applicable√Notapplicableiv.Amountsduetoandfromrelatedparties
1.Alreadydisclosedincurrentannouncementwithoutnewprogressorchanges
√Applicable□Notapplicable
| Overview | Indextothedisclosedinformation |
| TheProposalontheAdjustmenttothePlanfortheTransferofEquityinSubsidiaryandRelated-PartyTransactionwasreviewedandapprovedatthe23rdmeetingoftheThirdBoardofDirectors,the22ndMeetingoftheThirdSupervisoryCommittee,andtheSecondExtraordinaryGeneralMeetingofShareholdersin2022onSeptember20,2022,andSeptember30,2022,respectively.Auteltransferredatotalof49%equityinterestsinitswholly-ownedsubsidiarySkyFendTechnologytoMr.LiHongjing,Ms.NongYingbin,DaoheTongliao,DaoheTongwang,andDaoheTongxing.Uponconsultationwithallthepartiesinvolved,AutelsignedaSupplementaryAgreementwiththeaforementionedtransfereesandSkyFendTechnologyattheendofJune2024,extendingthepaymentperiodfromthreemonthsto24months.AsoftheendofAugust2025,Autelhadreceivedthefullamountoftheequitytransferpayment. | Forfurtherinformation,pleaserefertotheAnnouncementonProgressoftheSigningofaSupplementalAgreementtotheEquityTransferAgreementandRelated-PartyTransaction(AnnouncementNo.:2025-075),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn). |
| Wetransferredour34.50%,11%,and0.50%equitystakesintheinvesteecompany,SkyFendTechnology,totaling46%,tosevennewlyestablishedemployeestockownershipplatformsofSkyFendTechnology,ShenzhenDaoheTongliaoInformationConsultingEnterprise(LimitedPartnership),andMr.ZhaoGuanjie.AccordingtotheShareTransferAgreementsignedbythepartiestothetransaction,eachtransactioncounterpartyshallpay30%oftheirsharetransferpaymentstotheaccountdesignatedbyPartyAwithinthreemonthsfromthedateofconfirmationthatthepreconditionshavebeenmetorwaived.Theremaining70%oftheirtransferpaymentsshallbepaidbyeachpartywithin24monthsfromthecommencementdate. | Forfurtherinformation,pleaserefertotheAnnouncementontheTransferofAllEquityInterestsinaJoint-stockCompany&Related-partyTransactions(AnnouncementNo.:2025-076),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn). |
2.Disclosedincurrentannouncementbutwithnewprogressorchanges
√Applicable□Notapplicable
Regardingthetransferofour46%stakeinSkyFendTechnology,aspertheagreement,wehadreceivedRMB44.0125millionofequitytransferpaymentsasoftheendoftheReportingPeriod,accountingfor40.54%ofthetotalequitytransferpayments.
3.Undisclosedincurrentannouncement
□Applicable√Notapplicablev.FinancialtransactionsbetweentheCompanyandrelatedfinancecompanies,orbetweenfinancecompaniesundertheCompany’scontrolandrelatedparties
□Applicable√Notapplicablevi.Otherinformation
□Applicable√NotapplicableXIIIMajorContractsandtheExecutioni.Entrustment,ContractingandLeases
1.Entrustment
□Applicable√Notapplicable
2.Contracting
□Applicable√Notapplicable
3.Leases
□Applicable√Notapplicable
ii.Guarantees
√Applicable□Notapplicable
Unit:RMB
| GuaranteesprovidedbytheCompanyforexternalparties(exclusiveofthoseforsubsidiaries) | |||||||||||||||
| Guarantor | Relationshipbetweentheguarantorandthelistedcompany | Guaranteedparty | Amountofguarantee | Guaranteeoccurrencedate(agreementsigningdate) | Startdate | Enddate | Typeofguarantee | Collateral(ifany) | Havingexpiredornot | Overdueornot | Overdueamount | Counterguarantee | Guaranteeforarelatedpartyornot | Relationshipbetweentheguaranteedpartyandthelistedcompany | |
| Autel | TheCompany | SkyFendTechnology | 64,400,000 | December26,2024 | December26,2024 | November26,2025 | Joint-liability | None | Yes | No | 0 | SkyFendTechnologyandothershareholdersholdingitsequityprovidedacounterguaranteeforAutel. | Yes | Other | |
| TotalamountofsuchguaranteesincurredduringtheReportingPeriod(exclusiveofthoseforsubsidiaries) | 64,400,000 | ||||||||||||||
| Totalbalanceofsuchguaranteesattheperiod-end(A)(exclusiveofthoseforsubsidiaries) | 0 | ||||||||||||||
| GuaranteesprovidedbytheCompanyanditssubsidiariesforsubsidiaries | |||||||||||||||
| Guarantor | Relationshipbetweentheguarantorandthelistedcompany | Guaranteedparty | Relationshipbetweentheguaranteedpartyandthelistedcompany | Amountofguarantee | Guaranteeoccurrencedate(agreementsigningdate) | Startdate | Enddate | Typeofguarantee | Havingexpiredornot | Overdueornot | Overdueamount | Counterguarantee | |
| Autel | TheCompany | AutelHeda | Wholly-ownedsubsidiary | 6,000,000 | July3,2024 | July3,2024 | July2028 | Joint-liability | No | No | 0 | No | |
| Autel | TheCompany | AutelDigitalPower | Majority-ownedsubsidiary | 20,000,000 | October29,2024 | October29,2024 | October2028 | Joint-liability | No | No | 0 | No | |
| Autel | TheCompany | AutelUK | Wholly-ownedsubsidiary | 17,866.18 | December17,2024 | December17,2024 | - | Joint-liability | No | No | 0 | No | |
| Autel | TheCompany | DaoheTongtai | Wholly-ownedsubsidiary | 10,000,000 | May16,2025 | May16,2025 | May2028 | Joint-liability | No | No | 0 | No | |
| Autel | TheCompany | DaoheTongtai | Wholly-ownedsubsidiary | 800,000 | October15,2025 | October16,2025 | October2027 | Joint-liability | No | No | 0 | No | |
| TotalamountofsuchguaranteesforsubsidiariesincurredduringtheReportingPeriod | 10,800,000 | ||||||||||||
| Totalbalanceofsuchguaranteesforsubsidiariesattheperiod-end(B) | 36,817,866.18 | ||||||||||||
| Totalguarantees(inclusiveofthoseforsubsidiaries) | |||||||||||||
| Totalguaranteeamount(A+B) | 36,817,866.18 | ||||||||||||
| Totalguaranteeamountas%oftheCompany’sequity | 0.95 | ||||||||||||
| Ofwhich: | |||||||||||||
| Guaranteeamountprovidedforshareholders,actualcontrollerandtheirrelatedparties(C) | - | ||||||||||||
| Debtguaranteeamountprovideddirectlyorindirectlyforentitieswithanover70%debt/assetratio(D) | 36,817,866.18 | ||||||||||||
| Amountbywhichthetotalguaranteeamountexceeds50%oftheCompany’sequity(E) | - |
| Thetotalamountoftheabovethreekindsofguarantees(C+D+E) | 36,817,866.18 |
| Jointresponsibilitiespossiblyborneforundueguarantees | N/A |
| Notes | ThebankloanoftheguaranteedpartySkyFendTechnologywasfullyrepaidonNovember26,2025,andtheguaranteeprovidedbyAutelfortheprincipalandinterestofthecomprehensivecreditlineappliedforbySkyFendTechnologyinproportiontoitsshareholdingwasfulfilledonthesameday. |
iii.Cashentrustedtootherentitiesformanagement
1.Cashentrustedforfinancialmanagement
(1)Totalcashentrustedforfinancialmanagement
√Applicable□Notapplicable
Unit:RMB
| Type | Riskcharacteristic | Undueamount | Unrecoveredoverdueamount |
| Bank’sfinancialmanagementproduct | Lowrisk | - | - |
Otherinformation
□Applicable√Notapplicable
(2)Singlefinancialmanagemententrustment
√Applicable□Notapplicable
Unit:RMB
| Trustee | Typeoffinancial | Risk | Amountoffinancial | Startdate | Enddate | Useof | Restricted | Actualincome | Undue | Unrecovered |
| management | characteristic | management | funds | ornot | orloss | amount | overdueamount | |||
| BankofNingbo | Bank’sfinancialmanagementproduct | Lowrisk | 798,848,100.00 | 2025.1-2025.8 | 2025.2-2025.8 | Bank | No | 1,901,539.41 | - | - |
| ChinaMerchantsBank | Bank’sfinancialmanagementproduct | Lowrisk | 36,000,000.00 | 2025/3/13 | 2025/4/11 | Bank | No | 54,917.26 | - | - |
| ChinaCITICBank | Bank’sfinancialmanagementproduct | Lowrisk | 1,155,000,000.00 | 2025.4-2025.8 | 2025.5-2025.8 | Bank | No | 1,660,153.43 | - | - |
Otherinformation
□Applicable√Notapplicable
(3)Impairmentallowancesforfinancialmanagemententrustment
□Applicable√Notapplicable
2.Entrustmentloans
(1)Totalentrustmentloans
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
(2)Singleentrustmentloans
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
(3)Impairmentallowancesforentrustmentloans
□Applicable√Notapplicable
3.Otherinformation
□Applicable√Notapplicableiv.Othersignificantcontracts
□Applicable√Notapplicable
XIVProgressontheUseofRaisedFunds
√Applicable□Notapplicable
i.Overalluseofraisedfunds
√Applicable□Notapplicable
Unit:RMB’0,000
| Sourceofraisedfunds | Raisedfundsavailabilitydate | Totalraisedfunds | Netproceeds(1) | Totalcommittedinvestmentamountofraisedfundsintheprospectusorofferingstatement(2) | Totalamountofover-subscribedfunds(3)=(1)-(2) | Cumulativeamountofraisedfundsinvestedasoftheperiod-end（4） | Ofwhich:Cumulativeamountofover-subscribedfundsinvestedasoftheperiod-end(5) | Cumulativeinvestmentprogresswithraisedfundsasoftheperiod-end(%)(6)＝(4)/(1) | Cumulativeinvestmentprogresswithover-subscribedfundsasoftheperiod-end(%)(7)＝(5)/(3) | Investmentamountintheperiod(8) | Investmentamountintheperiodas%ofnetproceeds(9)=(8)/(1) | Totalamountofre-purposedraisedfunds |
| IPOofshares | February10,2020 | 121,800.00 | 109,924.94 | 65,000.62 | 44,924.32 | 114,967.86 | 46,883.09 | 104.59 | 104.36 | 772.61 | 0.7 | 55,609.64 |
| Convertiblebonds | July14,2022 | 128,000.00 | 126,187.37 | 126,187.37 | 0 | 116,944.57 | 0 | 92.68 | / | 18,562.89 | 14.71 | - |
| Total | / | 249,800.00 | 236,112.31 | 191,187.99 | 44,924.32 | 231,912.43 | 46,883.09 | / | / | 19,335.50 | / | 55,609.64 |
Otherinformation:
□Applicable√Notapplicableii.Detailsofraisedfundsinvestedprojects
√Applicable□Notapplicable
1.Useofraisedfunds
√Applicable□Notapplicable
Unit:RMB’0,000
| Sourceofraisedfunds | Projectname | Projectnature | Whetheracommittedinvestmentprojectintheprospectusorofferingstatement | Re-purposedornot | Totalplannedinvestmentamountofraisedfunds(1) | Investmentamountintheperiod | Cumulativeamountofraisedfundsinvestedasoftheperiod-end(2) | Cumulativeinvestmentprogressasoftheperiod-end(%)(3)＝(2)/(1) | Datewhentheprojectisreadyforitsintendeduse | Projectconcludedornot | Whetherinvestmentprogressmeetstheplan | Specificreasonsforinvestmentprogressnotmeetingtheplan | Earningintheperiod | CumulativeearningsorR&Dresults | Significantchangeinprojectfeasibility | Remainingamount |
| IPOofshares | AutelXi'anNorthwestHeadquartersandR&DCenterConstructionProject | R&D | Yes | Yes,cancelled/terminated | 55,609.64 | |||||||||||
| IPOofshares | AutelXi'anR&DCenterConstructionProject | R&D | No | Yes,newproject | 24,067.81 | 111.96 | 2023 | Yes | Yes | N/A | N/A | Buildingontraditionaldiagnosticsystems,AutelhasconductedsmartrepairITR&Dtostrengthensmart | No | N/A |
| diagnostics. | ||||||||||||||||
| IPOofshares | AutelNewEnergyProductDevelopmentProject | R&D | No | Yes,newproject | 21,389.32 | 100.21 | 2023 | Yes | Yes | N/A | N/A | Relyingontherapiddevelopmentofthenewenergyvehiclemarket,andcombiningtheEVrepairtoolchain,Autelhascreatedacompleteecosystemfornewenergy,providingproductsandservicesrelatedtonewenergycharginganddischargingsystems. | No | N/A | ||
| IPOofshares | SmartVehicleDiagnosisCloudServic | R&D | Yes | No | 9,390.98 | 9,776.47 | 104.10 | March2022 | Yes | Yes | N/A | N/A | Theproductsareprimarilybasedonanefficient | No | N/A |
| ePlatformConstructionProject | cloudserviceplatformarchitecture.Wehavedevelopedadigitalandsmartdatabaseforrepairinformationandcases,acloudexpertservicesystem,areportmanagementsystem,andAIInspectionAgenttoenhancetheoverallefficiencyofcustomers’repairandmaintenance. | |||||||||||||||
| IPOofshares | NewEnergyCharging | R&D | No | Yes,newproject | 772.61 | 12,851.17 | 100.64 | January2025 | Yes | Yes | N/A | N/A | Autelhasstrengtheneditstechnological | No | 3.35 |
| InfrastructureR&DProject | accumulationinthefieldofhigh-powerfastcharging,enricheditsproductportfolio,andimproveditscharginginfrastructuresolutions. | |||||||||||||||
| IPOofshares | Permanentreplenishmentofworkingcapital | Replenishmentofworkingcapitalandloanrepayment | Yes | No | 44,924.32 | 46,883.09 | 104.36 | N/A | Yes | Yes | N/A | N/A | N/A | No | N/A | |
| Convertiblebonds | AutelR&DCenterConstructionandNewGenerationSmartRepairandNew | R&D | Yes | No | 90,000.00 | 18,562.89 | 80,635.61 | 89.60 | December2025 | Yes | Yes | N/A | N/A | Autelhasupgradeditsdiagnostictabletsandothersandlaunchednewenergytoolstoseizemarketopportuni | No | 10,149.47(estimated) |
| EnergyComprehensiveSolutionR&DProject | ties. | |||||||||||||||
| Convertiblebonds | Replenishmentofworkingcapital | Replenishmentofworkingcapitalandloanrepayment | Yes | No | 36,187.37 | 36,308.96 | 100.34 | N/A | N/A | N/A | N/A | N/A | N/A | No | N/A | |
| Total | / | / | / | / | 236,112.31 | 19,335.50 | 231,912.43 | / | / | / | / | / | / | / |
2.Useofover-subscribedfunds
√Applicable□Notapplicable
Unit:RMB’0,000
| Purpose | Nature | Totalamountofoversubscribedfundstobeinvested(1) | Cumulativeamountofover-subscribedfundsinvestedasoftheperiod-end(2) | Cumulativeinvestmentprogressasoftheperiod-end(%)(3)＝(2)/(1) | Remark |
| Permanentreplenishmentofworkingcapital | Replenishmentofworkingcapitalandloanrepayment | 44,924.32 | 46,883.09 | 104.36 | Theportionexceedingthetotalamountofcommittedinvestmentof |
| raisedfundsisinterestincome | |||||
| Total | / | 44,924.32 | 46,883.09 | / | / |
iii.ChangesinorterminationofraisedfundsinvestedprojectsduringtheReportingPeriod
□Applicable√Notapplicable
iv.OtheruseoftheraisedfundsduringtheReportingPeriod
1.Earlyinvestmentandreplacementregardingtheinvestmentprojectswiththeraisedfunds
√Applicable□Notapplicable
OnAugust15,2025,theProposalonUsingOwnFundstoPayforFundsNeededbyRaisedFundsInvestedProjectsandSwappingThemwithanEquivalentAmountofRaisedFundswasreviewedandapprovedatthe24thMeetingoftheFourthBoardofDirectorsandthe14thMeetingoftheFourthSupervisoryCommittee.Assuch,Autelwasagreedtouseitsownfundstopayforthefundsneededbytheraisedfundsinvestedprojectsduringtheimplementationperiod,andtotransferanequivalentamountoffundsfromthespecialaccountforraisedfundstotheCompany’sbasicorgeneraldepositaccount.Theequivalentlyswappedfundswereconsideredasfundsalreadyusedfortheraisedfundsinvestedprojects.ThesponsorCITICSecuritiesCo.,Ltd.issuedaclearverificationopiniononthismatter.Forfurtherinformation,pleaserefertotheAnnouncementonUsingOwnFundstoPayforFundsNeededbyRaisedFundsInvestedProjectsandSwappingThemwithanEquivalentAmountofRaisedFunds(AnnouncementNo.:2025-062),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onAugust16,2025.
2.Temporarysupplementationofworkingcapitalwiththeidleraisedfunds
□Applicable√Notapplicable
3.Useofidleraisedfundsforcashmanagementandinvestmentinrelevantproducts
□Applicable√Notapplicable
4.Otherinformation
√Applicable□Notapplicable
TheProposalontheCompletionofaRaisedFundsInvestedProjectandthePermanentSupplementationofWorkingCapitalwiththeRemainingRaisedFundswasreviewedandapprovedatthe14thMeetingoftheAuditCommitteeoftheFourthBoardof
DirectorsonDecember30,2025andthe29thMeetingoftheFourthBoardofDirectorsonDecember31,2025,respectively.Assuch,AutelwasagreedtopermanentlysupplementitsworkingcapitalwithRMB101.4947million(actualamountsubjecttothebalanceofthespecialaccountonthedateoffundtransfer)oftheremainingraisedfundsuponthecompletionofthe“AutelR&DCenterConstructionandNewGenerationIntelligentMaintenanceandNewEnergyComprehensiveSolutionR&DProject”amongtheprojectsinvestedwithfundsraisedfromtheofferingofconvertiblecorporatebondstounspecifiedinvestorsin2022,fortheCompany’sdailyproductionandoperation.ThesponsorCITICSecuritiesCo.,Ltd.issuedaclearverificationopiniononthismatter.Forfurtherinformation,pleaserefertotheAnnouncementontheCompletionofaRaisedFundsInvestedProjectandthePermanentSupplementationofWorkingCapitalwiththeRemainingRaisedFunds(AnnouncementNo.:2026-002),whichwehavedisclosedonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onJanuary1,2026.v.Theconclusiveopinionsofintermediaryinstitutionsregardingthespecialverificationandattestationofthedepositanduseofraisedfunds
√Applicable□Notapplicable
1.Thesponsor’sconclusiveopiniononthespecialverificationreportontheCompany’sdepositanduseofraisedfundsintheyear
Uponverification,thesponsorisoftheopinionthat:Autel’sdepositanduseofraisedfundsin2025complywiththerelevantprovisionsoftheAdministrativeMeasuresforSecuritiesIssuanceandListingSponsorshipBusinessandtheSelf-RegulatoryGuidelineNo.1forListedCompaniesoftheSTARMarketoftheShanghaiStockExchange-StandardizedOperations,etc.Thefundsweredepositedinaspecialaccountandusedfortheprescribedpurposes;therewasnodisguisedchangeintheuseoffundsordamagetoshareholderinterests;andtherewasnoirregularitiesintheuseofraisedfunds.
2.Certifiedpublicaccountants’conclusiveopinionontheattestationreportontheCompany’sdepositanduseofraisedfundsintheyear
ThecertifiedpublicaccountantsareoftheopinionthattheSpecialAnnualReportontheDeposit,ManagementandUseofRaisedFundspreparedbyAutel’smanagementfor2025complieswiththeprovisionsoftheRulesfortheSupervisionofRaisedFundsofListedCompanies(CSRCAnnouncement[2025]No.10)andtheSelf-RegulatoryGuidelineNo.1forListedCompaniesoftheSTARMarketoftheShanghaiStock
Exchange-StandardizedOperations(RevisedinMay2025)(SSEAnnouncement[2025]No.69),andtruthfullyreflectsAutel’sactualdeposit,managementanduseofraisedfundsin2025.Anomaliesfoundduringtheverification:
□Applicable√Notapplicablevi.Subsequentrectificationofunauthorizedchangestotheuseofraisedfundsandillegalmisappropriationofraisedfunds
□Applicable√NotapplicableXVOtherSignificantEventsforInvestors’JudgmentofValueandInvestmentDecision-making
□Applicable√Notapplicable
PartVIShareChangesandShareholderInformation
IShareChangesi.Sharechanges
1.Sharechanges
Unit:share
| Before | Increase/decreaseintheperiod(+/-) | After | |||||||
| Number | As%oftotalshares | Newissue | Bonusissuefromprofit | Bonusissuefromcapitalreserves | Other | Subtotal | Number | As%oftotalshares | |
| IRestrictedshares | |||||||||
| IIUnrestrictedshares | 451,878,028 | 100 | 911 | 218,304,502 | 218,305,413 | 670,183,441 | 100 | ||
| 1.RMB-denominatedordinaryshares | 451,878,028 | 100 | 911 | 218,304,502 | 218,305,413 | 670,183,441 | 100 | ||
| 2.Domesticallylistedforeignshares | |||||||||
| 3.Overseaslistedforeignshares | |||||||||
| 4.Others | |||||||||
| IIITotalshares | 451,878,028 | 100 | 911 | 218,304,502 | 218,305,413 | 670,183,441 | 100 | ||
2.Notestosharechanges
√Applicable□Notapplicable
(1)The“AutelConvertibleCorporateBond”issuedbytheCompanytounspecifiedinvestorsbegantobeconvertedintosharesonJanuary16,2023.FromJanuary1,2025toMay6,2025,thenumberofsharesconvertedfrom“AutelConvertibleCorporateBond”was646(excludingthenumberofsharesconvertedfromcapitalreservesinthebonusissuealongwiththe2024finaldividendpayout);andfromMay14,2025toDecember31,2025,thenumberofsharesconvertedfrom“AutelConvertibleCorporateBond”was265.
(2)OnMay14,2025,Autelcarriedoutits2024finaldividendpayout.Basedonthetotalsharecapitalminusthesharesinouraccountofrepurchasedsharesattherecorddate(May13,2025),wepaidacashdividendofRMB5(taxinclusive)per10sharestoshareholdersandmadeabonusissueof4.9additionalsharesforevery10sharesheldbyshareholdersfromcapitalreserves,totaling218,304,502shares.
3.Impactofsharechangesonfinancialindicatorssuchasearningspershareandnetassetvaluepershareforthemostrecentyearandthemostrecentperiod(ifany)
√Applicable□NotapplicableForfurtherinformation,pleasereferto“VI,ii.Keyfinancialindicators”under“PartIICorporateInformationandKeyFinancialInformation”inthisReport.
4.Otherinformationnecessarytobedisclosedorrequiredtobedisclosed
□Applicable√Notapplicableii.Changesinrestrictedshares
□Applicable√NotapplicableIIIssuanceandListingofSecuritiesi.SecuritiesissuedduringtheReportingPeriod
√Applicable□Notapplicable
Unit:ShareCurrency:RMB
| Classofstockanditsderivativesecurities | Issuedate | Issueprice(orinterestrate) | Numberofsharesissued | Listingdate | Numberofsharesallowedforpublictrading | Finaltradingdate |
| Commonstock | ||||||
Convertiblecorporatebonds,separateconvertiblebonds,corporatebonds
| Convertiblecorporatebonds,separateconvertiblebonds,corporatebonds | ||||||
| Convertiblecorporatebonds | July14,2022 | RMB100/bond | 12,800,000bonds | July28,2022 | 12,800,000bonds | July7,2028 |
Bonds(includingenterprisebonds,corporatebonds,anddebtfinancinginstrumentsofanon-financialenterprise)
Bonds(includingenterprisebonds,corporatebonds,anddebtfinancinginstrumentsofanon-financialenterprise)Depositaryreceipts
DepositaryreceiptsOtherderivativesecurities
NotestosecuritiesissuedduringtheReportingPeriod(forbondswithdifferentinterestratesoverthelifetime,pleasespecifyseparately):
□Applicable√Notapplicable
ii.ChangesinTotalSharesandShareholderStructure,aswellasinAssetandLiabilityStructures
√Applicable□Notapplicable
(1)The“AutelConvertibleCorporateBond”issuedbytheCompanytounspecifiedinvestorsbegantobeconvertedintosharesonJanuary16,2023.FromJanuary1,2025toMay6,2025,thenumberofsharesconvertedfrom“AutelConvertibleCorporateBond”was646(excludingthenumberofsharesconvertedfromcapitalreservesinthebonusissuealongwiththe2024finaldividendpayout);andfromMay14,2025toDecember31,2025,thenumberofsharesconvertedfrom“AutelConvertibleCorporateBond”was265.
(2)OnMay14,2025,Autelcarriedoutits2024finaldividendpayout.Basedonthetotalsharecapitalminusthesharesinouraccountofrepurchasedsharesattherecorddate(May13,2025),wepaidacashdividendofRMB5(taxinclusive)per10sharestoshareholdersandmadeabonusissueof4.9additionalsharesforevery10sharesheldbyshareholdersfromcapitalreserves,totaling218,304,502shares.IIIShareholdersandActualControlleri.Totalnumberofshareholders
| Numberofordinaryshareholdersattheperiod-end | 21,518 |
| Numberofordinaryshareholdersatthemonth-endpriortothedisclosureofthisReport | 25,674 |
| Numberofpreferenceshareholderswithresumedvotingrightsattheperiod-end | - |
| Numberofpreferenceshareholderswithresumedvotingrightsatthemonth-endpriortothedisclosureofthisReport | - |
| Numberofshareholderswithspecialvotingrightsattheperiod-end | - |
| Numberofshareholderswithspecialvotingrightsatthemonth-endpriortothedisclosureofthisReport | - |
Numberofdepositaryreceiptholders:
□Applicable√Notapplicableii.Top10shareholdersandpublicshareholders(orunrestrictedshareholders)attheperiod-end
Unit:share
| Top10shareholders(exclusiveofshareslentinrefinancing) | ||||||||
| Fullnameofshareholder | Shareholdingincrease/decreaseintheReportingPeriod | Closingshareholding | Shareholdingpercentage(%) | Restrictedsharesheld | Sharesinpledge,markedorfrozen | Natureofshareholder | ||
| Status | Shares | |||||||
| LiHongjing | 83,678,387 | 252,169,993 | 37.63 | - | N/A | - | Domesticindividual | |
| HongKongSecuritiesClearingCompanyLimited | 22,831,901 | 38,510,020 | 5.75 | - | N/A | - | Overseascorporation | |
| LiHong | 2,406,412 | 16,645,140 | 2.48 | - | N/A | - | Domesticindividual | |
| ZhiYanqin | 10,502,718 | 10,502,718 | 1.57 | - | N/A | - | Domesticindividual | |
| DaziLavaInvestmentManagementCo.,Ltd－PingtanLavaNewStrategyEquityInvestmentPartnership(L.P.) | 2,440,970 | 8,214,858 | 1.23 | - | N/A | - | Domesticnon-state-ownedcorporation | |
| XuanYuanInvestmentLimited－XuanYuanKeXinPrivateEquityFundNo.46 | 2,584,345 | 7,857,899 | 1.17 | - | N/A | - | Other | |
| AutelIntelligentTechnologyCorp.,Ltd.－2024EmployeeStockOwnershipPlan | 6,886,929 | 6,886,929 | 1.03 | - | N/A | - | Other | |
| SDICSecuritiesCo.,Ltd.－BoseraShanghaiStockSTARMarketAIExchange-tradedOpen-endedIndexFund | 4,870,518 | 4,870,518 | 0.73 | - | N/A | - | Other | |
| WuHongbin | 1,247,715 | 4,811,657 | 0.72 | - | N/A | - | Domesticindividual | |
| ChinaMerchantsBankCo.,Ltd.－SouthernChinaSecurities1000Exchange-tradedOpen-endedIndexFund | 2,055,390 | 4,298,690 | 0.64 | - | N/A | - | Other | |
| Top10unrestrictedshareholders(exclusiveofshareslentinrefinancing) | ||||||||
| Nameofshareholder | Unrestrictedpublicsharesheld | Classandnumberofshares | ||||||
| Class | Number | |||||||
| LiHongjing | 252,169,993 | RMB-denominatedordinarystock | 252,169,993 | |||||
| HongKongSecuritiesClearingCompanyLimited | 38,510,020 | RMB-denominatedordinarystock | 38,510,020 | |||||
| LiHong | 16,645,140 | RMB-denominatedordinarystock | 16,645,140 | |||||
| ZhiYanqin | 10,502,718 | RMB-denominat | 10,502,718 | |||||
| edordinarystock | |||
| DaziLavaInvestmentManagementCo.,Ltd－PingtanLavaNewStrategyEquityInvestmentPartnership(L.P.) | 8,214,858 | RMB-denominatedordinarystock | 8,214,858 |
| XuanYuanInvestmentLimited－XuanYuanKeXinPrivateEquityFundNo.46 | 7,857,899 | RMB-denominatedordinarystock | 7,857,899 |
| AutelIntelligentTechnologyCorp.,Ltd.－2024EmployeeStockOwnershipPlan | 6,886,929 | RMB-denominatedordinarystock | 6,886,929 |
| SDICSecuritiesCo.,Ltd.－BoseraShanghaiStockSTARMarketAIExchange-tradedOpen-endedIndexFund | 4,870,518 | RMB-denominatedordinarystock | 4,870,518 |
| WuHongbin | 4,811,657 | RMB-denominatedordinarystock | 4,811,657 |
| ChinaMerchantsBankCo.,Ltd.－SouthernChinaSecurities1000Exchange-tradedOpen-endedIndexFund | 4,298,690 | RMB-denominatedordinarystock | 4,298,690 |
| Accountofrepurchasedsharesamongthetop10shareholders | N/A | ||
| Shareholdersaboveentrusting/entrustedwithorwaivingvotingrights | N/A | ||
| Relatedoracting-in-concertpartiesamongshareholdersabove | Amongtheabovementionedshareholders,LiHongandXuanYuanInvestmentLimited－XuanYuanKeXinPrivateEquityFundNo.46areactinginconcert.Apartfromthis,theCompanyisnotawareofanyotherrelatedpartiesoracting-in-concertpartiesamongtheunrestrictedshareholdersabove. | ||
| Preferenceshareholderswithresumedvotingrightsandtheirshareholdings | N/A | ||
5%orgreatershareholders,top10shareholdersandtop10unrestrictedshareholdersinvolvedinrefinancingshareslending:
□Applicable√NotapplicableChangesintop10shareholdersandtop10unrestrictedshareholderscomparedwiththepriorperiodduetorefinancingshareslending/returning:
□Applicable√NotapplicableShareholdingsofthetop10restrictedshareholdersandtherestrictions:
□Applicable√Notapplicable
Top10domesticdepositaryreceiptholdersasoftheperiod-end:
□Applicable√Notapplicable5%orgreaterdepositaryreceiptholders,top10depositaryreceiptholdersandtop10unrestricteddepositaryreceiptholdersinvolvedinrefinancingshareslending:
□Applicable√NotapplicableChangesintop10depositaryreceiptholdersandtop10unrestricteddepositaryreceiptholderscomparedwiththepriorperiodduetorefinancingshareslending/returning:
□Applicable√NotapplicableShareholdingsofthetop10restricteddepositaryreceiptholdersandtherestrictions:
□Applicable√Notapplicableiii.Top10shareholderswithvotingrightsasoftheperiod-end
□Applicable√Notapplicableiv.Indicatewhetheranystrategicinvestororgeneralcorporationhasbecomeatop-10shareholderinarightsissueofsharesordepositoryreceipts.
□Applicable√Notapplicablev.StrategicrightsissueintheIPO
1.SeniorexecutivesandkeyemployeesinthestrategicrightsissueintheIPOthroughspecialassetmanagementplans
□Applicable√Notapplicable
2.SubsidiariesofthesponsorinthestrategicrightsissueintheIPO
□Applicable√Notapplicable
IVControllingShareholderandActualControlleri.Controllingshareholder
1.Corporation
□Applicable√Notapplicable
2.Individual
√Applicable□Notapplicable
| Name | LiHongjing |
| Nationality | China |
| Residencyinothercountriesorregions(yes/no) | No |
| Mainoccupationsandpositions | ChairmanoftheBoardandGeneralManager |
3.SpecialstatementregardingthefactthattheCompanydoesnothaveacontrolling
shareholder
□Applicable√Notapplicable
4.ChangeofthecontrollingshareholderintheReportingPeriod
□Applicable√Notapplicable
5.Illustrationofthecontrollingshareholder’sownershipintheCompany
√Applicable□Notapplicable
Note:AsofDecember31,2025,HainingJiahuiheld430,746sharesintheCompany,accountingfor0.06%oftheCompany’stotalsharecapital,andallofthesesharesbelongedtoLiHongjing.
LiHongjing
Note
NoteHainingJiahui
HainingJiahuiAutel
ii.Actualcontroller
1.Corporation
□Applicable√Notapplicable
2.Individual
√Applicable□Notapplicable
| Name | LiHongjing |
| Nationality | China |
| Residencyinothercountriesorregions(yes/no) | No |
| Mainoccupationsandpositions | ChairmanoftheBoardandGeneralManager |
| Controllinginterestsinotherdomesticallyandoverseaslistedcompaniesinthepast10years | None |
3.SpecialstatementregardingthefactthattheCompanydoesnothaveanactualcontroller.
□Applicable√Notapplicable
4.ChangeoftheactualcontrollerintheReportingPeriod
□Applicable√Notapplicable
5.Illustrationoftheactualcontroller’sownershipintheCompany
√Applicable□Notapplicable
Note:AsofDecember31,2025,HainingJiahuiheld430,746sharesintheCompany,accountingfor0.06%oftheCompany’stotalsharecapital,andallofthesesharesbelongedtoLiHongjing.
LiHongjing
Note
NoteHainingJiahui
HainingJiahuiAutel
6.IndicatewhethertheactualcontrollercontrolstheCompanyviatrustorotherwaysofassetmanagement.
□Applicable√Notapplicableiii.Otherinformationaboutthecontrollingshareholderandtheactualcontroller
□Applicable√NotapplicableVIndicatewhetherthecumulativenumberofsharesputinpledgebytheCompany’scontrollingshareholderorthelargestshareholderanditsacting-in-concertpartiesaccountsforover80%oftheirshareholdingsintheCompany.
□Applicable√NotapplicableVIOther10%orGreaterCorporateShareholders
□Applicable√NotapplicableVIIRestrictionsonShareholdingorDepositoryReceiptHoldingReduction
□Applicable√NotapplicableVIIIShareRepurchasesduringtheReportingPeriod
√Applicable□Notapplicable
Unit:RMB
| Nameofthesharerepurchaseplan | PlanforShareRepurchaseontheOpenMarket |
| Dateofthedisclosureofthesharerepurchaseplan | April9,2025 |
| Numberofsharestoberepurchasedandthatas%ofthetotalsharecapital | 1,566,661-3,133,323shares,accountingfor0.35%-0.69%ofthethensharecapital |
| Amounttobeusedforthesharerepurchase | RMB100million-RMB200million |
| Plannedrepurchaseperiod | FromApril9,2025toJuly8,2025 |
| Purposeoftherepurchasedshares | TosafeguardAutel’svalueandprotectshareholders’interests |
| Numberofsharesthathavebeenrepurchased | 3,595,333 |
| Numberofsharesthathavebeenrepurchasedas%ofthetotalunderlyingsharesoftheequityincentiveplan(ifany) | / |
| Progressonreductionofrepurchasedsharesontheopenmarket | AsofDecember31,2025,theCompanyhasnotreduceditsrepurchasedshares. |
IXPreferenceShares
□Applicable√Notapplicable
PartVIIBondsICorporateBonds(InclusiveofEnterpriseBonds)andDebtFinancingInstrumentsofNon-financialEnterprise
□Applicable√NotapplicableIIConvertibleCorporateBonds
√Applicable□Notapplicablei.Issuanceofconvertiblecorporatebonds
√Applicable□NotapplicableUponapprovalbythe“CSRCPermit[2022]No.852”,theCompanyissued12,800,000convertiblecorporatebondstounspecifiedobjectsonJuly14,2022,withaparvalueofRMB100perbondandatotalofferingamountofRMB1,280million.ThesaidconvertiblecorporatebondswerepreferentiallyplacedtotheshareholdersregisteredwiththeShanghaibranchofChinaSecuritiesDepositoryandClearingCorporationLimitedafterthecloseoftherecorddate(July7,2022,T-1day).Theremainingportion(includingtheportionwaivedbytheaforesaidshareholders)wasissuedbywayofonlinepricingthroughtheShanghaiStockExchange’stradingsystem.TheleadunderwriterwouldcarryoutstandbyunderwritingifthesubscriptionwaslessthanRMB1,280million.
WiththeapprovaloftheShanghaiStockExchange’s“Self-regulatoryDecision[2022]No.201”,theCompany’sRMB1,280millionconvertiblecorporatebondswerelistedfortradingontheShanghaiStockExchangefromJuly28,2022.Thebondisreferredtoas“AutelConvertibleCorporateBond”andthebondcodeis“118013”.ii.Holdersandguarantorsofconvertiblecorporatebondsattheperiod-end
√Applicable□Notapplicable
| Nameofconvertiblecorporatebonds | AutelConvertibleCorporateBond | |
| Numberofholdersofconvertiblecorporatebondsattheperiod-end | 2,977 | |
| Guarantorsofconvertiblecorporatebonds | None | |
| Top10holdersofconvertiblecorporatebonds: | ||
| Nameofholder | Bond-holdingattheperiod-end(RMB) | Bond-holdingpercentage(%) |
| ChinaMerchantsBankCompanyLimited－Bosera | 89,720,000 | 7.01 |
| ChinaSecuritiesConvertibleBondandExchangeableBondExchange-tradedOpen-endedIndexFund | ||
| BankofChinaLimited－ChinaSouthernChangyuanConvertibleBondFund | 48,764,000 | 3.81 |
| BankofChina－EFundSustainingGrowthFund | 42,732,000 | 3.34 |
| IndustrialandCommercialBankofChinaLimited－ChinaSouthernExcellentReturnBondFund | 38,829,000 | 3.03 |
| ChinaMerchantsBankCompanyLimited－FortuneSGAMConvertibleBondFund | 33,000,000 | 2.58 |
| AgriculturalBankofChinaLimited－PenghuaConvertibleBondFund | 32,430,000 | 2.53 |
| CITICSecuritiesCo.,Ltd.－FortisHaitongShanghaiStockInvestment-gradeConvertibleandExchangeableBondExchange-tradedOpen-endedIndexFund | 32,029,000 | 2.50 |
| IndustrialandCommercialBankofChinaLimited－GFConvertibleBondPromoter’sFund | 30,646,000 | 2.39 |
| ChinaEverbrightBankCompanyLimited－BoseraConvertibleBondStrengthenBondFund | 30,042,000 | 2.35 |
| BasicPensionInsuranceFundPortfolio115 | 20,163,000 | 1.58 |
iii.ChangesinconvertiblecorporatebondsduringtheReportingPeriod
√Applicable□Notapplicable
Unit:RMB
| Nameofconvertiblecorporatebond | Before | Change | After | ||
| Convertedtoshares | Redeemed | Resold | |||
| AutelConvertibleCorporateBond | 1,279,710,000 | 28,000 | - | - | 1,279,682,000 |
TotalsharesconvertedfromconvertiblecorporatebondsduringtheReportingPeriod:
√Applicable□Notapplicable
| Nameofconvertiblecorporatebond | AutelConvertibleCorporateBond |
| Amountofconvertedsharesduringtheperiod(RMB) | 28,000 |
| Numberofconvertedsharesduringtheperiod(share) | 983 |
| Cumulativenumberofconvertedshares(share) | 13,674 |
| Cumulativenumberofconvertedsharesas%oftheCompany’stotalissuedsharesbeforetheconversion | 0.0020 |
| Amountofunconvertedshares(RMB) | 1,279,682,000 |
| Unconvertedsharesas%ofthetotalconvertiblecorporatebondsissued | 99.9752 |
Note:Asthe2024finaldividendandbonusissueplanwascarriedoutonMay14,2025,theabove-mentionedcumulativenumberofconvertedsharesandtheCompany’stotalissuedsharesbeforetheconversionhavebeenadjustedaccordingly.iv.Adjustmentstobond-to-stockconversionprice
√Applicable□Notapplicable
Unit:RMB
| Nameofconvertiblecorporatebond | AutelConvertibleCorporateBond | |||
| Dateofadjustment | Adjustedprice | Dateofdisclosure | Mediafordisclosure | Note |
| August16,2023 | 34.71 | August15,2023 | ThewebsiteoftheShanghaiStockExchange(www.sse.com.cn),ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,andSecuritiesDaily | TheCompanycompletedtheshareregistrationproceduresforthesecondvestingperiodofthefirstgrantandthefirstvestingperiodofthereservedrestrictedsharesofthe2020RestrictedShareIncentivePlan. |
| May20,2024 | 34.32 | May13,2024 | ThewebsiteoftheShanghaiStockExchange(www.sse.com.cn),ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,andSecuritiesDaily | TheCompanycarriedoutthe2023finaldividendpayout. |
| September9,2024 | 33.93 | September3,2024 | ThewebsiteoftheShanghaiStockExchange(www.sse.com.cn),ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,andSecuritiesDaily | TheCompanycarriedoutthe2024interimdividendpayout. |
| May14,2025 | 22.55 | May7,2025 | ThewebsiteoftheShanghaiStockExchange | TheCompanycarriedoutthe2024finaldividendpayout. |
| (www.sse.com.cn),ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,andSecuritiesDaily | ||||
| September23,2025 | 21.98 | September17,2025 | ThewebsiteoftheShanghaiStockExchange(www.sse.com.cn),ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,andSecuritiesDaily | TheCompanycarriedoutthe2025interimdividendpayout. |
| Latestconversionpriceasoftheperiod-end | 21.98 | |||
v.TheCompany’sliabilities,creditstatuschangesandcasharrangementsfordebtrepaymentinfutureyears
√Applicable□Notapplicable
1.LiabilitiesAsoftheendoftheReportingPeriod,Autel’stotalassetswereRMB7,259,186,823.69,totalliabilitieswereRMB3,569,028,492.88,andthedebt/assetratiowas49.17%.
2.CreditstatuschangesAccordingtothe2025TrackingRatingReportontheBondsofAutelIntelligentTechnologyCorp.,Ltd.(ZhongpengCreditRating[2025]TrackingNo.[147]01)issuedbyCSCIPengyuanCreditRatingCo.,Ltd.onJune23,2025,theCompany’scorporatecreditratingwasAA,andthecreditratingof“AutelConvertibleCorporateBond”wasmaintainedatAA,withastableratingoutlook.
3.CasharrangementsfordebtrepaymentinfutureyearsInthefuture,thefundsfortheCompanytopaytheprincipalandinterestoftheconvertiblecorporatebondswillmainlycomefromthecashflowgeneratedfromitsproductionandoperatingactivities.TheCompany’soperationsarestable,itsdebtrepaymentabilityisgood,andthereisnodefaultrisk.vi.Otherinformation
√Applicable□NotapplicableFromJune9,2025toJuly1,2025,Autel’sclosingstockpricemettheconditionofnotbeinglowerthan130%(inclusive,i.e.,RMB29.32pershare)ofthecurrentconversion
priceof“AutelConvertibleCorporateBond”(RMB22.55pershare)for15outof30consecutivetradingdays,thustriggeringtheconditionalredemptionclauseofthebond.TheProposalonNotRedeeming“AutelConvertibleCorporateBond”Earlywasreviewedandapprovedatthe23rdMeetingoftheFourthBoardofDirectorsonJuly1,2025.TheBoarddecidednottoexercisetherighttoredeem“AutelConvertibleCorporateBond”earlythistime.Withinthenextsixmonths(i.e.,fromJuly2,2025toJanuary1,2026),iftheredemptionclauseofthebondistriggeredagain,Autelwillnotexercisetherighttoredeemearly.Afterthat,theredemptionperiodwillberecalculatedwithJanuary2,2026(orthenexttradingdayifitisnotatradingday).Iftheredemptionclauseistriggeredagain,theBoardwillconveneanothermeetingtodecidewhethertoexercisetherighttoredeemthebondearly.
PartVIIIFinancialStatements
IIndependentAuditor’sReport
√Applicable□NotapplicableIOpinionWehaveauditedthefinancialstatementsofAutelIntelligentTechnologyCorp.,Ltd.(“Autel”orthe“Company”),whichcomprisetheconsolidatedandparentcompanybalancesheetsasatDecember31,2025,theconsolidatedandparentcompanystatementsofincome,cashflowsandchangesinowners’equityfortheyearthenended,aswellasthenotestothefinancialstatements.Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,theconsolidatedandparentcompanyfinancialpositionoftheCompanyatDecember31,2025,andtheconsolidatedandparentcompanyoperatingresultsandcashflowsfortheyearthenended,inconformitywiththeChineseAccountingStandards(CAS).
IIBasisforOpinionWeconductedourauditsinaccordancewiththeAuditStandardsforChineseRegisteredAccountants.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesforAuditofFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewithChineseCertifiedPublicAccountantIndependenceStandardNo.1–IndependenceRequirementsforFinancialStatementAuditsandReviewsandtheChinaCodeofEthicsforCertifiedPublicAccountants,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththesaidCodeofEthics.Inouraudit,wehaveadheredtotheindependencerequirementsforauditingentitiesofpublicinterest.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.
IIIKeyAuditMattersKeyauditmattersaremattersthat,basedonourprofessionaljudgment,aredeemedmostimportanttotheauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.
i.Revenuerecognition
1.DescriptionofthematterFortherelevantinformationdisclosure,pleaserefertoNotesV(33)andVII(61)ofthefinancialstatements.TherevenueofAutelprimarilycomesfromthesalesofvehiclediagnostictabletsandothers,TPMSproducts,ADASproducts,automotiveelectroniccomponents,andnewenergychargers,aswellassoftwarecloudservicesrelatedtotheseproducts.AutelreportedoperatingrevenueofRMB4,832.7519millionin2025,withrevenuefromprincipaloperationsamountingtoRMB4,773.1686million,accountingfor98.77%ofthetotaloperatingrevenue.AsoperatingrevenueisoneofthekeyperformanceindicatorsforAutel,thereisaninherentriskthatAutel’smanagement(hereinafterreferredtoasthe“management”)mayengageinimproperrevenuerecognitiontomeetspecificgoalsorexpectations.Therefore,wehaveidentifiedrevenuerecognitionasakeyauditmatter.
2.Auditresponse
(1)Thekeyinternalcontrolsrelatedtorevenuerecognitionwereunderstood,andthedesignofthesecontrolswasevaluatedtodeterminewhethertheyhavebeenimplemented.Additionally,theoperatingeffectivenessoftherelevantinternalcontrolswastested.
(2)Salescontractswerecheckedtolearnaboutthemainclausesorconditions,andevaluatetheappropriatenessoftherevenuerecognitionmethod.
(3)Analyticalproceduresonrevenueandgrossprofitmarginwereimplementedbymonth,product,andcustomertoidentifyanysignificantorunusualfluctuationsandinvestigatethecausesofthesefluctuations.
(4)Fordomesticsalesrevenue,itemswereselectedtocheckthesupportingdocumentsrelatedtorevenuerecognition,includingdistributorcontracts,orders,deliverynotes,andtransportationdocuments.Forexportrevenue,electronicportinformationandbookrecordreconciliationwereobtained.Meanwhile,itemswereselectedtocheckthesupportingdocumentssuchassalesorders,exportcustomsdeclarations,billsoflading,andsalesinvoices.Forrevenuefromforeignsubsidiaries,itemswereselectedtocheckthesupportingdocumentsrelatedtorevenuerecognition,includingsalescontracts,orders,invoices,transportationdocuments,andlogisticsreceiptrecords.Forsoftwarecloudservicerevenue,itemswereselectedtocheckthesupportingdocumentsrelatedtorevenue
recognition,includingsoftwareupgradetransactionsandcollectionrecords,aswellasbackendactivationdetails.
(5)Incombinationofconfirmationrequestsforaccountsreceivable,itemswereselectedtoconfirmthesalesamountforthecurrentperiodwithmajorcustomers.
(6)Cutofftestswerecheckedtoensurerevenuewasrecognizedintheappropriateperiod.
(7)Post-balancesheetsalesreturnrecordswereobtainedtocheckwhethertherewereanycaseswheretherevenuerecognitionconditionswerenotmetasofthebalancesheetdate.
(8)Itwascheckedwhethertheinformationrelatedtooperatingrevenuehasbeenappropriatelydisclosedinthefinancialstatements.
ii.Netrealizablevalueofinventories
1.Descriptionofthematter
Fortherelevantinformationdisclosure,pleaserefertoNotesV(16)andVII(10)ofthefinancialstatements.
AsofDecember31,2025,AutelreportedinventorieswithagrossamountofRMB1,829.0540million,afteraccountingforimpairmentprovisionsofRMB160.8147million,resultinginacarryingamountofRMB1,668.2393million.
Inventoriesweremeasuredsubjecttocostandnetrealizablevalue,whicheverislower.Themanagementdeterminedthenetrealizablevaluebyestimatingthesellingpricelesstheestimatedcostsuponcompletion,estimatedsellingexpenses,andrelatedtaxes.Astheinventoryamountwassignificant,anddeterminingthenetrealizablevalueofinventoriesinvolvedsignificantmanagementjudgment,wehaveidentifiedthenetrealizablevalueofinventoriesasakeyauditmatter.
2.Auditresponse
Theauditproceduresthatwererelatedtothenetrealizablevalueofinventoriesandimplementedincluded:
(1)Thekeyinternalcontrolsrelatedtothenetrealizablevalueofinventorieswereunderstoodtoevaluatethedesignofthesecontrols,anddeterminewhethertheyhadbeenimplemented.Additionally,theoperatingeffectivenessoftherelevantinternalcontrolswastested.
(2)Itemswereselectedtoevaluatethereasonablenessofestimatedsellingprices,anditwasreviewedwhethertheestimatedsellingpriceswereconsistentwithhistoricaldata,subsequentevents,andmarketinformation.
(3)Thereasonablenessofthemanagement’sestimatesofcostsofinventoriesuponcompletion,sellingexpenses,andrelatedtaxeswasevaluated.
(4)Theaccuracyofthemanagement’scalculationsofthenetrealizablevalueofinventorieswastested.
(5)Incombinationofinventorymonitoringandcheck,itwascheckedwhetherthereweresuchcircumstancesasinventoryaging,modelobsolescence,reducedproduction,orchangesintechnologicalormarketdemandattheendoftheperiod,soastoevaluatethereasonablenessofthemanagement’sestimatesregardingthenetrealizablevalueofinventories.
(6)Itwascheckedwhethertheinformationrelatedtothenetrealizablevalueofinventorieshadbeenappropriatelydisclosedinthefinancialstatements.
IVOtherInformation
TheCompany’smanagementisresponsiblefortheotherinformation.TheotherinformationcomprisesalloftheinformationincludedintheCompany’sAnnualReportotherthanthefinancialstatementsandourauditor’sreportthereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.
If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
VResponsibilitiesofManagementandThoseChargedwithGovernanceforFinancialStatements
TheCompany’smanagementisresponsibleforthepreparationofthefinancialstatementsthatgiveafairviewinaccordancewithCAS,andfordesigning,implementing
andmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,themanagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern(ifapplicable)andusingthegoingconcernbasisofaccountingunlessthemanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhavenorealisticalternativebuttodoso.
ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.VIAuditor’sResponsibilitiesforAuditofFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCASwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithCAS,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
i.Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
ii.Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
iii.Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.
iv.Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredbyCAStodrawusers’attentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
v.Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
vi.ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheCompanyaudit.Weremainsolelyresponsibleforourauditopinion.
Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganynoteworthydeficienciesininternalcontrolthatweidentifyduringouraudit.
Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andcommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.
Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
Pan-ChinaCertifiedPublicAccountantsLLPChinesecertifiedpublicaccountant:
(EngagementPartner)Hangzhou·ChinaChinesecertifiedpublicaccountant:
March20,2026IIFinancialStatements
ConsolidatedBalanceSheet
December31,2025PreparedbyAutelIntelligentTechnologyCorp.,Ltd.
Unit:RMB
| Item | Note | December31,2025 | December31,2024 |
| Currentassets: | |||
| Monetaryassets | VII（1） | 1,681,841,828.84 | 1,828,676,048.69 |
| Settlementreserve | |||
| Loanstootherbanksandfinancialinstitutions | |||
| Held-for-tradingfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | VII（4） | 3,318,915.70 | 4,926,365.63 |
| Accountsreceivable | VII（5） | 1,137,762,744.54 | 866,754,517.65 |
| Receivablesfinancing | |||
| Prepayments | VII（8） | 92,716,280.44 | 93,796,808.00 |
| Premiumsreceivable | |||
| Reinsurancereceivables | |||
| Receivablereinsurancecontractreserve | |||
| Otherreceivables | VII（9） | 42,151,663.64 | 62,031,971.26 |
| Ofwhich:Interestreceivable | |||
| Dividendsreceivable | |||
| Financialassetspurchasedunderresaleagreements | |||
| Inventories | VII（10） | 1,668,239,318.16 | 1,151,135,380.05 |
| Ofwhich:Dataresources | |||
| Contractassets | |||
| Assetsheldforsale | |||
| Currentportionofnon-currentassets | |||
| Othercurrentassets | VII（13） | 329,415,575.78 | 237,444,024.96 |
| Totalcurrentassets | 4,955,446,327.10 | 4,244,765,116.24 | |
| Non-currentassets: | |||
| Loansandadvancestocustomers | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | VII（17） | 500,000.00 | 46,871,205.76 |
| Otherequityinvestments | |||
| Othernon-currentfinancialassets | VII（19） | 4,913,258.26 | 7,021,284.08 |
| Investmentproperties | |||
| Fixedassets | VII（21） | 1,219,215,619.82 | 1,249,662,845.70 |
| Constructioninprogress | VII（22） | 62,463.31 | |
| Productivelivingassets | |||
| Oilandgasassets | |||
| Right-of-useassets | VII（25） | 247,893,834.94 | 48,029,568.67 |
| Intangibleassets | VII（26） | 177,418,531.97 | 128,941,981.61 |
| Ofwhich:Dataresources | |||
| Developmentcosts | VIII | 77,709,022.37 | 55,731,847.87 |
| Ofwhich:Dataresources | |||
| Goodwill | |||
| Long-termprepaidexpense | VII（28） | 81,507,729.89 | 63,392,893.22 |
| Deferredincometaxassets | VII（29） | 257,536,257.59 | 321,972,220.31 |
| Othernon-currentassets | VII（30） | 237,046,241.75 | 141,139,074.33 |
| Totalnon-currentassets | 2,303,740,496.59 | 2,062,825,384.86 | |
| Totalassets | 7,259,186,823.69 | 6,307,590,501.10 | |
| Currentliabilities: | |||
| Short-termborrowings | |||
| Borrowingsfromthecentralbank | |||
| Loansfromotherbanksandfinancialinstitutions | |||
| Held-for-tradingfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | VII（35） | 186,356,161.77 | 149,368,685.23 |
| Accountspayable | VII（36） | 372,148,169.95 | 316,951,128.22 |
| Advancesfromcustomers | VII（37） | 670,859.20 | 951,557.22 |
| Contractliabilities | VII（38） | 476,716,688.65 | 381,714,694.17 |
| Financialassetssoldunderrepurchaseagreements | |||
| Customerdepositsanddepositsfromotherbanksandfinancialinstitutions | |||
| Payablesforactingtradingofsecurities | |||
| Payablesforunderwritingofsecurities | |||
| Employeebenefitspayable | VII（39） | 293,264,460.90 | 232,238,663.94 |
| Taxesandleviespayable | VII（40） | 60,753,748.48 | 74,439,587.23 |
| Otherpayables | VII（41） | 133,915,646.43 | 126,102,610.81 |
| Ofwhich:Interestpayable | |||
| Dividendspayable | |||
| Feesandcommissionspayable | |||
| Reinsurancepayables | |||
| Liabilitiesdirectlyassociatedwithassetsheldforsale | |||
| Currentportionofnon-currentliabilities | VII（43） | 62,724,546.93 | 27,422,917.04 |
| Othercurrentliabilities | VII（44） | 39,993,886.11 | 27,374,527.08 |
| Totalcurrentliabilities | 1,626,544,168.42 | 1,336,564,370.94 | |
| Non-currentliabilities: | |||
| Insurancecontractreserve | |||
| Long-termborrowings | |||
| Bondspayable | VII（46） | 1,204,602,738.43 | 1,175,814,692.17 |
| Ofwhich:Preferenceshares | |||
| Perpetualbonds | |||
| Leaseliabilities | VII（47） | 201,823,998.81 | 25,115,372.96 |
| Long-termpayables | |||
| Long-termemployeebenefitspayable | |||
| Provisions | VII（50） | 7,166,640.02 | 26,827,549.50 |
| Deferredincome | VII（51） | 5,544,996.90 | 2,835,419.92 |
| Deferredincometaxliabilities | VII（29） | 75,689,060.41 | 75,689,060.41 |
| Othernon-currentliabilities | VII（52） | 447,656,889.89 | 241,979,614.63 |
| Totalnon-currentliabilities | 1,942,484,324.46 | 1,548,261,709.59 | |
| Totalliabilities | 3,569,028,492.88 | 2,884,826,080.53 | |
| Owners’equity(orshareholders’equity): | |||
| Paid-incapital(orsharecapital) | VII（53） | 670,183,441.00 | 451,878,028.00 |
| Otherequityinstruments | VII（54） | 192,375,953.90 | 192,380,163.16 |
| Ofwhich:Preferenceshares | |||
| Perpetualbonds | |||
| Capitalreserves | VII（55） | 1,214,502,295.49 | 1,421,124,989.13 |
| Less:Treasuryshares | VII（56） | 89,180,183.35 | 142,933,220.27 |
| Othercomprehensiveincome | VII（57） | -111,463,016.66 | -28,223,467.84 |
| Specificreserve | |||
| Surplusreserves | VII（59） | 239,566,904.96 | 186,916,422.41 |
| Generalreserve | |||
| Retainedearnings | VII（60） | 1,754,183,356.05 | 1,476,651,105.27 |
| Totalequityattributabletoownersoftheparentcompany | 3,870,168,751.39 | 3,557,794,019.86 | |
| Non-controllinginterests | -180,010,420.58 | -135,029,599.29 | |
| Totalowners’equity(orshareholders’equity) | 3,690,158,330.81 | 3,422,764,420.57 | |
| Totalliabilitiesandowners’equity(orshareholders’equity) | 7,259,186,823.69 | 6,307,590,501.10 | |
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
BalanceSheetoftheParentCompany
December31,2025PreparedbyAutelIntelligentTechnologyCorp.,Ltd.
Unit:RMB
| Item | Note | December31,2025 | December31,2024 |
| Currentassets: | |||
| Monetaryassets | 820,027,428.96 | 1,112,631,694.31 | |
| Held-for-tradingfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | 3,318,915.70 | 4,926,365.63 | |
| Accountsreceivable | XIX（1） | 1,004,320,392.77 | 1,008,251,386.40 |
| Receivablesfinancing | |||
| Prepayments | 1,112,781,616.26 | 311,853,424.79 | |
| Otherreceivables | XIX（2） | 1,259,091,825.55 | 1,155,928,917.31 |
| Ofwhich:Interestreceivable | |||
| Dividendsreceivable | |||
| Inventories | 167,601,184.50 | 122,170,387.56 | |
| Ofwhich:Dataresources | |||
| Contractassets | |||
| Assetsheldforsale | |||
| Currentportionofnon-currentassets | |||
| Othercurrentassets | 72,380,265.64 | 34,256,325.31 | |
| Totalcurrentassets | 4,439,521,629.38 | 3,750,018,501.31 | |
| Non-currentassets: | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | XIX（3） | 1,456,733,828.99 | 1,390,081,403.67 |
| Otherequityinvestments | |||
| Othernon-currentfinancialassets | 4,913,258.26 | 7,021,284.08 | |
| Investmentproperties | |||
| Fixedassets | 190,826,951.92 | 193,777,588.89 | |
| Constructioninprogress | |||
| Productivelivingassets | |||
| Oilandgasassets | |||
| Right-of-useassets | 184,356,819.32 | 47,473,783.60 | |
| Intangibleassets | 124,455,993.09 | 105,313,713.66 | |
| Ofwhich:Dataresources | |||
| Developmentcosts | 12,214,302.24 | 23,991,430.53 | |
| Ofwhich:Dataresources | |||
| Goodwill | |||
| Long-termprepaidexpense | 7,225,134.46 | 6,016,649.24 | |
| Deferredincometaxassets | 49,495,180.37 | 133,436,737.48 | |
| Othernon-currentassets | 202,467,040.24 | 128,304,686.03 | |
| Totalnon-currentassets | 2,232,688,508.89 | 2,035,417,277.18 | |
| Totalassets | 6,672,210,138.27 | 5,785,435,778.49 | |
| Currentliabilities: | |||
| Short-termborrowings | |||
| Held-for-tradingfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | 186,356,161.77 | 149,368,685.23 | |
| Accountspayable | 1,784,227,731.50 | 1,336,952,851.79 | |
| Advancesfromcustomers | |||
| Contractliabilities | 136,504,111.74 | 106,410,984.43 | |
| Employeebenefitspayable | 103,471,810.20 | 82,166,983.29 | |
| Taxesandleviespayable | 325,598.85 | 372,897.27 | |
| Otherpayables | 243,472,067.37 | 45,751,385.54 | |
| Ofwhich:Interestpayable | |||
| Dividendspayable | |||
| Liabilitiesdirectlyassociatedwithassetsheldforsale | |||
| Currentportionofnon-currentliabilities | 59,359,684.18 | 26,749,882.02 | |
| Othercurrentliabilities | 25,709,319.18 | 18,567,217.71 | |
| Totalcurrentliabilities | 2,539,426,484.79 | 1,766,340,887.28 | |
| Non-currentliabilities: | |||
| Long-termborrowings | |||
| Bondspayable | 1,204,602,738.43 | 1,175,814,692.17 | |
| Ofwhich:Preferenceshares | |||
| Perpetualbonds | |||
| Leaseliabilities | 177,343,270.49 | 77,289,566.23 | |
| Long-termpayables | |||
| Long-termemployeebenefitspayable | |||
| Provisions | 24,789,450.64 | ||
| Deferredincome | 931,410.06 | 806,414.74 | |
| Deferredincometaxliabilities | |||
| Othernon-currentliabilities | 74,826,999.78 | 51,559,516.33 | |
| Totalnon-currentliabilities | 1,457,704,418.76 | 1,330,259,640.11 | |
| Totalliabilities | 3,997,130,903.55 | 3,096,600,527.39 | |
| Owners’equity(orshareholders’equity): | |||
| Paid-incapital(orsharecapital) | 670,183,441.00 | 451,878,028.00 | |
| Otherequityinstruments | 192,375,953.90 | 192,380,163.16 | |
| Ofwhich:Preferenceshares | |||
| Perpetualbonds | |||
| Capitalreserves | 1,123,630,783.62 | 1,330,253,477.22 | |
| Less:Treasuryshares | 89,180,183.35 | 142,933,220.27 | |
| Othercomprehensiveincome | |||
| Specificreserve | |||
| Surplusreserves | 239,566,904.96 | 186,916,422.41 | |
| Retainedearnings | 538,502,334.59 | 670,340,380.58 | |
| Totalowners’equity(orshareholders’equity) | 2,675,079,234.72 | 2,688,835,251.10 | |
| Totalliabilitiesandowners’equity(orshareholders’equity) | 6,672,210,138.27 | 5,785,435,778.49 | |
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
ConsolidatedIncomeStatement
January-December2025
Unit:RMB
| Item | Note | 2025 | 2024 |
| ITotalrevenues | VII（61） | 4,832,751,860.91 | 3,932,256,447.46 |
| Ofwhich:Operatingrevenue | VII（61） | 4,832,751,860.91 | 3,932,256,447.46 |
| Interestincome | |||
| Insurancepremiumincome | |||
| Feeandcommissionincome | |||
| IITotalcostsandexpenses | 3,876,886,163.03 | 3,319,421,806.74 | |
| Ofwhich:Costofsales | VII（61） | 2,123,193,935.28 | 1,757,168,323.58 |
| Interestcosts | |||
| Feeandcommissioncosts | |||
| Surrenders | |||
| Netinsuranceclaimspaid | |||
| Netamountprovidedasreserveforinsuranceobligations | |||
| Expenditureonpolicydividends | |||
| Reinsurancepremiumexpense | |||
| Taxesandlevies | VII（62） | 25,263,480.50 | 21,785,105.43 |
| Sellingexpense | VII（63） | 574,522,935.79 | 559,013,309.44 |
| Administrativeexpense | VII（64） | 395,727,313.28 | 323,794,075.80 |
| R&Dexpense | VII（65） | 774,630,849.60 | 635,783,425.06 |
| Financecosts | VII（66） | -16,452,351.42 | 21,877,567.43 |
| Ofwhich:Interestexpense | 74,627,945.20 | 69,503,846.88 | |
| Interestincome | 28,306,891.29 | 26,120,309.87 | |
| Add:Otherincome | VII（67） | 80,779,340.37 | 71,588,844.04 |
| Returnoninvestment(“－”forloss) | VII（68） | 73,586,447.25 | 88,937,690.69 |
| Ofwhich:Shareofprofitorlossofjointventuresandassociates | 31,820,272.88 | -11,088,794.24 | |
| Incomefromthederecognitionoffinancialassetsatamortizedcost | |||
| Exchangegain(“－”forloss) | |||
| Netgainonexposurehedges(“－”forloss) | |||
| Gainonchangesinfairvalue(“－”forloss) | VII（70） | -2,108,025.82 | -8,076,897.07 |
| Creditimpairmentloss(“－”forloss) | VII（71） | -33,294,741.84 | -23,484,512.82 |
| Assetimpairmentloss(“－”forloss) | VII（72） | -17,743,252.36 | -93,162,576.87 |
| Assetdisposalincome(“－”forloss) | VII（73） | -428,551.31 | -277,119.50 |
| IIIOperatingprofit(“－”forloss) | 1,056,656,914.17 | 648,360,069.19 | |
| Add:Non-operatingincome | VII（74） | 25,034,491.39 | 3,171,306.86 |
| Less:Non-operatingexpense | VII（75） | 2,569,999.74 | 14,367,389.90 |
| IVGrossprofit(“－”forgrossloss) | 1,079,121,405.82 | 637,163,986.15 |
| Less:Incometaxexpense | VII（76） | 188,639,910.09 | 76,826,357.36 |
| VNetprofit(“－”fornetloss) | 890,481,495.73 | 560,337,628.79 | |
| i.Byoperatingcontinuity | |||
| 1.Netprofitfromcontinuingoperations(“－”fornetloss) | 890,481,495.73 | 560,337,628.79 | |
| 2.Netprofitfromdiscontinuedoperations(“－”fornetloss) | |||
| ii.Byownership | |||
| 1.Netprofitattributabletoownersoftheparentcompany(“－”fornetloss) | 935,875,122.31 | 640,925,193.32 | |
| 2.Netprofitattributabletonon-controllinginterests(“－”fornetloss) | -45,393,626.58 | -80,587,564.53 | |
| VIOthercomprehensiveincome,netoftax | VII（77） | -82,826,743.53 | -27,481,346.43 |
| i.Othercomprehensiveincome,netoftaxattributabletoownersoftheparentcompany | -83,239,548.82 | -27,272,544.01 | |
| 1.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | |||
| (1)Changescausedbyremeasurementsondefinedbenefitschemes | |||
| (2)Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | |||
| (3)Changesinthefairvalueofotherequityinvestments | |||
| (4)Changesinthefairvaluearisingfromchangesinowncreditrisk | |||
| 2.Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss | -83,239,548.82 | -27,272,544.01 | |
| (1)Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | |||
| (2)Changesinthefairvalueofotherdebtinvestments | |||
| (3)Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | |||
| (4)Creditimpairmentallowancesforotherdebtinvestments | |||
| (5)Reserveforcashflowhedges | |||
| (6)Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | -83,239,548.82 | -27,272,544.01 | |
| (7)Other | |||
| ii.Othercomprehensiveincome,netoftaxattributabletonon-controllinginterests | 412,805.29 | -208,802.42 | |
| VIITotalcomprehensiveincome | 807,654,752.20 | 532,856,282.36 | |
| i.Totalcomprehensiveincomeattributabletoownersoftheparentcompany | 852,635,573.49 | 613,652,649.31 | |
| ii.Totalcomprehensiveincomeattributabletonon-controllinginterests | -44,980,821.29 | -80,796,366.95 | |
| VIIIEarningspershare: | |||
| i.Basicearningspershare(RMB/share) | 1.42 | 0.97 | |
| ii.Dilutedearningspershare(RMB/share) | 1.25 | 0.95 | |
Wherebusinesscombinationsinvolvingentitiesundercommoncontroloccurredintheperiod,thenetprofitachievedbytheacquireesbeforethecombinationswasnil,withtheamountforlastyearbeingnil.Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
IncomeStatementoftheParentCompany
January-December2025
Unit:RMB
| Item | Note | 2025 | 2024 |
| IOperatingrevenue | XIX（4） | 2,397,612,605.55 | 2,215,884,866.92 |
| Less:Costofsales | XIX（4） | 1,383,396,583.61 | 1,614,189,598.57 |
| Taxesandlevies | 2,185,776.29 | 1,678,895.85 | |
| Sellingexpense | 94,368,446.41 | 89,384,895.46 | |
| Administrativeexpense | 251,158,382.48 | 212,195,799.31 | |
| R&Dexpense | 193,563,211.49 | 118,837,553.35 | |
| Financecosts | 3,359,026.81 | -3,713,416.76 | |
| Ofwhich:Interestexpense | 50,408,674.44 | 47,256,939.13 | |
| Interestincome | 39,460,116.93 | 37,187,966.59 | |
| Add:Otherincome | 8,166,972.82 | 2,606,487.42 | |
| Returnoninvestment(“－”forloss) | XIX（5） | 119,783,570.69 | 1,226,014.15 |
| Ofwhich:Shareofprofitorlossofjointventuresandassociates | |||
| Incomefromthederecognitionoffinancialassetsatamortizedcost | |||
| Netgainonexposurehedges(“－”forloss) | |||
| Gainonchangesinfairvalue(“－”forloss) | -2,108,025.82 | -8,076,897.07 | |
| Creditimpairmentloss(“－”forloss) | -1,228,698.23 | 4,552,568.91 | |
| Assetimpairmentloss(“－”forloss) | -540,564.62 | 22,941,962.83 | |
| Assetdisposalincome(“－”forloss) | 76,051.17 | -416,147.58 | |
| IIOperatingprofit(“－”forloss) | 593,730,484.47 | 206,145,529.80 | |
| Add:Non-operatingincome | 24,802,062.56 | 2,139,861.95 | |
| Less:Non-operatingexpense | 1,794,651.90 | 492,624.00 | |
| IIIGrossprofit(“－”forgrossloss) | 616,737,895.13 | 207,792,767.75 | |
| Less:Incometaxexpense | 90,233,069.59 | 16,742,335.92 | |
| IVNetprofit(“－”fornetloss) | 526,504,825.54 | 191,050,431.83 | |
| i.Netprofitfromcontinuingoperations(“－”fornetloss) | 526,504,825.54 | 191,050,431.83 | |
| ii.Netprofitfromdiscontinuedoperations(“－”fornetloss) | |||
| VOthercomprehensiveincome,netoftax | |||
| i.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | |||
| 1.Changescausedbyremeasurementsondefinedbenefitschemes | |||
| 2.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod |
| 3.Changesinthefairvalueofotherequityinvestments | |||
| 4.Changesinthefairvaluearisingfromchangesinowncreditrisk | |||
| ii.Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss | |||
| 1.Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | |||
| 2.Changesinthefairvalueofotherdebtinvestments | |||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | |||
| 4.Creditimpairmentallowancesforotherdebtinvestments | |||
| 5.Reserveforcashflowhedges | |||
| 6.Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | |||
| 7.Other | |||
| VITotalcomprehensiveincome | 526,504,825.54 | 191,050,431.83 | |
| VIIEarningspershare: | |||
| i.Basicearningspershare(RMB/share) | |||
| ii.Dilutedearningspershare(RMB/share) | |||
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
ConsolidatedCashFlowStatement
January-December2025
Unit:RMB
| Item | Note | 2025 | 2024 |
| ICashflowsfromoperatingactivities: | |||
| Proceedsfromsaleofgoodsandrenderingofservices | 5,016,813,150.88 | 4,157,931,817.50 | |
| Netincreaseincustomerdepositsanddepositsfromotherbanksandfinancialinstitutions | |||
| Netincreaseinborrowingsfromthecentralbank | |||
| Netincreaseinloansfromotherfinancialinstitutions | |||
| Premiumsreceivedonoriginalinsurancecontracts | |||
| Netproceedsfromreinsurance | |||
| Netincreaseindepositsandinvestmentsofpolicyholders | |||
| Interest,feesandcommissionsreceived | |||
| Netincreaseinloansfromotherbanksandfinancialinstitutions | |||
| Netincreaseinproceedsfromrepurchasetransactions | |||
| Netproceedsfromactingtradingofsecurities | |||
| Taxandlevyrebates | 270,222,852.59 | 309,566,073.95 | |
| Cashgeneratedfromotheroperatingactivities | VII（78） | 113,034,098.26 | 81,863,350.63 |
| Subtotalofcashgeneratedfromoperatingactivities | 5,400,070,101.73 | 4,549,361,242.08 | |
| Paymentsforgoodsandservices | 2,475,751,604.99 | 1,747,618,779.56 | |
| Netincreaseinloansandadvancestocustomers | |||
| Netincreaseindepositsinthecentralbankandotherbanksandfinancialinstitutions | |||
| Paymentsforclaimsonoriginalinsurancecontracts | |||
| Netincreaseinloanstootherbanksandfinancialinstitutions | |||
| Interest,feesandcommissionspaid | |||
| Policydividendspaid | |||
| Cashpaidtoandforemployees | 1,021,416,386.83 | 843,480,565.97 | |
| Taxesandleviespaid | 375,203,273.05 | 278,165,548.53 | |
| Cashusedinotheroperatingactivities | VII（78） | 932,101,174.65 | 932,578,862.17 |
| Subtotalofcashusedinoperatingactivities | 4,804,472,439.52 | 3,801,843,756.23 | |
| Netcashgeneratedfrom/usedinoperatingactivities | 595,597,662.21 | 747,517,485.85 | |
| IICashflowsfrominvestingactivities: | |||
| Proceedsfromthedisposalofinvestments | VII（78） | 1,841,267,300.00 | 48,624,416.78 |
| Returnoninvestment | 11,977,349.74 | 1,284,135.92 | |
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-termassets | 54,265.38 | 2,349,712.86 | |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | |||
| Cashgeneratedfromotherinvestingactivities | |||
| Subtotalofcashgeneratedfrominvestingactivities | 1,853,298,915.12 | 52,258,265.56 | |
| Paymentsfortheacquisitionandconstructionoffixedassets,intangibleassetsandotherlong-termassets | 132,026,059.17 | 150,498,028.15 | |
| Paymentsfortheacquisitionofinvestments | VII（78） | 1,797,254,800.00 | 40,000,000.00 |
| Netincreaseinpledgeloans | |||
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | |||
| Cashusedinotherinvestingactivities | 67,428,254.52 | ||
| Subtotalofcashusedininvestingactivities | 1,929,280,859.17 | 257,926,282.67 | |
| Netcashgeneratedfrom/usedininvestingactivities | -75,981,944.05 | -205,668,017.11 | |
| IIICashflowsfromfinancingactivities: | |||
| Capitalcontributionsreceived | 50,424,564.08 | ||
| Ofwhich:Capitalcontributionsreceivedbysubsidiariesfromnon-controllinginterests | |||
| Borrowingsreceived | 200,000,000.00 | ||
| Cashgeneratedfromotherfinancingactivities | VII（78） | 24,420,000.00 | |
| Subtotalofcashgeneratedfromfinancingactivities | 74,844,564.08 | 200,000,000.00 | |
| Repaymentofborrowings | |||
| Interestanddividendspaid | 613,979,065.80 | 359,604,891.19 | |
| Ofwhich:Dividendspaidbysubsidiariestonon-controllinginterests | |||
| Cashusedinotherfinancingactivities | VII（78） | 131,617,625.19 | 169,006,000.06 |
| Subtotalofcashusedinfinancingactivities | 745,596,690.99 | 528,610,891.25 | |
| Netcashgeneratedfrom/usedinfinancingactivities | -670,752,126.91 | -328,610,891.25 | |
| IVEffectofforeignexchangeratechangesoncashandcashequivalents | 11,876,040.67 | 22,310,737.96 | |
| VNetincreaseincashandcashequivalents | VII（79） | -139,260,368.08 | 235,549,315.45 |
| Add:Cashandcashequivalents,beginningoftheperiod | VII（79） | 1,709,958,534.86 | 1,474,409,219.41 |
| VICashandcashequivalents,endoftheperiod | VII（79） | 1,570,698,166.78 | 1,709,958,534.86 |
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
CashFlowStatementoftheParentCompany
January-December2025
Unit:RMB
| Item | Note | 2025 | 2024 |
| ICashflowsfromoperatingactivities: | |||
| Proceedsfromsaleofgoodsandrenderingofservices | 2,489,094,784.84 | 2,002,183,422.47 | |
| Taxandlevyrebates | 105,183,158.29 | 152,008,351.65 | |
| Cashgeneratedfromotheroperatingactivities | 224,319,124.95 | 52,993,419.23 | |
| Subtotalofcashgeneratedfromoperatingactivities | 2,818,597,068.08 | 2,207,185,193.35 | |
| Paymentsforgoodsandservices | 1,851,043,070.66 | 933,440,234.77 | |
| Cashpaidtoandforemployees | 282,932,668.26 | 237,724,104.01 | |
| Taxesandleviespaid | 35,641,730.54 | 3,966,294.18 | |
| Cashusedinotheroperatingactivities | 182,354,991.77 | 248,882,174.77 | |
| Subtotalofcashusedinoperatingactivities | 2,351,972,461.23 | 1,424,012,807.73 | |
| Netcashgeneratedfrom/usedinoperatingactivities | 466,624,606.85 | 783,172,385.62 | |
| IICashflowsfrominvestingactivities: | |||
| Proceedsfromthedisposalofinvestments | 1,632,690,150.00 | 28,511,431.29 | |
| Returnoninvestment | 10,363,267.42 | 1,383,696.75 | |
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-termassets | 5,570.00 | 1,990,020.00 | |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | 41,905,000.00 | ||
| Cashgeneratedfromotherinvestingactivities | 151,000,000.00 | ||
| Subtotalofcashgeneratedfrominvestingactivities | 1,643,058,987.42 | 224,790,148.04 | |
| Paymentsfortheacquisitionandconstructionoffixedassets,intangibleassetsandotherlong-termassets | 40,856,476.31 | 200,259,129.78 | |
| Paymentsfortheacquisitionofinvestments | 1,569,637,300.00 | 73,023,235.94 | |
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | |||
| Cashusedinotherinvestingactivities | |||
| Subtotalofcashusedininvestingactivities | 1,610,493,776.31 | 273,282,365.72 | |
| Netcashgeneratedfrom/usedininvestingactivities | 32,565,211.11 | -48,492,217.68 | |
| IIICashflowsfromfinancingactivities: | |||
| Capitalcontributionsreceived | 50,424,564.08 | ||
| Borrowingsreceived | |||
| Cashgeneratedfromotherfinancingactivities | |||
| Subtotalofcashgeneratedfromfinancingactivities | 50,424,564.08 | ||
| Repaymentofborrowings | |||
| Interestanddividendspaid | 613,979,065.80 | 358,897,719.62 | |
| Cashusedinotherfinancingactivities | 211,332,117.07 | 169,092,288.11 | |
| Subtotalofcashusedinfinancingactivities | 825,311,182.87 | 527,990,007.73 | |
| Netcashgeneratedfrom/usedinfinancingactivities | -774,886,618.79 | -527,990,007.73 | |
| IVEffectofforeignexchangeratechangesoncashandcashequivalents | 4,691,111.80 | 16,275,464.62 | |
| VNetincreaseincashandcashequivalents | -271,005,689.03 | 222,965,624.83 | |
| Add:Cashandcashequivalents,beginningoftheperiod | 1,027,244,787.20 | 804,279,162.37 | |
| VICashandcashequivalents,endoftheperiod | 756,239,098.17 | 1,027,244,787.20 |
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
ConsolidatedStatementsofChangesinOwners’Equity
January-December2025
Unit:RMB
| Item | 2025 | ||||||||||||||
| Equityattributabletoownersoftheparentcompany | Non-controllinginterests | Totalowners’equity | |||||||||||||
| Paid-incapital(orsharecapital) | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specificreserve | Surplusreserves | Generalreserve | Retainedearnings | Other | Subtotal | |||||
| Preferenceshares | Perpetualbonds | Other | |||||||||||||
| IBalanceasattheendoftheprioryear | 451,878,028.00 | 192,380,163.16 | 1,421,124,989.13 | 142,933,220.27 | -28,223,467.84 | 186,916,422.41 | 1,476,651,105.27 | 3,557,794,019.86 | -135,029,599.29 | 3,422,764,420.57 | |||||
| Add:Adjustmentsforchangesinaccountingpolicies | |||||||||||||||
| Adjustmentsforcorrectionofpreviouserrors | |||||||||||||||
| Other | |||||||||||||||
| IIBalanceasatthebeginningoftheyear | 451,878,028.00 | 192,380,163.16 | 1,421,124,989.13 | 142,933,220.27 | -28,223,467.84 | 186,916,422.41 | 1,476,651,105.27 | 3,557,794,019.86 | -135,029,599.29 | 3,422,764,420.57 | |||||
| IIIIncrease/decreaseintheperiod(“-”fordecrease) | 218,305,413.00 | -4,209.26 | -206,622,693.64 | -53,753,036.92 | -83,239,548.82 | 52,650,482.55 | 277,532,250.78 | 312,374,731.53 | -44,980,821.29 | 267,393,910.24 | |||||
| i.Totalcomprehensiveincome | -83,239,548.82 | 935,875,122.31 | 852,635,573.49 | -44,980,821.29 | 807,654,752.20 | ||||||||||
| ii.Capital | 911.00 | -4,209.26 | 11,681,808. | -53,753,03 | 65,431,547. | 65,431,547. | |||||||||
| increaseandreductionbyowners | 36 | 6.92 | 02 | 02 | |||||||||
| 1.Ordinaryshareincreasebyowners | |||||||||||||
| 2.Capitalincreasebyholdersofotherequityinstruments | 911.00 | -4,209.26 | 29,500.07 | 26,201.81 | 26,201.81 | ||||||||
| 3.Share-basedpaymentsrecognizedinowners’equity | 115,146,955.37 | 115,146,955.37 | 115,146,955.37 | ||||||||||
| 4.Other | -103,494,647.08 | -53,753,036.92 | -49,741,610.16 | -49,741,610.16 | |||||||||
| iii.Profitdistribution | 52,650,482.55 | -658,342,871.53 | -605,692,388.98 | -605,692,388.98 | |||||||||
| 1.Appropriatedtosurplusreserves | 52,650,482.55 | -52,650,482.55 | |||||||||||
| 2.Appropriatedtogeneralreserve | |||||||||||||
| 3.Distributedtoowners(orshareholders) | -605,692,388.98 | -605,692,388.98 | -605,692,388.98 | ||||||||||
| 4.Other | |||||||||||||
| iv.Transferswithinowners’equity | 218,304,502.00 | -218,304,502.00 | |||||||||||
| 1.Increaseincapital(orsharecapital) | 218,304,502.00 | -218,304,502.00 |
| fromcapitalreserves | ||||||||||||||
| 2.Increaseincapital(orsharecapital)fromsurplusreserves | ||||||||||||||
| 3.Surplusreservesusedtooffsetloss | ||||||||||||||
| 4.Changesindefinedbenefitschemestransferredtoretainedearnings | ||||||||||||||
| 5.Othercomprehensiveincometransferredtoretainedearnings | ||||||||||||||
| 6.Other | ||||||||||||||
| v.Specificreserve | ||||||||||||||
| 1.Increaseintheperiod | ||||||||||||||
| 2.Usedintheperiod | ||||||||||||||
| vi.Other | ||||||||||||||
| IVBalanceasattheendoftheperiod | 670,183,441.00 | 192,375,953.90 | 1,214,502,295.49 | 89,180,183.35 | -111,463,016.66 | 239,566,904.96 | 1,754,183,356.05 | 3,870,168,751.39 | -180,010,420.58 | 3,690,158,330.81 |
Item
| Item | 2024 | ||||||||||||
| Equityattributabletoownersoftheparentcompany | Non-controllinginterests | Totalowners’equity | |||||||||||
| Paid-in | Otherequityinstruments | Capital | Less: | Other | Speci | Surplus | Gene | Retained | Oth | Subtotal | |||
| capital(orsharecapital) | Preferenceshares | Perpetualbonds | Other | reserves | Treasuryshares | comprehensiveincome | ficreserve | reserves | ralreserve | earnings | er | ||||
| IBalanceasattheendoftheprioryear | 451,877,086.00 | 192,384,973.75 | 1,297,118,239.93 | 100,280,543.07 | -950,923.83 | 173,465,094.17 | 1,201,893,803.39 | 3,215,507,730.34 | -58,045,183.09 | 3,157,462,547.25 | |||||
| Add:Adjustmentsforchangesinaccountingpolicies | |||||||||||||||
| Adjustmentsforcorrectionofpreviouserrors | |||||||||||||||
| Other | -5,653,714.94 | 5,653,714.94 | |||||||||||||
| IIBalanceasatthebeginningoftheyear | 451,877,086.00 | 192,384,973.75 | 1,297,118,239.93 | 100,280,543.07 | -950,923.83 | 167,811,379.23 | 1,207,547,518.33 | 3,215,507,730.34 | -58,045,183.09 | 3,157,462,547.25 | |||||
| IIIIncrease/decreaseintheperiod(“-”fordecrease) | 942.00 | -4,810.59 | 124,006,749.20 | 42,652,677.20 | -27,272,544.01 | 19,105,043.18 | 269,103,586.94 | 342,286,289.52 | -76,984,416.20 | 265,301,873.32 | |||||
| i.Totalcomprehensiveincome | -27,272,544.01 | 640,925,193.32 | 613,652,649.31 | -80,796,366.95 | 532,856,282.36 | ||||||||||
| ii.Capitalincreaseandreductionbyowners | 942.00 | -4,810.59 | 34,663,599.89 | 42,652,677.20 | -7,992,945.90 | -7,992,945.90 | |||||||||
| 1.Ordinaryshareincreasebyowners | 18,967,646.17 | 42,652,677.20 | -23,685,031.03 | -23,685,031.03 | |||||||||||
| 2.Capitalincreaseby | 942.00 | -4,810.59 | 35,017.69 | 31,149.10 | 31,149.10 |
| holdersofotherequityinstruments | ||||||||||
| 3.Share-basedpaymentsrecognizedinowners’equity | 15,660,936.03 | 15,660,936.03 | 15,660,936.03 | |||||||
| 4.Other | ||||||||||
| iii.Profitdistribution | 19,105,043.18 | -371,821,606.38 | -352,716,563.20 | -352,716,563.20 | ||||||
| 1.Appropriatedtosurplusreserves | 19,105,043.18 | -19,105,043.18 | ||||||||
| 2.Appropriatedtogeneralreserve | ||||||||||
| 3.Distributedtoowners(orshareholders) | -352,716,563.20 | -352,716,563.20 | -352,716,563.20 | |||||||
| 4.Other | ||||||||||
| iv.Transferswithinowners’equity | ||||||||||
| 1.Increaseincapital(orsharecapital)fromcapitalreserves | ||||||||||
| 2.Increaseincapital(orsharecapital)fromsurplusreserves | ||||||||||
| 3.Surplusreservesusedtooffsetloss |
| 4.Changesindefinedbenefitschemestransferredtoretainedearnings | ||||||||||||||
| 5.Othercomprehensiveincometransferredtoretainedearnings | ||||||||||||||
| 6.Other | ||||||||||||||
| v.Specificreserve | ||||||||||||||
| 1.Increaseintheperiod | ||||||||||||||
| 2.Usedintheperiod | ||||||||||||||
| vi.Other | 89,343,149.31 | 89,343,149.31 | 3,811,950.75 | 93,155,100.06 | ||||||||||
| IVBalanceasattheendoftheperiod | 451,878,028.00 | 192,380,163.16 | 1,421,124,989.13 | 142,933,220.27 | -28,223,467.84 | 186,916,422.41 | 1,476,651,105.27 | 3,557,794,019.86 | -135,029,599.29 | 3,422,764,420.57 |
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
StatementsofChangesinOwners’EquityoftheParentCompany
January-December2025
Unit:RMB
| Item | 2025 | ||||||||||
| Paid-incapital(orsharecapital) | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specificreserve | Surplusreserves | Retainedearnings | Totalowners’equity | |||
| Preferenceshares | Perpetualbonds | Other | |||||||||
| IBalanceasattheendoftheprioryear | 451,878,028.00 | 192,380,163.16 | 1,330,253,477.22 | 142,933,220.27 | 186,916,422.41 | 670,340,380.58 | 2,688,835,251.10 | ||||
| Add:Adjustments | |||||||||||
| forchangesinaccountingpolicies | |||||||||
| Adjustmentsforcorrectionofpreviouserrors | |||||||||
| Otheradjustments | |||||||||
| IIBalanceasatthebeginningoftheyear | 451,878,028.00 | 192,380,163.16 | 1,330,253,477.22 | 142,933,220.27 | 186,916,422.41 | 670,340,380.58 | 2,688,835,251.10 | ||
| IIIIncrease/decreaseintheperiod(“-”fordecrease) | 218,305,413.00 | -4,209.26 | -206,622,693.60 | -53,753,036.92 | 52,650,482.55 | -131,838,045.99 | -13,756,016.38 | ||
| (I)Totalcomprehensiveincome | 526,504,825.54 | 526,504,825.54 | |||||||
| (II)Capitalincreasedandreducedbyowners | 911.00 | -4,209.26 | 11,681,808.40 | -53,753,036.92 | 65,431,547.06 | ||||
| 1.Ordinaryshareincreasebyowners | |||||||||
| 2.Capitalincreasebyholdersofotherequityinstruments | 911.00 | -4,209.26 | 29,500.07 | 26,201.81 | |||||
| 3.Share-basedpaymentsrecognizedinowners’equity | 11,652,308.33 | 11,652,308.33 | |||||||
| 4.Other | -53,753,036.92 | 53,753,036.92 | |||||||
| iiiProfitdistribution | 52,650,482.55 | -658,342,871.53 | -605,692,388.98 | ||||||
| 1.Appropriatedtosurplusreserves | 52,650,482.55 | -52,650,482.55 | |||||||
| 2.Distributedtoowners(orshareholders) | -605,692,388.98 | -605,692,388.98 | |||||||
| 3.Other |
| iv.Transferswithinowners’equity | 218,304,502.00 | -218,304,502.00 | |||||||
| 1.Increaseincapital(orsharecapital)fromcapitalreserves | 218,304,502.00 | -218,304,502.00 | |||||||
| 2.Increaseincapital(orsharecapital)fromsurplusreserves | |||||||||
| 3.Surplusreservesusedtooffsetloss | |||||||||
| 4.Changesindefinedbenefitschemestransferredtoretainedearnings | |||||||||
| 5.Othercomprehensiveincometransferredtoretainedearnings | |||||||||
| 6.Other | |||||||||
| v.Specificreserve | |||||||||
| vi.Other | |||||||||
| IVBalanceasattheendoftheperiod | 670,183,441.00 | 192,375,953.90 | 1,123,630,783.62 | 89,180,183.35 | 239,566,904.96 | 538,502,334.59 | 2,675,079,234.72 |
Item
| Item | 2024 | ||||||||||
| Paid-incapital(orsharecapital) | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Othercomprehensiveincome | Specificreserve | Surplusreserves | Retainedearnings | Totalowners’equity | |||
| Preferenceshares | Perpetualbonds | Other | |||||||||
| IBalanceasattheendoftheprioryear | 451,877,086.00 | 192,384,973.75 | 1,295,589,877.33 | 100,280,543.07 | 173,465,094.17 | 901,994,989.56 | 2,915,031,477.74 | ||||
| Add:Adjustmentsforchangesinaccounting | |||||||||||
| policies | |||||||||
| Adjustmentsforcorrectionofpreviouserrors | |||||||||
| Otheradjustments | -5,653,714.94 | -50,883,434.43 | -56,537,149.37 | ||||||
| IIBalanceasatthebeginningoftheyear | 451,877,086.00 | 192,384,973.75 | 1,295,589,877.33 | 100,280,543.07 | 167,811,379.23 | 851,111,555.13 | 2,858,494,328.37 | ||
| IIIIncrease/decreaseintheperiod(“-”fordecrease) | 942.00 | -4,810.59 | 34,663,599.89 | 42,652,677.20 | 19,105,043.18 | -180,771,174.55 | -169,659,077.27 | ||
| (I)Totalcomprehensiveincome | 191,050,431.83 | 191,050,431.83 | |||||||
| (II)Capitalincreasedandreducedbyowners | 942.00 | -4,810.59 | 34,663,599.89 | 42,652,677.20 | -7,992,945.90 | ||||
| 1.Ordinaryshareincreasebyowners | 42,652,677.20 | -42,652,677.20 | |||||||
| 2.Capitalincreasebyholdersofotherequityinstruments | 942.00 | -4,810.59 | 35,017.69 | 31,149.10 | |||||
| 3.Share-basedpaymentsrecognizedinowners’equity | 34,628,582.20 | 34,628,582.20 | |||||||
| 4.Other | |||||||||
| iiiProfitdistribution | 19,105,043.18 | -371,821,606.38 | -352,716,563.20 | ||||||
| 1.Appropriatedtosurplusreserves | 19,105,043.18 | -19,105,043.18 | |||||||
| 2.Distributedtoowners(orshareholders) | -352,716,563.20 | -352,716,563.20 | |||||||
| 3.Other | |||||||||
| iv.Transferswithinowners’equity | |||||||||
| 1.Increaseincapital(orsharecapital)fromcapitalreserves | |||||||||
| 2.Increaseincapital(orsharecapital)fromsurplusreserves | |||||||||
| 3.Surplusreservesusedtooffsetloss | |||||||||
| 4.Changesindefinedbenefitschemestransferredtoretainedearnings | |||||||||
| 5.Othercomprehensiveincometransferredtoretainedearnings |
| 6.Other | |||||||||
| v.Specificreserve | |||||||||
| vi.Other | |||||||||
| IVBalanceasattheendoftheperiod | 451,878,028.00 | 192,380,163.16 | 1,330,253,477.22 | 142,933,220.27 | 186,916,422.41 | 670,340,380.58 | 2,688,835,251.10 |
Legalrepresentative:LiHongjingPersoninchargeofaccounting:LiHongjingHeadofthefinancialdepartment:PanHaotian
IIICompanyOverview
1.CompanyProfile
√Applicable□NotApplicableAutelIntelligentTechnologyCorp.,Ltd.(hereinafterreferredtoasAutel)wasoriginallyestablishedasAutelTechnologyCo.,Ltd.onSeptember28,2004,withitsheadquarterslocatedinShenzhen,GuangdongProvince.OnJune13,2014,withtheapprovaloftheShenzhenMunicipalMarketSupervisionAdministration,AutelTechnologyCo.,Ltd.transitionedtoajoint-stockcompany,withthebasedatesetasOctober31,2013,andthecompanynamechangedtoAutelIntelligentTechnologyCorp.,Ltd.(Autel).Autelcurrentlyholdsabusinesslicensewiththeunifiedsocialcreditcode91440300767550462C,aregisteredcapitalofRMB670,183,441.00,andatotalof670,183,441shares(eachsharehavingaparvalueofRMB1).Amongthese,670,183,441A-sharesaretradablewithoutrestrictions.Autel'sstockhasbeenlistedandtradedontheShanghaiStockExchangesinceFebruary13,2020.Autel’sbusinessscopemainlyincludestheresearch,development,production,sales,andservicesofvehiclesmartdiagnosticandtestingsystems,automotiveelectroniccomponents,andsmartchargingnetworks.Themainproductsincludevehiclediagnostictabletsandothers,TPMSproducts,ADASproducts,embodiedswarmintelligence,smartchargingnetworks,andrelatedsoftwarecloudservices.ThefinancialstatementshavebeenauthorizedforissueatAutel’s31stmeetingofthe4thBoardofDirectorsonMarch20,2026.Inthenotestothisfinancialreport,unlessotherwisespecified,thefollowingabbreviationsareusedforthecompanynames:
| Fullname | Shortname |
| Autel(USA),INC. | AutelCalifornia |
| AutelUSInc. | AutelNewYork |
| AutelEuropeGmbH | AutelGermany |
| AutelHongKongHoldingLimited | AutelHongKong |
| C?ngtyTNHHAutelVi?tNam | AutelVietnam |
| AutelImeaDMCC | AutelDubai |
| AutelJPInc. | AutelJapan |
| AuteltechLatinAmericaSADECV | AutelMexico |
| AutelEuropeS.R.L. | AutelItaly |
| AUTELEUROPEUKLTD | AutelUK |
| AUTELBRASILTECNOLOGIALTDA | AutelBrazil |
| AutelNetherlandsB.V. | AutelNetherlands |
| AUTELNEWENERGYUSINC | AutelNewEnergyUS |
| Fullname | Shortname |
| ECOMAMERICAINC | AutelEcomAmerica |
| ECEVSEUSInc | ECEVSEUS |
| AUTELDIGITALPOWER(SINGAPORE)PTE.LTD. | DigitalPower(Singapore) |
| C?NGTYTNHHC?NGNGH?N?NGL??NGM?IAUTELVI?TNAM | AutelNewEnergyVietnam |
| AutelEuropeFrance | AutelFrance |
| AutelAustraliaPtyLtd | AutelAustralia |
| AutelIberiaS.L. | AutelSpain |
| AutelNordicAB | AutelSweden |
| AutelHunanCo.,Ltd. | AutelHunan |
| ShenzhenAutelDigitalPowerCo.,Ltd. | AutelDigitalPower |
| ShenzhenAutelHeshengSoftwareDevelopmentCo.,Ltd. | AutelHesheng |
| AutelXi’anTechnologyCo.,Ltd. | AutelXi’an |
| ShenzhenSkyFendTechnologyCo.,Ltd. | SkyFendTechnology |
| ShenzhenRainbowTechnologyDevelopmentCo.,Ltd. | RainbowTechnology |
| ShenzhenAutelRainbowInformationConsultingCo.,Ltd. | RainbowInformationConsulting |
| HainanAutelTechnologyCo.,Ltd. | AutelHainan |
| AutelHedaSupplyChainConsultingManagementCo.,Ltd. | AutelHeda |
| ShenzhenYingtongPropertyManagementDevelopmentCo.,Ltd. | YingtongPropertyManagement |
| AutelHexinSoftwareDevelopmentCo.,Ltd. | AutelHexin |
| HainanChizhuoAutomotiveServiceCo.,Ltd. | HainanChizhuo |
| AVANTINTELLIGENCELTD | AvantIntelligenceUK |
| EvotaNetherlandsB.V. | EvotaNetherlands |
| DRIVEPULSETECHMONTERREY,S.DER.L.DECV | MexicanFactory |
| ShenzhenDaoheTongtaiRobotCo.,Ltd. | DaoheTongtai |
| NanjingDaoheTongtaiRobotCo.,Ltd. | NanjingTongtai |
| HangzhouDaoheTongtaiRobotCo.,Ltd. | HangzhouTongtai |
| ShenzhenBaoanDaoheTongtaiRobotCo.,Ltd. | BaoanTongtai |
| FrontierRoboticsHongKongCo.,Limited | FrontierRoboticsHongKong |
| ZhejiangVisionIntegratedAir-GroundIntelligentTechnologyCo.,Ltd. | ZhejiangVision |
| ShenzhenDaoheTongliaoInformationConsultingEnterprise(LimitedPartnership) | DaoheTongliao |
IVBasisforthePreparationofFinancialStatements
1.Basisofpreparation
Autel’sfinancialstatementsarepreparedonthebasisofagoingconcern.
2.Goingconcern
√Applicable□NotApplicableTherearenomattersorsituationsthatwouldraisesignificantdoubtsaboutAutel’sabilitytocontinueasagoingconcernwithinthe12monthsfromtheendoftheReportingPeriod.VSignificantAccountingPoliciesandEstimatesSpecificaccountingpoliciesandestimatesareasfollows:
√Applicable□NotApplicable
ImportantNote:Basedontheactualcharacteristicsofproductionandoperations,Autelhasdevelopedspecificaccountingpoliciesandestimatesforfinancialinstrumentsimpairment,depreciationoffixedassets,depreciationofright-of-useassets,amortizationofintangibleassets,capitalizationofdevelopmentexpenses,revenuerecognition,andothertransactionsormatters.
1.CompliancewithAccountingStandardsforEnterprises
ThefinancialstatementspreparedbyAutelcomplywiththerequirementsoftheAccountingStandardsforEnterprises,truthfullyandcompletelyreflectingAutel’sfinancialposition,operatingresults,changesinshareholders'equity,cashflows,andotherrelatedinformation.
2.Accountingperiod
Autel’saccountingyearstartsfromJanuary1andendsonDecember31.
3.Operatingcycle
√Applicable□NotApplicable
Autel’sbusinessoperationshaveashortoperatingcycle,with12monthsasthestandardforclassifyingtheliquidityofassetsandliabilities.
4.Functionalcurrency
AutelanditsdomesticsubsidiariesuseRenminbi(RMB)astheirfunctionalcurrency.Overseassubsidiaries,suchasAutelNewYorkandAutelGermany,usethecurrencyofthemaineconomicenvironmentinwhichtheyoperateastheirfunctionalcurrency.
5.Determinationmethodandbasisformaterialitystandards
√Applicable□NotApplicable
Autelfollowstheprincipleofmaterialityinpreparinganddisclosingfinancialstatements.Themattersdisclosedinthenotestothisfinancialreport,whichinvolvejudgmentofmaterialitystandards,aredeterminedbasedonthefollowingmethodsandcriteria:
| Disclosuremattersinvolvingjudgmentofmaterialitystandards | Methodandbasisfordeterminingmaterialitystandards |
| Significantindividualprovisionforbaddebtonreceivables | Individualamountexceeding0.3%oftotalassets |
| Significantprepaymentswithanageexceedingoneyear | Individualamountexceeding0.3%oftotalassets |
| Significantpayableswithanageexceedingoneyear | Individualamountexceeding0.3%oftotalassets |
| Significantotherpayableswithanageexceedingoneyear | Individualamountexceeding0.3%oftotalassets |
| Significantcashflowsfrominvestingactivities | Exceeding10%oftotalassets |
| Significantsubsidiaries,non-whollyownedsubsidiaries | Revenueexceeding10%oftotalgrouprevenueandtotalassetsexceeding10%oftotalgroupassets |
| Significantequitymethodinvestees | Individuallong-termequityinvestmentbookvalueexceeding15%ofthegroup'snetassets/individualequitymethodinvestmentincomeexceeding15%ofthegroup'stotalprofit |
6.Accountingtreatmentforbusinesscombinationsundercommoncontrolandnot
undercommoncontrol
√Applicable□NotApplicable
1.Accountingtreatmentforbusinesscombinationsundercommoncontrol
Inbusinesscombinations,theassetsandliabilitiesacquiredbyAutelaremeasuredatthebookvalueofthecombinedpartyasreflectedintheultimatecontrollingparty's
consolidatedfinancialstatementsasofthecombinationdate.Auteladjustscapitalreservebasedonthedifferencebetweenthebookvalueofthecombinedparty'sequityintheultimatecontrollingparty'sconsolidatedfinancialstatementsandthebookvalueoftheconsiderationpaidforthemergerorthetotalnominalvalueoftheissuedshares.Ifthecapitalreserveisinsufficient,thedifferenceisadjustedagainstretainedearnings.
2.AccountingtreatmentforbusinesscombinationsnotundercommoncontrolIfthepurchasecostinabusinesscombinationexceedsthefairvalueoftheidentifiablenetassetsacquiredfromthepurchasedparty,goodwillisrecognized.Ifthepurchasecostislessthanthefairvalueoftheidentifiablenetassetsacquired,thefairvaluesoftheidentifiableassets,liabilities,andcontingentliabilitiesacquiredfromthepurchasedparty,alongwiththemeasurementofthepurchasecost,arereviewed.Afterreview,ifthepurchasecostisstilllessthanthefairvalueoftheidentifiablenetassetsacquired,thedifferenceisrecognizedinthecurrentprofitorloss.
7.Judgmentofcontrolandmethodforpreparingconsolidatedfinancialstatements
√Applicable□NotApplicable
1.JudgmentofcontrolControlisrecognizedwhentheinvestorhaspowerovertheinvestee,enjoysvariablereturnsthroughinvolvementintheinvestee’sactivities,andhastheabilitytoaffecttheamountofthosereturnsthroughitspower.
2.MethodforpreparingconsolidatedfinancialstatementsTheparentcompanyconsolidatesallofitscontrolledsubsidiariesinthescopeoftheconsolidatedfinancialstatements.Theconsolidatedfinancialstatementsarepreparedbytheparentcompanybasedonthefinancialstatementsoftheparentanditssubsidiaries,inaccordancewiththerelevantguidelinesoftheAccountingStandardsforEnterprisesNo.33-ConsolidatedFinancialStatements.
8.Classificationofjointarrangementsandaccountingforjointoperations
□Applicable√NotApplicable
9.DeterminationstandardsforcashandcashequivalentsCashlistedinthecashflowstatementreferstocashonhandanddepositsthatcanbeusedforpaymentatanytime.Cashequivalentsrefertoshort-term,highlyliquid
investmentsheldbythecompanythatareeasilyconvertibleintoknownamountsofcashwithaninsignificantriskofchangesinvalue.
10.Foreigncurrencytransactionsandtranslationofforeigncurrencyfinancial
statements
√Applicable□NotApplicable
1.ForeigncurrencytransactiontranslationForeigncurrencytransactionsaretranslatedintoRMBattheexchangerateapproximatingthespotrateonthetransactiondatewheninitiallyrecognized.Atthebalancesheetdate,foreignmonetaryitemsaretranslatedattheexchangerateonthatdate.Exchangedifferencesarisingfromchangesintheexchangerate,exceptforthoserelatedtoforeigncurrencyborrowingsfortheconstructionofassetsqualifyingforcapitalization,arerecognizedinthecurrentprofitorloss.Foreignnon-monetaryitemsmeasuredathistoricalcostaretranslatedusingtheexchangerateonthetransactiondatewithoutchangingtheirRMBamount.Foreignnon-monetaryitemsmeasuredatfairvaluearetranslatedusingthespotrateonthedateofdeterminingfairvalue,withanydifferencesrecognizedinthecurrentprofitorlossorothercomprehensiveincome.
2.TranslationofforeigncurrencyfinancialstatementsAssetsandliabilitiesinthebalancesheetaretranslatedusingthespotrateonthebalancesheetdate.Forequityitems,otherthan“undistributedprofits,”theyaretranslatedusingthespotrateonthetransactiondate.Incomeandexpenseitemsintheincomestatementaretranslatedusingtheexchangerateapproximatingthespotrateonthetransactiondate.Theexchangedifferencesarisingfromtheabovetranslationarerecognizedinothercomprehensiveincome.
11.Financialinstruments
√Applicable□NotApplicable
1.ClassificationoffinancialassetsandfinancialliabilitiesFinancialassetsareclassifiedintothefollowingthreecategoriesuponinitialrecognition:(1)Financialassetsmeasuredatamortizedcost;(2)financialassetsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome;(3)financialassetsmeasuredatfairvaluewithchangesrecognizedinprofitorloss.
Financialliabilitiesareclassifiedintothefollowingfourcategoriesuponinitialrecognition:(1)Financialliabilitiesmeasuredatfairvaluewithchangesrecognizedinprofitorloss;(2)financialliabilitiesarisingfromthetransferoffinancialassetsthatdonotmeetthederecognitioncriteriaorcontinuetobeinvolvedintransferredfinancialassets;(3)financialguaranteecontractsnotincludedinthecategoriesabove,andloancommitmentswheretheloanismadeataratelowerthanthemarketinterestrate;(4)financialliabilitiesmeasuredatamortizedcost.
2.Recognition,measurement,andderecognitionoffinancialassetsandfinancialliabilities
(1)Recognitionandinitialmeasurementoffinancialassetsandfinancialliabilities
Autelrecognizesafinancialassetorfinancialliabilitywhenitbecomesapartytothefinancialinstrumentcontract.Uponinitialrecognition,financialassetsorfinancialliabilitiesaremeasuredatfairvalue.Forfinancialassetsandfinancialliabilitiesmeasuredatfairvaluewithchangesrecognizedinprofitorloss,transactioncostsaredirectlyrecognizedinprofitorloss.Forothercategoriesoffinancialassetsorfinancialliabilities,transactioncostsareincludedintheinitialrecognitionamount.However,forreceivablesinitiallyrecognizedwithoutsignificantfinancingcomponentsorwhereAuteldoesnotconsiderthefinancingcomponentsofcontractsnotexceedingoneyear,theinitialmeasurementismadeaccordingtothetransactionpriceasdefinedintheAccountingStandardsforEnterprisesNo.14-Revenue.
(2)Subsequentmeasurementoffinancialassets
1)Financialassetsmeasuredatamortizedcost
Theseassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesarisingfromfinancialassetsmeasuredatamortizedcostandnotpartofanyhedgingrelationshiparerecognizedinprofitorlosswhenderecognized,reclassified,amortizedusingtheeffectiveinterestmethod,orwhenimpairmentisrecognized.
2)Debtinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome
Thesearemeasuredatfairvalue.Interest,impairmentlosses,gains,andexchangeratedifferencescalculatedusingtheeffectiveinterestmethodarerecognizedinprofitorloss.Othergainsorlossesarerecognizedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedtoprofitorloss.
3)Equityinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome
Thesearemeasuredatfairvalue.Dividendsreceived(excludingportionsthatarepartoftherecoveryofinvestmentcosts)arerecognizedinprofitorloss.Othergainsorlossesarerecognizedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedtoretainedearnings.
4)Financialassetsmeasuredatfairvaluewithchangesrecognizedinprofitorloss
Thesearemeasuredatfairvalue,andtheresultinggainsorlosses(includinginterestanddividendincome)arerecognizedinprofitorlossunlessthefinancialassetispartofahedgingrelationship.
(3)Subsequentmeasurementoffinancialliabilities
1)Financialliabilitiesmeasuredatfairvaluewithchangesrecognizedinprofitorloss
Theseliabilitiesincludetradingfinancialliabilities(includingderivativeinstrumentsthatarefinancialliabilities)andthosedesignatedasmeasuredatfairvaluewithchangesrecognizedinprofitorloss.Forthesefinancialliabilities,subsequentmeasurementisatfairvalue.ChangesinfairvaluearisingfromAutel’sowncreditriskarerecognizedinothercomprehensiveincomeunlesssuchtreatmentcreatesorexacerbatesanaccountingmismatchinprofitorloss.Othergainsorlosses(includinginterestexpenses,exceptforthosearisingfromchangesinfairvalueduetoAutel’sowncreditrisk)arerecognizedinprofitorlossunlessthefinancialliabilityispartofahedgingrelationship.Uponderecognition,cumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomearereclassifiedtoretainedearnings.
2)Financialliabilitiesarisingfromtransferoffinancialassetsthatdonotmeetderecognitionconditionsorcontinuinginvolvementintransferredfinancialassets
ThesearemeasuredinaccordancewiththerelevantprovisionsofAccountingStandardsforEnterprisesNo.23-TransferofFinancialAssets.
3)Financialguaranteecontractsnotcoveredbycategories(1)or(2),andloancommitmentsatbelowmarketinterestrates
Afterinitialrecognition,thesearesubsequentlymeasuredatthehigherof:①Thelossallowancedeterminedinaccordancewiththeimpairmentprovisionsforfinancialinstruments;②thebalanceremainingafterdeductingthecumulativeamortization
determinedinaccordancewiththeprovisionsofAccountingStandardsforEnterprisesNo.14-Revenuefromtheinitialrecognitionamount.
4)FinancialliabilitiesmeasuredatamortizedcostThesearemeasuredatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesarisingfromfinancialliabilitiesmeasuredatamortizedcostandnotpartofanyhedgingrelationshiparerecognizedinprofitorlosswhenderecognizedoramortizedusingtheeffectiveinterestmethod.
(4)Derecognitionoffinancialassetsandfinancialliabilities
1)Afinancialassetisderecognizedwhenoneofthefollowingconditionsismet:
①Thecontractualrightstoreceivecashflowsfromthefinancialassethaveexpired;
②Thefinancialassethasbeentransferred,andthetransfermeetsthederecognitioncriteriaforfinancialassetsasspecifiedinAccountingStandardsforEnterprisesNo.23-TransferofFinancialAssets.
2)Whenthecurrentobligationsofafinancialliability(oraportionthereof)areextinguished,thecorrespondingfinancialliability(orportionofthefinancialliability)isderecognized.
3.Recognitionandmeasurementoftransferredfinancialassets
IfAutelhastransferredalmostalltherisksandrewardsofownershipofafinancialasset,thefinancialassetisderecognized,andanyrightsandobligationsretainedorgeneratedfromthetransferarerecognizedseparatelyasassetsorliabilities.IfAutelretainsalmostalltherisksandrewardsofownershipofthefinancialasset,thetransferredfinancialassetcontinuestoberecognized.IfAutelneithertransfersnorretainsalmostalltherisksandrewardsofownershipofafinancialasset,thefollowingtreatmentsapply:(1)Ifcontroloverthefinancialassetisnotretained,thefinancialassetisderecognized,andanyrightsandobligationsretainedorgeneratedfromthetransferarerecognizedseparatelyasassetsorliabilities;(2)Ifcontroloverthefinancialassetisretained,thefinancialassetisrecognizedbasedontheextentofcontinuedinvolvementwiththetransferredfinancialasset,andcorrespondingliabilitiesarerecognized.
Whentheoveralltransferofafinancialassetmeetsthederecognitioncriteria,thedifferencebetweenthefollowingtwoamountsisrecognizedinthecurrentprofitorloss:(1)Thebookvalueofthetransferredfinancialassetatthederecognitiondate;(2)theconsiderationreceivedfortransferringthefinancialasset,plustheamountcorrespondingtothederecognizedportionofthecumulativefairvaluechangesdirectlyrecognizedinother
comprehensiveincome(fordebtinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome).Ifonlyaportionofthefinancialassetistransferredandthetransferredportionmeetsthederecognitioncriteria,thetotalbookvalueofthefinancialassetbeforetransferisallocatedbetweenthederecognizedportionandtheportionthatcontinuestoberecognized,basedontheirrespectivefairvaluesonthetransferdate.Thedifferencebetweenthefollowingtwoamountsisrecognizedinthecurrentprofitorloss:(1)Thebookvalueofthederecognizedportion;(2)theconsiderationforthederecognizedportion,plustheamountcorrespondingtothederecognizedportionofthecumulativefairvaluechangesdirectlyrecognizedinothercomprehensiveincome(fordebtinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome).
4.FairvaluedeterminationoffinancialassetsandfinancialliabilitiesAuteldeterminesthefairvalueofrelevantfinancialassetsandfinancialliabilitiesusingvaluationtechniquesthatareapplicableinthecurrentcircumstancesandsupportedbysufficientavailabledataandotherinformation.Autelclassifiestheinputvaluesusedinthesevaluationtechniquesintothefollowinglevels,insequence:
(1)Level1inputsarequotedpricesforidenticalassetsorliabilitiesinactivemarketsthatareaccessibleatthemeasurementdate;
(2)Level2inputsareobservableinputs,eitherdirectlyorindirectly,fortherelevantassetorliability,includingquotedpricesforsimilarassetsorliabilitiesinactivemarkets,quotedpricesforidenticalorsimilarassetsorliabilitiesininactivemarkets,otherobservableinputssuchasinterestratesandyieldcurvesobservablewithinnormalquotationintervals,andmarket-verifiedinputs.;
(3)Level3inputsareunobservableinputsfortherelevantassetorliability,includinginterestrates,stockvolatilities,futurecashflowsofabandonmentobligationsassumedinbusinesscombinations,andfinancialforecastsmadeusingAutel'sowndata,thatcannotbedirectlyobservedorverifiedbyobservablemarketdata.
5.Impairmentoffinancialinstruments
Autelrecognizesimpairmentandlossprovisionsbasedonexpectedcreditlossesforfinancialassetsmeasuredatamortizedcost,debtinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,contractassets,leasereceivables,loancommitmentsotherthanthoseclassifiedasfinancialliabilitiesmeasuredatfairvaluewithchangesrecognizedinprofitorloss,andfinancialguaranteecontractsthat
arenotclassifiedasfinancialliabilitiesmeasuredatfairvaluewithchangesrecognizedinprofitorlossorfinancialliabilitiesarisingfromthetransferoffinancialassetsthatdonotmeetthederecognitioncriteria.Expectedcreditlossreferstotheweightedaverageofthecreditlossesofafinancialinstrument,weightedbytheriskofdefault.Creditlossreferstothepresentvalueofthedifferencebetweenallcontractualcashflowsreceivableandtheexpectedcashflows,discountedattheoriginaleffectiveinterestrate,i.e.,thepresentvalueofthetotalcashshortfall.ForfinancialassetsthatAutelhaspurchasedororiginatedwithincurredcreditimpairment,thepresentvalueisdiscountedusingthecredit-adjustedeffectiveinterestrateofthefinancialasset.Forpurchasedororiginatedfinancialassetswithincurredcreditimpairment,Autelrecognizesonlythecumulativechangesinexpectedcreditlossesfortheentirelifeoftheassetsinceitsinitialrecognition.
Forleasereceivablesandreceivablesarisingfromtransactionsregulatedby“AccountingStandardsforEnterprisesNo.14-Revenue”andcontractassets,Autelappliesasimplifiedmeasurementmethod,measuringlossprovisionsequivalenttotheexpectedcreditlossesovertheentirelifeoftheasset.
Forfinancialassetsotherthanthosemeasuredbythemethodsabove,Autelevaluatesateachbalancesheetdatewhetherthecreditriskhasincreasedsignificantlysinceinitialrecognition.Ifthecreditriskhasincreasedsignificantly,Autelmeasuresthelossprovisionbasedontheexpectedcreditlossesovertheentirelifeoftheasset;ifthecreditriskhasnotincreasedsignificantly,Autelmeasuresthelossprovisionbasedontheexpectedcreditlossesoverthenext12months.
Autelusesreasonableandsupportableinformationavailable,includingforward-lookinginformation,tocomparetheriskofdefaultatthebalancesheetdatewiththeriskofdefaultatinitialrecognitiontodeterminewhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognition.
Atthebalancesheetdate,ifAuteldeterminesthatafinancialinstrumenthaslowcreditrisk,itassumesthatthecreditriskhasnotincreasedsignificantlysinceinitialrecognition.
Autelassessesexpectedcreditriskandmeasuresexpectedcreditlosseseitheronanindividualfinancialinstrumentoronafinancialinstrumentportfoliobasis.Whenassessingonaportfoliobasis,wegroupfinancialinstrumentsbasedonsharedriskcharacteristics.
Autelre-measuresexpectedcreditlossesateachbalancesheetdate,andanyincreaseorreversaloflossprovisionsisrecognizedasimpairmentlossorgaininthecurrentprofitorloss.Forfinancialassetsmeasuredatamortizedcost,thelossprovisionreducesthecarryingvalueofthefinancialassetinthebalancesheet.Fordebtinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,Autelrecognizesthelossprovisioninothercomprehensiveincome,withoutadjustingthecarryingvalueofthefinancialasset.
6.Offsettingoffinancialassetsandfinancialliabilities
Financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotoffset.However,ifthefollowingconditionsaremet,Autelpresentsthenetamountoffinancialassetsandfinancialliabilitiesinthebalancesheet:(1)Autelhasalegalrighttooffsettherecognizedamounts,andthislegalrightiscurrentlyenforceable;(2)Autelintendstosettleonanetbasisorsimultaneouslyrealizethefinancialassetandsettlethefinancialliability.
Forfinancialassetstransferredthatdonotmeetthederecognitioncriteria,Auteldoesnotoffsetthetransferredfinancialassetsandrelatedliabilities.
12.Notesreceivable
√Applicable□NotApplicableCategoriesforprovisioningbaddebtbasedoncreditriskcharacteristicsanddeterminationbasis
√Applicable□NotApplicable
See"11.FinancialInstruments"abovefordetails.Agecalculationmethodforcreditriskcharacteristicsgroupbasedonage
□Applicable√NotApplicableProvisioningforbaddebtonanindividualbasisandcriteriaforindividualprovisioning
□Applicable√NotApplicable
13.Accountsreceivable
√Applicable□NotApplicable
Categoriesforprovisioningbaddebtbasedoncreditriskcharacteristicsanddeterminationbasis
√Applicable□NotApplicable
| Typeofgroup | Basisfordeterminingthegroup | Methodformeasuringexpectedcreditlosses |
| Otherreceivables—relatedpartygroupwithintheconsolidatedscope | Relatedpartieswithintheconsolidatedscope | Basedonhistoricalcreditlossexperience,combinedwithcurrentconditionsandforecastsoffutureeconomicconditions,expectedcreditlossesarecalculatedthroughtheexposuretodefaultriskandtheexpectedcreditlossrateforthenext12monthsortheentirelifeoftheasset. |
| Otherreceivables—speciallyidentifiedgroup(VATexporttaxrefund,VATrefundonsoftwareproducts,depositsandguarantees,pettycash,socialsecurityandhousingprovidentfundpaidonbehalfofemployees,employeeloans,equitytransferpaymentsreceivable) | Natureoftheamount | |
| Long-termreceivables—speciallyidentifiedgroup | ||
| Otherreceivables—ageinggroup | Ageing | Basedonhistoricalcreditlossexperience,combinedwithcurrentconditionsandforecastsoffutureeconomicconditions,atablecorrelatingageingofotherreceivableswithexpectedcreditlossratesispreparedtocalculateexpectedcreditlosses. |
| Notesreceivable—bankacceptedbills | Typeofbill | Basedonhistoricalcreditlossexperience,combinedwithcurrentconditionsandforecastsoffutureeconomicconditions,expectedcreditlossesarecalculatedthroughtheexposuretodefaultriskandtheexpectedcreditlossratefortheentirelifeoftheasset. |
| Notesreceivable—commercialacceptedbills | ||
| Accountsreceivable—relatedpartygroupwithintheconsolidatedscope | Relatedpartieswithintheconsolidatedscope | |
| Accountsreceivable—ageinggroup | Ageing | Basedonhistoricalcreditlossexperience,combinedwithcurrentconditionsandforecastsoffutureeconomicconditions,a |
Agecalculationmethodforcreditriskcharacteristicsgroupbasedonageing
√Applicable□NotApplicableAgeingandExpectedCreditLossRateTableforAgeingGroup
tablecorrelatingageingofaccountsreceivablewithexpectedcreditlossratesispreparedtocalculateexpectedcreditlosses.
Ageing
| Ageing | Accountsreceivableexpectedcreditlossrate(%) | Otherreceivablesexpectedcreditlossrate(%) | Long-termreceivablesexpectedcreditlossrate(%) |
| 1yearorless(inclusive) | 5.00 | 5.00 | 5.00 |
| 1-2years | 50.00 | 50.00 | 50.00 |
| Over2years | 100.00 | 100.00 | 100.00 |
Theageingofaccountsreceivable,long-termreceivablesandotherreceivablesiscalculatedfromthedateofinitialrecognition.Provisionforbaddebtonanindividualbasis—criteriaforindividualprovisioning
√Applicable□NotApplicable
Forreceivablesandcontractassetswithcreditriskssignificantlydifferentfromtheportfoliocreditrisk,Autelprovidesforexpectedcreditlossesonanindividualbasis.
14.Receivablesfinancing
□Applicable√NotApplicable
15.Otherreceivables
√Applicable□NotApplicableCategoriesforprovisioningbaddebtbasedoncreditriskcharacteristicsanddeterminationbasis
□Applicable√NotApplicableAgecalculationmethodforcreditriskcharacteristicsgroupbasedonageing
√Applicable□NotApplicable
See“13.AccountsReceivable"abovefordetails.
Provisioningforbaddebtonanindividualbasisandcriteriaforindividualprovisioning
√Applicable□NotApplicableSee“13.AccountsReceivable"abovefordetails.
16.Inventories
√Applicable□NotApplicableInventorycategories,pricingmethodsforissuedgoods,inventorysystem,amortizationmethodsforlow-valueconsumablesandpackagingmaterials
√Applicable□NotApplicable
1.ClassificationofinventoriesInventoriesincludefinishedgoodsormerchandiseheldforsaleintheordinarycourseofbusiness,work-in-progress,andmaterialsandsuppliesconsumedduringproductionortheprovisionofservices.
2.ValuationmethodforissuedinventoriesIssuedinventoriesarevaluedusingtheweightedaveragemethod.
3.InventorysystemTheinventorysystemusedisaperpetualinventorysystem.
4.Amortizationmethodforlow-valueconsumablesandpackagingmaterialsThemethodofamortizationusedisthewrite-offmethod.Recognitionstandardsandprovisioningmethodforinventoryimpairment
√Applicable□NotApplicable
Atthebalancesheetdate,inventoriesaremeasuredatthelowerofcostornetrealizablevalue.Aprovisionforinventoryimpairmentisrecognizedforthedifferencebetweenthecostandthenetrealizablevalueofinventories.Forinventoriesdirectlyheldforsale,thenetrealizablevalueisdeterminedbasedontheestimatedsellingpricelessestimatedsellingcostsandrelatedtaxesinthenormalcourseofproductionandbusiness.Forinventoriesthatrequireprocessing,thenetrealizablevalueisdeterminedbasedontheestimatedsellingpriceofthefinishedgoodsproduced,lessestimatedcoststocomplete,estimatedsellingexpenses,andrelatedtaxes.Atthebalancesheetdate,forinventorieswheresomeportionshavecontractualpricesandotherportionsdonot,thenetrealizable
valueisdeterminedseparatelyforeachportionandcomparedwiththeirrespectivecosts,andthecorrespondingimpairmentprovisionisrecognizedorreversedaccordingly.Categoriesforprovisioninginventoryimpairmentbasedonportfolioanddeterminationbasis
□Applicable√NotApplicableAgeing-basedcalculationmethodanddeterminationbasisfornetrealizablevalueforinventorycombinationsbyage
□Applicable√NotApplicable
17.Non-currentassetsheldforsaleordisposalgroups
□Applicable√NotApplicableRecognitionstandardsandaccountingtreatmentfornon-currentassetsheldforsaleordisposalgroups
□Applicable√NotApplicableRecognitionstandardsandreportingmethodfordiscontinuedoperations
□Applicable√NotApplicable
18.Long-termequityinvestments
√Applicable□NotApplicable
1.JudgmentofjointcontrolandsignificantinfluenceJointcontrolisrecognizedwhenthereissharedcontroloveranarrangement,andtherelevantactivitiesofthearrangementcanonlybedecidedwiththeunanimousconsentoftheparticipatingpartiesholdingcontrol.Significantinfluenceisrecognizedwhentheinvestorhasthepowertoparticipateindecisionsonthefinancialandoperatingpoliciesoftheinvestee,butdoesnotcontrolorjointlycontrolthosepolicieswithotherparties.
2.Determinationofinvestmentcost
(1)Forbusinesscombinationsundercommoncontrol,theacquirer’sinitialinvestmentcostisbasedonthebookvalueoftheinvestee’sequityintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyasofthemergerdate.Thedifferencebetween
theinitialinvestmentcostandthemergerconsiderationpaidorthetotalnominalvalueofsharesissuedisadjustedagainstcapitalreserve.Ifthecapitalreserveisinsufficient,theadjustmentismadeagainstretainedearnings.
IfAutelacquireslong-termequityinvestmentsinstepsthroughmultipletransactionsundercommoncontrol,thedeterminationofwhetheritconstitutesa"packagedeal"ismade.Ifitisa"packagedeal,"eachtransactionisaccountedforasasingletransactionofacquiringcontrol.Ifitisnota"packagedeal,"theinitialinvestmentcostisdeterminedbasedontheinvestee’sshareofnetassetsintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthemergerdate.Thedifferencebetweentheinitialinvestmentcostandthebookvalueofpreviouslyheldequityinvestmentsandtheadditionalconsiderationpaidonthemergerdateisadjustedagainstcapitalreserve.Ifthecapitalreserveisinsufficient,theadjustmentismadeagainstretainedearnings.
(2)Forbusinesscombinationsnotundercommoncontrol,theinitialinvestmentcostisbasedonthefairvalueofthemergerconsiderationpaidonthepurchasedate.
Iflong-termequityinvestmentsareacquiredthroughmultipletransactionsundernon-commoncontrol,theaccountingtreatmentisdeterminedseparatelyforindividualfinancialstatementsandconsolidatedfinancialstatements:
1)Intheindividualfinancialstatements,theinitialinvestmentcostisthesumoftheoriginalcarryingamountoftheequityinvestmentandtheadditionalinvestmentcost.
2)Intheconsolidatedfinancialstatements,thedeterminationofwhetheritconstitutesa"packagedeal"ismade.Ifitisa"packagedeal,"eachtransactionisaccountedforasasingletransactionofacquiringcontrol.Ifitisnota"packagedeal,"thepreviouslyheldequityinvestmentsarere-measuredatfairvalueonthepurchasedate,andthedifferencebetweenthefairvalueandcarryingvalueisrecognizedasinvestmentincomeforthecurrentperiod.Othercomprehensiveincomerelatedtotheequityinvestments,suchasundertheequitymethod,isreclassifiedtocurrent-periodincome.
(3)Foracquisitionsotherthanbusinesscombinations:Cashpayments:theinitialinvestmentcostisbasedontheactualamountpaidfortheacquisition.Equitysecuritiesissued:theinitialinvestmentcostisbasedonthefairvalueoftheequitysecuritiesissued.Debtrestructuring:theinitialinvestmentcostisdeterminedinaccordancewithAccountingStandardsforEnterprisesNo.12-DebtRestructuring.Non-monetaryassetexchange:theinitialinvestmentcostisdeterminedinaccordancewithAccountingStandardsforEnterprisesNo.7-Non-MonetaryAssetExchange.
3.Subsequentmeasurementandprofit/lossrecognitionLong-termequityinvestmentswhereAutelhascontrolovertheinvesteeareaccountedforusingthecostmethod.Investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod.
4.Accountingtreatmentforstepwisedisposalofsubsidiaryinvestmentuntillossofcontrol
(1)Judgmentof"packagedeal"
WhenAuteldisposesofitssubsidiaryinvestmentinmultipletransactionsuntilitlosescontrol,thejudgmentofwhetheritconstitutesa"packagedeal"ismadebyconsideringthetermsofeachtransaction,theconsiderationreceived,thepartiesinvolved,themethodofdisposal,andthetimingofdisposal.Iftheterms,conditions,andeconomicimpactofthetransactionsmeetoneormoreofthefollowingconditions,theygenerallyindicatethatthemultipletransactionsconstitutea"packagedeal":
1)Thesetransactionsareenteredintosimultaneouslyorwithconsiderationoftheirmutualeffects;
2)Thesetransactions,asawhole,mustresultinacompletecommercialoutcome;
3)Theoccurrenceofonetransactiondependsontheoccurrenceofatleastoneothertransaction;
4)Atransactionaloneisuneconomical,butwhenconsideredtogetherwithothertransactions,itiseconomic.
(2)Accountingtreatmentfornon-"packagedeal"
1)Individualfinancialstatements
Forthedisposedequity,thedifferencebetweenthecarryingvalueandtheconsiderationreceivedisrecognizedinthecurrentperiod’sprofitorloss.Fortheremainingequity,ifAutelstillhassignificantinfluenceorjointlycontrolstheinvestee,ittransitionstotheequitymethod.IfAutelcannolongerexercisecontrol,jointcontrol,orsignificantinfluence,theinvestmentisaccountedforinaccordancewithAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.
2)Consolidatedfinancialstatements
Beforelosingcontrol,thedifferencebetweenthedisposalconsiderationandtheshareofnetassetscorrespondingtothedisposedlong-termequityinvestmentisadjustedagainstcapitalreserve(capitalsurplus).Ifcapitalreserveisinsufficient,theadjustmentismadeagainstretainedearnings.
Uponlosingcontrol,theremainingequityisre-measuredatitsfairvalueonthedateoflosingcontrol.Thedisposalconsideration,combinedwiththefairvalueoftheremainingequity,minustheshareofnetassetsAutelisentitledtofromtheoriginalsubsidiarysincethepurchasedateormergerdate,isrecognizedasinvestmentincomeinthecurrentperiod,andgoodwillisadjusted.Anyothercomprehensiveincomerelatedtotheoriginalsubsidiaryequityinvestmentisreclassifiedtocurrent-periodinvestmentincome.
(3)Accountingtreatmentfor"packagedeal"
1)Individualfinancialstatements
Eachtransactionisaccountedforasasingletransactionofdisposingofthesubsidiaryandlosingcontrol.However,thedifferencebetweenthedisposalconsiderationandthecarryingvalueofthelong-termequityinvestmentforeachdisposalstepisrecognizedasothercomprehensiveincomeinindividualfinancialstatementsandreclassifiedtoprofitorlossatthepointoflosingcontrol.
2)Consolidatedfinancialstatements
Eachtransactionisaccountedforasasingletransactionofdisposingofthesubsidiaryandlosingcontrol.However,thedifferencebetweenthedisposalconsiderationandtheshareofnetassetscorrespondingtothedisposedinvestmentisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatementsandreclassifiedtoprofitorlossuponlosingcontrol.
19.InvestmentpropertiesNotapplicable.
20.Fixedassets
(1).Recognitioncriteria
√Applicable□NotApplicable
Fixedassetsrefertotangibleassetsheldforthepurposeofproducinggoods,providingservices,leasing,ormanagingoperations,withausefullifeexceedingoneaccountingperiod.Fixedassetsarerecognizedwhenitisprobablethateconomicbenefitswillflowtotheentityandthecostcanbemeasuredreliably.
(2).Depreciationmethod
√Applicable□NotApplicable
| Category | Depreciationmethod | Depreciationperiod(years) | Salvagevaluerate | Annualdepreciationrate |
| Buildingsandstructures | Straight-lineMethod | 20-40 | 5 | 2.38-4.75 |
| Electronicequipment | Straight-lineMethod | 5-10 | 5 | 9.50-19.00 |
| Transportationequipment | Straight-lineMethod | 5 | 5 | 19.00 |
| Otherequipment | Straight-lineMethod | 3-5 | 5 | 19.00-31.67 |
21.Constructioninprogress
√Applicable□NotApplicable
1.Constructioninprogressisrecognizedwhenitisprobablethateconomicbenefitswillflowtotheentityandthecostcanbereliablymeasured.Constructioninprogressismeasuredattheactualcostsincurredbeforetheassetisreadyforitsintendeduse.
2.Whenconstructioninprogressisreadyforitsintendeduse,itistransferredtofixedassetsattheactualcostincurred.Ifconstructioninprogressreachesitsintendedusebutthecompletionsettlementhasnotbeenprocessed,itisfirsttransferredtofixedassetsatanestimatedvalue.Afterthecompletionsettlementisdone,thetransfervalueisadjustedtotheactualcost,butthedepreciationpreviouslyrecognizedisnotadjusted.
| Category | Criteriaandtimingfortransferringconstructioninprogresstofixedassets |
| Machineryandequipment | Afterinstallationandcommissioning,meetsdesignrequirementsorcontractspecifications |
| Buildingsandstructures | Themainconstructionworkandsupportingprojectsaresubstantiallycompleted,meettheintendeddesignrequirements,andhavepassedinspection |
22.Borrowingcosts
□Applicable√NotApplicable
23.Livingassets
□Applicable√NotApplicable
24.Oilandgasassets
□Applicable√NotApplicable
25.Intangibleassets
(1).UsefullifeandbasisforDetermination,EstimatedSituation,AmortizationMethodorReviewProcess
√Applicable□NotApplicable
1.Intangibleassetsincludelanduserights,patents,andnon-patentedtechnologies,whichareinitiallymeasuredatcost.
2.Forintangibleassetswithafiniteusefullife,amortizationissystematicallyrecognizedovertheirusefullifebasedontheexpectedmethodofrealizingeconomicbenefitsrelatedtotheasset.Iftheexpectedmethodcannotbereliablydetermined,thestraight-linemethodisused.Thespecificusefullivesareasfollows:
| Item | Usefullifeandbasisfordetermination | Amortizationmethod |
| Landuserights | 50yearsbasedonlanduserightterm | Straight-linemethod |
| Patents | 10yearsbasedonexpectedbenefitperiod | Straight-linemethod |
| Registeredmarks | 10yearsbasedonexpectedbenefitperiod | Straight-linemethod |
| Proprietarytechnology | 5yearsbasedonexpectedbenefitperiod | Straight-linemethod |
| Software | 5-10yearsbasedonexpectedbenefitperiod | Straight-linemethod |
(2).ScopeofR&Dexpensesandrelatedaccountingtreatment
√Applicable□NotApplicable
(1)Employeecompensationandbenefits
Employeecompensationandbenefitsincludethesalaries,basicpensioninsurance,basicmedicalinsurance,unemploymentinsurance,workinjuryinsurance,maternityinsurance,housingprovidentfund,andseverancebenefitsforAutel’sR&Dpersonnel.
IfR&Dpersonnelworkonmultipleresearchprojects,theemployeecompensationandbenefitsareallocatedproportionallyamongthedifferentresearchprojectsbasedontheworkhourrecordsprovidedbythemanagementdepartmentforeachproject.
ForpersonneldirectlyinvolvedinR&DactivitiesorexternalR&Dpersonnelalsoinvolvedinnon-R&Dactivities,AutelallocatestheactualemployeecompensationandbenefitsbetweenR&Dexpensesandoperatingexpensesbasedonworkhourrecords,reasonableallocationmethods,andotherfactorssuchasactualworkhours.
(2)Materialconsumption
MaterialconsumptionreferstotherelatedexpensesactuallyincurredbyustoimplementR&Dactivities.Theseinclude:1)Materials,fuel,andpowercostsdirectlyconsumed;2)molds,processequipmentdevelopmentandmanufacturingcostsusedinintermediatetrialsandproductprototypes,thecostofnon-fixedassetsamples,prototypes,andgeneraltestingmeans,andinspectionfeesfortrialproducts;3)costsfortheoperation,maintenance,adjustment,inspection,testing,andrepairofinstrumentsandequipmentusedinR&Dactivities.
(3)Depreciationandamortization
Depreciationreferstothedepreciationofinstruments,equipment,andbuildingsusedinR&Dactivities.
Forinstruments,equipment,andbuildingsusedinbothR&Dandnon-R&Dactivities,AutelkeepsnecessaryrecordsoftheirusageandallocatestheactualdepreciationcostsbetweenR&Dexpensesandoperatingexpensesbasedonactualworkhoursandusagearea.
Amortizationoflong-termprepaidexpensesreferstotheamortizationoflong-termprepaidexpensesincurredduringtherenovation,refurbishment,andrepairofR&Dfacilities,whicharegatheredbasedonactualexpendituresandamortizedoveraspecifiedperiod.
AmortizationofintangibleassetsreferstotheamortizationofintangibleassetsusedinR&Dactivities,suchassoftware,intellectualpropertyrights,andnon-patentedtechnologies(proprietarytechnologies,licenses,designs,andcalculationmethods).
(4)Rentandmanagementfees
RentandmanagementfeesprimarilyaccountforpropertymanagementandutilitycostsrelatedtoR&Dactivities.
(5)Transportationandtravelexpenses
Transportationandtravelexpensesprimarilyincludetravelexpenses,localtransportationcosts,andcarexpensesforR&Dpersonnel.
(6)EntrustedR&Dcosts
EntrustedR&DcostsrefertotheexpensesincurredbyAutelforcommissioningotherdomesticorforeigninstitutionsorindividualstoconductR&Dactivities(theresultsofwhichbelongtoAutelandarecloselyrelatedtoAutel’smainbusinessoperations).
(7)Otherexpenses
OtherexpensesrefertoanyadditionalcostsdirectlyrelatedtoR&Dactivities,includingtechnicalbookandmaterialcosts,translationfees,expertconsultingfees,
high-techR&Dinsurancefees,search,demonstration,evaluation,certification,andacceptancefeesforR&Doutcomes,intellectualpropertyapplication,registration,andagencyfees,meetingfees,travelexpenses,andcommunicationfees.
4.InternalR&Dprojectcostsduringtheresearchphase.InternalR&Dprojectcostsduringtheresearchphasearerecognizedasanexpenseinthecurrentperiod.ExpendituresforinternalR&Dprojectsduringthedevelopmentphasearerecognizedasintangibleassetsiftheymeetthefollowingconditions:(1)Theintangibleassetistechnicallyfeasibleforuseorsale;(2)thereisanintentiontocompletetheintangibleassetanduseorsellit;(3)theeconomicbenefitsfromtheintangibleasset,includingevidenceofmarketfortheproductproducedusingtheintangibleasset,orfortheintangibleassetitself,ifitisintendedforinternaluse;(4)sufficienttechnical,financial,andotherresourcesareavailabletocompletethedevelopmentoftheintangibleasset,andthereistheabilitytouseorsellit;(5)expendituresrelatedtothedevelopmentphaseoftheintangibleassetcanbereliablymeasured.
5.CompanystandardsforclassifyingInternalR&Dprojectexpendituresintoresearchanddevelopmentphases：
Expendituresforplannedinvestigations,evaluations,andselectionsfortheresearchofproductsareclassifiedasresearchphaseexpenses.Expendituresfordesignandtestingrelatedtothefinalapplicationoftheproductbeforemassproductionareclassifiedasdevelopmentphaseexpenses.
26.Impairmentoflong-termassets
√Applicable□NotApplicable
Forlong-termassetssuchaslong-termequityinvestments,fixedassets,constructioninprogress,right-of-useassets,andintangibleassetswithafiniteusefullife,therecoverableamountisestimatedwhentherearesignsofimpairmentonthebalancesheetdate.Forgoodwillarisingfrombusinesscombinationsandintangibleassetswithindefiniteusefullives,impairmenttestingisconductedannually,regardlessofwhetherthereareimpairmentindicators.Goodwillistestedforimpairmentinconjunctionwiththerelevantassetgrouporgroups.
Iftherecoverableamountoftheabovelong-termassetsislessthantheircarryingamount,animpairmentprovisionisrecognizedforthedifferenceandchargedtothecurrentprofitorloss.
27.Long-termprepaidexpense
√Applicable□NotApplicableLong-termprepaidexpensesaccountforexpendituresalreadyincurredthatwillbeamortizedoveraperiodofmorethanoneyear.Thesearerecordedatactualcostsandamortizedevenlyoverthebenefitperiodorthespecifiedperiod.Ifanylong-termprepaidexpensenolongerbenefitsfutureperiods,theunamortizedbalanceoftheexpenseischargedtothecurrentperiod’sprofitorloss.
28.Contractassetsandliabilities
√Applicable□NotApplicable
Autelrecognizescontractassetsorliabilitiesinthebalancesheetbasedontherelationshipbetweentheperformanceobligationsandcustomerpayments.Contractassetsandcontractliabilitiesunderthesamecontractareoffsetandpresentedattheirnetamount.Autelrecognizesunconditionalrightstoreceiveconsiderationfromcustomersasreceivablesandrecognizestherighttoreceiveconsiderationforgoodstransferredtocustomers(dependentonfactorsotherthanthepassageoftime)ascontractassets.
Contractliabilitiesarerecognizedforobligationstotransfergoodstocustomersinexchangeforconsiderationthathasbeenreceivedorisreceivable.
29.Employeebenefits
(1).Accountingtreatmentforshort-termcompensation
√Applicable□NotApplicable
Short-termcompensationisrecognizedasaliabilityintheperiodinwhichtheservicesareprovidedbyemployeesandchargedtothecurrentprofitorlossorrelatedassetcost.
(2).Accountingtreatmentforpost-employmentbenefits
√Applicable□NotApplicable
Post-employmentbenefitsaredividedintodefinedcontributionplansanddefinedbenefitplans.
(1)Fordefinedcontributionplans,theamounttobecontributedisrecognizedasaliabilityintheperiodtheemployeeprovidesservicesandchargedtothecurrentprofitorlossorrelatedassetcost.
(2)Fordefinedbenefitplans,theaccountingtreatmentgenerallyincludesthefollowingsteps：
1)Usingtheexpectedaccumulatedbenefitsmethod,estimatesaremadefordemographicvariablesandfinancialvariables,withactuarialassumptionsthatareunbiasedandinternallyconsistent.Theobligationsunderthedefinedbenefitplansaremeasured,andtheperiodsinwhichtherelatedobligationsfallaredetermined.Theobligationsarethendiscountedtodeterminethepresentvalueoftheobligationsandthecurrentservicecost.
2)Ifthedefinedbenefitplanhasassets,thedeficitorsurplusisrecognizedasanetliabilityornetasset,determinedbysubtractingthefairvalueoftheplanassetsfromthepresentvalueoftheplanobligations.Ifthereisasurplusinthedefinedbenefitplan,thenetassetismeasuredasthelowerofthesurplusortheupperlimitoftheassetsintheplan.
3)Attheendoftheperiod,thecostofemployeebenefitsarisingfromthedefinedbenefitplanisrecognizedasservicecost,netinterestonthenetliabilityornetasset,andre-measurementchangesofthenetliabilityornetasset.Theservicecostandthenetinterestonthenetliabilityornetassetarechargedtocurrentprofitorlossorrelatedassetcost,andthere-measurementchangesarechargedtoothercomprehensiveincome,whichcannotbereclassifiedtoprofitorlossinsubsequentperiods,buttheamountsrecognizedinothercomprehensiveincomemaybetransferredwithinequity.
(3).Accountingtreatmentforterminationbenefits
√Applicable□NotApplicable
Terminationbenefitsprovidedtoemployeesarerecognizedasanemployeecompensationliabilityandchargedtocurrentprofitorlosswhentheearlierofthefollowingoccurs:(1)Autelcannolongerwithdrawtheterminationbenefitsduetotheterminationordownsizingplan;(2)Autelrecognizesthecostsorexpensesrelatedtoarestructuringthatinvolvesthepaymentofterminationbenefits.
(4).Accountingtreatmentforotherlong-termemployeebenefits
√Applicable□NotApplicable
Forotherlong-termbenefitsprovidedtoemployees,thosethatmeettheconditionsforadefinedcontributionplanareaccountedforinaccordancewiththerelatedregulations.Forotherlong-termbenefitsnotmeetingtheseconditions,theaccountingtreatmentfollowstheguidelinesfordefinedbenefitplans.Thetotalnetamountoftheemployeebenefitscost,
netinterestonthenetliabilityornetasset,andre-measurementchangesofthenetliabilityornetassetarerecognizedasservicecosts,withthechangesaccountedforinthecurrentprofitorlossorrelatedassetcost.
30.Provisions
√Applicable□NotApplicable
1.Aprovisionforobligationsarisingfromcontingenteventssuchasguarantees,litigationmatters,productwarranties,losscontracts,andreturns,isrecognizedwhentheobligationbecomesapresentobligationofAutel,andthesettlementoftheobligationislikelytoresultinanoutflowofeconomicbenefitsfromAutel,andtheamountoftheobligationcanbereliablymeasured.
2.Autelinitiallymeasuresprovisionsbasedonthebestestimateoftheexpendituresrequiredtosettlethepresentobligationandreviewsthecarryingvalueoftheprovisiononthebalancesheetdate.
31.Share-basedpayments
√Applicable□NotApplicable
1.Typesofshare-basedpayments
Share-basedpaymentsincludeequity-settledshare-basedpaymentsandcash-settledshare-basedpayments.
2.Accountingtreatmentfortheimplementation,modification,andterminationofShare-basedpaymentplans
(1)Equity-settledshare-basedpayments
Forequity-settledshare-basedpaymentsthatareexercisableimmediatelyafterthegrantdateinexchangeforemployeeservices,thefairvalueoftheequityinstrumentsisrecognizedasrelatedcostsorexpensesonthegrantdate,withthecorrespondingadjustmenttocapitalreserve.Forequity-settledshare-basedpaymentswhereemployeesmustcompleteawaitingperiodormeetspecificperformanceconditionsbeforebecomingexercisable,theservicereceivedduringthewaitingperiodisrecognizedascostsorexpensesbasedonthebestestimateofthenumberofexercisableequityinstruments,usingthefairvalueoftheequityinstrumentsonthegrantdate.Thecorrespondingadjustmentismadetocapitalreserve.
Equity-settledshare-basedpaymentsinexchangeforservicesfromotherparties,ifthefairvalueoftheotherparty’sservicescanbereliablymeasured,aremeasuredatthefairvalueoftheservicesonthedatereceived;ifthefairvalueoftheservicescannotbereliablymeasured,butthefairvalueoftheequityinstrumentscanbereliablymeasured,theyaremeasuredatthefairvalueoftheequityinstrumentsonthedatetheservicesarereceived,andthecorrespondingcostsorexpensesarerecognized,withthecorrespondingincreaseinequity.
(2)Cash-settledshare-basedpayments
Forcash-settledshare-basedpaymentsexercisableimmediatelyafterthegrantdateinexchangeforemployeeservices,thefairvalueoftheliabilityassumedbyAutelisrecognizedasrelatedcostsorexpensesonthegrantdate,withthecorrespondingincreaseinliabilities.Forcash-settledshare-basedpaymentsthatrequireemployeestocompleteawaitingperiodormeetspecificperformanceconditionsbeforebecomingexercisable,theservicereceivedduringthewaitingperiodisrecognizedascostsorexpensesbasedonthebestestimateofexercisability,usingthefairvalueoftheliabilityassumedbyAutel.
(3)Modificationandterminationofshare-basedpaymentplans
Ifthemodificationincreasesthefairvalueofthegrantedequityinstruments,Autelrecognizesanincreaseintheservicereceivedbasedontheincreaseinthefairvalueoftheequityinstruments.Ifthemodificationincreasesthenumberofequityinstrumentsgranted,werecognizeanincreaseintheservicereceivedbasedontheincreaseinthefairvalueoftheadditionalequityinstruments.IfAutelmodifiestheexercisabilityconditionsinawaythatisbeneficialtotheemployees,themodifiedexercisabilityconditionswillbeconsideredwhenprocessingtheexercisabilityconditions.
Ifthemodificationdecreasesthefairvalueofthegrantedequityinstruments,wecontinuetorecognizetheservicereceivedbasedonthefairvalueoftheequityinstrumentsonthegrantdate,withoutconsideringthedecreaseinthefairvalue.Ifthemodificationdecreasesthenumberofequityinstrumentsgranted,thedecreaseistreatedasacancellationofthegrantedequityinstruments.Ifthemodificationtotheexercisabilityconditionsisunfavorabletotheemployees,themodifiedexercisabilityconditionsarenotconsideredwhenprocessingtheexercisabilityconditions.
IfAutelcancelsthegrantedequityinstrumentsduringthewaitingperiodorsettlesthegrantedequityinstruments(exceptwhentheinstrumentsarecanceledduetounmetexercisabilityconditions),thecancellationorsettlementistreatedasaccelerated
exercisability,andtheamountthatwouldhavebeenrecognizedduringtheremainingwaitingperiodisimmediatelyrecognized.
32.Preferredshares,perpetualbonds,andotherfinancialinstruments
□Applicable√NotApplicable
33.Revenue
√Applicable□NotApplicable
1.RevenuerecognitionprincipleAtthecontractinceptiondate,Autelassessesthecontract,identifiestheindividualperformanceobligationsincludedinthecontract,anddetermineswhethereachperformanceobligationissatisfiedoveraperiodoftimeoratapointintime.Revenueisrecognizedovertimeifanyofthefollowingconditionsaremet;otherwise,itisrecognizedatapointintime:(1)Thecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbyourperformanceasweperform;(2)thecustomercontrolsthework-in-progressgoodsduringourperformance;(3)thegoodsproducedbyAutelduringperformancehavenoalternativeuse,andAutelhastherighttoreceivepaymentfortheportionoftheperformancecompletedtodateduringthecontractperiod.
Forperformanceobligationssatisfiedovertime,Autelrecognizesrevenuebasedontheprogresstowardcompletionduringtheperiod.Iftheprogressofcompletioncannotbereliablydetermined,revenueisrecognizedbasedonthecostsincurred,totheextentthattheyareexpectedtoberecoverable,untiltheprogresscanbereliablydetermined.Forperformanceobligationssatisfiedatapointintime,revenueisrecognizedwhenthecustomerobtainscontroloftherelevantgoodsorservices.Indeterminingwhetherthecustomerhasobtainedcontrolofthegoods,Autelconsidersthefollowingindicators:(1)Autelhasapresentrighttocollectpaymentforthegoods,i.e.,thecustomerhasanobligationtopayforthegoods;(2)Thelegalownershipofthegoodshasbeentransferredtothecustomer,i.e.,thecustomerhaslegalownershipofthegoods;(3)thephysicalgoodshavebeentransferredtothecustomer,i.e.,thecustomerhaspossessionofthegoods;(4)thesignificantrisksandrewardsofownershipofthegoodshavebeentransferredtothecustomer,i.e.,thecustomerhasobtainedthemainrisksandrewardsofownership;(5)thecustomerhasacceptedthegoods;(6)otherindicatorsthatthecustomerhasobtainedcontrolofthegoods.
2.Revenuemeasurementprinciple
(1)Autelmeasuresrevenuebasedonthetransactionpriceallocatedtoeachperformanceobligation.ThetransactionpriceistheamountofconsiderationthatAutelexpectstoreceivefortransferringgoodsorservicestothecustomer,excludingamountscollectedonbehalfofthirdpartiesandamountsexpectedtoberefundedtothecustomer.
(2)Whenthecontractincludesvariableconsideration,estimatesthebestpossibleamountofvariableconsiderationbasedoneithertheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingvariableconsiderationshouldnotexceedtheamountofrevenuethatishighlylikelynottobereversedoncetherelateduncertaintyisresolved.
(3)Whenthecontractcontainsasignificantfinancingcomponent,wedeterminethetransactionpricebasedontheamountpayablebythecustomerasifpaymentforthegoodsorservicesweremadeincashatthetimethecustomerobtainscontrol.Thedifferencebetweenthetransactionpriceandthecontractconsiderationisamortizedusingtheeffectiveinterestmethodoverthecontractterm.Ifweexpectthecustomertoobtaincontrolofthegoodsorservicesandthepaymentintervalisnolongerthanoneyear,thesignificantfinancingcomponentisnotconsidered.
(4)Whenthecontractincludestwoormoreperformanceobligations,theCompanyallocatesthetransactionpricetoeachperformanceobligationbasedontherelativestandalonesellingpricesofthegoodsorservicespromisedinthecontract.
3.Specificrevenuerecognitionmethods
Autel'ssalesofgoodsmainlyincludesalesofautomotiveintegrateddiagnosticproducts,TPMSandADASproducts,automotiveelectroniccomponents,andnewenergyproducts.Additionally,theCompanyprovidessoftwarecloudservicesfortheseproducts.Thespecificrevenuerecognitionmethodsforeachtypeofbusinessareasfollows:
(1)Saleofgoods
Autel'sproductsalesareperformanceobligationssatisfiedatapointintime.Revenueisrecognizedwhentheproductisdeliveredtothepurchaserortheirdesignatedagent,thecustomerconfirmsreceiptoftheproductorcompletesthecustomsclearanceandobtainsthebilloflading,paymentisreceived,ortherighttocollectpaymentisestablished,anditishighlyprobablethattherelatedeconomicbenefitswillflowtoAutel.
(2)Softwarecloudservices
ThesoftwarecloudservicesprovidedbyAutelareperformanceobligationssatisfiedovertime.Revenueisrecognizedbasedontheproportionofservicesprovidedrelativetothetotalserviceperiodagreeduponinthecontract.
34.Contractacquisitioncostsandcontractperformancecosts
√Applicable□NotApplicable
Autelrecognizestheincrementalcostsincurredtoobtainacontractasanasset,providedthatthecostsareexpectedtoberecoverable.Iftheamortizationperiodofcontractacquisitioncostsdoesnotexceedoneyear,thesecostsaredirectlyrecognizedinthecurrentprofitorlosswhenincurred.
Autelrecognizesasanassetthecostsincurredtofulfillacontract,providedthesecostsdonotfallunderthescopeofinventory,fixedassets,orintangibleassets,andthefollowingconditionsaremet:
1.Thecostsaredirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingcosts(orsimilarexpenses),costsexplicitlybornebythecustomer,andothercostsincurredsolelyduetothecontract;
2.ThecostsincreasetheresourcestheCompanywillusetofulfillitsperformanceobligationsinthefuture;
3.Thecostsareexpectedtoberecoverable.
Autelamortizesassetsrelatedtocontractcostsbasedonthesamebasisastherecognitionofrevenuefortherelatedgoodsorservices,andtheamortizationisrecognizedinthecurrentprofitorloss.
Ifthecarryingvalueofanassetrelatedtocontractcostsexceedstheexpectedremainingconsiderationthatcouldbeobtainedfromtransferringtherelatedgoodsorservices,minustheestimatedcoststobeincurred,Autelrecognizesanimpairmentprovisionfortheexcess,whichisrecordedasanimpairmentloss.Ifthefactorscausingimpairmentchangeinfutureperiods,resultinginanexpectedhigherremainingconsiderationforthetransferredgoodsorservices,thepreviouslyrecognizedimpairmentprovisionisreversedandincludedinthecurrentprofitorloss,butthecarryingvalueoftheassetafterreversalshallnotexceedwhatthecarryingvaluewouldhavebeenwithouttheimpairmentprovision.
35.Governmentgrants
√Applicable□NotApplicable
1.Governmentgrantsarerecognizedwhenbothofthefollowingconditionsaremet:
(1)Thecompanycanmeettheconditionsattachedtothegovernmentgrant;(2)Thecompanyisabletoreceivethegovernmentgrant.Forgovernmentgrantsintheformofmonetaryassets,thegrantismeasuredattheamountreceivedorreceivable.Forgovernmentgrantsintheformofnon-monetaryassets,theyaremeasuredatfairvalue;ifthefairvaluecannotbereliablyobtained,theyaremeasuredatnominalvalue.
2.JudgmentbasisandaccountingtreatmentofgovernmentgrantsrelatedtoassetsGovernmentgrantsthataredesignatedfortheacquisitionorformationoflong-termassets,aspergovernmentregulations,areclassifiedasgovernmentgrantsrelatedtoassets.Ifgovernmentdocumentsarenotspecific,thebasicconditionsforobtainingthegrantareusedtodeterminewhetheritisrelatedtoanasset.Ifthegrantisrelatedtoanasset,itisdeductedfromthecarryingvalueoftherelatedassetorrecognizedasdeferredincome.Deferredincomeisamortizedovertheusefullifeoftherelatedasset,usingareasonableandsystematicmethod.Governmentgrantsmeasuredatnominalvaluearedirectlyrecognizedinthecurrentprofitorloss.Iftherelatedassetissold,transferred,scrapped,orimpairedbeforetheendofitsusefullife,theunamortizedbalanceofdeferredincomeistransferredtotheprofitorlossfortheperiodofassetdisposal.
3.JudgmentbasisandaccountingtreatmentofgovernmentgrantsrelatedtoincomeGovernmentgrantsotherthanthoserelatedtoassetsareclassifiedasgovernmentgrantsrelatedtoincome.Forgovernmentgrantsthatincludebothasset-relatedandincome-relatedportions,ifitisdifficulttodistinguishbetweenthem,theentiregrantisclassifiedasincome-related.Governmentgrantsrelatedtoincome,intendedtocompensateforfuturecostsorlosses,arerecognizedasdeferredincome,andtherelevantamountsarerecognizedasincomeduringtheperiodwhenthecostsorlossesarerecognized.Ifthegrantsareforcostsorlossesalreadyincurred,theyarerecognizeddirectlyinthecurrentprofitorlossordeductedfromtherelatedcosts.
4.GovernmentgrantsrelatedtoAutel'sdailyoperatingactivitiesarerecognizedasotherincomeordeductedfromrelatedcostsandexpensesbasedonthesubstanceoftheeconomictransaction.GovernmentgrantsunrelatedtoAutel'sdailyoperationsarerecognizedasnon-operatingincome.
5.Accountingtreatmentforsubsidizedloans
(1)Ifthegovernmentallocatesinterestsubsidiestothelendingbank,whichthenprovidestheloantoAutelatapolicy-basedpreferentialinterestrate,theactualloanamountreceivedisrecognizedasthevalueoftheloan,withrelevantborrowingcostscalculatedbasedontheprincipalandthepolicy-basedpreferentialinterestrate.
(2)IfthegovernmentdirectlyallocatestheinterestsubsidytoAutel,thecorrespondingsubsidyamountisdeductedfromtherelevantborrowingcosts.
36.Leases
√Applicable□NotApplicableJudgmentbasisandaccountingtreatmentforshort-Termleasesandlow-valueassetleasesaslessee
√Applicable□NotApplicable
Attheleasecommencementdate,Autelrecognizesleasesasshort-termleasesiftheleasetermis12monthsorlessanddoesnotincludeapurchaseoption.Leasesoflow-valueassetitems(suchasnewassetswithrelativelylowvalue)arerecognizedaslow-valueassetleases.IfAutelsubleasesorexpectstosubleaseleasedassets,theoriginalleaseisnotrecognizedasalow-valueassetlease.
Forallshort-termleasesandlow-valueassetleases,Autelrecognizesleasepaymentsaspartofrelatedassetcostsorcurrentperiodprofitorlossonastraight-linebasisovertheleaseterm.
Exceptfortheabove-mentionedsimplifiedshort-termleasesandlow-valueassetleases,Autelrecognizesaright-of-useassetandleaseliabilityattheleasecommencementdate.
(1)Right-of-useassets
Right-of-useassetsareinitiallymeasuredatcost,whichincludes:1)Theinitialmeasurementamountoftheleaseliability;2)leasepaymentsmadeatorbeforethecommencementdate,lessanyleaseincentivesreceived;3)initialdirectcostsincurredbythelessee;4)estimatedcoststodismantleandremoveleasedassets,restoretheleasedpremises,orreturnleasedassetstotheconditionrequiredbytheleaseterms.
Auteldepreciatesright-of-useassetsonastraight-linebasis.Ifitisreasonablycertainthatownershipoftheleasedassetwillbeobtainedattheendoftheleaseterm,Auteldepreciatestheassetoveritsremainingusefullife.Ifitisnotreasonablycertainthat
ownershipwillbeobtained,Auteldepreciatestheassetovertheshorteroftheleasetermortheasset’sremainingusefullife.
(2)LeaseliabilitiesAttheleasecommencementdate,Autelrecognizesthepresentvalueoftheunpaidleasepaymentsasaleaseliability.Theleasepayments’presentvalueiscalculatedusingtheinterestrateimplicitinthelease.Iftheinterestrateimplicitintheleasecannotbedetermined,theCompanyusesitsincrementalborrowingrateasthediscountrate.Thedifferencebetweentheleasepaymentsandtheirpresentvalueisrecordedasunrecognizedfinancecharges.Autelrecognizesinterestexpenseontheleaseliabilityforeachperiodbasedonthediscountrateusedtodeterminetheleasepayments,andthisischargedtothecurrentprofitorloss.Variableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesarerecognizedintheprofitorlosswhenincurred.
Aftertheleasecommencementdate,iftherearechangesinfixedpaymentamounts,expectedamountspayableduetoresidualvalueguarantees,changesinindicesorratesusedtodetermineleasepayments,orchangesintheassessmentorexerciseofpurchaseoptions,renewaloptions,orterminationoptions,Autelwillre-measuretheleaseliabilityatthepresentvalueoftherevisedleasepaymentsandadjustthecarryingvalueoftheright-of-useassetaccordingly.Ifthecarryingvalueoftheright-of-useassetisreducedtozero,buttheleaseliabilitystillrequiresfurtheradjustment,theremainingamountwillberecognizedinthecurrentprofitorloss.Classificationandaccountingtreatmentofleasesaslessor
√Applicable□NotApplicable
Atthecommencementdateofalease,Autelclassifiesaleaseasafinanceleasewherealmostalltherisksandrewardsassociatedwithownershipoftheleasedassethavebeentransferred,andallothersasoperatingleases.
Operatingleases
Foroperatingleases,Autelrecognizesrentalincomefromleasepaymentsonastraight-linebasisovertheleaseterm.Initialdirectcostsincurredarecapitalizedandamortizedonthesamebasisastherentalincomeisrecognized,chargedtothecurrentprofitorloss.Variableleasepaymentsnotincludedintheleasereceiptsarerecognizedintheprofitorlosswhenincurred.
37.Deferredincometaxassets/liabilities
√Applicable□NotApplicable
1.Deferredincometaxassetsorliabilitiesarerecognizedbasedonthedifferencesbetweenthecarryingamountofassetsandliabilitiesandtheirtaxbases(foritemsnotrecognizedasassetsandliabilities,ifthetaxbasiscanbedeterminedaccordingtotaxlaws,thedifferencebetweenthetaxbasisandthecarryingamountisconsidered).Deferredincometaxassetsorliabilitiesarecalculatedusingtheapplicabletaxratefortheperiodduringwhichtheassetisexpectedtoberecoveredortheliabilityisexpectedtobesettled.
2.Deferredincometaxassetsarerecognizedtotheextentthatitisprobablethattaxableincomewillbeavailableinthefuturetooffsetthedeductibletemporarydifferences.Ifthereissufficientevidenceonthebalancesheetdatethattaxableincomewilllikelybeavailableinfutureperiodstooffsetdeductibletemporarydifferences,deferredincometaxassetsthatwerenotpreviouslyrecognizedinpriorperiodsarerecognized.
3.Atthebalancesheetdate,thecarryingvalueofdeferredincometaxassetsisreviewed.Ifitislikelythatsufficienttaxableincomewillnotbeavailabletoutilizethedeferredincometaxassets,thecarryingvalueofthedeferredincometaxassetsisreduced.Anyreductionisreversedifitbecomeslikelythatsufficienttaxableincomewillbeavailabletousethedeferredincometaxassets.
4.Currentincometaxanddeferredincometaxesarerecognizedasincometaxexpenseorincomeinthecurrentperiod,excludingtaxesarisingfromthefollowing:(1)businesscombinations;(2)transactionsoreventsdirectlyrecognizedinequity.
5.Auteloffsetsdeferredincometaxassetsanddeferredincometaxliabilitiesandpresentsthemattheirnetamountifbothofthefollowingconditionsaremet:(1)Autelhasalegalrighttooffsetcurrentincometaxassetsandcurrentincometaxliabilities;(2)thedeferredincometaxassetsandliabilitiesrelatetoincometaxesleviedbythesametaxationauthorityonthesametaxpayer,oriftheyrelatetodifferenttaxpayers,Autelintendstooffsetthecurrentincometaxassetsandliabilitiesinthefutureduringeachperiodinwhichsignificantdeferredincometaxassetsandliabilitieswillbereversed.
38.Othersignificantaccountingpoliciesandestimates
√Applicable□NotApplicable
1.Accountingtreatmentforrepurchasedcompanyshares
WhenAutelrepurchasesitsownsharesforreasonssuchasreducingregisteredcapitalorrewardingemployees,therepurchasedsharesaretreatedastreasurystockattheactualamountpaid,andamemorandumentryismade.Iftherepurchasedsharesarecanceled,thedifferencebetweenthetotalparvalueofthecanceledshares(calculatedastheparvaluepersharemultipliedbythenumberofsharescanceled)andtheactualamountpaidfortherepurchaseisdeductedfromcapitalreserve.Ifcapitalreserveisinsufficienttocoverthedifference,retainedearningsarereduced.Iftherepurchasedsharesaregiventoemployeesaspartofanequity-settledshare-basedpaymentplan,thetreasurystockcostandaccumulatedcapitalreserve(othercapitalreserve)forthewaitingperiodarewrittenoffwhentheemployeesexercisetheoptiontopurchaseAutel'sshares,andanydifferenceisadjustedagainstcapitalreserve(sharepremium).
2.Incometaxanddeferredincometaxassets
Autelpayscorporateincometaxinmultipleregions.Inthecourseofnormalbusinessactivities,thefinaltaxtreatmentofcertaintransactionsanditemsisuncertain.Significantjudgmentsarerequiredwhenestimatingincometaxexpensesindifferentregions.IfthefinaltaxtreatmentdiffersfromtheCompany’sestimates,thedifferencewillaffecttheamountofincometaxexpenseanddeferredincometaxassetsrecognizedintheperiodinwhichthefinaldeterminationismade.
39.Changesinsignificantaccountingpoliciesandaccountingestimates
DuringtheReportingPeriod,therewerenosignificantchangesinouraccountingpoliciesoraccountingestimates.
40.First-timeadoptionofnewaccountingstandardsorinterpretationsin2025,involvingadjustmentstothefinancialstatementsatthebeginningoftheyear
□Applicable√NotApplicable
41.Otherinformation
□Applicable√NotApplicableVITaxes
1.MaintaxesandtaxratesMaintaxesandtaxratessituation
√Applicable□NotApplicable
| Taxtypes | Taxbase | Taxrates |
| ValueAddedTax(VAT) | TheoutputVATiscalculatedbasedonthesalesofgoodsandtaxableserviceincomeasdefinedbytaxlaw,withthedeductibleinputVATforthecurrentperiodsubtracted.ThedifferenceistheVATpayable. | Thetaxiscalculatedatratesof5%,6%,9%,10%,13%,16%,19%,20%,21%,22%,and25%.TheCompanyimplementsthe"exemption,offset,refund"taxpolicyforexportedgoods,withtherefundrateaccordingtorelevantpolicies. |
| PropertyTax | Forpropertytax,ifitisleviedbasedontheproperty’svalue,thetaxiscalculatedat1.2%oftheremainingvalueafteraone-timedeductionof20%or30%oftheoriginalpropertyvalue.Forrentalpropertytax,thetaxiscalculatedat12%oftherentalincome. | 1.2%、12% |
| UrbanMaintenanceandConstructionTax | Theactualpaidturnovertaxamount. | 7% |
| EducationSurcharge | Theactualpaidturnovertaxamount. | 3% |
| LocalEducationSurcharge | Theactualpaidturnovertaxamount. | 2% |
| CorporateIncomeTax | Thetaxableincomeforcorporateincometax. | 0%,10%,15%,25%,etc. |
Disclosureofdifferentcorporateincometaxratesfortaxableentities
√Applicable□NotApplicable
| Taxableentity | Corporateincometaxrate(%) |
| Autel,andAutelDigitalPower | Incometaxwascalculatedatarateof15% |
| AutelHesheng | Incometaxwascalculatedatarateof10% |
| AutelHexin,AutelNewEnergyVietnam,AutelHongKong,andFrontierRoboticsHongKong | Exemptfromincometaxunderpreferentialtaxpolicies |
| YingtongPropertyManagement,HainanChizhuo,DaoheTongtai,NanjingTongtai,HangzhouTongtai,andBaoanTongtai | Taxableincomewas25%oftheirincome,andcorporateincometaxwascalculatedatarateof20% |
| AutelHunan,AutelXi’an,RainbowTechnology,RainbowInformationConsulting,AutelHainan,andAutelHeda | Incometaxwascalculatedatarateof25% |
| AutelCalifornia,AutelNewYork,AutelNewEnergyUS,ECEVSEUS,andAutelEcomAmerica | Federalcorporateincometaxwascalculatedatarateof21%andtheywerealsorequiredtofilecorporateincometaxreturnsattheapplicabletaxratesinstateswhereactualbusinessoperationswereconducted |
| AutelGermany | Federalcorporateincometaxwascalculatedatarateof15%, |
| alongwitha5.5%solidaritysurcharge(taxbaseistheamountoffederalcorporateincometax),andabusinesstax(3.5%standardrateadjustedaccordingtothelocalcollectionmultiplier) | |
| AutelJapan | Incometaxwascalculatedatarateof23.2% |
| AutelItaly | Incometaxwascalculatedatarateof24% |
| AutelMexico,andMexicanFactory | Incometaxwascalculatedatarateof30% |
| AutelBrazil | Incometaxwascalculatedatarateof34% |
| AutelUK,AutelSmartUK | ProfitsexceedingGBP250,000weretaxedatarateof25%(effectivefromApril1,2023);profitsnotexceedingGBP50,000weretaxedatasmallprofitsrateof19%(effectivefromApril1,2023) |
| AutelNetherlands,andEvotaNetherlands | AtaxableamountuptoEUR200,000wastaxedatarateof19%;andtheportionexceedingthetaxableamountwastaxedatarateof25.8% |
| AutelFrance | Incometaxwascalculatedatarateof25% |
| AutelAustralia | Incometaxwascalculatedatarateof30% |
| AutelSweden | Incometaxwascalculatedatarateof20.6% |
| AutelSpain | Incometaxwascalculatedatarateof25% |
| AutelVietnam | Incometaxwascalculatedatarateof20% |
| AutelDubai | ExemptfromcorporateincometaxifthetaxableamountdoesnotexceedAED375,000;andtheportionexceedingthetaxableamountwassubjecttoincometaxatarateof9% |
| DigitalPower(Singapore) | Incometaxwascalculatedatthelocalstatutoryrateof17% |
2.Taxincentives
√Applicable□NotApplicable
1.ValueAddedTax(VAT)
(1)SoftwarecompanytaxincentivesAccordingtotheNoticeonVATPoliciesforSoftwareProducts(Caishui[2011]No.100)andtheNoticeonAdjustingVATRates(Caishui[2018]No.32),subsidiariesAutelHeshengandAutelHexin,whichsellself-developedsoftwareproducts,aresubjecttoVATattheprescribedrate.FortheportionofVATexceeding3%,theimmediaterefundpolicyisapplied.
(2)AccordingtotheNoticeontheComprehensiveLaunchofVATReformPilotforBusinessTax(Caishui[2016]No.36),thesubsidiariesAutelHunanandAutelXi'anTechnologyDevelopmentServicesareeligibleforVATexemption.
2.Corporateincometax
(1)TaxincentivesforInnovationCompany
AccordingtotherelevantregulationsfortherecognitionofanInnovationCompany,AutelwasrecognizedasanInnovationCompanyin2023andenjoysacorporateincometaxincentivepolicywitha15%taxratefrom2023to2025.
ThesubsidiaryAutelDigitalPowerwasrecognizedasanInnovationCompanyin2025andenjoysacorporateincometaxincentivepolicywitha15%taxratefrom2025to2027.
(2)Softwarecompanytaxincentives
AccordingtotheAnnouncementonCorporateIncomeTaxPoliciesforPromotingHigh-QualityDevelopmentoftheIntegratedCircuitandSoftwareIndustries(MinistryofFinance,StateTaxationAdministration,NationalDevelopmentandReformCommission,MinistryofIndustryandInformationTechnologyAnnouncementNo.45of2020),keysoftwareenterprisesencouragedbythestateareexemptfromcorporateincometaxforthefirstfiveyearsfromtheyearofprofitgeneration,andthetaxrateisreducedto10%insubsequentyears.ThesubsidiaryAutelHeshengpassedthenationalrecognitionasakeysoftwareenterprisein2025andwastaxedata10%ratein2025.
SoftwareenterprisesencouragedbyChinaareexempt,startingfromthefirstprofitableyear,fromcorporateincometaxforthefirsttwoyears,andsubjecttoa50%reductioninthestatutorytaxrateof25%forthethirdtofifthyears.SubsidiaryDaotongHexinhasbeenrecognizedasasoftwareenterpriseencouragedbyChinaandstartedtomakeaprofitin2025,thereforeitwasexemptfromtaxin2025.
(3)Smallandmicroenterprisetaxincentives
AccordingtotheAnnouncementonFurtherSupportingtheDevelopmentofSmallandMicroEnterprisesandIndividualIndustrialandCommercialHouseholds(MinistryofFinance,StateTaxationAdministrationAnnouncementNo.12of2023),thesubsidiariesYingtongPropertyManagement,HainanChizhuo,DaoheTongtai,NanjingTongtai,HangzhouTongtai,andBaoanTongtaimetthecriteriaforsmallandmicroenterprisesin2025,withtaxableincomebelowRMB1million.Theirincomewasreducedby25%fortaxableincome,andcorporateincometaxwaspaidata20%taxrate.
(4)TaxincentivesforsubsidiaryAutelNewEnergyVietnam.Itiseligibleforafour-yearexemptionandnine-yearhalf-ratepolicy(corporateincometaxexemptionforfouryearssincebecomingprofitableandhalftaxrateforthesubsequentnineyears).AndsinceAutelNewEnergyVietnamstartedgeneratingprofitsin2022,nocorporateincometaxwaspayablein2025.
(5)ThebusinessofAutelHongKongandFrontierRoboticsHongKongisconsideredoffshore,sotheyarenotrequiredtopaycorporateincometax.
(6)Thesubsidiary,AutelDubai,isexemptfromcorporateincometaxifitstaxableamountdoesnotexceedAED375,000;theportionexceedingthetaxableamountissubjecttoincometaxatarateof9%.
3.Otherinformation
□Applicable√NotApplicableVIINotestotheConsolidatedFinancialStatements
1.Monetaryassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Cashonhand | 2,410,361.34 | 1,937,347.68 |
| Bankdeposits | 1,545,920,636.36 | 1,672,018,175.31 |
| Othermonetaryassets | 133,510,831.14 | 154,720,525.70 |
| Total | 1,681,841,828.84 | 1,828,676,048.69 |
| Ofwhich:Totalamountdepositedoverseas | 459,437,445.57 | 363,503,724.29 |
Otherinformation:
Asattheendoftheperiod,therewereETCsecuritydepositsofRMB7,500.00andfrozenfundsofRMB3,892,370.84inbankdeposits.OthermonetaryassetsincludedcustomsdepositsofRMB42,164,174.75,billdepositsofRMB63,510,655.69,guaranteedepositsofRMB1,296,785.68,andanAppleStoreaccountbalanceofRMB272,175.10.Theuseoftheabovemonetaryassetswasrestricted.
2.Held-for-tradingfinancialassets
□Applicable√Notapplicable
3.Derivativefinancialassets
□Applicable√Notapplicable
4.Notesreceivable
(1)Notesreceivablelistedbycategory
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Bankacceptancebills | 3,318,915.70 | 4,926,365.63 |
| Total | 3,318,915.70 | 4,926,365.63 |
(2)Notesreceivableinpledgeasattheendoftheperiod
□Applicable√Notapplicable
(3)NotesreceivableendorsedbytheCompanyordiscountedandnotdueonthebalancesheetdateasattheendoftheperiod
□Applicable√Notapplicable
(4)Breakdownbymethodofestablishingbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Type | Closingbalance | Openingbalance | ||||||||
| Grossamount | Baddebtprovision | Carryingamount | Grossamount | Baddebtprovision | Carryingamount | |||||
| Amount | Percentage(%) | Amount | Provisionpercentage(%) | Amount | Percentage(%) | Amount | Provisionpercentage(%) | |||
| Baddebtprovisionestablishedonagroupingbasis | 3,318,915.70 | 100.00 | 3,318,915.70 | 4,926,365.63 | 100.00 | 4,926,365.63 | ||||
| Ofwhich: | ||||||||||
| Bankacceptancebills | 3,318,915.70 | 100.00 | 3,318,915.70 | 4,926,365.63 | 100.00 | 4,926,365.63 | ||||
| Total | 3,318,915.70 | 100.00 | 3,318,915.70 | 4,926,365.63 | 100.00 | 4,926,365.63 | ||||
Baddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedonagroupingbasis:
√Applicable□NotapplicableItem:Bankacceptancebills
Unit:RMB
| Item | Closingbalance | ||
| Grossamount | Baddebtprovision | Provisionpercentage(%) | |
| Bankacceptancebills | 3,318,915.70 | ||
| Total | 3,318,915.70 | ||
Notestobaddebtprovisionestablishedonagroupingbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofanotereceivablewithchangeinlossprovision
duringtheperiod:
□Applicable√Notapplicable
(5)Baddebtprovision
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(6)Written-offnotesreceivablefortheperiod
□Applicable√NotapplicableWrite-offofsignificantnotesreceivable:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
5.Accountsreceivable
(1)Breakdownbyaging
√Applicable□Notapplicable
Unit:RMB
| Aging | Closinggrossamount | Openinggrossamount |
| Within1year(including1year) | 1,176,827,279.91 | 894,532,883.21 |
| 1to2years | 44,288,896.55 | 38,216,674.76 |
| Over2years | 47,831,941.46 | 33,013,302.48 |
| Total | 1,268,948,117.92 | 965,762,860.45 |
(2)Breakdownbymethodofestablishingbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Type | Closingbalance | Openingbalance | ||||||||
| Grossamount | Baddebtprovision | Carryingamount | Grossamount | Baddebtprovision | Carryingamount | |||||
| Amount | Percentage(%) | Amount | Provisionpercentage(%) | Amount | Percentage(%) | Amount | Provisionpercentage(%) | |||
| Baddebtprovisionestablishedonanindividualbasis | 17,327,195.03 | 1.37 | 17,327,195.03 | 100.00 | 10,766,445.05 | 1.11 | 10,766,445.05 | 100.00 | ||
| Ofwhich: | ||||||||||
| Baddebtprovisionestablishedonanindividualbasis | 17,327,195.03 | 1.37 | 17,327,195.03 | 100.00 | 10,766,445.05 | 1.11 | 10,766,445.05 | 100.00 | ||
| Baddebtprovisionestablishedonagroupingbasis | 1,251,620,922.89 | 98.63 | 113,858,178.35 | 9.10 | 1,137,762,744.54 | 954,996,415.40 | 98.89 | 88,241,897.75 | 9.24 | 866,754,517.65 |
| Ofwhich: | ||||||||||
| Baddebtprovisionestablishedonagroupingbasis | 1,251,620,922.89 | 98.63 | 113,858,178.35 | 9.10 | 1,137,762,744.54 | 954,996,415.40 | 98.89 | 88,241,897.75 | 9.24 | 866,754,517.65 |
| Total | 1,268,948,117.92 | / | 131,185,373.38 | / | 1,137,762,744.54 | 965,762,860.45 | / | 99,008,342.80 | / | 866,754,517.65 |
Baddebtprovisionestablishedonanindividualbasis:
√Applicable□NotapplicableTherewerenosignificantaccountsreceivableforwhichbaddebtprovisionswereestablishedonanindividualbasisfortheperiod.Notestobaddebtprovisionsestablishedonanindividualbasis:
□Applicable√Notapplicable
Baddebtprovisionestablishedonagroupingbasis:
√Applicable□NotapplicableItem:Aginggroup
Unit:RMB
| Group | Closingbalance | ||
| Grossamount | Baddebtprovision | Provisionpercentage(%) | |
| Within1year | 1,175,349,235.94 | 58,767,461.79 | 5.00 |
| 1to2years | 42,361,940.92 | 21,180,970.53 | 50.00 |
| Over2years | 33,909,746.03 | 33,909,746.03 | 100.00 |
| Total | 1,251,620,922.89 | 113,858,178.35 | 9.10 |
Notestobaddebtprovisionestablishedonagroupingbasis:
：
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofanaccountreceivablewithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(3)Baddebtprovision
√Applicable□Notapplicable
Unit:RMB
| Type | Openingbalance | Changesfortheperiod | Closingbalance | |||
| Established | Recoveredorreversed | Chargedofforwrittenoff | Otherchanges | |||
| Baddebtprovisionestablishedonanindividualbasis | 10,766,445.05 | 7,294,740.98 | 852,704.43 | 118,713.43 | 17,327,195.03 | |
| Baddebtprovisionestablishedonagroupingbasis | 88,241,897.75 | 24,753,114.33 | 863,166.27 | 113,858,178.35 | ||
| Total | 99,008,342.80 | 32,047,855.31 | 852,704.43 | 981,879.70 | 131,185,373.38 | |
Baddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(4)Written-offaccountsreceivablefortheperiod
√Applicable□Notapplicable
Unit:RMB
| Item | Amountwrittenoff |
| Written-offaccountsreceivable | 852,704.43 |
Write-offofsignificantaccountsreceivable:
□Applicable√NotapplicableNotestothewrite-off:
√Applicable□NotapplicableNone.
(5)Topfiveentitieswithrespecttoaccountsreceivableandcontractassets
√Applicable□Notapplicable
Unit:RMB
| Entity | Closingbalanceofaccountsreceivable | As%oftotalaccountsreceivable | Closingbalanceofbaddebtprovision |
| No.1 | 136,027,168.49 | 10.72 | 7,316,261.00 |
| No.2 | 73,563,746.94 | 5.80 | 3,678,187.35 |
| No.3 | 65,360,044.07 | 5.15 | 3,268,002.20 |
| No.4 | 57,491,147.02 | 4.53 | 2,893,541.43 |
| No.5 | 50,593,311.54 | 3.99 | 10,029,056.94 |
| Total | 383,035,418.06 | 30.19 | 27,185,048.92 |
Otherinformation:
Theaccountsreceivablebalanceoftheabovecustomersiscalculatedbycombiningthecompanyandthecompanieswithsupplychainservicerelationshipswithinthesamegroup.Otherinformation:
√Applicable□NotapplicableAccountsreceivablederecognizedduetotransferoffinancialassets:
| Item | Methodoffinancialassettransfer | Amountoffinancialassetsderecognized | Gainorlossrelatedtoderecognition |
| Accountsreceivable | Non-recoursefactoring | 397,574,948.76 | 20,464,344.57 |
6.Contractassets
(1)Detailsofcontractassets
□Applicable√Notapplicable
(2)AmountofandreasonforsignificantchangesincarryingvalueduringtheReportingPeriod
□Applicable√Notapplicable
(3)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedonagroupingbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofacontractassetwithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(4)Baddebtprovisionsforcontractassetsduringtheperiod
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(5)Written-offcontractassetsfortheperiod
□Applicable√NotapplicableWrite-offofsignificantcontractassets:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
7.Receivablesfinancing
(1)Breakdownofreceivablesfinancing
□Applicable√Notapplicable
(2)Receivablesfinancinginpledgeasattheendoftheperiod
□Applicable√Notapplicable
(3)ReceivablesfinancingendorsedbytheCompanyordiscountedandnotdueonthebalancesheetdateasattheendoftheperiod
□Applicable√Notapplicable
(4)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
√Applicable□NotapplicableNone.Baddebtprovisionestablishedonagroupingbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofareceivablefinancingwithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(5)Baddebtprovision
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(6)Written-offreceivablesfinancingfortheperiod
□Applicable√NotapplicableWrite-offofsignificantreceivablesfinancing:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√Notapplicable
(7)Changesinreceivablesfinancingduringtheperiodandchangesinfairvalue
□Applicable√Notapplicable
(8)Otherinformation
□Applicable√Notapplicable
8.Prepayments
(1)Breakdownofprepaymentsbyaging
√Applicable□Notapplicable
Unit:RMB
| Aging | Closingbalance | Openingbalance | ||
| Amount | Percentage(%) | Amount | Percentage(%) | |
| Within1year | 77,468,024.17 | 83.55 | 72,523,196.55 | 77.32 |
| 1to2years | 4,671,668.86 | 5.04 | 9,364,216.90 | 9.98 |
| Over2years | 10,576,587.41 | 11.41 | 11,909,394.55 | 12.70 |
| Total | 92,716,280.44 | 100.00 | 93,796,808.00 | 100.00 |
Note:Theabovearepresentedonanetbasisforprepayments.Reasonforoutstandingprepaymentsthatareover1yearandofasubstantialamount:
None.
(2)Topfiveentitieswithrespecttoprepayments
√Applicable□Notapplicable
Unit:RMB
| Entity | Closingbalance | As%oftheclosingbalanceoftotalprepayments |
| No.1 | 22,040,017.84 | 23.77 |
| No.2 | 11,859,296.29 | 12.79 |
| No.3 | 4,602,404.05 | 4.96 |
| No.4 | 3,242,523.58 | 3.50 |
| No.5 | 2,986,838.88 | 3.22 |
| Total | 44,731,080.64 | 48.25 |
Otherinformation:
None.
9.OtherreceivablesBreakdown
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Interestreceivable | ||
| Dividendsreceivable | ||
| Otherreceivables | 42,151,663.64 | 62,031,971.26 |
| Total | 42,151,663.64 | 62,031,971.26 |
Otherinformation:
√Applicable□NotapplicableNone.Interestreceivable
(1)Breakdownofinterestreceivable
□Applicable√Notapplicable
(2)Significantoverdueinterest
□Applicable√Notapplicable
(3)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
√Applicable□Notapplicable
Therewerenosignificantotherreceivablesforwhichbaddebtprovisionswereestablishedonanindividualbasisfortheperiod.Baddebtprovisionestablishedonagroupingbasis:
□Applicable√Notapplicable
(4)Baddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofinterestreceivablewithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(5)Baddebtprovision
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(6)Written-offinterestreceivablefortheperiod
□Applicable√NotapplicableWrite-offofsignificantinterestreceivable:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableDividendsreceivable
(7)Dividendsreceivable
□Applicable√Notapplicable
(8)Significantdividendsreceivableagedoveroneyear
□Applicable√Notapplicable
(9)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedonagroupingbasis:
□Applicable√Notapplicable
(10)Baddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofdividendsreceivablewithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(11)Baddebtprovision
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(12)Written-offdividendsreceivablefortheperiod
□Applicable√NotapplicableWrite-offofsignificantdividendsreceivable:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableOtherreceivables
(13)Breakdownbyaging
√Applicable□Notapplicable
Unit:RMB
| Aging | Closinggrossamount | Openinggrossamount |
| Within1year(including1year) | 27,613,958.72 | 45,788,589.53 |
| 1to2years | 3,816,586.84 | 7,218,627.41 |
| Over2years | 16,417,007.12 | 14,094,698.62 |
| Total | 47,847,552.69 | 67,101,915.56 |
(14)Breakdownbynature
√Applicable□Notapplicable
Unit:RMB
| Nature | Closinggrossamount | Openinggrossamount |
| Securitydeposits | 18,663,098.20 | 18,006,257.95 |
| Provisionalpaymentsreceivable | 12,320,702.38 | 7,484,084.32 |
| Pettycash | 5,976,308.56 | 4,214,764.82 |
| Exporttaxrebatesreceivable | 5,000,000.00 | 4,000,409.05 |
| Socialsecurityandhousingprovidentfundpaymentsonbehalfofemployees | 3,776,348.83 | 4,059,211.33 |
| Receivablesduetoequitytransfer | 24,420,000.00 | |
| Employeehousingloan | 2,111,094.72 | 4,917,188.09 |
| Total | 47,847,552.69 | 67,101,915.56 |
(15)Changesinbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Baddebtprovision | Stage1 | Stage2 | Stage3 | Total |
| 12-monthexpectedcredit | Lifetimeexpectedcreditloss(without | Lifetimeexpectedcreditloss(with |
| loss | creditimpairment) | creditimpairment) | ||
| BalanceasatJanuary1,2025 | 84,362.93 | 811,245.25 | 4,174,336.12 | 5,069,944.30 |
| BalanceasatJanuary1,2025wasduringtheperiod | ||||
| -TransferredtoStage2 | -15,916.32 | 15,916.32 | ||
| -TransferredtoStage3 | -511,046.16 | 511,046.16 | ||
| -TransferredbacktoStage2 | ||||
| -TransferredbacktoStage1 | ||||
| Establishedduringtheperiod | 280,132.56 | 497,595.46 | 777,728.02 | |
| Reversedduringtheperiod | 156,952.24 | 156,952.24 | ||
| Chargedoffduringtheperiod | ||||
| Writtenoffduringtheperiod | ||||
| Otherchanges | -8,281.72 | 13,450.69 | 5,168.97 | |
| BalanceasatDecember31,2025 | 340,297.45 | 159,163.17 | 5,196,428.43 | 5,695,889.05 |
Basisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofotherreceivableswithchangeinlossprovisionduringtheperiod:
□Applicable√NotapplicableBasisforasignificantincreaseinabaddebtprovisionandthecreditriskofafinancialinstrumentduringtheperiod:
□Applicable√Notapplicable
(16)Breakdownofbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Type | Openingbalance | Changesduringtheperiod | Closingbalance | |||
| Established | Recoveredorreversed | Charged-offorwritten-off | Otherchanges | |||
| Baddebtprovisionestablishedonanindividualbasis | 553,349.59 | 553,349.59 | ||||
| Baddebtprovisionestablishedonagrouping | 5,069,944.30 | 224,378.43 | 156,952.24 | 5,168.97 | 5,142,539.46 | |
| basis | ||||||
| Total | 5,069,944.30 | 777,728.02 | 156,952.24 | 5,168.97 | 5,695,889.05 |
Baddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(17)Written-offotherreceivablesfortheperiod
□Applicable√NotapplicableWrite-offofsignificantotherreceivables:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√Notapplicable
(18)Topfiveentitieswithrespecttootherreceivables
√Applicable□Notapplicable
Unit:RMB
| Entity | Natureofotherreceivable | Closinggrossamount | Aging | As%ofthebalanceoftotalotherreceivables | Closingbalanceofbaddebtprovision |
| No.1 | Exporttaxrebatereceivable | 5,000,000.00 | Within1year | 10.45 | |
| No.2 | Provisionalpaymentreceivable | 1,792,498.28 | Over2years | 3.75 | 1,792,498.28 |
| Securitydeposit | 204,785.69 | Within1year | 0.43 | ||
| 78,777.37 | 1-2years | 0.16 | |||
| 1,365,356.24 | Over2years | 2.85 | |||
| No.3 | Securitydeposit | 1,545,734.00 | Over2years | 3.24 | |
| 960,954.00 | 1-2years | 2.01 | |||
| 480,477.00 | Over2years | 1.00 | |||
| No.4 | Securitydeposit | 2,093,835.44 | Within1year | 4.38 | |
| 17,420.00 | 1-2years | 0.04 | |||
| No.5 | Provisionalpaymentreceivable | 1,398,329.15 | Within1year | 2.92 | 69,916.46 |
| Total | 14,938,167.17 | 31.22 | 1,862,414.74 |
(19)Otherreceivablesreportedduetocentralizedmanagementoffunds
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
10.Inventories
(1)Breakdownofinventories
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Grossamount | Provisionsforinventoryimpairmentsorimpairmentprovisionsforcontractperformancecosts | Carryingamount | Grossamount | Provisionsforinventoryimpairmentsorimpairmentprovisionsforcontractperformancecosts | Carryingamount | |
| Rawmaterials | 416,710,100.47 | 59,619,374.39 | 357,090,726.08 | 337,796,733.98 | 36,101,085.89 | 301,695,648.09 |
| Work-in-progress | 240,931,881.46 | 14,293,284.12 | 226,638,597.34 | 198,237,102.04 | 29,486,696.50 | 168,750,405.54 |
| Finishedgoods | 1,171,412,052.05 | 86,902,057.31 | 1,084,509,994.74 | 783,136,828.83 | 102,447,502.41 | 680,689,326.42 |
| Total | 1,829,054,033.98 | 160,814,715.82 | 1,668,239,318.16 | 1,319,170,664.85 | 168,035,284.80 | 1,151,135,380.05 |
(2)Dataresourcesrecognizedasinventories
□Applicable√Notapplicable
(3)Provisionsforinventoryimpairmentsandimpairmentprovisionsforcontractperformancecosts
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance | ||
| Established | Others | Reversedorchargedoff | Other | |||
| Rawmaterials | 36,101,085.89 | 27,308,541.25 | -33,408.57 | 3,756,844.18 | 59,619,374.39 | |
| Work-in-progress | 29,486,696.50 | 67,274.55 | 15,260,686.93 | 14,293,284.12 | ||
| Finishedgoods | 102,447,502.41 | -457,129.65 | 15,088,315.45 | 86,902,057.31 | ||
| Total | 168,035,284.80 | 27,308,541.25 | -423,263.67 | 34,105,846.56 | 160,814,715.82 | |
Reasonsforthereversal/charge-offofprovisionsforinventoryimpairmentsduringtheperiod:
√Applicable□Notapplicable
Onthebalancesheetdate,inventoriesaremeasuredatthelowerofcostandnetrealizablevalue,andprovisionforinventoryimpairmentismadebasedonthedifferenceby
whichthecostofasingleinventoryishigherthanitsnetrealizablevalue.Forfinishedgoods,thenetrealizablevalueisdeterminedbytheestimatedsellingpriceoftheinventorylesstheestimatedsellingexpenseandrelatedtaxes;andforrawmaterialsandwork-in-progress,thenetrealizablevalueisdeterminedbytheestimatedsellingpriceofthefinishedgoodslesstheestimatedcoststobeincurreduponcompletion,theestimatedsellingexpenseandrelatedtaxes.Write-offsineachperiodaremainlyrelatedtoinventorysales,productionuseandscrapdisposal.Provisionsforinventoryimpairmentsestablishedonagroupingbasis:
□Applicable√NotapplicableBasisforestablishingprovisionsforinventoryimpairmentsonagroupingbasis:
□Applicable√Notapplicable
(4)Capitalizedborrowingcostintheclosingbalanceofinventoriesandthecriteriaandbasisforitscalculation
□Applicable√Notapplicable
(5)Notestotheamountofcontractperformancecostsamortizedfortheperiod
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
11.Assetsheldforsale
□Applicable√Notapplicable
12.Currentportionofnon-currentassets
□Applicable√NotapplicableCurrentportionofdebtinvestments
□Applicable√NotapplicableCurrentportionofotherdebtinvestments
□Applicable√NotapplicableOtherinformationonthecurrentportionofnon-currentassets:
None.
13.Othercurrentassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Inputtaxtobededucted | 272,075,113.26 | 171,399,294.21 |
| Advancepaymentsoftax | 34,818,555.30 | 64,683,992.70 |
| Refundcostsreceivable | 4,120,799.96 | 1,360,738.05 |
| Listingexpensesbyalistedcompany | 17,418,818.64 | |
| Other | 982,288.62 | |
| Total | 329,415,575.78 | 237,444,024.96 |
Otherinformation:
None.
14.Debtinvestments
(1)Detailsofdebtinvestments
□Applicable√NotapplicableChangesinimpairmentprovisionsfordebtinvestmentsduringtheperiod:
□Applicable√Notapplicable
(2)Significantdebtinvestmentsattheendoftheperiod
□Applicable√Notapplicable
(3)Impairmentprovisions
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofimpairmentprovision:
None.Significantchangeinthegrossamountofdebtinvestmentswithchangeinlossprovisionduringtheperiod:
□Applicable√NotapplicableBasisforasignificantincreaseinanimpairmentprovisionandthecreditriskofafinancialinstrumentduringtheperiod:
□Applicable√Notapplicable
(4)Written-offdebtinvestmentsfortheperiod
□Applicable√NotapplicableWrite-offofsignificantdebtinvestments:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
15.Otherdebtinvestments
(1)Detailsofotherdebtinvestments
□Applicable√NotapplicableChangesinimpairmentprovisionsforotherdebtinvestmentsduringtheperiod:
□Applicable√Notapplicable
(2)Significantotherdebtinvestmentsattheendoftheperiod
□Applicable√Notapplicable
(3)Impairmentprovisions
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofimpairmentprovision:
None.Significantchangeinthegrossamountofotherdebtinvestmentswithchangeinlossprovisionduringtheperiod:
□Applicable√NotapplicableBasisforasignificantincreaseinanimpairmentprovisionandthecreditriskofafinancialinstrumentduringtheperiod:
□Applicable√Notapplicable
(4)Written-offotherdebtinvestmentsfortheperiod
□Applicable√NotapplicableWrite-offofsignificantotherdebtinvestments:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
16.Long-termreceivables
(1)Detailsoflong-termreceivables
□Applicable√Notapplicable
(2)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedonagroupingbasis:
□Applicable√Notapplicable
(3)Baddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountoflong-termreceivableswithchangeinlossprovisionduringtheperiod:
□Applicable√NotapplicableBasisforasignificantincreaseinabaddebtprovisionandthecreditriskofafinancialinstrumentduringtheperiod:
□Applicable√Notapplicable
(4)Breakdownofbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(5)Written-offlong-termreceivablesfortheperiod
□Applicable√NotapplicableWrite-offofsignificantlong-termreceivables:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
17.Long-termequityinvestments
(1)Detailsoflong-termequityinvestments
√Applicable□Notapplicable
Unit:RMB
| Investee | OpeningBalance(Carryingamount) | Increase/decreasefortheperiod | ClosingBalance(Carryingamount) | Closingbalanceofimpairmentprovisions | |||||||
| Additionalinvestment | Reductionininvestment | Gainsandlossesrecognizedundertheequitymethod | Adjustmentsofothercomprehensiveincome | Otherequitychanges | Cashdividendsdeclared | Impairmentprovisionsestablished | Other | ||||
| Associates | |||||||||||
| SkyFendTechnology | 46,871,205.76 | 78,691,478.64 | 31,820,272.88 | ||||||||
| ZhejiangVision | 500,000.00 | 500,000.00 | |||||||||
| Total | 46,871,205.76 | 500,000.00 | 78,691,478.64 | 31,820,272.88 | 500,000.00 | ||||||
(2)Impairmenttestsoflong-termequityinvestments
□Applicable√NotapplicableOtherinformation:
None.
18.Otherequityinvestments
(1)Detailsofotherequityinvestments
□Applicable√Notapplicable
(2)Derecognitionduringtheperiod
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
19.Othernon-currentfinancialassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Financialassetsatfairvaluethroughprofitorloss | 4,913,258.26 | 7,021,284.08 |
| Ofwhich:Equityinvestments | 4,913,258.26 | 7,021,284.08 |
| Total | 4,913,258.26 | 7,021,284.08 |
Otherinformation:
□Applicable√Notapplicable
20.InvestmentpropertiesMeasurementmodelofinvestmentpropertiesNotapplicable.
21.FixedassetsBreakdown:
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Fixedassets | 1,219,215,619.82 | 1,249,662,845.70 |
| Total | 1,219,215,619.82 | 1,249,662,845.70 |
Otherinformation:
□Applicable√NotapplicableFixedassets:
(1)Detailsoffixedassets
√Applicable□Notapplicable
Unit:RMB
| Item | Buildingsandconstructions | Machineryequipment | Transportationvehicles | Otherequipment | Total |
| IGrossamount: | |||||
| 1.Openingbalance | 1,147,223,937.40 | 139,939,779.35 | 43,936,386.20 | 272,815,157.75 | 1,603,915,260.70 |
| 2.Increaseduringtheperiod | -5,664,907.90 | 26,876,490.36 | 6,830,426.31 | 54,503,638.23 | 82,545,647.00 |
| (1)Purchased | 26,846,657.40 | 6,951,882.11 | 57,040,751.91 | 90,839,291.42 | |
| (2)Impactofthetranslationofforeigncurrency-denominatedfinancialstatements | -5,664,907.90 | 29,832.96 | -121,455.80 | -2,537,113.68 | -8,293,644.42 |
| 3.Decreaseduringtheperiod | 2,454,725.34 | 1,371,316.90 | 1,090,319.73 | 4,916,361.97 | |
| (1)Disposalorretirement | 2,454,725.34 | 1,371,316.90 | 1,090,319.73 | 4,916,361.97 | |
| 4.Closingbalance | 1,141,559,029.50 | 164,361,544.37 | 49,395,495.61 | 326,228,476.25 | 1,681,544,545.73 |
| IIAccumulateddepreciation | |||||
| 1.Openingbalance | 155,063,878.04 | 68,061,563.92 | 26,801,011.34 | 103,865,390.70 | 353,791,844.00 |
| 2.Increaseduringtheperiod | 41,135,507.27 | 20,826,681.09 | 5,403,816.93 | 44,670,742.69 | 112,036,747.98 |
| (1)Established | 41,591,702.96 | 20,850,162.21 | 5,475,484.25 | 46,027,181.25 | 113,944,530.67 |
| (2)Impactofthetranslationofforeigncurrency-denominatedfinancialstatements | -456,195.69 | -23,481.12 | -71,667.32 | -1,356,438.56 | -1,907,782.69 |
| 3.Decreaseduringtheperiod | 1,615,262.80 | 902,901.89 | 1,442,072.38 | 3,960,237.07 | |
| (1)Disposalorretirement | 1,615,262.80 | 902,901.89 | 1,442,072.38 | 3,960,237.07 | |
| 4.Closingbalance | 196,199,385.31 | 87,272,982.21 | 31,301,926.38 | 147,094,061.01 | 461,868,354.91 |
| IIIImpairmentprovisions | |||||
| 1.Opening | 460,571.00 | 460,571.00 | |||
| balance | |||||
| 2.Increaseduringtheperiod | |||||
| (1)Established | |||||
| 3.Decreaseduringtheperiod | |||||
| (1)Disposalorretirement | |||||
| 4.Closingbalance | 460,571.00 | 460,571.00 | |||
| IVCarryingamount | |||||
| 1.Closingcarryingamount | 945,359,644.19 | 77,088,562.16 | 18,093,569.23 | 178,673,844.24 | 1,219,215,619.82 |
| 2.Openingcarryingamount | 992,160,059.36 | 71,878,215.43 | 17,135,374.86 | 168,489,196.05 | 1,249,662,845.70 |
(2)Temporarilyidlefixedassets
√Applicable□Notapplicable
Unit:RMB
| Item | Grossamount | Accumulateddepreciation | Impairmentprovision | Carryingamount | Note |
| Electronicdevices | 706,360.51 | 615,905.89 | 90,454.62 | ||
| Total | 706,360.51 | 615,905.89 | 90,454.62 |
(3)Fixedassetsleasedoutunderoperatingleases
√Applicable□Notapplicable
Unit:RMB
| Item | Closingcarryingamount |
| Buildingsandconstructions | 19,828,505.44 |
(4)Fixedassetswithoutcertificateoftitle
□Applicable√Notapplicable
(5)Impairmenttestsoffixedassets
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableDisposaloffixedassets
□Applicable√Notapplicable
22.ConstructioninprogressBreakdown:
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Constructioninprogress | 62,463.31 | |
| Total | 62,463.31 |
Otherinformation:
□Applicable√NotapplicableConstructioninprogress
(1)Detailsofconstructioninprogress
□Applicable√Notapplicable
(2)Changesinsignificantconstructioninprogressduringtheperiod
√Applicable□Notapplicable
Unit:RMB
| Project | Budget | Openingbalance | Increaseduringtheperiod | Transferredtofixedassetsduringtheperiod | Otherdecreasesduringtheperiod | Closingbalance | Cumulativeprojectinvestmentas%ofthebudget | Projectprogress(%) | Cumulativecapitalizedinterest | Ofwhich:Capitalizedinterestduringtheperiod | Interestcapitalizationratefortheperiod(%) | Fundingsource |
| ConstructioninprogressofAutelSpain | 62,463.31 | 34,589.10 | 97,052.41 | 100.00 | 100.00 | Ownfunds | ||||||
| Total | 62,463.31 | 34,589.10 | 97,052.41 | / | / | / | / |
(3)Impairmentprovisionsforconstructioninprogressfortheperiod
□Applicable√Notapplicable
(4)Impairmenttestsofconstructioninprogress
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableEngineeringmaterials:
(5)Detailsofengineeringmaterials
□Applicable√Notapplicable
23.Productivelivingassets
(1)Productivelivingassetsmeasuredatcost
□Applicable√Notapplicable
(2)Impairmenttestsofproductivelivingassetsmeasuredatcost
□Applicable√Notapplicable
(3)Productivelivingassetsmeasuredatfairvalue
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
24.Oilandgasassets
(1)Detailsofoilandgasassets
□Applicable√Notapplicable
(2)Impairmenttestsofoilandgasassets
√Applicable□NotapplicableDeterminationofthenetrecoverableamount(fairvaluelesscostsofdisposal)
□Applicable√NotapplicableDeterminationoftherecoverableamountbasedonthepresentvalueoftheexpectedfuturecashflow
□Applicable√Notapplicable
Reasonsforsignificantinconsistencybetweentheabove-mentionedinformationandtheinformationadoptedintheimpairmenttestsintheprioryearorexternalinformation
□Applicable√Notapplicable
Reasonsforsignificantinconsistencybetweentheinformationadoptedintheimpairmenttestsintheprioryearandtheactualsituationintheyear
□Applicable√NotapplicableOtherinformation:
None.
25.Right-of-useassets
(1)Detailsofright-of-useassets
√Applicable□Notapplicable
Unit:RMB
| Item | Buildingsandconstructions | Transportationvehicles | Total |
| Grossamount: | |||
| Openingbalance | 96,493,446.40 | 96,493,446.40 | |
| Increaseduringtheperiod | 238,415,021.47 | 1,044,700.99 | 239,459,722.46 |
| 1)Newadditionsandrenewalsduringtheperiod | 237,448,186.85 | 1,044,700.99 | 238,492,887.84 |
| 2)Impactofthetranslationofforeigncurrency-denominatedfinancialstatements | 966,834.62 | 966,834.62 | |
| Decreaseduringtheperiod | 29,777,376.93 | 29,777,376.93 | |
| 1)Disposals | 29,777,376.93 | 29,777,376.93 | |
| Closingbalance | 305,131,090.94 | 1,044,700.99 | 306,175,791.93 |
| Accumulateddepreciation | |||
| Openingbalance | 48,463,877.73 | 48,463,877.73 | |
| Increaseduringtheperiod | 31,900,522.80 | 234,311.03 | 32,134,833.83 |
| 1)Established | 31,422,491.66 | 234,653.75 | 31,657,145.41 |
| 2)Impactofthetranslationofforeigncurrency-denominatedfinancialstatements | 478,031.14 | -342.72 | 477,688.42 |
| Decreaseduringtheperiod | 22,316,754.57 | 22,316,754.57 | |
| 1)Disposals | 22,316,754.57 | 22,316,754.57 | |
| Closingbalance | 58,047,645.96 | 234,311.03 | 58,281,956.99 |
| Carryingamount | |||
| Closingcarryingamount | 247,083,444.98 | 810,389.96 | 247,893,834.94 |
| Openingcarryingamount | 48,029,568.67 | 48,029,568.67 |
(2)Impairmenttestsofright-of-useassets
□Applicable√NotapplicableOtherinformation:
None.
26.Intangibleassets
(1)Detailsofintangibleassets
√Applicable□Notapplicable
Unit:RMB
| Item | Landuserights | Patents | Registeredmarks | Proprietarytechnologies | Software | Total |
| Grossamount | ||||||
| Openingbalance | 23,278,839.57 | 10,775,731.55 | 5,974,686.00 | 171,583,822.26 | 24,695,799.48 | 236,308,878.86 |
| Increaseduringtheperiod | -587,256.75 | -4,788.00 | 77,044,143.63 | 14,855,621.42 | 91,307,720.30 | |
| 1)Purchased | 14,757,118.17 | 14,757,118.17 | ||||
| 2)Developedinternally | 77,012,202.63 | 77,012,202.63 | ||||
| 3)Impactofthetranslationofforeigncurrency-denominatedfinancialstatements | -587,256.75 | -4,788.00 | 31,941.00 | 98,503.25 | -461,600.50 | |
| Decreaseduringtheperiod | 370,597.50 | 186,352.32 | 556,949.82 | |||
| 1)Disposals | 370,597.50 | 186,352.32 | 556,949.82 | |||
| Closingbalance | 22,691,582.82 | 10,775,731.55 | 5,969,898.00 | 248,257,368.39 | 39,365,068.58 | 327,059,649.34 |
| Accumulatedamortization | ||||||
| Openingbalance | 4,955,002.24 | 4,140,626.85 | 1,001,873.13 | 79,152,048.66 | 18,117,346.37 | 107,366,897.25 |
| Increaseduringtheperiod | 431,618.89 | 1,189,047.50 | 573,103.99 | 36,711,676.23 | 3,705,670.77 | 42,611,117.38 |
| 1)Established | 519,447.36 | 1,189,047.50 | 577,891.98 | 36,701,117.48 | 3,668,032.74 | 42,655,537.06 |
| 2)Impactofthetranslationofforeigncurrency-denominatedfinancialstatements | -87,828.47 | -4,787.99 | 10,558.75 | 37,638.03 | -44,419.68 | |
| Decreaseduringtheperiod | 150,602.59 | 186,294.67 | 336,897.26 | |||
| 1)Disposals | 150,602.59 | 186,294.67 | 336,897.26 | |||
| Closingbalance | 5,386,621.13 | 5,329,674.35 | 1,574,977.12 | 115,713,122.30 | 21,636,722.47 | 149,641,117.37 |
| Carryingamount | ||||||
| Closingcarryingamount | 17,304,961.69 | 5,446,057.20 | 4,394,920.88 | 132,544,246.09 | 17,728,346.11 | 177,418,531.97 |
| Openingcarryingamount | 18,323,837.33 | 6,635,104.70 | 4,972,812.87 | 92,431,773.60 | 6,578,453.11 | 128,941,981.61 |
(2)Dataresourcesrecognizedasintangibleassets
□Applicable√Notapplicable
(3)Landuserightswithoutcertificateoftitle
□Applicable√Notapplicable
(4)Impairmenttestsofintangibleassets
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
27.Goodwill
(1)Grossamountofgoodwill
□Applicable√Notapplicable
(2)Impairmentprovisionsforgoodwill
□Applicable√Notapplicable
(3)Informationontheassetgrouporcombinationofassetgroupstowhichgoodwillisapportioned
□Applicable√NotapplicableChangesintheassetgrouporcombinationofassetgroups:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
(4)DeterminationoftherecoverableamountDeterminationofthenetrecoverableamount(fairvaluelesscostsofdisposal)
□Applicable√NotapplicableDeterminationoftherecoverableamountbasedonthepresentvalueoftheexpectedfuturecashflow
□Applicable√NotapplicableReasonsforsignificantinconsistencybetweentheabove-mentionedinformationandtheinformationadoptedintheimpairmenttestsintheprioryearorexternalinformation
□Applicable√NotapplicableReasonsforsignificantinconsistencybetweentheinformationadoptedintheimpairmenttestsintheprioryearandtheactualsituationintheyear
□Applicable√Notapplicable
(5)PerformancecommitmentsandcorrespondinggoodwillimpairmentWhengoodwillisformed,thereisacommitmenttotheresultsandtheReportingPeriodortheperiodprecedingtheReportingPeriodiswithinthecommitmentperiod:
□Applicable√Notapplicable
Otherinformation:
□Applicable√Notapplicable
28.Long-termprepaidexpense
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Amortizationduringtheperiod | Otherdecreases | Closingbalance |
| Decorationexpense | 60,467,639.91 | 29,169,766.77 | 10,457,572.53 | -185,020.54 | 79,364,854.69 |
| Other | 2,925,253.31 | 465,660.10 | 1,247,908.44 | 129.77 | 2,142,875.20 |
| Total | 63,392,893.22 | 29,635,426.87 | 11,705,480.97 | -184,890.77 | 81,507,729.89 |
Otherinformation:
None.
29.Deferredincometaxassets/Deferredincometaxliabilities
(1)Deferredincometaxassetsbeforebeingoffset
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Deductibletemporarydifferences | Deferredincometaxassets | Deductibletemporarydifferences | Deferredincometaxassets | |
| Assetimpairmentprovisions | 258,365,454.08 | 66,864,816.80 | 163,139,909.37 | 63,923,894.83 |
| Unrealizedprofitofinternaltransactions | 524,878,043.55 | 144,674,698.85 | 483,853,014.54 | 134,278,374.29 |
| Deductiblelosses | 206,783,529.00 | 31,626,616.64 | 740,671,584.87 | 111,672,630.79 |
| Deferredincome | 2,898,930.24 | 631,591.56 | 2,835,419.92 | 628,213.51 |
| Productwarranties | 21,700,041.22 | 3,246,420.81 | 15,082,085.74 | 2,268,519.81 |
| Pendinglitigation | 24,789,450.64 | 3,718,417.60 | ||
| Fairvaluechanges | 8,270,847.60 | 1,240,627.14 | 7,067,978.99 | 1,060,196.85 |
| Leaseliabilities | 255,751,100.49 | 39,662,170.00 | 52,538,290.00 | 29,382,542.59 |
| Share-basedpayments | 35,974,180.84 | 6,277,699.68 | 17,046,404.03 | 2,002,139.38 |
| Other | 9,338,828.02 | 1,922,193.75 | 7,109,440.10 | 1,955,096.00 |
| Total | 1,323,960,955.04 | 296,146,835.23 | 1,514,133,578.20 | 350,890,025.65 |
(2)Deferredincometaxliabilitiesbeforebeingoffset
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Taxabletemporarydifferences | Deferredincometaxliabilities | Taxabletemporarydifferences | Deferredincometaxliabilities | |
| Unremittedprofitsofoverseassubsidiaries | 504,593,736.06 | 75,689,060.41 | 504,593,736.06 | 75,689,060.41 |
| Right-of-useassets | 247,893,834.94 | 38,507,038.24 | 48,029,568.67 | 28,768,040.97 |
| Other | 690,262.70 | 103,539.41 | 998,429.10 | 149,764.37 |
| Total | 753,177,833.70 | 114,299,638.05 | 553,621,733.83 | 104,606,865.75 |
(3)Deferredincometaxassetsorliabilitiespresentedonanetbasisafterbeingoffset
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Amountofdeferredincometaxassetsandliabilitiesoffset | Balanceofdeferredincometaxassetsorliabilitiesafterbeingoffset | Amountofdeferredincometaxassetsandliabilitiesoffset | Balanceofdeferredincometaxassetsorliabilitiesafterbeingoffset | |
| Deferredincometaxassets | 38,610,577.64 | 257,536,257.59 | 28,917,805.34 | 321,972,220.31 |
| Deferredincometaxliabilities | 38,610,577.64 | 75,689,060.41 | 28,917,805.34 | 75,689,060.41 |
(4)Scheduleofdeferredincometaxassetsunrecognized
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Assetimpairmentprovisions | 49,172,757.89 | 82,461,693.09 |
| Unrealizedprofitofinternaltransactions | 189,843,086.97 | 67,105,370.40 |
| Deductiblelosses | 2,058,201,059.50 | 1,504,207,522.70 |
| Accruedproductwarrantiesandrefunds | 21,511,704.13 | 10,554,223.91 |
| Deferredincome | 2,646,066.66 | |
| Total | 2,321,374,675.15 | 1,664,328,810.10 |
(5)Deductiblelossesonwhichdeferredincometaxassetswereunrecognizedwillexpireinthefollowingyears
√Applicable□Notapplicable
Unit:RMB
| Year | Closingbalance | Openingbalance | Note |
| 2025 | 24,719,709.70 | ||
| 2026 | 68,643,384.44 | 68,643,384.44 | |
| 2027 | 75,918,755.10 | 74,517,044.62 | |
| 2028 | 73,800,578.65 | 75,778,497.68 |
| 2029 | 3,078.22 | 13,807,059.65 | |
| 2030 | 147,916,734.62 | 374,177.79 | |
| 2031 | 3,002,632.92 | ||
| 2032 | 225,003,832.53 | 233,021,729.92 | |
| 2033 | 284,756,530.10 | 308,789,426.44 | |
| 2034 | 610,200,248.04 | 682,177,764.57 | |
| 2035 | 557,191,225.17 | ||
| Indefinite | 14,766,692.63 | 19,376,094.97 | |
| Total | 2,058,201,059.5 | 1,504,207,522.70 | / |
Otherinformation:
□Applicable√Notapplicable
30.Othernon-currentassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Grossamount | Impairmentprovision | Carryingamount | Grossamount | Impairmentprovision | Carryingamount | |
| EmployeeStockOwnershipPlanIncentiveFund | 122,855,418.00 | 122,855,418.00 | 122,855,418.00 | 122,855,418.00 | ||
| Prepaymentsforequipmentandadvancepaymentsforconstruction | 49,269,434.50 | 49,269,434.50 | 14,906,656.33 | 14,906,656.33 | ||
| Prepaymentsforvehicles | 3,377,000.00 | 3,377,000.00 | ||||
| Equitytransferconsiderationreceivable | 64,547,500.00 | 626,110.75 | 63,921,389.25 | |||
| Long-termemployeeloansreceivable | 1,000,000.00 | 1,000,000.00 | ||||
| Total | 237,672,352.50 | 626,110.75 | 237,046,241.75 | 141,139,074.33 | 141,139,074.33 | |
Otherinformation:
None.
31.Assetswithrestrictedownershiporrightofuse
√Applicable□Notapplicable
Unit:RMB
| Item | Period-end | Period-begin | ||||||
| Grossamount | Carryingamount | Typeofrestriction | Restriction | Grossamount | Carryingamount | Typeofrestriction | Restriction | |
| Monetaryassets | 111,143,662.06 | 111,143,662.06 | Frozen | Billdeposits,guaranteedeposit | 118,717,513.83 | 118,717,513.83 | Frozen | Billdeposits,guaranteedeposit |
| s,AppleStoreaccountbalance,customsdeposits,andETCdeposits | s,AppleStoreaccountbalance,customsdeposits,andETCdeposits | |||||||
| Total | 111,143,662.06 | 111,143,662.06 | / | / | 118,717,513.83 | 118,717,513.83 | / | / |
Otherinformation:
None.
32.Short-termborrowings
(1)Breakdownofshort-termborrowings
□Applicable√Notapplicable
(2)Overdueshort-termborrowings
□Applicable√NotapplicableSignificantoverdueshort-termborrowings:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
33.Held-for-tradingfinancialliabilities
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
34.Derivativefinancialliabilities
□Applicable√Notapplicable
35.Notespayable
(1)Breakdownofnotespayable
√Applicable□Notapplicable
Unit:RMB
| Type | Closingbalance | Openingbalance |
| Bankacceptancebills | 186,356,161.77 | 149,368,685.23 |
| Total | 186,356,161.77 | 149,368,685.23 |
Thetotalamountofoverduenotespayableisnilattheendoftheperiod.Andthereasonwhytheyareoverduewasnotapplicable.
36.Accountspayable
(1)Breakdownofaccountspayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Payablesformaterials | 369,636,165.72 | 315,249,747.00 |
| Payablesforequipment | 2,512,004.23 | 1,701,381.22 |
| Total | 372,148,169.95 | 316,951,128.22 |
(2)Significantaccountspayablethatareagedoveroneyearoroverdue
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
37.Advancesfromcustomers
(1)Breakdownofadvancesfromcustomers
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Advancesfromtenants | 670,859.20 | 951,557.22 |
| Total | 670,859.20 | 951,557.22 |
(2)Significantadvancesfromcustomersagedoveroneyear
□Applicable√Notapplicable
(3)SignificantchangesincarryingamountsduringtheReportingPeriodandthereasons
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
38.Contractliabilities
(1)Breakdownofcontractliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Amountduetosuppliers | 126,401,561.52 | 124,298,319.25 |
| Softwarecloudservicepaymentsduewithinoneyear | 350,315,127.13 | 257,416,374.92 |
| Total | 476,716,688.65 | 381,714,694.17 |
(2)Significantcontractliabilitiesagedoveroneyear
□Applicable√Notapplicable
(3)SignificantchangesincarryingamountsduringtheReportingPeriodandthereasons
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
39.Employeebenefitspayable
(1)Breakdownofemployeebenefitspayable
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance | |
| IShort-termbenefits | 232,034,527.53 | 990,270,689.54 | 929,645,549.18 | 292,659,667.89 | |
| IIAfter-servicebenefits-definedcontributionschemes | 204,136.41 | 71,958,370.75 | 71,912,700.98 | 249,806.18 | |
| IIISeverancebenefits | 20,400,032.22 | 20,045,045.39 | 354,986.83 | ||
| Total | 232,238,663.94 | 1,082,629,092.51 | 1,021,603,295.55 | 293,264,460.90 | |
(2)Breakdownofshort-termbenefits
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance |
| ISalaries,bonuses,allowancesandsubsidies | 231,114,373.65 | 892,898,682.34 | 832,125,781.63 | 291,887,274.36 |
| IIEmployeewelfareexpense | 81,790.66 | 56,326,658.30 | 56,318,944.07 | 89,504.89 |
| IIISocialsecurityfundpayments | 838,363.22 | 26,758,811.74 | 26,997,791.95 | 599,383.01 |
| Ofwhich:Medicalinsurancepremiums | 836,568.34 | 23,378,632.23 | 23,620,052.25 | 595,148.32 |
| Work-relatedinjuryinsurancepremiums | 1,830,696.67 | 1,830,696.67 | ||
| Maternityinsurancepremiums | 1,539,510.20 | 1,539,510.20 | ||
| Otherinsurancepremiums | 1,794.88 | 9,972.64 | 7,532.83 | 4,234.69 |
| IVHousingprovidentfundpayments | 13,323,292.41 | 13,284,204.27 | 39,088.14 | |
| VLabourunionfundsand | 963,244.75 | 918,827.26 | 44,417.49 |
| employeeeducationfunds | ||||
| Total | 232,034,527.53 | 990,270,689.54 | 929,645,549.18 | 292,659,667.89 |
(3)Breakdownofdefinedcontributionschemes
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance |
| 1.Basicendowmentinsurance | 204,136.41 | 68,928,718.18 | 68,883,048.41 | 249,806.18 |
| 2.Unemploymentinsurancepremiums | 3,029,652.57 | 3,029,652.57 | ||
| Total | 204,136.41 | 71,958,370.75 | 71,912,700.98 | 249,806.18 |
Otherinformation:
□Applicable√Notapplicable
40.Taxesandleviespayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Valueaddedtax | 16,449,492.47 | 23,012,413.08 |
| Enterpriseincometax | 39,443,461.69 | 48,329,616.53 |
| Personalincometaxwithheldforemployees | 1,955,243.66 | 1,768,334.94 |
| Urbanconstructionandmaintenancetax | 281,969.62 | 186,213.12 |
| Propertytax | 629,682.58 | 82,364.30 |
| Educationsurtax | 120,844.13 | 79,805.63 |
| Localeducationsurtax | 80,562.74 | 53,203.75 |
| Other | 1,792,491.59 | 927,635.88 |
| Total | 60,753,748.48 | 74,439,587.23 |
Otherinformation:
None.
41.Otherpayables
(1)Breakdown
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Interestpayable | ||
| Dividendspayable | ||
| Otherpayables | 133,915,646.43 | 126,102,610.81 |
| Total | 133,915,646.43 | 126,102,610.81 |
Otherinformation:
□Applicable√Notapplicable
(2)InterestpayableBreakdown
□Applicable√NotapplicableSignificantoverdueinterestpayable:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
(3)DividendspayableBreakdown
□Applicable√Notapplicable
(4)OtherpayablesOtherpayablesbynature:
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Liquidateddamagesandsettlementcompensations | 7,490,000.00 | |
| Professionalagencyservicefees | 66,197,438.65 | 32,815,347.23 |
| Freightandcustomsfees | 24,536,123.37 | 24,612,380.78 |
| Consultingandservicefees | 14,595,159.97 | 29,342,444.95 |
| Securitydeposits | 2,988,079.22 | 2,563,134.59 |
| Amountspayabletoemployees | 2,069,650.17 | 1,895,251.72 |
| Other | 23,529,195.05 | 27,384,051.54 |
| Total | 133,915,646.43 | 126,102,610.81 |
Significantotherpayablesthatareagedoveroneyearoroverdue:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
42.Liabilitiesdirectlyassociatedwithassetsheldforsale
□Applicable√Notapplicable
43.Currentportionofnon-currentliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Currentportionofleaseliabilities | 53,927,101.68 | 27,422,917.04 |
| Currentportionofbondspayable | 8,797,445.25 |
| Total | 62,724,546.93 | 27,422,917.04 |
Otherinformation:
None.
44.OthercurrentliabilitiesBreakdown:
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Productwarranties | 36,045,105.33 | 23,598,210.79 |
| Taxtobechargedoff | 3,948,780.78 | 3,776,316.29 |
| Total | 39,993,886.11 | 27,374,527.08 |
Autelprovideswarrantyservicesforsomeoftheproductsitsells.Autelrecordscorrespondingproductwarrantyexpensebasedontheamountthatmaybepaidinthefuture.Theamountrecordedduringtheperiodisdeterminedbymultiplyingthesalesrevenueofproductswithwarrantyobligationsduringtheperiodbytheestimatedmaintenanceexpenserate.Increase/decreaseofshort-termbondspayable:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
45.Long-termborrowings
(1)Breakdown
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
46.Bondspayable
(1)Bondspayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Convertiblecorporatebonds | 1,204,602,738.43 | 1,175,814,692.17 |
| Total | 1,204,602,738.43 | 1,175,814,692.17 |
(2)Detailsofbondspayable:(excludingotherfinancialinstrumentssuchaspreferencesharesandperpetualbonds,whichareclassifiedasfinancialliabilities)
√Applicable□Notapplicable
Unit:RMB
| Bondname | Parvalue(RMB) | Couponrate(%) | Issueddate | Termofbond | Issuedamount | Openingbalance | Issuedduringtheperiod | Interestaccruedatparvalue | Amortizationofpremiumanddiscount | Redeemedduringtheperiod | Amountofbondsconvertedtosharesduringtheperiod | Amounttransferredtocurrentportionofnon-currentliabilities | Closingbalance | Whetherthereisabreachofcontract |
| AutelConvertibleCorporateBond | 100.00 | July8,2022 | 6years | 1,280,000,000.00 | 1,175,814,692.17 | 15,729,542.50 | 34,681,616.50 | 12,797,667.49 | 28,000.00 | 8,797,445.25 | 1,204,602,738.43 | No | ||
| Total | / | / | / | / | 1,175,814,692.17 | 15,729,542.50 | 34,681,616.50 | 12,797,667.49 | 28,000.00 | 8,797,445.25 | 1,204,602,738.43 | / |
(3)Convertiblecorporatebonds
√Applicable□Notapplicable
1.ConversionconditionsandconversiontimeofconvertiblecorporatebondsThetermofthe“AutelConvertibleCorporateBond”issuedduringtheperiodissixyearsfromtheissueddate,thatis,fromJuly8,2022toJuly7,2028;theconversionperiodisfromthefirsttradingdayaftersixmonthsfromtheendoftheconvertiblebondissuanceonJuly14,2022tothematuritydateoftheconvertiblebonds,thatis,fromJanuary16,2023toJuly7,2028.Theinitialconversionpriceoftheconvertible
corporatebondsisRMB34.73/share,andtheconversionpricewasadjustedtoRMB34.71/shareonAugust16,2023,toRMB33.93/shareonSeptember9,2024,toRMB22.55/shareonMay14,2025andtoRMB21.98/shareonSeptember23,2025.
Thecouponrateofthe“AutelConvertibleCorporateBond”is0.30%inthefirstyear,0.50%inthesecondyear,1.00%inthethirdyear,
1.50%inthefourthyear,1.80%inthefifthyear,and2.00%inthesixthyear.Theannualinterestpaymentdateisthedayofeachfullyearfromthefirstdayoftheissuanceofthebond.Accountingtreatmentsandjudgmentalbasisforconversiontoshares:
√Applicable□NotapplicableWiththeApprovalontheRegistrationoftheOfferingofConvertibleCorporateBondstoUnspecifiedObjectsbyAutelIntelligentTechnologyCorp.,Ltd.issuedbytheChinaSecuritiesRegulatoryCommission(CSRCPermit[2022]No.852),Autelcarriedoutapublicofferingof12,800,000convertiblecorporatebondsonJuly8,2022,withaparvalueofRMB100andatotalofferingamountofRMB1.28billion.The“AutelConvertibleCorporateBond”isacompoundfinancialinstrument,whichcontainsbothafinancialliabilitycomponentandanequityinstrumentcomponent.Wheninitiallymeasured,thefairvalueofthefinancialliabilitycomponentisfirstdetermined,andthenthefairvalueoftheliabilitycomponentisdeductedfromthefairvalueofthecompoundfinancialinstrumentasthefairvalueoftheequityinstrumentcomponent.Thetransactioncostsincurredintheofferingofconvertiblecorporatebondsareallocatedbetweenthefinancialliabilitycomponentandtheequityinstrumentcomponentinproportiontotheirrespectivefairvalue.AutelissuedRMB1.28billionofconvertiblecorporatebondsthistime.AfterdeductingtheissuancecostsofRMB18,126,264.14,thefairvalueofthefinancialliabilitycomponentontheissueddateofRMB1,069,449,976.70wasrecordedinbondspayable,andthefairvalueoftheequityinstrumentcomponentofRMB192,423,759.16wasrecordedinotherequityinstruments.
AsofDecember31,2025,atotalof9,264shareshadbeenconvertedfromissuedbonds.Duringtheperiod,atotalofRMB28,000.00oftheAutel’sconvertiblebondswereconvertedinto911shares.Whenconverted,theparvalueofthebondsofRMB28,000.00wasusedtoreducethebondspayable,andthefairvalueoftheequityinstrumentcomponentofRMB4,209.26wasusedtoreduceotherequityinstruments.
(4)OtherfinancialinstrumentsclassifiedasfinancialliabilitiesGeneralinformationonotherfinancialinstrumentsoutstandingsuchaspreferencesharesandperpetualbondsattheendoftheperiod:
□Applicable√NotapplicableChangesinfinancialinstrumentsoutstandingsuchaspreferencesharesandperpetualbondsattheendoftheperiod:
□Applicable√NotapplicableBasisfortheclassificationofotherfinancialinstrumentsasfinancialliabilities:
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
47.Leaseliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Leasesofbuildingsandconstructions | 201,356,031.23 | 25,115,372.96 |
| Leasesoftransportationvehicles | 467,967.58 | |
| Total | 201,823,998.81 | 25,115,372.96 |
Otherinformation:
None.
48.Long-termpayablesBreakdown:
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableLong-termpayables:
(1)Long-termpayablesbynature
□Applicable√NotapplicableSpecificpayables:
(2)Specificpayablesbynature
□Applicable√Notapplicable
49.Long-termemployeebenefitspayable
□Applicable√Notapplicable
50.Provisions
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | Cause |
| Refundliability | 7,166,640.02 | 2,038,098.86 | |
| Pendinglitigation | 24,789,450.64 | ||
| Total | 7,166,640.02 | 26,827,549.50 | / |
Otherinformation,includingimportantassumptionsandestimatesrelatedtoimportantprovisions:
Fordetailsofpendinglitigation,pleaserefertoNoteXVI(7)ofthefinancialstatements.
51.DeferredincomeBreakdown:
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance | Cause |
| Governmentgrants | 2,835,419.92 | 4,313,340.00 | 1,603,763.02 | 5,544,996.90 | |
| Total | 2,835,419.92 | 4,313,340.00 | 1,603,763.02 | 5,544,996.90 | / |
Otherinformation:
□Applicable√Notapplicable
52.Othernon-currentliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Softwarecloudservicepaymentsdueinover1year | 447,656,889.89 | 241,979,614.63 |
| Total | 447,656,889.89 | 241,979,614.63 |
Otherinformation:
None.
53.Sharecapital
√Applicable□Notapplicable
Unit:RMB
| Openingbalance | Increase/decreaseduringtheperiod(+/-) | Closingbalance | |||||
| Newissue | Bonusissuefromprofit | Bonusissuefromcapitalreserves | Bonusissuefromconvertiblebonds | Subtotal | |||
| Totalshares | 451,878,028.00 | 218,304,502.00 | 911.00 | 218,305,413.00 | 670,183,441.00 | ||
Otherinformation:
1)Theconversionperiodofthe“AutelConvertibleCorporateBond”issuedbyAuteltounspecifiedobjectsisfromJanuary16,2023toJuly7,2028.AtotalofRMB28,000.00ofthebondswasconvertedinto911shares.Forfurtherinformationoftheconvertiblecorporatebonds,pleaserefertoNoteVII(46)tothefinancialstatements.
2)PursuanttotheProposalonthe2024ProfitDistributionandCapitalizationofCapitalReservePlanconsideredandapprovedatAutel's2024AnnualGeneralMeetingofShareholders,Autelintendstodistributeprofitsbasedonthetotalsharecapitalregistered
ontheequityrecorddate,afterdeductingthesharesinAutel’saccountofrepurchasedshares,andtomakeabonusissueof4.9additionalsharesforevery10sharesheldbyshareholdersfromcapitalreserves.Theactualnumberofsharesparticipatinginthedistributionis445,519,392,withatotalof218,304,502additionalsharesinthebonusissueduringtheperiod.
54.Otherequityinstruments
(1)Generalinformationonotherfinancialinstrumentsoutstandingsuchaspreferencesharesandperpetualbondsattheendoftheperiod:
□Applicable√Notapplicable
(2)Changesinfinancialinstrumentsoutstandingsuchaspreferencesharesandperpetualbondsattheendoftheperiod:
√Applicable□Notapplicable
Unit:RMB
Changesinotherequityinstrumentsduringtheperiod,thereasonsforthechanges,andthebasisfortherelevantaccountingtreatments:
√Applicable□Notapplicable
Fordetailsofthegeneralinformationonandchangesinconvertiblecorporatebondsoutstandingattheendoftheperiod,pleaserefertoNoteVII(46)herein.Otherinformation:
□Applicable√Notapplicable
55.Capitalreserves
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance |
| Capitalpremium(sharepremium) | 1,380,897,916.45 | 110,887,682.09 | 321,799,149.08 | 1,169,986,449.46 |
| Othercapitalreserves | 40,227,072.68 | 115,146,955.37 | 110,858,182.02 | 44,515,846.03 |
| Total | 1,421,124,989.13 | 226,034,637.46 | 432,657,331.10 | 1,214,502,295.49 |
Otherinformation,includingthechangesduringtheperiodandthereasonsforthechanges:
(1)Changesinsharepremium
| Financialinstrumentoutstanding | Period-begin | Increaseduringtheperiod | Decreaseduringtheperiod | Period-end | ||||
| Number | Carryingamount | Number | Carryingamount | Number | Carryingamount | Number | Carryingamount | |
| Convertiblecorporatebonds | 12,797,100 | 192,380,163.16 | 280 | 4,209.26 | 12,796,820 | 192,375,953.90 | ||
| Total | 12,797,100 | 192,380,163.16 | 280 | 4,209.26 | 12,796,820 | 192,375,953.90 | ||
1)AsstatedinNoteVII(46)tothefinancialstatements,atotalofRMB28,000.00ofthe“AutelConvertibleCorporateBond”wasconvertedintosharesduringtheperiod,andthepremiumofRMB29,500.07hasbeenincludedinthesharepremium.
2)AsstatedinNoteXV(2)tothefinancialstatements,theemployeeequityincentiveplanestablishedbyAutelandcarriedoutin2018hasconcluded.Duringtheperiod,RMB26,082,655.79wastransferredfromcapitalreserves-othercapitalreservestocapitalreserves-sharepremium.
3)AsstatedinNoteVII(53)tothefinancialstatements,duringtheperiod,Autelincreaseditssharecapitalbycapitalizingitscapitalreserves,resultinginadecreaseincapitalreservesofRMB218,304,502.00.
4)AsstatedinNoteXV(2)tothefinancialstatements,fortherestrictedshareincentiveplanestablishedbyAutelin2024,thefirstvestingperiodhasendedandthevestingconditionsweremet.Duringtheperiod,AutelreceivedatotalofRMB50,424,564.08insubscriptionpaymentsfromemployees,withthecostoftreasurysharesrepurchasedamountingtoRMB153,919,211.16.ThedifferenceofRMB103,494,647.08wasrecordedincapitalreserves-sharepremium.Concurrently,thecapitalreserves-othercapitalreservesofRMB84,775,526.23recognizedinrelationtothefirstbatchofrestrictedshareincentiveplanweretransferredtocapitalreserves-sharepremium.
(2)Changesinothercapitalreserves
AsstatedinNoteXV(2)tothefinancialstatements,Autelamortizesequityincentiveexpensesininstallmentsasequity-settledshare-basedpaymentsinexchangeforemployeeservices.Duringtheperiod,amortizationofRMB115,146,955.37wasrecordedinadministrativeexpenses,increasingcapitalreserves(othercapitalreserves)byRMB115,146,955.37accordingly.
56.Treasuryshares
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance |
| Amountusedtorepurchaseshares | 142,933,220.27 | 100,166,174.24 | 153,919,211.16 | 89,180,183.35 |
| Total | 142,933,220.27 | 100,166,174.24 | 153,919,211.16 | 89,180,183.35 |
Otherinformation,includingthechangesduringtheperiodandthereasonsforthechanges:
1)Accordingtothe19thMeetingoftheFourthBoardofDirectors,Autelintendedtouseitsownfundstorepurchasesharesontheopenmarkettoprotectcorporatevalueandshareholders’interests.Autelrepurchasedatotalof3,595,333sharesduringtheperiod,withatotalpaymentofRMB100,166,174.24(excludingtransactioncosts),increasingthetreasurysharesbyRMB100,166,174.24accordingly.
2)AsstatedinNoteXV(2)tothefinancialstatements,duringtheperiod,Autelestablishedanemployeelong-termincentivefundtopurchaseitstreasurysharesforemployeestockownershipplans.TheemployeestockownershipplansreceivedasubscriptionpaymentofRMB50,424,564.08fromtheemployeelong-termincentivefund,andthetreasurysharerepurchasecostwasRMB153,919,211.16.ThedifferenceofRMB103,494,647.08wasincludedinsharepremiumundercapitalreserves.
57.Othercomprehensiveincome
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Duringtheperiod | Closingbalance | |||||
| Amountbeforeincometax | Less:amountpreviouslyrecognizedinothercomprehensiveincomeandcurrentlytransferredtoprofitorloss | Less:amountpreviouslyrecognizedinothercomprehensiveincomeandcurrentlytransferredtoretainedearnings | Less:Incometaxexpense | After-taxamountattributabletotheparentcompany | After-taxamountattributabletonon-controllinginterests | |||
| IOthercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | ||||||||
| IIOthercomprehensiveincomethatwillbereclassifiedtoprofitorloss | -28,223,467.84 | -82,826,743.53 | -83,239,548.82 | 412,805.29 | -111,463,016.66 | |||
| Differencesarisingfromthetranslation | -28,223,467.84 | -82,826,743.53 | -83,239,548.82 | 412,805.29 | -111,463,016.66 | |||
Otherinformation,includingtheadjustmentoftheeffectivegain/lossoncashflowhedgestotheinitialrecognizedamount:
None.
58.Specificreserve
□Applicable√Notapplicable
59.Surplusreserves
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance |
| Statutorysurplusreserves | 186,916,422.41 | 52,650,482.55 | 239,566,904.96 | |
| Total | 186,916,422.41 | 52,650,482.55 | 239,566,904.96 |
Notestosurplusreserves,includingthechangesduringtheperiodandthereasonsforthechanges:
None.
60.Retainedearnings
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Retainedearningsasattheendoftheprioryearbeforeadjustment | 1,476,651,105.27 | 1,201,893,803.39 |
| Adjustmenttoopeningretainedearnings(“+”forincrease,“-”fordecrease) | 5,653,714.94 | |
| Openingretainedearningsafteradjustment | 1,476,651,105.27 | 1,207,547,518.33 |
| Add:Netprofitattributabletoownersoftheparentcompanyduringtheperiod | 935,875,122.31 | 640,925,193.32 |
| Less:Appropriationtostatutorysurplusreserves | 52,650,482.55 | 19,105,043.18 |
| Dividendspayabletoordinaryshareholders | 605,692,388.98 | 352,716,563.20 |
| Closingretainedearnings | 1,754,183,356.05 | 1,476,651,105.27 |
Detailsoftheadjustmentsofopeningretainedearnings:
| offoreigncurrency-denominatedfinancialstatements | ||||||
| Totalothercomprehensiveincome | -28,223,467.84 | -82,826,743.53 | -83,239,548.82 | 412,805.29 | -111,463,016.66 |
1.RMB0oftheopeningretainedearningswasaffectedbytheretroactiveadjustmentsaccordingtotheAccountingStandardsforBusinessEnterprisesandrelatednewregulations.
2.RMB0oftheopeningretainedearningswasaffectedbythechangesinaccountingpolicies.
3.RMB0oftheopeningretainedearningswasaffectedbythecorrectionofmajoraccountingerrors.
4.RMB0oftheopeningretainedearningswasaffectedbythechangeinthecombinationscopeunderthesamecontrol.
5.RMB0oftheopeningretainedearningswasaffectedbyotheradjustments.
61.Operatingrevenueandcostofsales
(1)Detailsofoperatingrevenueandcostofsales
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | ||
| Revenue | Costs | Revenue | Costs | |
| Principaloperations | 4,773,168,629.87 | 2,071,963,425.20 | 3,884,974,510.40 | 1,731,705,730.20 |
| Otheroperations | 59,583,231.04 | 51,230,510.08 | 47,281,937.06 | 25,462,593.38 |
| Total | 4,832,751,860.91 | 2,123,193,935.28 | 3,932,256,447.46 | 1,757,168,323.58 |
| Ofwhich:Revenuegeneratedbycontractswithcustomers | 4,824,333,004.55 | 2,121,040,437.25 | 3,923,635,406.08 | 1,755,635,585.59 |
(2)Breakdownofoperatingrevenueandcostofsales
√Applicable□Notapplicable
Unit:RMB
| Categoryofcontract | Total |
| Operatingrevenue | |
| Byproductcategory | |
| Vehiclediagnosticproducts | 1,392,008,487.27 |
| TPMSproducts | 1,007,321,147.14 |
| ADASproducts | 381,231,831.28 |
| Smartchargingnetworks | 1,241,916,656.39 |
| Otherproducts | 198,975,458.92 |
| AIandsoftware | 551,715,048.86 |
| Materialsales | 51,164,374.69 |
| Subtotal | 4,824,333,004.55 |
| Byoperatingsegment | |
| China | 124,421,798.34 |
| NorthAmerica | 2,553,948,259.15 |
| Europe | 922,428,691.87 |
| Otherregions | 1,223,534,255.19 |
| Subtotal | 4,824,333,004.55 |
| Bythetimeofproducttransfer | |
| Revenuerecognizedatapointintime | 4,279,506,534.75 |
| Revenuerecognizedwithinaperiodoftime | 544,826,469.80 |
| Subtotal | 4,824,333,004.55 |
| Total | 4,824,333,004.55 |
Otherinformation:
□Applicable√Notapplicable
(3)Contractperformanceobligations
√Applicable□Notapplicable
Unit:RMB
| Item | Timetomeetthecontractperformanceobligation | Importantpaymentterms | NatureoftheproductsthattheCompanyundertakestotransfer | WhethertheCompanyisthemainresponsibleparty | AmountthattheCompanyexpectstoreturntocustomers | Typeofproductwarrantyandrelatedobligations |
| Saleofproducts | Whentheproductisdelivered | Thepaymentperiodisgenerallywithin90daysafterproductdelivery | Product | Yes | None. | Guaranteetype |
| Renderingofservices | Whentheserviceisprovided | Generallyprepaid | Softwareservices | Yes | None. | None |
| Total | / | / | / | / | / |
(4)Allocationtotheremainingcontractperformanceobligations
√Applicable□NotapplicableTherevenueofAutelcorrespondingtothecontractperformanceobligationsthathadbeensignedbutnotyetperformedorfullyperformedonDecember31,2025isRMB797,972,017.02.Autelexpectsthatthesaidamountwillberecognizedasrevenueinthenext12-36monthsascustomersuseitsproductsandservices.TherevenuerecognizedduringtheperiodandincludedintheopeningcarryingamountofcontractliabilitiesisRMB311,979,251.93.
(5)Significantchangesincontractsorsignificantadjustmentstotransactionprices
□Applicable√NotapplicableOtherinformation:
None.
62.Taxesandlevies
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Urbanconstructionandmaintenancetax | 4,834,139.21 | 5,719,279.94 |
| Educationalsurtax | 2,071,752.82 | 2,451,120.04 |
| Localeducationalsurtax | 1,381,168.48 | 1,634,079.96 |
| Propertytax | 6,763,858.07 | 6,470,611.09 |
| Stampduty | 3,166,467.47 | 2,736,219.99 |
| Landusetax | 997,303.28 | 757,209.18 |
| Other | 6,048,791.17 | 2,016,585.23 |
| Total | 25,263,480.50 | 21,785,105.43 |
Otherinformation:
None.
63.Sellingexpense
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Employeesalariesandbenefits | 288,306,105.28 | 288,347,529.67 |
| Transportationandtravelexpenses | 47,952,256.90 | 39,423,557.94 |
| Businesspromotionexpenses | 43,671,458.03 | 44,924,403.33 |
| Exhibitionandsampleexpenses | 34,488,384.54 | 39,368,400.80 |
| Consultingandservicecharges | 26,705,667.10 | 35,927,903.93 |
| Warehousingcharges | 26,584,967.70 | 24,638,658.96 |
| Customsfees | 20,702,943.12 | 16,849,238.39 |
| Leaseexpenses | 11,610,669.63 | 10,152,345.08 |
| Insurancepremiums | 11,025,831.97 | 5,431,779.87 |
| Depreciationandamortizationexpenses | 10,961,005.71 | 9,887,327.95 |
| Share-basedpayments | 10,793,149.92 | 1,666,258.20 |
| Other | 41,720,495.89 | 42,395,905.32 |
| Total | 574,522,935.79 | 559,013,309.44 |
Otherinformation:
None.
64.Administrativeexpense
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Employeesalariesandbenefits | 157,437,176.05 | 149,217,176.17 |
| Professionalagencyservicecharges | 83,480,424.95 | 86,065,089.50 |
| Share-basedpayments | 46,200,963.32 | 7,236,594.71 |
| Depreciationandamortizationexpenses | 44,422,317.57 | 33,208,555.81 |
| Leaseexpenses | 5,327,275.61 | 5,530,065.49 |
| Transportationandtravelexpenses | 5,095,492.27 | 4,436,934.24 |
| Officecommunicationandconferenceexpenses | 3,738,995.75 | 4,714,818.84 |
| Recruitmentandtrainingexpenses | 2,628,599.14 | 2,182,023.41 |
| Businessentertainmentexpenses | 15,191,892.20 | 12,614,029.51 |
| Other | 32,204,176.42 | 18,588,788.12 |
| Total | 395,727,313.28 | 323,794,075.80 |
Otherinformation:
None.
65.R&Dexpense
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Employeesalariesandbenefits | 437,087,906.75 | 391,026,915.16 |
| Depreciationandamortizationexpenses | 113,127,097.33 | 86,326,527.80 |
| Professionalservicecharges | 96,376,733.10 | 76,944,862.82 |
| Share-basedpayments | 58,152,842.13 | 6,758,083.12 |
| Materialconsumption | 40,951,403.22 | 53,301,111.76 |
| Transportationandtravelexpenses | 14,479,694.17 | 9,353,851.37 |
| CommissionedR&Dexpenses | 1,863,770.98 | 1,032,135.31 |
| Rentandmanagementexpenses | 817,373.33 | 3,424,243.36 |
| Other | 11,774,028.59 | 7,615,694.36 |
| Total | 774,630,849.60 | 635,783,425.06 |
Otherinformation:
None.
66.Financecosts
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Interestcosts | 74,627,945.20 | 69,503,846.88 |
| Less:Interestincome | 28,306,891.29 | 26,120,309.87 |
| Exchangegainsandlosses | -86,593,227.99 | -38,679,264.14 |
| Other | 23,819,822.66 | 17,173,294.56 |
| Total | -16,452,351.42 | 21,877,567.43 |
Otherinformation:
None.
67.Otherincome
√Applicable□Notapplicable
Unit:RMB
| Bynature | 2025 | 2024 |
| Asset-relatedgovernmentgrants | 1,603,763.02 | 842,780.59 |
| Income-relatedgovernmentgrants | 78,660,171.94 | 69,872,885.59 |
| Returnofauxiliaryexpenseforindividualincometaxwithheld | 518,143.55 | 873,007.72 |
| Over-deductioninthecalculationofvalue-addedtax | -2,738.14 | 170.14 |
| Total | 80,779,340.37 | 71,588,844.04 |
Otherinformation:
Fordetailsoftheinformationongovernmentgrantsincludedinotherincomefortheperiod,pleaserefertoNoteXI(3)herein.Ofwhich,softwareproductrebateincomeofRMB63,030,064.83relatingtoincome-relatedgovernmentgrantsisrecognizedasrecurringprofitorlossasitarisesfromthedailyoperationsofAutel.
68.Returnoninvestment
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Incomefromstructureddepositsandwealthmanagement | 11,977,349.74 | 26,849.32 |
| Incomefromthedisposalofequityinstruments | 1,373,906.76 | |
| Incomefromthedisposalofsubsidiaries | 98,742,349.01 | |
| Returnonlong-termequityinvestmentsundertheequitymethod | 31,820,272.88 | -11,088,794.24 |
| Incomefromthedisposaloflong-termequityinvestments | 29,868,521.36 | |
| Sharerepurchasecommission | -79,696.73 | -116,620.16 |
| Total | 73,586,447.25 | 88,937,690.69 |
Otherinformation:
None.
69.Netgainonexposurehedges
□Applicable√Notapplicable
70.Gainonchangesinfairvalue
√Applicable□Notapplicable
Unit:RMB
| Sourceofgainonchangesinfairvalue | 2025 | 2024 |
| Held-for-tradingfinancialassets | -2,108,025.82 | -8,076,897.07 |
| Ofwhich:Gainonchangesinthefairvalueofequityinvestments | -2,108,025.82 | -8,076,897.07 |
| Total | -2,108,025.82 | -8,076,897.07 |
Otherinformation:
None.
71.Creditimpairmentloss
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Lossonbaddebts | -33,294,741.84 | -23,484,512.82 |
| Total | -33,294,741.84 | -23,484,512.82 |
Otherinformation:
None.
72.Assetimpairmentloss
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Lossonimpairmentsofinventories | -11,267,975.72 | -93,162,576.87 |
| Lossonimpairmentsofprepayments | -6,475,276.64 | |
| Total | -17,743,252.36 | -93,162,576.87 |
Otherinformation:
None.
73.Gainsondisposalofassets
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Gainsondisposaloffixedassets | -212,387.04 | -277,119.50 |
| Gainsondisposalofotherassets | -216,164.27 | |
| Total | -428,551.31 | -277,119.50 |
Otherinformation:
None.
74.Non-operatingincomeBreakdown:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | Amountrecordedinexceptionalgainsandlosses |
| Compensations | 2,006,300.00 | ||
| Gainsonreversalofprovisionforasettledlawsuit | 24,789,450.64 | 24,789,450.64 | |
| Gainsondamagesandscrappingofnon-currentassets | 133,117.31 | 133,117.31 | |
| Other | 111,923.44 | 1,165,006.86 | 111,923.44 |
| Total | 25,034,491.39 | 3,171,306.86 | 25,034,491.39 |
Otherinformation:
√Applicable□Notapplicable
BasedontheJudgment,therehasbeennoinfringementfoundintheOrangepatentdisputecase.ProvisionsofUSD3.5millionhasbeenreversed.Fordetails,pleaserefertoNoteXVI(2)tothefinancialstatements.
75.Non-operatingexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | Amountrecordedinexceptionalgainsandlosses |
| Liquidateddamagesandcompensations | 979,362.34 | 8,697,406.71 | 979,362.34 |
| Lossondamagesandscrappingofnon-currentassets | 9,894.51 | 4,557,292.34 | 9,894.51 |
| Latepaymentfeesandfines | 45,8747.08 | 259,305.13 | 45,8747.08 |
| Other | 1,121,995.81 | 853,385.72 | 1,121,995.81 |
| Total | 2,569,999.74 | 14,367,389.90 | 2,569,999.74 |
Otherinformation:
None.
76.Incometaxexpense
(1)Scheduleofincometaxexpense
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Currentincometaxexpense | 122,912,206.79 | 107,056,224.17 |
| Deferredincometaxexpense | 65,727,703.30 | -30,229,866.81 |
| Total | 188,639,910.09 | 76,826,357.36 |
(2)Reconciliationbetweenaccountingprofitandincometaxexpense
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 |
| Grossprofit | 1,079,121,405.82 |
| Incometaxexpensebasedontheapplicabletaxrateoftheparentcompany | 161,868,210.84 |
| Effectsofdifferenttaxratesofsubsidiaries | -31,605,961.41 |
| Over-deductioninthecalculationofthetaxableamountinrelationtoR&Dexpense | -127,329,128.06 |
| Effectsofnon-deductiblecosts,expensesandlosses | 1,720,782.71 |
| Effectsoftheutilizationofdeductiblelossesonwhichdeferredincometaxassetswereunrecognizedinthepriorperiod | -10,993,121.34 |
| Effectsofdeductibletemporarydifferencesorlossesonwhichdeferredincometaxassetsareunrecognizedinthecurrentperiod | 187,314,598.36 |
| Effectsofadjustmentstoincometaxofthepriorperiod | 7,664,528.99 |
| Incometaxexpense | 188,639,910.09 |
Otherinformation:
□Applicable√Notapplicable
77.Othercomprehensiveincome
√Applicable□Notapplicable
Fordetailsregardingthenetamountofothercomprehensiveincome,netoftax,pleaserefertoNoteVII(57)tothefinancialstatements.
78.Cashflowstatementitems
(1)CashflowsfromoperatingactivitiesCashgeneratedfromotheroperatingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Cashgeneratedinbusinessoperations | 9,278,627.43 | 11,506,894.55 |
| Governmentgrants | 21,164,881.97 | 8,672,231.93 |
| Interestincome | 28,306,891.29 | 24,744,931.46 |
| Decreaseinsecuritydeposits,etc. | 27,040,092.94 | 13,357,181.00 |
| Other | 27,243,604.63 | 23,582,111.69 |
| Total | 113,034,098.26 | 81,863,350.63 |
Notestocashgeneratedfromotheroperatingactivities:
None.Cashusedinotheroperatingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Out-of-pocketexpensesandsettlements | 914,348,579.08 | 929,604,401.97 |
| Increaseinsecuritydeposits,etc. | 17,752,595.57 | 2,974,460.20 |
| Total | 932,101,174.65 | 932,578,862.17 |
Notestocashusedinotheroperatingactivities:
None.
(2)CashflowsfrominvestingactivitiesSubstantialcashgeneratedfrominvestingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Structureddepositsandrecoveryofotherfinancialassets | 1,797,254,800.00 | 40,000,000.00 |
| Recoveryofinvestmentprincipaloffinancialassets | 8,624,416.78 | |
| DisposalofSkyFendTechnology | 44,012,500.00 | |
| Total | 1,841,267,300.00 | 48,624,416.78 |
Substantialcashusedininvestingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Structureddepositsandinvestmentsinotherfinancialassets | 1,797,254,800.00 | 40,000,000.00 |
| Total | 1,797,254,800.00 | 40,000,000.00 |
Notestosubstantialcashusedininvestingactivities:
None.Cashgeneratedfromotherinvestingactivities:
□Applicable√NotapplicableCashusedinotherinvestingactivities:
□Applicable√Notapplicable
(3)CashflowsfromfinancingactivitiesCashgeneratedfromotherfinancingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| ConsiderationreceivablefromthetransferofequityinterestinSkyFendTechnology | 24,420,000.00 | |
| Total | 24,420,000.00 |
Notestocashgeneratedfromotherfinancingactivities:
Note:Thecashgeneratedfromotherfinancingactivitiesduringtheperiodrepresentedtheremainingconsiderationfromthefirsttransferofthe49%equityinterestinSkyFendTechnology.Cashusedinotherfinancingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Sharerepurchase | 100,245,870.97 | 146,540,449.03 |
| Repaymentofleaseliabilities | 23,581,601.11 | 22,465,551.03 |
| Capitalizationoflistingexpenses | 7,790,153.11 | |
| Total | 131,617,625.19 | 169,006,000.06 |
Notestocashusedinotherfinancingactivities:
None.Changesinliabilitiesincurredinfinancingactivities:
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance | ||
| Cash | Non-cash | Cash | Non-cash | |||
| Bondspayable(includingthecurrentportionofbondspayable) | 1,175,814,692.17 | 50,411,159.00 | 12,797,667.49 | 28,000.00 | 1,213,400,183.68 | |
| Leaseliabilities(includingthecurrentportionofleaseliabilities) | 52,538,290.00 | 230,720,656.77 | 23,581,601.11 | 3,926,245.17 | 255,751,100.49 | |
| Total | 1,228,352,982.17 | 281,131,815.77 | 36,379,268.60 | 3,954,245.17 | 1,469,151,284.17 | |
(4)Presentationofcashflowsonanetbasis
□Applicable√Notapplicable
(5)SignificantactivitiesandfinancialeffectsthatdonotinvolvecurrentcashreceiptsandpaymentsbutaffectthefinancialpositionoftheCompanyormayaffecttheCompany’scashflowsinthefuture
□Applicable√Notapplicable
79.Supplementaryinformationtothecashflowstatement
(1)Supplementaryinformationtothecashflowstatement
√Applicable□Notapplicable
Unit:RMB
| Supplementaryinformation | 2025 | 2024 |
| 1.Reconciliationofnetprofittonetcashgeneratedfrom/usedinoperatingactivities: | ||
| Netprofit | 890,481,495.73 | 560,337,628.79 |
| Add:Assetimpairmentprovisions | 17,743,252.36 | 93,162,576.87 |
| Creditimpairmentloss | 33,294,741.84 | 23,484,512.82 |
| Depreciationoffixedassets,amortizationofright-of-useassets,depletionofoilandgasassets,anddepreciationofproductivelivingassets | 145,601,676.08 | 127,971,623.98 |
| Amortizationofintangibleassets | 42,655,537.06 | 38,019,855.69 |
| Amortizationoflong-termprepaidexpense | 11,705,480.97 | 11,654,865.38 |
| Lossonthedisposaloffixedassets,intangibleassetsandotherlong-termassets(“-”forgain) | 428,551.31 | 277,119.50 |
| Lossontheretirementoffixedassets(“-”forgain) | -123,222.80 | 4,557,292.34 |
| Lossonchangesinfairvalue(“-”forgain) | 2,108,025.82 | 8,076,897.07 |
| Financecosts(“-”forincome) | -8,039,037.62 | 33,227,167.87 |
| Lossoninvestment(“-”forincome) | -73,586,447.25 | -88,937,690.69 |
| Decreaseindeferredincometaxassets(“-”forincrease) | 64,435,962.72 | -30,229,866.81 |
| Increaseindeferredincometaxliabilities(“-”fordecrease) | ||
| Decreaseininventories(“-”forincrease) | -509,883,369.13 | -111,755,217.13 |
| Decreaseinoperatingreceivables(“-”forincrease) | -287,718,193.92 | -179,383,594.94 |
| Increaseinoperatingpayables(“-”fordecrease) | 151,346,253.67 | 241,393,379.08 |
| Others | 115,146,955.37 | 15,660,936.03 |
| Netcashgeneratedfrom/usedinoperatingactivities | 595,597,662.21 | 747,517,485.85 |
| 2.Significantinvestingandfinancingactivitiesthatinvolvenocashproceedsorpayments: | ||
| Conversionofdebttocapital | ||
| Currentportionofconvertiblecorporatebonds | ||
| Fixedassetsunderfinanceleases | ||
| 3.Netchangesincashandcashequivalents: | ||
| Closingbalanceofcash | 1,570,698,166.78 | 1,709,958,534.86 |
| Less:Openingbalanceofcash | 1,709,958,534.86 | 1,474,409,219.41 |
| Add:Closingbalanceofcashequivalents | ||
| Less:Openingbalanceofcashequivalents | ||
| Netincreaseincashandcashequivalents | -139,260,368.08 | 235,549,315.45 |
(2)Netcashpaymentsfortheacquisitionofsubsidiariesintheperiod
□Applicable√Notapplicable
(3)Netcashproceedsfromthedisposalofsubsidiariesintheperiod
□Applicable√Notapplicable
(4)Breakdownofcashandcashequivalents
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| ICash | 1,570,698,166.78 | 1,709,958,534.86 |
| Ofwhich:Cashonhand | 2,410,361.34 | 1,937,347.68 |
| Bankdepositsthatcanbereadilydrawnondemand | 1,542,020,765.52 | 1,668,118,304.47 |
| Othermonetaryassetsthatcanbereadilydrawnondemand | 26,267,039.92 | 39,902,882.71 |
| IICashequivalents | ||
| Ofwhich:Bondinvestmentsthatwillbeduewithinthreemonths | ||
| IIICashandcashequivalents,endoftheperiod | 1,570,698,166.78 | 1,709,958,534.86 |
| Ofwhich:CashandcashequivalentsoftheparentcompanyortheGroup’ssubsidiarieswithrestrictionsinuse |
(5)Itemsthatwererestrictedinusebutstillpresentedascashandcashequivalents
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Reasonforrestriction |
| Raisedfunds | 112,803,422.81 | Specifiedscopeofuse |
| Total | 112,803,422.81 | / |
(6)Monetaryassetsthatwerenotrecordedincashandcashequivalents
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | Reason |
| Billdeposits | 63,510,655.69 | 84,885,705.74 | Restricteduse |
| Guaranteedeposits | 1,296,785.68 | 2,019,146.72 | Restricteduse |
| Customsdeposits | 42,164,174.75 | 27,417,089.32 | Restricteduse |
| AppleStoreaccountbalance | 272,175.10 | 495,701.21 | Restricteduse |
| ETCdeposits | 7,500.00 | 7,500.00 | Restricteduse |
| Frozenfunds | 3,892,370.84 | 3,892,370.84 | Restricteduse |
| Total | 111,143,662.06 | 118,717,513.83 | / |
Otherinformation:
□Applicable√Notapplicable
80.Notestotheitemsofthestatementofchangesinowners’equityItemsandadjustedamountsin“others”withrespecttoadjustmentstotheclosingbalanceoflastyear:
□Applicable√Notapplicable
81.Monetaryitemsdenominatedinforeigncurrencies
(1)Monetaryitemsdenominatedinforeigncurrencies
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalanceinforeigncurrency | Exchangerate | ClosingbalanceinRMB |
| Monetaryassets | - | - | 1,287,164,525.31 |
| Ofwhich:USD | 133,677,736.52 | 7.0288 | 939,594,074.45 |
| EUR | 30,895,501.32 | 8.2355 | 254,439,901.12 |
| GBP | 4,458,987.48 | 9.4346 | 42,068,763.28 |
| JPY | 392,009,789.00 | 0.0448 | 17,562,038.55 |
| BRL | 11,811,203.25 | 1.2828 | 15,151,411.53 |
| VND | 37,455,855,567.00 | 0.0003 | 10,038,169.29 |
| MXN | 13,275,254.81 | 0.3899 | 5,176,021.85 |
| AUD | 233,945.85 | 4.6892 | 1,097,018.88 |
| HKD | 1,204,843.43 | 0.9032 | 1,088,214.59 |
| AED | 271,212.12 | 1.9071 | 517,228.63 |
| CAD | 72,127.35 | 5.1142 | 368,873.69 |
| SEK | 82,449.99 | 0.7617 | 62,802.16 |
| IDR | 17,000.00 | 0.0004 | 6.80 |
| ARS | 100.00 | 0.0049 | 0.49 |
| Accountsreceivable | 1,093,808,684.37 |
| Ofwhich:USD | 116,080,485.43 | 7.0288 | 815,906,516.01 |
| EUR | 26,103,122.89 | 8.2355 | 214,972,268.60 |
| BRL | 18,599,794.43 | 1.2828 | 23,859,816.30 |
| GBP | 2,337,882.97 | 9.4346 | 22,056,990.67 |
| MXN | 22,183,820.54 | 0.3899 | 8,649,471.63 |
| JPY | 127,677,390.63 | 0.0448 | 5,719,947.10 |
| VND | 6,848,274,701.49 | 0.0003 | 1,835,337.62 |
| AUD | 171,924.53 | 4.6892 | 806,188.51 |
| CAD | 419.99 | 5.1142 | 2,147.93 |
| Otherreceivables | 18,665,474.30 | ||
| Ofwhich:USD | 1,178,596.51 | 7.0288 | 8,284,119.17 |
| EUR | 650,054.28 | 8.2355 | 5,353,522.02 |
| VND | 8,931,711,679.10 | 0.0003 | 2,393,698.73 |
| GBP | 129,502.98 | 9.4346 | 1,221,808.82 |
| AUD | 75,548.31 | 4.6892 | 354,261.13 |
| BRL | 250,486.98 | 1.2828 | 321,324.70 |
| HKD | 340,860.55 | 0.9032 | 307,865.25 |
| MXN | 484,381.28 | 0.3899 | 188,860.26 |
| JPY | 3,923,737.28 | 0.0448 | 175,783.43 |
| AED | 33,679.82 | 1.9071 | 64,230.79 |
| Accountspayable | 74,331,543.51 | ||
| Ofwhich:USD | 5,653,572.87 | 7.0288 | 39,737,833.01 |
| VND | 98,312,611,526.11 | 0.0003 | 26,347,779.89 |
| EUR | 800,163.30 | 8.2355 | 6,589,744.87 |
| GBP | 124,445.05 | 9.4346 | 1,174,089.28 |
| SGD | 86,779.80 | 5.4586 | 473,696.21 |
| JPY | 187,505.49 | 0.0448 | 8,400.25 |
| Otherpayables | 80,951,090.82 | ||
| Ofwhich:USD | 7,308,866.07 | 7.0288 | 51,372,557.84 |
| EUR | 2,995,997.60 | 8.2355 | 24,673,538.26 |
| AED | 736,923.89 | 1.9071 | 1,405,387.56 |
| GBP | 148,594.31 | 9.4346 | 1,401,927.88 |
| HKD | 860,531.65 | 0.9032 | 777,232.19 |
| MXN | 1,241,645.32 | 0.3899 | 484,117.51 |
| AUD | 91,564.89 | 4.6892 | 429,366.08 |
| JPY | 8,011,003.57 | 0.0448 | 358,892.96 |
| BRL | 34,770.10 | 1.2828 | 44,603.09 |
| CAD | 678.00 | 5.1142 | 3,467.45 |
Otherinformation:
None.
(2)Overseasbusinessentities(forsubstantialoverseasbusinessentities,thefollowinginformationshallbedisclosed:principalplaceofbusiness,functionalcurrencyandbasisforthechoiceoffunctionalcurrency,changeoffunctionalcurrencyandreasons)
√Applicable□Notapplicable
| Entity | Principalplaceofbusiness | Functionalcurrency | Basisforthechoiceoffunctionalcurrency |
| AutelCalifornia | USA | USD | Operatingcurrency |
| AutelNewYork | USA | USD | Operatingcurrency |
| AutelGermany | Germany | EUR | Operatingcurrency |
| Entity | Principalplaceofbusiness | Functionalcurrency | Basisforthechoiceoffunctionalcurrency |
| AutelHongKong | HongKong | HKD | Operatingcurrency |
| AutelVietnam | Vietnam | VND | Operatingcurrency |
| AutelJapan | Japan | JPY | Operatingcurrency |
| AutelDubai | Dubai | AED | Operatingcurrency |
| AutelItaly | Italy | EUR | Operatingcurrency |
| AutelMexico | Mexico | MXN | Operatingcurrency |
| AutelBrazil | Brazil | BRL | Operatingcurrency |
| AutelUK | UK | GBP | Operatingcurrency |
| AvantIntelligenceUK | UK | GBP | Operatingcurrency |
| AutelNetherlands | Netherlands | EUR | Operatingcurrency |
| AutelEcomAmerica | USA | USD | Operatingcurrency |
| AutelNewEnergyUS | USA | USD | Operatingcurrency |
| ECEVSEUS | USA | USD | Operatingcurrency |
| AutelFrance | France | EUR | Operatingcurrency |
| AutelAustralia | Australia | AUD | Operatingcurrency |
| AutelNewEnergyVietnam | Vietnam | VND | Operatingcurrency |
| AutelSweden | Sweden | SEK | Operatingcurrency |
| AutelSpain | Spain | EUR | Operatingcurrency |
| EvotaNetherlands | Netherlands | EUR | Operatingcurrency |
| MexicanFactory | Mexico | USD | Transactioncurrency |
| FrontierRoboticsHongKong | HongKong | HKD | Operatingcurrency |
82.Leases
(1)Asthelessee
√Applicable□NotapplicableFordetailsofinformationregardingright-of-useassets,pleaserefertoNoteVII(25)tothefinancialstatements.Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities:
□Applicable√NotapplicableExpensesonshort-termleasesandleasesoflow-valueassetsforwhichasimplifiedaccountingapproachwasadopted:
√Applicable□Notapplicable
FordetailsofAutel’saccountingpoliciesforshort-termleasesandleasesoflow-valueassets,pleaserefertoNoteV(36)tothefinancialstatements.Theamountsofexpensesonshort-termleasesandonleasesoflow-valueassetsincludedinprofitorlosswereasfollows:
| Item | 2025 | 2024 |
| Expensesonshort-termleases | 15,408,731.67 | 12,447,729.04 |
| Total | 15,408,731.67 | 12,447,729.04 |
Saleandleasebacktransactionsandbasisofjudgment:
□Applicable√Notapplicable
(2)AsthelessorOperatingleasesasthelessor:
√Applicable□Notapplicable
Unit:RMB
| Item | Leaseincome | Ofwhich:Incomerelatedtovariableleasepaymentsandnotincludedinleasereceipts |
| Leaseincome | 8,418,856.36 | |
| Total | 8,418,856.36 |
Financeleasesasthelessor:
□Applicable√NotapplicableReconciliationofundiscountedleasereceiptstonetinvestmentinleases:
□Applicable√NotapplicableUndiscountedleasereceiptsforthenextfiveyears:
√Applicable□Notapplicable
Unit:RMB
| Item | Undiscountedleasereceipts | |
| Closingamount | Openingamount | |
| Thefirstyear | 4,390,953.88 | 3,068,639.04 |
| Thesecondyear | 3,538,521.96 | 2,541,570.72 |
| Thethirdyear | 2,735,790.27 | 2,668,654.56 |
| Beyondthethirdyear | 3,431,369.76 | 7,251,628.80 |
| Total | 14,096,635.87 | 15,530,493.12 |
(3)Gainsorlossesonsalesrecognizedunderfinanceleasesasaproducerordistributor
□Applicable√NotapplicableOtherinformation:
None.
83.Dataresources
□Applicable√Notapplicable
84.Otherinformation
□Applicable√NotapplicableVIIIR&DCosts
1.Presentedbynature
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Employeesalariesandbenefits | 517,325,792.86 | 427,736,264.43 |
| Depreciationandamortizationexpenses | 113,127,097.33 | 86,326,527.80 |
| Professionalservicecharges | 96,376,733.10 | 76,944,862.82 |
| Materialconsumption | 59,702,894.24 | 60,835,493.28 |
| Share-basedpayments | 58,152,842.13 | 6,758,083.12 |
| Transportationandtravelexpenses | 14,479,694.17 | 9,353,851.37 |
| CommissionedR&Dexpenses | 1,863,770.98 | 1,032,135.31 |
| Rentandmanagementexpenses | 817,373.33 | 3,424,243.36 |
| Other | 11,774,028.59 | 7,615,694.36 |
| Total | 873,620,226.73 | 680,027,155.85 |
| Ofwhich:ExpensedR&Dcosts | 774,630,849.60 | 635,783,425.06 |
| CapitalizedR&Dcosts | 98,989,377.13 | 44,243,730.79 |
Otherinformation:
None.
2.DevelopmentcostsonR&Dprojectseligibleforcapitalization
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance | ||
| Internaldevelopmentcosts | Other | Recognizedasintangibleassets | Transferredtoprofitorloss | |||
| Automotivediagnosticproductdevelopmentproject1 | 18,831,933.28 | 10,722,574.35 | 25,800,238.42 | 3,754,269.21 | ||
| Automotivediagnosticproductdevelopmentproject2 | 5,620,378.67 | 4,625,141.55 | 8,333,374.89 | 1,912,145.33 | ||
| Automotivediagnosticproductdevelopmentproject3 | 2,122,836.72 | 563,594.19 | 2,686,430.91 | |||
| Automotivediagnosticproductdevelopmentproject4 | 7,098,226.11 | 7,098,226.11 | ||||
| EV-relatedproductdevelopmentproject1 | 29,156,699.20 | 22,716,659.03 | 32,240,978.14 | 19,632,380.09 | ||
| EV-relatedproductdevelopmentproject2 | 32,090,591.35 | 7,951,180.27 | 24,139,411.08 | |||
| EV-relatedproductdevelopmentproject3 | 8,930,819.03 | 8,930,819.03 | ||||
| EV-relatedproductdevelopmentproject4 | 512,525.70 | 512,525.70 | ||||
| EV-relatedproductdevelopmentproject5 | 11,729,245.82 | 11,729,245.82 | ||||
| Total | 55,731,847.87 | 98,989,377.13 | 77,012,202.63 | 77,709,022.37 |
SignificantcapitalizedR&Dprojects:
√Applicable□Notapplicable
| Item | R&Dprogress | Estimatedtimeofcompletion | Expectedwayofgeneratingeconomicbenefits | Whentostartcapitalization | Specificbasis |
| Vehiclediagnosticproductdevelopmentproject1 | 83.33% | June2026 | Sellingproducts | November2023 | Reviewmeeting |
| Vehiclediagnosticproductdevelopmentproject2 | 75.00% | April2026 | Sellingproducts | May2024 | Reviewmeeting |
| Vehiclediagnosticproductdevelopmentproject3 | 100.00% | April2025 | Sellingproducts | March2024 | Reviewmeeting |
| Vehiclediagnosticproductdevelopmentproject4 | 75.83% | May2026 | Sellingproducts | August2025 | Reviewmeeting |
| EV-relatedproductdevelopmentproject1 | 93.33% | March2026 | Sellingproducts | January2023 | Reviewmeeting |
| EV-relatedproductdevelopmentproject2 | 84.17% | April2026 | Sellingproducts | May2025 | Reviewmeeting |
| EV-relatedproductdevelopmentproject3 | 100.00% | April2026 | Sellingproducts | December2025 | Reviewmeeting |
| EV-relatedproductdevelopmentproject4 | 50.00% | March2026 | Sellingproducts | December2025 | Reviewmeeting |
| EV-relatedproductdevelopmentproject5 | 85.00% | February2026 | Sellingproducts | May2025 | Reviewmeeting |
Impairmentprovisionsfordevelopmentcosts:
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseduringtheperiod | Decreaseduringtheperiod | Closingbalance | Impairmenttest |
| Automotivediagnosticproductdevelopmentproject6 | 2,280,275.33 | 2,280,275.33 | |||
| Total | 2,280,275.33 | 2,280,275.33 | / |
Otherinformation:
None.
3.SignificantongoingoutsourcedR&Dprojects
□Applicable√NotapplicableIXChangestotheScopeoftheConsolidatedFinancialStatements
1.Businesscombinationsnotinvolvingentitiesundercommoncontrol
□Applicable√Notapplicable
2.Businesscombinationsinvolvingentitiesundercommoncontrol
√Applicable□Notapplicable
(1)Businesscombinationsinvolvingentitiesundercommoncontrolinthecurrent
period
□Applicable√Notapplicable
(2)Combinationcost
□Applicable√Notapplicable
(3)Thecarryingamountofassetsandliabilitiesofthecombinedpartyonthecombinationdate
□Applicable√NotapplicableOtherinformation:
None.
3.Counter-purchases
□Applicable√Notapplicable
4.DisposalofsubsidiariesIndicatewhethertherewasanytransactionormatterintheperiodwheretheCompanyceasedtocontrolasubsidiary.
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableIndicatewhetherCompanyceasedtocontrolasubsidiaryinmultipledisposalsofitsinvestmentinthesubsidiary.
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
5.ChangestothescopeoftheconsolidatedfinancialstatementsduetootherreasonsChangestothescopeoftheconsolidatedfinancialstatementsduetootherreasons(incorporation,liquidation,etc.):
√Applicable□Notapplicable
| Nameofentity | Equityacquisitionmethod | Timeofequityacquisition | Subscribedcapital | Subscriptionratio |
| NanjingTongtai | Incorporated | January2025 | RMB5million | 100.00% |
| HangzhouTongtai | Incorporated | March2025 | RMB5million | 100.00% |
| EvotaNetherlands | Incorporated | March2025 | EUR20,000 | 81.50% |
| BaoanTongtai | Incorporated | May2025 | RMB10million | 100.00% |
| MexicanFactory | Incorporated | June2025 | MXN3000 | 100.00% |
| FrontierRoboticsHongKong | Incorporated | August2025 | HKD5million | 100.00% |
6.Otherinformation
□Applicable√Notapplicable
XInterestsinOtherEntities
1.Interestsinsubsidiaries
(1)Subsidiaries
√Applicable□Notapplicable
| Subsidiary | Principalplaceofbusiness | Placeofregistration | Natureofbusiness | TheCompany’sinterest | Howthesubsidiarywasobtained | |
| Direct | Indirect | |||||
| AutelCalifornia | California,USA | California,USA | Holdingcompany | 100 | / | Incorporated |
| AutelNewYork | NewYork,USA | NewYork,USA | Businessandtrade | / | 100 | Incorporated |
| AutelGermany | Ismaning,Germany | Ismaning,Germany | Businessandtrade | 100 | / | Incorporated |
| AutelHunan | Changsha,China | Changsha,China | Softwaredevelopment | 100 | / | Combinationundercommoncontrol |
| AutelDigitalPower | Shenzhen,China | Shenzhen,China | Manufacturing | 81.5 | / | Incorporated |
| AutelHesheng | Shenzhen,China | Shenzhen,China | Softwaredevelopment | 100 | / | Incorporated |
| AutelHongKong | HongKong,China | HongKong,China | Holdingcompany | 100 | / | Incorporated |
| AutelVietnam | Haiphong,Vietnam | Haiphong,Vietnam | Manufacturing | / | 100 | Incorporated |
| AutelXi’an | Xi'an,China | Xi'an,China | Softwaredevelopment | 100 | / | Incorporated |
| AutelDubai | Dubai | Dubai | Businessandtrade | / | 100 | Incorporated |
| AutelJapan | Japan | Japan | Businessandtrade | / | 100 | Incorporated |
| AutelItaly | Italy | Italy | Businessandtrade | / | 100 | Incorporated |
| AutelMexico | Mexico | Mexico | Businessandtrade | 10 | 90 | Incorporated |
| RainbowTechnology | Shenzhen,China | Shenzhen,China | Holdingcompany | 100 | / | Combinationnotundercommoncontrol |
| RainbowInformationConsulting | Shenzhen,China | Shenzhen,China | Rentalservices | / | 100 | Combinationnotundercommoncontrol |
| AutelHainan | Haikou,China | Haikou,China | Technicalservices | 100 | / | Incorporated |
| AutelUK | London,UK | London,UK | Businessandtrade | / | 100 | Incorporated |
| AutelBrazil | SaoPaulo,Brazil | SaoPaulo,Brazil | Businessandtrade | / | 100 | Incorporated |
| AutelNetherlands | Voorburg,Netherlands | Voorburg,Netherlands | Businessandtrade | / | 100 | Incorporated |
| AutelHeda | Shenzhen, | Shenzhen, | Businessand | 100 | / | Incorporated |
| China | China | trade | ||||
| AutelNewEnergyVietnam | Haiphong,Vietnam | Haiphong,Vietnam | Manufacturing | / | 100 | Incorporated |
| AutelFrance | Nanterre,France | Nanterre,France | Businessandtrade | / | 100 | Incorporated |
| AutelNewEnergyUS | NewYork,USA | NewYork,USA | Manufacturing | / | 81.5 | Incorporated |
| ECEVSEUS | NewYork,USA | NewYork,USA | Manufacturing | / | 81.5 | Incorporated |
| AutelEcomAmerica | NewYork,USA | NewYork,USA | Businessandtrade | / | 100 | Incorporated |
| AutelAustralia | Sydney,Australia | Sydney,Australia | Businessandtrade | / | 100 | Incorporated |
| AutelSweden | Stockholm,Sweden | Stockholm,Sweden | Businessandtrade | / | 100 | Incorporated |
| AutelSpain | Spain | Spain | Businessandtrade | / | 100 | Incorporated |
| YingtongPropertyManagement | Shenzhen,China | Shenzhen,China | Propertyservices | / | 100 | Incorporated |
| AutelHexin | Shenzhen,China | Shenzhen,China | Softwaredevelopment | / | 81.5 | Incorporated |
| HainanChizhuo | Haikou,China | Haikou,China | Businessandtrade | / | 100 | Incorporated |
| DigitalPower(Singapore) | Singapore | Singapore | Businessandtrade | / | 81.5 | Incorporated |
| AvantIntelligenceUK | England | England | AI | / | 100 | Incorporated |
| DaoheTongtai | Shenzhen,China | Shenzhen,China | AI | 100 | / | Incorporated |
| HangzhouTongtai | Hangzhou,China | Hangzhou,China | AI | / | 100 | Incorporated |
| NanjingTongtai | Nanjing,China | Nanjing,China | AI | / | 100 | Incorporated |
| EvotaNetherlands | Voorburg,Netherlands | Voorburg,Netherlands | Cloudplatformservices | / | 81.5 | Incorporated |
| BaoanTongtai | Shenzhen,China | Shenzhen,China | AI | / | 100 | Incorporated |
| FrontierRoboticsHongKong | HongKong,China | HongKong,China | AI | / | 100 | Incorporated |
| MexicanFactory | Guadeloupe,Netherlands | Monterrey,Mexico | AutomotivemanufacturingandR&D | / | 100 | Incorporated |
Notesofshareholdingpercentageinsubsidiariesdifferentfromvotingpercentage:
None.Basisofholdinghalforlessvotingrightsbutstillcontrollingtheinvesteeandholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:
None.
Basisofcontrollingsignificantstructuralentitiesincorporatedinthescopeofcombination:
None.BasisofdeterminingwhethertheCompanyistheagentorthemandatorNone.Otherinformation:
None.
(2)Substantialnon-wholly-ownedsubsidiaries
□Applicable√Notapplicable
(3)Keyfinancialinformationofsubstantialnon-wholly-ownedsubsidiaries
□Applicable√Notapplicable
(4)Significantrestrictionsontheuseofassetsandthesettlementofdebtsofthe
Group
□Applicable√Notapplicable
(5)Financialorothersupporttostructuredentitiesincludedinthescopeofconsolidatedfinancialstatements
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
2.TransactionswherechangesoccurredtotheCompany’sinterestsinsubsidiaries,buttheCompanystillcontrolledthesubsidiaries
□Applicable√Notapplicable
3.Interestsinjointventuresandassociates
□Applicable√Notapplicable
4.Substantialjointoperations
□Applicable√Notapplicable
5.InterestsinstructuredentitiesnotincludedintheconsolidatedfinancialstatementsNotestostructuredentitiesnotincludedintheconsolidatedfinancialstatements:
□Applicable√Notapplicable
6.Otherinformation
□Applicable√NotapplicableXIGovernmentGrants
1.Governmentgrantsrecognizedatthereceivableamountattheperiod-end
□Applicable√NotapplicableReasonsfornotreceivingtheexpectedgovernmentgrantattheexpectedtime:
□Applicable√Notapplicable
2.Liabilitiesassociatedwithgovernmentgrants
√Applicable□Notapplicable
Unit:RMB
| Financialstatementlineitem | Openingbalance | Increaseinthegovernmentgrantintheperiod | Amountrecordedinnon-operatingincomeintheperiod | Transferredtootherincomeintheperiod | Otherchangesintheperiod | Closingbalance | Asset/income-related |
| Deferredincome | 2,835,419.92 | 4,313,340.00 | 1,603,763.02 | 5,544,996.90 | Asset-related | ||
| Total | 2,835,419.92 | 4,313,340.00 | 1,603,763.02 | 5,544,996.90 | / |
3.Governmentgrantsthroughprofitorloss
√Applicable□Notapplicable
Unit:RMB
| Type | 2025 | 2024 |
| Income-related | 78,660,171.94 | 69,872,885.59 |
| Asset-related | 1,603,763.02 | 842,780.59 |
| Total | 80,263,934.96 | 70,715,666.18 |
Otherinformation:
ThesoftwareproductrebateincomeofRMB63,030,064.83relatingtoincome-relatedgovernmentgrantsreceivedduringtheperiodisrecognizedasrecurringprofitorlossasitarisesfromthedailyoperationsofAutel.None.ⅫRisksRelatedtoFinancialInstruments
1.Risksoffinancialinstruments
√Applicable□NotapplicableAutelengagesinriskmanagementwiththeobjectiveofbalancingrisksandreturns,minimizingthenegativeimpactofrisksonAutel'soperationalperformance,andmaximizingtheinterestsofshareholdersandotherequityinvestors.Basedonthisriskmanagementobjective,Autel'sbasicstrategyistoidentifyandanalyzethevariousrisksit
faces,establishappropriaterisktolerancelevels,andimplementriskmanagement,whilemonitoringtheserisksinatimelyandreliablemannertocontrolthemwithinspecifiedlimits.Autelfacesvariousrisksrelatedtofinancialinstrumentsinitsdailyoperations,mainlyincludingcreditrisk,liquidityrisk,andmarketrisk.Themanagementhasreviewedandapprovedthepoliciesformanagingtheserisks,whicharesummarizedasfollows.
i.CreditriskCreditriskreferstotheriskthatonepartytoafinancialinstrumentfailstofulfillitsobligations,resultinginfinanciallosstotheotherparty.
1.Creditriskmanagementpractices
(1)CreditriskevaluationmethodAutelevaluateswhetherthecreditriskoftherelevantfinancialinstrumentshassignificantlyincreasedsinceinitialrecognitionateachreportingdate.Whendeterminingwhetherthecreditriskhassignificantlyincreasedsinceinitialrecognition,Autelconsidersreasonableandevidence-basedinformationthatcanbeobtainedwithoutundueadditionalcostsorefforts,includingqualitativeandquantitativeanalysesbasedonhistoricaldata,externalcreditratings,andforward-lookinginformation.Autelcomparestheriskofdefaultatthereportingdatewiththeriskofdefaultatinitialrecognitionbasedonindividualfinancialinstrumentsorgroupsoffinancialinstrumentswithsimilarcreditriskcharacteristics,todeterminethechangeinthelikelihoodofdefaultoverthefinancialinstrument’sexpectedlifetime.
Autelconsidersthecreditriskofafinancialinstrumenttohavesignificantlyincreasedwhenoneormoreofthefollowingquantitativeorqualitativecriteriaaremet:
1)QuantitativeCriteria:Theprobabilityofdefaultfortheremainingmaturityatthereportingdatehasincreasedbymorethanacertainproportioncomparedtotheinitialrecognitiondate.
2)QualitativeCriteria:Thedebtorexperiencessignificantadversechangesinitsoperatingorfinancialcondition,orthereareexistingoranticipatedchangesinthetechnological,market,economic,orlegalenvironmentthatwillsignificantlyimpactthedebtor'sabilitytorepayAutel.
(2)Definitionofdefaultandcreditimpairedassets
Whenafinancialinstrumentmeetsoneormoreofthefollowingconditions,Auteldefinesthefinancialassetashavingdefaulted,whichisconsistentwiththedefinitionofcreditimpairment:
1)Thedebtorfacessignificantfinancialdifficulties;
2)Thedebtorbreachesanyoftherestrictivecovenantsinthecontract;
3)Thedebtorislikelytoenterbankruptcyorundergootherfinancialrestructuring;
4)Thecreditorprovidesconcessionstothedebtorduetofinancialdifficulties,whichwouldnothavebeenmadeunderanyothercircumstances.
2.Measurementofexpectedcreditlosses
Thekeyparametersformeasuringexpectedcreditlossesincludetheprobabilityofdefault,defaultlossrate,andexposureatdefault.Autelconsidersquantitativeanalysesbasedonhistoricalstatisticaldata(suchascounterpartyratings,guaranteetypes,collateralcategories,andrepaymentmethods)andforward-lookinginformation,andestablishesmodelsfortheprobabilityofdefault,defaultlossrate,andexposureatdefault.
3.PleaserefertoNoteV-(1)-3andV-(1)-5inthefinancialstatementsfordetailedreconciliationsoftheopeningandclosingbalancesofthefinancialinstrumentlossprovisions.
4.Creditriskexposureandconcentrationofcreditrisk
Autel’screditriskmainlyarisesfrommonetaryassetsandreceivables.Tocontroltherelatedrisks,Autelhasimplementedthefollowingmeasures:
(1)Monetaryassets
Auteldepositsbankdepositsandothermonetaryassetsinfinancialinstitutionswithhighcreditratings,sothecreditriskisrelativelylow.
(2)Receivables
Autelregularlyandcontinuouslyevaluatesthecreditworthinessofcustomerswithwhomitconductscredittransactions.Basedontheresultsofthecreditevaluations,weselecttotransactwithrecognizedandcreditworthycustomersandmonitorstheirreceivablebalancestoensurethatitdoesnotfacesignificantbaddebtrisks.
SinceAutelonlytransactswithrecognizedandcreditworthythirdparties,nocollateralisrequired.Creditriskconcentrationismanagedbycustomer.AsofDecember31,2025,Autelhadcertaincreditconcentrationrisks,with30.19%(December31,2024:25.13%)ofthereceivablesarisingfromthetopfivecustomers.Auteldoesnotholdanycollateralorothercreditenhancementsforitsreceivablesbalance.
ThemaximumcreditriskexposureAutelfacesisthecarryingamountofeachfinancialassetinthebalancesheet.
ii.Liquidityrisk
LiquidityriskreferstotheriskthatAutelmayfaceashortageoffundswhenfulfillingitsobligationstosettleincashorotherfinancialassets.Liquidityriskmayarisefromaninabilitytosellfinancialassetsquicklyatfairvalue,orfromacounterparty’sinabilitytorepayitscontractualdebt,orfromdebtmaturingprematurely,orfromtheinabilitytogenerateexpectedcashflows.
Tocontrolthisrisk,Autelutilizesavarietyoffinancingmethods,includingbillsettlementandbankloans,andadoptsacombinationofshort-andlong-termfinancingmethodstooptimizethefinancingstructure,maintainingabalancebetweenfinancingsustainabilityandflexibility.Autelhasobtainedcreditfacilitiesfrommultiplecommercialbankstomeetworkingcapitalneedsandcapitalexpenditures.
Financialliabilitiesareclassifiedbyremainingmaturity.
| Item | Closingbalance | ||||
| Carryingamount | Undiscountedcontractamount | Within1Year | 1-3years | Over3years | |
| Notespayable | 186,356,161.77 | 186,356,161.77 | 186,356,161.77 | ||
| Accountspayable | 372,148,169.95 | 372,148,169.95 | 372,148,169.95 | ||
| Otherpayables | 133,915,646.43 | 133,915,646.43 | 133,915,646.43 | ||
| Bondspayable | 1,213,400,183.68 | 1,347,505,151.63 | 19,195,235.63 | 1,328,309,916.00 | |
| Leaseliabilities(includingthecurrentportionofnon-currentliabilities) | 255,751,100.49 | 279,181,480.60 | 61,282,474.28 | 119,028,437.59 | 98,870,568.73 |
| Subtotal | 2,161,571,262.32 | 2,319,106,610.38 | 772,897,688.06 | 1,447,338,353.59 | 98,870,568.73 |
(Continued)
| Item | Endoflastyear | ||||
| Carryingamount | Undiscountedcontractamount | Within1year | 1-3years | Over3years | |
| Notespayable | 149,368,685.23 | 149,368,685.23 | 149,368,685.23 | ||
| Accountspayable | 316,951,128.22 | 316,951,128.22 | 316,951,128.22 | ||
| Otherpayables | 126,102,610.81 | 126,102,610.81 | 126,102,610.81 | ||
| Bondspayable | 1,175,814,692.17 | 1,354,466,392.50 | 15,729,768.75 | 45,163,098.75 | 1,293,573,525.00 |
| Item | Endoflastyear | ||||
| Carryingamount | Undiscountedcontractamount | Within1year | 1-3years | Over3years | |
| Leaseliabilities(includingthecurrentportionofnon-currentliabilities) | 52,538,290.00 | 55,884,890.23 | 29,422,497.60 | 23,010,948.67 | 3,451,443.96 |
| Subtotal | 1,820,775,406.43 | 2,002,773,706.99 | 637,574,690.61 | 68,174,047.42 | 1,297,024,968.96 |
iii.MarketriskMarketriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinmarketprices.Marketriskprimarilyincludesinterestrateriskandforeignexchangerisk.Foreignexchangeriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinexchangerates.TheforeignexchangeriskfacedbyAutelismainlyrelatedtoAutel'sforeigncurrencymonetaryassetsandliabilities.Forforeigncurrencyassetsandliabilities,ifashort-termimbalanceoccurs,Autelwill,ifnecessary,buyorsellforeigncurrenciesatmarketexchangeratestoensurethatthenetriskexposureismaintainedatanacceptablelevel.
AutelhasdevelopedtheForwardForeignExchangeTradingManagementSystemtofurtherregulatetheforwardforeignexchangetradingbusiness.Auteladherestotheprinciplesoflegality,prudence,safety,andeffectiveness,withthegoalofhedgingandpreventingexchangeraterisks.BasedonAutel'sforecastedforeigncurrencyreceiptsandpayments,Autelconductsforwardforeignexchangetransactions.Autel'sforeigncurrencymonetaryassetsandliabilitiesattheendoftheperiodaredetailedinNoteVII(80)ofthefinancialstatements.
2.Hedges
(1)TheCompanyconductshedgesforriskmanagement
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
(2)TheCompanyconductsqualifyinghedgesandapplieshedgeaccounting
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
(3)TheCompanyconductshedgesforriskmanagement,expectstoachieveitsriskmanagementobjectives,butdoesnotapplyhedgeaccounting.
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
3.Transferoffinancialassets
(1)Classificationoftransfermethods
√Applicable□Notapplicable
Unit:RMB
| Transfermethod | Natureoftransferredfinancialassets | Amountoftransferredfinancialassets | Derecognizedornot | Basisforderecognition |
| Accountsreceivablefactoring | Accountsreceivable | 397,574,948.76 | Derecognized | Substantiallyalltherisksandrewardshavebeentransferred |
| Total | / | 397,574,948.76 | / | / |
(2)Financialassetsderecognizedduetotransfer
√Applicable□Notapplicable
Unit:RMB
| Item | Methodoffinancialassetstransfer | Amountofderecognizedfinancialassets | Gainsorlossesrelatedtoderecognition |
| Accountsreceivable | Factoring | 397,574,948.76 | 20,464,344.57 |
| Total | / | 397,574,948.76 | 20,464,344.57 |
(3)Transferredfinancialassetsthatcontinuetobeinvolved
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableXIIIDisclosureofFairValue
1.Closingfairvalueofassetsandliabilitiesmeasuredatfairvalue
√Applicable□Notapplicable
Unit:RMB
| Item | Closingfairvalue | |||
| Level1fairvaluemeasurement | Level2fairvaluemeasurement | Level3fairvaluemeasurement | Total | |
| IContinuousfairvaluemeasurement | ||||
| (I)Held-for-tradingfinancial | 4,913,258.26 | 4,913,258.26 | ||
| assetsandothernon-currentfinancialassets | |||
| 1.Financialassetsatfairvaluethroughprofitorloss | 4,913,258.26 | 4,913,258.26 | |
| Equityinvestments | 4,913,258.26 | 4,913,258.26 | |
| Totalassetscontinuouslymeasuredatfairvalue | 4,913,258.26 | 4,913,258.26 |
2.Basisfordeterminingthemarketpricesofcontinuousandnon-continuousLevel1fairvaluemeasurementitems
□Applicable√Notapplicable
3.Continuousandnon-continuousLevel2fairvaluemeasurementitems,valuationtechniquesused,andthequalitativeandquantitativeinformationofimportantparameters
□Applicable√Notapplicable
4.Continuousandnon-continuousLevel3fairvaluemeasurementitems,valuationtechniquesused,andthequalitativeandquantitativeinformationofimportantparameters
√Applicable□Notapplicable
ThefairvalueoftheequityinvestmentintheIsraelicompanyAutobrainsTechnologiesLtd.(formerlyknownasCarticaAILtd.)inothernon-currentfinancialassets(equityinvestments)asofDecember31,2025ismeasuredbasedonvaluationmodels.
5.Continuousandnon-continuousLevel3fairvaluemeasurementitems,informationontheadjustmentbetweentheopeningandclosingcarryingamounts,andsensitivityanalysisofunobservableparameters
□Applicable√Notapplicable
6.Ifacontinuousfairvaluemeasurementitemwasconvertedbetweenlevelsforthecurrentperiod,thereasonsforsuchconversionandthepoliciesfordeterminingtheconversionpoint
□Applicable√Notapplicable
7.Valuationtechniquechangesincurredduringtheperiodandthereasonsforsuch
changes
□Applicable√Notapplicable
8.Fairvalueoffinancialassetsandfinancialliabilitiesnotmeasuredatfairvalue
□Applicable√Notapplicable
9.Otherinformation
□Applicable√NotapplicableXIVRelatedPartiesandRelated-partyTransactions
1.TheCompany’sparentcompany
√Applicable□Notapplicable
NotestotheCompany’sparentcompany:
Autelhasnoparentcompany;theultimatecontrollerofitisLiHongjing.
2.SubsidiariesoftheCompanyForinformationonthesubsidiariesofAutel,pleaserefertoNote
√Applicable□NotapplicableForinformationonthesubsidiariesofAutel,pleaserefertoNoteX.
3.JointventuresandassociatesoftheCompanyForsubstantialjointventuresandassociatesoftheCompany,pleaserefertoNote
□Applicable√NotapplicableThefollowingisotherjointventureorassociatethathasabalancewithAutelfortheperiodorthathadformedabalancefromarelated-partytransactionwithAutelforthepriorperiod:
√Applicable□Notapplicable
| Jointventureorassociate | RelationshipwiththeCompany |
| SkyFendTechnology | AnassociateofAutel |
Otherinformation:
□Applicable√Notapplicable
4.Otherrelatedparties
√Applicable□Notapplicable
| Nameofotherrelatedparty | RelationshipwiththeCompany |
| DaoheTongliao | EnterpriseoverwhichLiHongjinghassignificantinfluence |
| NongYingbin | AmemberoftheseniormanagementofAutel |
| ZhaoGuanjie | FormermemberoftheseniormanagementandcurrentemployeeofAutel |
Otherinformation:
None.
XVShare-basedPayments
1.Equityinstruments
(1)Details
√Applicable□Notapplicable
Unitofquantity:10,000shares;Unitofcurrency:RMB’0,000
| Grantrecipientcategories | Grantedintheperiod | Exercisedintheperiod | Unlockedintheperiod | Expiredintheperiod | ||||
| Quantity | Amount | Quantity | Amount | Quantity | Amount | Quantity | Amount | |
| Managementpersonnel | 630.30 | 5,042.46 | 442.50 | 1,106.25 | 252.96 | 7,997.10 | ||
| Total | 630.30 | 5,042.46 | 442.50 | 1,106.25 | 252.96 | 7,997.10 | ||
(2)Outstandingstockoptionsorotherequityinstrumentsattheendoftheperiod
√Applicable□Notapplicable
| Grantrecipientcategories | Outstandingstockoptionsattheendoftheperiod | Outstandingotherequityinstrumentsattheendoftheperiod | ||
| Exercisepricerange | Remainingcontractterm | Exercisepricerange | Remainingcontractterm | |
| Managementpersonnel | RMB8/share,RMB26.58/share | 1-2years | ||
Otherinformation:
None.
2.Equity-settledshare-basedpayments
√Applicable□Notapplicable
Unit:RMB
| Recipientsofequity-settledshare-basedpayments | Class2restrictedstock | Employeestockownershipplan |
| Methodfordeterminingthefairvalueofequityinstrumentsonthegrantdate | DeterminedusingtheBlack-Scholesoptionpricingmodel. | ThefairvalueonthegrantdateisdeterminedusingtheclosingpriceofAutel’sstockonthegrantdate. |
| Basisfordeterminingthenumberofexercisableequityinstruments | Subsequentinformationsuchaschangesinthenumberofexercisableindividualsforrestrictedstock,completionofperformancetargets,etc.,isusedtoadjusttheestimatednumberofexercisableshares. | Considersubsequentinformationsuchaschangesinthenumberofpeopleeligibletoexerciserightsandthecompletionofperformanceindicators,andrevisetheestimatednumberofsharesthatcanbeexercised. |
| Reasonsforsignificantdifferencesbetweenthecurrentperiodestimateandthepreviousperiodestimate | Nochange. | Nochange. |
| Accumulatedamountofequity-settledshare-basedpaymentsrecordedincapitalreserve | 122,598,392.79 | 6,692,979.47 |
| Totalexpensesrecognizedforequity-settledshare-basedpaymentsin | 109,277,114.61 | 5,869,840.76 |
Otherinformation:
(1)Accordingtothedecisionmadeatthe14thMeetingofthe4thBoardofDirectorsonSeptember28,2024,andapprovedbytheThirdExtraordinaryGeneralMeetingofShareholdersin2024,the2024RestrictedStockIncentivePlanwasapproved.ThefirstgrantdateissetforOctober21,2024,withthegrantpricesetatRMB13.29pershare.Atotalof9.7696millionrestrictedstockunitswasgrantedto229awardees.Accordingtotherelevantresolution,therestrictedstocksgrantedunderthisincentiveplanwillvestintwostages,withthefirstvestingperiodbeing50%afterthefirst12monthsandbefore24monthsfromthegrantdate,andthesecondvestingperiodbeing50%after24monthsandbefore36monthsfromthegrantdate.AccordingtotheresolutioninrelationtotheProposalonAdjustingtheGrantPriceandNumberofSharesunderthe2024RestrictedStockIncentivePlan,whichwasconsideredandapprovedatthe27thMeetingofthe4thBoardofDirectorsandthe16thMeetingofthe4thSupervisoryCommitteeheldonOctober24,2025,Auteladjustedthegrantpriceunderthe2024RestrictedStockIncentivePlantoRMB8.00pershareduringtheyearduetothecapitalizationofcapitalreserves.
ThefairvalueonthegrantdateisdeterminedusingtheBlack-Scholesoptionpricingmodel.Theestimatedinitialfairvalueofthisshare-basedpaymentisRMB198,469,424.00,withavestingperiodof50%over12monthsand50%over24months.Autelhasconfirmedshare-basedpaymentexpensesinaccordancewithrelevantrequirements,withRMB109,277,114.61recognizedinvariousexpensesforthecurrentperiod,andthecorrespondingcapitalreserve(othercapitalreserve)ofRMB109,277,114.61.AsofDecember31,2025,thecumulativeshare-basedpaymentexpenserecognizedamountstoRMB122,598,392.79.Duringtheyear,thevestingconditionsforthefirstvestingperiodunderthe2024RestrictedStockIncentivePlanhavebeenmet,and203granteeswhosatisfiedthevestingconditionsweregranted6,302,998restrictedshares.
(2)Accordingtothedecisionmadeatthe14thMeetingofthe4thBoardofDirectorsandapprovedbytheThirdExtraordinaryGeneralMeetingofShareholdersin2024,the2024EmployeeStockOwnershipPlanwasapproved.ThesharesforthisplanweresourcedfromthesharesrepurchasedbyAutelinitsrepurchasespecialaccount.Underthisplan,Auteltransferred4.6221millionrepurchasedsharestoemployeesatapriceofRMB26.58
pershare,withtheplan’sdurationnotexceeding24monthsanda12-monthlock-upperiodfortheshares.ThefairvalueonthegrantdateisbasedonthemarketpriceofRMB29.13pershare.Thevestingperiodforthisplanis50%over12monthsand50%over14months.Autelhasconfirmedshare-basedpaymentexpensesinaccordancewithrelevantrequirements,withRMB5,869,840.76recognizedinvariousexpensesforthecurrentperiod,andthecorrespondingcapitalreserve(othercapitalreserve)ofRMB5,869,840.76.AsofDecember31,2025,thecumulativeshare-basedpaymentexpenserecognizedamountstoRMB6,692,979.47.
3.Cash-settledshare-basedpayments
□Applicable√Notapplicable
4.Share-basedpaymentexpensesforthecurrentperiod
√Applicable□Notapplicable
Unit:RMB
| Grantrecipientcategories | Equity-settledshare-basedpaymentexpenses | Cash-settledshare-basedpaymentexpenses |
| Managementpersonnel | 115,146,955.37 | |
| Total | 115,146,955.37 |
Otherinformation:
None.
5.ModificationandterminationofShare-basedpayments
□Applicable√Notapplicable
6.Otherinformation
□Applicable√NotapplicableXVICommitmentsandContingencies
1.Significantcommitments
√Applicable□NotapplicableSignificantexternalcommitmentsexistingasofthebalancesheetdate,nature,andamount:
Thesigned,ongoing,orupcomingleasecontracts(excludingleasesforwhichright-of-useassetshavebeenrecognized)andtheirfinancialimpactsaredetailedinNoteVII(81)ofthesefinancialstatements.
2.Contingencies
(1)Significantcontingenciesexistingasofthebalancesheetdate
√Applicable□Notapplicable
1.PatentinfringementdisputewithOrangeElectronicsCo.,Ltd.("Orange")OnJune30,2021,OrangefiledalawsuitagainstAutelintheUnitedStatesDistrictCourtfortheEasternDistrictofTexas,claimingthatAutel'sTPMSproductsinfringeclaims23and26-29ofU.S.PatentNo.8031064C3("ATirePressureMonitoringSystem(TPMS)andItsTirePressureDetectorIdentificationReplicationMethod,"hereinafterreferredtoas"PatentNo.064").Orangesoughtdamagesandinjunctiverelief.
OnJune8,2023,thejuryruledthatAutel'sproductsindeedinfringedclaims26and27ofPatentNo.064andawardedtotaldamagesofUSD6,616,397.Aftertheruling,Auteltookactionandfiledapost-trialmotiononJuly10,2023,underRule50(b).Thesemotionsaimedtoobtainalegaljudgmentassertingnoinfringement.Autel'sargumentsinthemotionincluded:a)AutelhasnotsoldtheaccusedproductsintheU.S.,sonodirectinfringementexistsunder35U.S.C.§271(a);b)Theaccusedproductsdonotfallwithinthescopeofclaims26and27ofPatentNo.064,andthecourtshouldrulenon-infringement;c)Claims26and27ofPatentNo.064shouldberuledinvalidunder35U.S.C.§101duetoineligibility;d)Claims26and27ofPatentNo.064shouldberuledinvalidunder35U.S.C.§103duetoobviousnessbasedonpriorart,specificallyNantzandNihei;e)TheplaintifffailedtoprovidesufficientevidenceforthejurytoconcludethatAutelintentionallyinfringedPatentNo.064;f)Thejury'sdamagesawardlacksevidenceandshouldbeoverturned.
AsofDecember31,2023,thedistrictcourthadnotyetrenderedajudgmentonthiscase.Basedonprudenceandafterconsultingwiththecase’slegalcounsel,AutelhasaccruedanestimatedliabilityofUSD3.5million.
OnMay2,2024,thedistrictcourtissueditsfirst-instancejudgment,rulingthatAuteldidnotinfringePatentNo.064.Autelwonthecase.TheplaintiffappealedthejudgmentonMay22,2024.Inresponse,AutelappealedonMay23,2024,regardingthecourt'srulingonthevalidityofPatentNo.064.
InlateJanuary2026,AutelreceivedtheJudgmentfromtheUnitedStatesCourtofAppealsfortheFederalCircuitregardingthepatentdisputecasewithOrangeElectronicsCo.Ltd.TheJudgmentruledthatthepatentindisputeisinvalid,andtherefore,asthereisnobasisforinfringement,Autelhasnotcommittedinfringement.AccordingtotheJudgment,Autelexpectstomakeacorrespondingadjustmenttotheprovisionof
USD3.5millionpreviouslyrecognizedforthiscase,reversingaprovisionofRMB24,789,450.64.
2.WinningthepatentdisputewithShenzhenYuanzhengTechnologyCo.,Ltd.("YuanzhengTechnology")
OnApril8,2022,YuanzhengTechnologyfiledalawsuitagainstAutelandShenzhenLianKeElectronTechnologyCo.,Ltd.("LianKeTechnology"),claimingthattheAutel'sandLianKeTechnology’sproducts,suchasthe"AUTELNext-GenerationAutomotiveIntelligentDiagnosticSystemMaxisysMS909"and"AUTELNext-GenerationAutomotiveIntelligentDiagnosticSystemMaxiSysUItra,"whicharesoldextensivelyononlineplatformslikeJD.com,Taobao,andoffline,infringeclaims1-8ofPatentNo.ZL201710632113.7ownedbyYuanzhengTechnology.YuanzhengTechnologyrequeststhecourtto:a)OrderAuteltoimmediatelyceasemanufacturingtheinfringingproducts,destroythesemi-finishedproducts,anddestroythespecializedmoldsusedtomanufacturetheinfringingproducts;b)orderAutelandLianKeTechnologytoimmediatelyceasesellingorpromisingtoselltheinfringingproducts;c)orderAutelandLianKeTechnologytojointlybeartheeconomiclossofRMB20millionandreasonableexpensesofRMB230,000,totalingRMB20.23million;d)orderAutelandLianKeTechnologytobearthelitigationcosts.
Thefirst-instancecourtruledtodismissalloftheplaintiff'sclaimsandorderedtheplaintifftobeartheentirelitigationcosts.Afterthefirst-instancejudgment,theplaintiffappealed.OnOctober16,2025,thesecondinstancejudgmentrejectedYuanzhengTechnology'sappealandupheldtheoriginaljudgment.ThesecondinstanceacceptancefeeshallbebornebyYuanzhengTechnology.
(2)TheCompanyhasnosignificantcontingenciesthatrequiredisclosureandsuchabsenceshouldalsobestated.
□Applicable√Notapplicable
3.Otherinformation
□Applicable√NotapplicableXVIIEventsaftertheBalanceSheetDate
1.Significantnon-adjustmentmatters
□Applicable√Notapplicable
2.Profitdistribution
√Applicable□Notapplicable
Unit:RMB
| Profitordividendstobedistributed | 333,265,934.50 |
| Approvedanddeclaredprofitordividendstobedistributed | 333,265,934.50 |
3.Returnofsales
□Applicable√Notapplicable
4.Othereventsafterthebalancesheetdate
□Applicable√NotapplicableXVIIIOtherSignificantEvents
1.CorrectionofprioraccountingerrorsFordetails,see“ReasonsforAccountingPolicyorEstimateChangesorCorrectionofMaterialAccountingErrorsandtheImpact”under“SignificantEvents”
2.Significantdebtrestructuring
□Applicable√Notapplicable
3.Swapofassets
(1)Swapofnon-monetaryassets
□Applicable√Notapplicable
(2)Swapofotherassets
□Applicable√Notapplicable
4.Annuityplans
□Applicable√Notapplicable
5.Discontinuedoperations
□Applicable√Notapplicable
6.Segmentinformation
(1)Basisforthedeterminationofthereportingsegmentandaccountingpolicies
√Applicable□NotapplicableTheCompanydeterminesthereportingsegmentsbasedontheinternalorganizationalstructure,managementrequirements,internalreportingsystem,etc.,anddeterminesthe
reportingsegmentsbasedonthegeographicsegments,andappraisestheoperatingperformanceinChina,NorthAmerica,Europe,andotherregionsrespectively.
(2)Financialinformationofreportingsegments
√Applicable□Notapplicable
Unit:RMB’0,000
| Item | China | NorthAmerica | Europe | Otherregions | Offsetamongsegments | Total |
| Revenuefromprincipaloperations | 339,083.75 | 253,622.98 | 101,702.61 | 207,702.75 | 424,795.23 | 477,316.86 |
| Costofprincipaloperations | 176,941.55 | 204,867.22 | 84,393.72 | 165,168.53 | 424,174.68 | 207,196.34 |
(3)ReasonsshallbegiveniftheCompanyhasnoreportingsegmentsorisunabletodisclosethetotalassetsandliabilitiesofthereportingsegments.
□Applicable√Notapplicable
(4)Otherinformation
□Applicable√Notapplicable
7.Othersignificanttransactionsandmattersthatmayaffectdecision-makingofinvestor
□Applicable√Notapplicable
8.Otherinformation
□Applicable√NotapplicableXIXNotestoKeyItemsoftheFinancialStatementsoftheParentCompany
1.Accountsreceivable
(1)Breakdownbyaging
√Applicable□Notapplicable
Unit:RMB
| Aging | Closinggrossamount | Openinggrossamount |
| Within1year(including1year) | 824,560,651.51 | 878,651,322.94 |
| 1to2years | 116,352,052.39 | 71,871,396.36 |
| Over2years | 86,742,664.82 | 81,429,311.72 |
| Total | 1,027,655,368.72 | 1,031,952,031.02 |
(2)Breakdownbymethodofestablishingbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Type | Closingbalance | Openingbalance | ||||||||
| Grossamount | Baddebtprovision | Carryingamount | Grossamount | Baddebtprovision | Carryingamount | |||||
| Amount | Percentage(%) | Amount | Provisionpercentage(%) | Amount | Percentage(%) | Amount | Provisionpercentage(%) | |||
| Baddebtprovisionestablishedonanindividualbasis | 1,518,051.96 | 0.15 | 1,518,051.96 | 100.00 | 1,549,115.74 | 0.15 | 1,549,115.74 | 100.00 | ||
| Ofwhich: | ||||||||||
| Baddebtprovisionestablishedonanindividualbasis | 1,518,051.96 | 0.15 | 1,518,051.96 | 100.00 | 1,549,115.74 | 0.15 | 1,549,115.74 | 100.00 | ||
| Baddebtprovisionestablishedonagroupingbasis | 1,026,137,316.76 | 99.85 | 21,816,923.99 | 2.13 | 1,004,320,392.77 | 1,030,402,915.28 | 99.85 | 22,151,528.88 | 2.15 | 1,008,251,386.40 |
| Ofwhich: | ||||||||||
| Baddebtprovisionestablishedonagroupingbasis | 1,026,137,316.76 | 99.85 | 21,816,923.99 | 2.13 | 1,004,320,392.77 | 1,030,402,915.28 | 99.85 | 22,151,528.88 | 2.15 | 1,008,251,386.40 |
| Total | 1,027,655,368.72 | / | 23,334,975.95 | / | 1,004,320,392.77 | 1,031,952,031.02 | / | 23,700,644.62 | / | 1,008,251,386.40 |
Baddebtprovisionestablishedonanindividualbasis:
√Applicable□NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
√Applicable□Notapplicable
Therewerenosignificantaccountsreceivablewithbaddebtprovisionsestablishedonanindividualbasisattheendoftheperiod.Baddebtprovisionestablishedonagroupingbasis:
√Applicable□NotapplicableItem:Aginggroup
Unit:RMB
| Group | Closingbalance | ||
| Grossamount | Baddebtprovision | Provisionpercentage | |
| (%) | |||
| Groupofrelatedpartiesincludedintheconsolidatedfinancialstatements | 719,565,967.80 | ||
| Aginggroup | 306,571,348.96 | 21,816,923.99 | 7.12 |
| Total | 1,026,137,316.76 | 21,816,923.99 | 2.13 |
Notestobaddebtprovisionestablishedonagroupingbasis:：
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofanaccountreceivablewithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(3)Baddebtprovision
√Applicable□Notapplicable
Unit:RMB
| Type | Openingbalance | Changesfortheperiod | Closingbalance | |||
| Established | Recoveredorreversed | Chargedofforwrittenoff | Otherchanges | |||
| Baddebtprovisionestablishedonanindividualbasis | 1,549,115.74 | -31,063.78 | 1,518,051.96 | |||
| Baddebtprovisionestablishedonagroupingbasis | 22,151,528.88 | -334,604.89 | 21,816,923.99 | |||
| Total | 23,700,644.62 | -365,668.67 | 23,334,975.95 | |||
Baddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(4)Written-offaccountsreceivablefortheperiod
□Applicable√NotapplicableWrite-offofsignificantaccountsreceivable:
□Applicable√Notapplicable
(5)Topfiveentitieswithrespecttoaccountsreceivableandcontractassets
√Applicable□Notapplicable
Unit:RMB
| Entity | Closingbalanceofaccountsreceivable | As%oftheclosingbalanceofaccountsreceivable | Closingbalanceofbaddebtprovision |
| AutelVietnam | 302,150,831.44 | 29.40 | |
| CustomerA | 135,044,391.85 | 13.14 | 6,785,661.82 |
| AutelDigitalPower | 98,836,740.71 | 9.62 | |
| AutelGermany | 95,270,790.87 | 9.27 | |
| AutelHeda | 79,170,187.15 | 7.70 | |
| Total | 710,472,942.02 | 69.14 | 6,785,661.82 |
Otherinformation:
None.Otherinformation:
□Applicable√Notapplicable
2.OtherreceivablesBreakdown:
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Interestreceivable | ||
| Dividendsreceivable | ||
| Otherreceivables | 1,259,091,825.55 | 1,155,928,917.31 |
| Total | 1,259,091,825.55 | 1,155,928,917.31 |
Otherinformation:
□Applicable√NotapplicableInterestreceivable
(1)Breakdownofinterestreceivable
□Applicable√Notapplicable
(2)Significantoverdueinterest
□Applicable√Notapplicable
(3)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√Notapplicable
Notestobaddebtprovisionsestablishedonanindividualbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedonagroupingbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofinterestreceivablewithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(4)Baddebtprovisions
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(5)Written-offinterestreceivablefortheperiod
□Applicable√NotapplicableWrite-offofsignificantinterestreceivable:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableDividendsreceivable
(6)Dividendsreceivable
□Applicable√Notapplicable
(7)Significantdividendsreceivableagedoveroneyear
□Applicable√Notapplicable
(8)Breakdownbymethodofestablishingbaddebtprovisions
□Applicable√NotapplicableBaddebtprovisionestablishedonanindividualbasis:
□Applicable√NotapplicableNotestobaddebtprovisionsestablishedonanindividualbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedonagroupingbasis:
□Applicable√NotapplicableBaddebtprovisionestablishedusingthegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableBasisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofdividendsreceivablewithchangeinlossprovisionduringtheperiod:
□Applicable√Notapplicable
(9)Baddebtprovision
□Applicable√NotapplicableBaddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(10)Written-offdividendsreceivablefortheperiod
□Applicable√NotapplicableWrite-offofsignificantdividendsreceivable:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√NotapplicableOtherinformation:
□Applicable√NotapplicableOtherreceivables
(11)Breakdownbyaging
√Applicable□Notapplicable
Unit:RMB
| Aging | Closinggrossamount | Openinggrossamount |
| Within1year(including1year) | 143,529,404.15 | 226,736,529.28 |
| 1to2years | 196,341,262.48 | 328,573,070.55 |
| Over2years | 924,237,078.32 | 604,666,980.73 |
| Total | 1,264,107,744.95 | 1,159,976,580.56 |
(12)Breakdownbynature
√Applicable□Notapplicable
Unit:RMB
| Nature | Closinggrossamount | Openinggrossamount |
| Otherreceivablesfromrelatedparties | 1,244,579,903.93 | 1,119,614,220.00 |
| Securitydeposits | 5,634,446.75 | 5,419,865.17 |
| Provisionalpaymentsreceivable | 8,059,789.80 | 4,894,707.36 |
| Pettycash | 3,729,792.03 | 2,954,123.59 |
| Socialsecurityandhousingprovidentfundpaymentsonbehalfofemployees | 1,463,812.44 | 1,533,664.44 |
| Receivablesduetoequitytransfer | 24,420,000.00 | |
| Employeehousingloan | 640,000.00 | 1,140,000.00 |
| Total | 1,264,107,744.95 | 1,159,976,580.56 |
(13)Changesinbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Baddebtprovision | Stage1 | Stage2 | Stage3 | Total |
| 12-monthexpectedcreditloss | Lifetimeexpectedcreditloss(withoutcreditimpairment) | Lifetimeexpectedcreditloss(withcreditimpairment) | ||
| BalanceasatJanuary1,2025 | 38,685.60 | 112,017.71 | 3,896,959.94 | 4,047,663.25 |
| BalanceasatJanuary1,2025wasduringtheperiod | ||||
| -TransferredtoStage2 | -15,916.32 | 15,916.32 | ||
| -TransferredtoStage3 | -403,984.80 | 403,984.80 | ||
| -TransferredbacktoStage2 | ||||
| -TransferredbacktoStage1 | ||||
| Establishedduringtheperiod | 129,057.41 | 435,213.94 | 403,984.80 | 968,256.15 |
| Reversedduringtheperiod | ||||
| Chargedoffduringtheperiod | ||||
| Writtenoffduringtheperiod | ||||
| Otherchanges |
| BalanceasatDecember31,2025 | 151,826.69 | 159,163.17 | 4,704,929.54 | 5,015,919.40 |
Basisofclassificationofstagesandpercentageofbaddebtprovision:
None.Significantchangeinthegrossamountofotherreceivableswithchangeinlossprovisionduringtheperiod:
□Applicable√NotapplicableBasisforasignificantincreaseinabaddebtprovisionandthecreditriskofafinancialinstrumentduringtheperiod:
□Applicable√Notapplicable
(14)Breakdownofbaddebtprovisions
√Applicable□Notapplicable
Unit:RMB
| Type | Openingbalance | Changesduringtheperiod | Closingbalance | |||
| Established | Recoveredorreversed | Charged-offorwritten-off | Otherchanges | |||
| Baddebtprovisionestablishedonanindividualbasis | 502,520.09 | 502,520.09 | ||||
| Baddebtprovisionestablishedonagroupingbasis | 4,047,663.25 | 465,736.06 | 4,513,399.31 | |||
| Total | 4,047,663.25 | 968,256.15 | 5,015,919.40 | |||
Baddebtprovisionwithasignificantrecoveredorreversedamountduringtheperiod:
□Applicable√NotapplicableOtherinformation:
None.
(15)Written-offotherreceivablesfortheperiod
□Applicable√NotapplicableWrite-offofsignificantotherreceivables:
□Applicable√NotapplicableNotestothewrite-off:
□Applicable√Notapplicable
(16)Topfiveentitieswithrespecttootherreceivables
√Applicable□Notapplicable
Unit:RMB
| Entity | Closingbalance | As%oftheclosingbalanceoftotalother | Natureofotherreceivable | Aging | Closingbalanceofbaddebtprovision |
| receivables | ||||
| AutelDigitalPower | 38,897,176.19 | 3.08 | Groupofrelatedparties | Within1year |
| 180,236,478.20 | 14.26 | 1-2years | ||
| 857,835,162.88 | 67.86 | Over2years | ||
| AutelHunan | 50,199,620.91 | 3.97 | Groupofrelatedparties | Within1year |
| 4,389,130 | 0.35 | 1-2years | ||
| AutelXi’an | 40,280,462.05 | 3.19 | Groupofrelatedparties | Within1year |
| 114,602.50 | 0.01 | 1-2years | ||
| 111,937.00 | 0.01 | Over2years | ||
| AutelVietnam | 170,586.38 | 0.01 | Groupofrelatedparties | Within1year |
| 79,901.78 | 0.01 | 1-2years | ||
| 30,158,584.82 | 2.39 | Over2years | ||
| AutelHongKong | 3,060,080.00 | 0.24 | Groupofrelatedparties | Within1year |
| 26,091,456.81 | 2.06 | Over2years | ||
| Total | 1,231,625,179.52 | 97.44 | / | / |
(17)Otherreceivablesreportedduetocentralizedmanagementoffunds
□Applicable√NotapplicableOtherinformation:
□Applicable√Notapplicable
3.Long-termequityinvestments
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Grossamount | Impairmentprovision | Carryingamount | Grossamount | Impairmentprovision | Carryingamount | |
| Investmentsinsubsidiaries | 1,456,733,828.99 | 1,456,733,828.99 | 1,390,081,403.67 | 1,390,081,403.67 | ||
| Total | 1,456,733,828.99 | 1,456,733,828.99 | 1,390,081,403.67 | 1,390,081,403.67 | ||
(1)Investmentsinsubsidiaries
√Applicable□Notapplicable
Unit:RMB
| Investee | Openingbalance(carryingamount) | Openingbalanceofimpairmentprovisions | Increase/decreasefortheperiod | Closingbalance(carryingamount) | Closingbalanceofimpairmentprovisi | |||
| Additionalinvestment | Reductionininvestment | Impairmentprovisionsestablished | Other | |||||
| ons | ||||||
| AutelCalifornia | 1,995,863.76 | 3,395,972.92 | 5,391,836.68 | |||
| AutelGermany | 1,209,248.11 | 2,396,542.40 | 3,605,790.51 | |||
| AutelHunan | 154,081,590.52 | 7,553,665.45 | 161,635,255.97 | |||
| AutelDigitalPower | 54,598,361.48 | 26,722,046.37 | 81,320,407.85 | |||
| AutelXi’an | 372,329,794.07 | 5,838,398.27 | 378,168,192.34 | |||
| AutelHesheng | 21,612,353.26 | 12,542,823.63 | 34,155,176.89 | |||
| AutelHongKong | 8,435,606.23 | 8,435,606.23 | ||||
| AutelHainan | 24,000,000.00 | 24,000,000.00 | ||||
| RainbowTechnology | 745,115,047.28 | 745,115,047.28 | ||||
| AutelMexico | 349,895.87 | 192,631.38 | 542,527.25 | |||
| AutelHeda | 6,223,015.59 | 275,311.61 | 6,498,327.20 | |||
| AutelUK | 130,627.50 | 885,634.22 | 1,016,261.72 | |||
| DaoheTongtai | 6,849,399.07 | 6,849,399.07 | ||||
| Total | 1,390,081,403.67 | 66,652,425.32 | 1,456,733,828.99 |
(2)Investmentsinjointventuresandassociates
√Applicable□NotapplicableAuteldisposedofits46.00%equityinterestinSkyFendTechnologyduringtheperiod,andnolongerheldanysharesinthecompanyattheendoftheperiod.
(3)Impairmenttestsoflong-termequityinvestments
□Applicable√NotapplicableOtherinformation:
None.
4.Operatingrevenueandcostofsales
(1)Detailsofoperatingrevenueandcostofsales
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | ||
| Revenue | Costs | Revenue | Costs | |
| Principaloperations | 1,891,606,063.30 | 960,880,070.76 | 1,669,085,189.82 | 1,285,942,206.58 |
| Otheroperations | 506,006,542.25 | 422,516,512.85 | 546,799,677.10 | 328,247,391.99 |
| Total | 2,397,612,605.55 | 1,383,396,583.61 | 2,215,884,866.92 | 1,614,189,598.57 |
| Ofwhich:Revenue | 2,366,313,629.73 | 1,360,104,153.63 | 2,150,699,612.25 | 1,614,189,598.57 |
(2)Breakdownofoperatingrevenueandcostofsales
√Applicable□Notapplicable
Unit:RMB
generatedbycontracts
withcustomers
Categoryofcontract
| Categoryofcontract | Total |
| Operatingrevenue | |
| Byproductcategory | |
| Vehiclediagnosticproducts | 1,048,717,071.78 |
| TPMSproducts | 180,872,310.20 |
| ADASproducts | 40,158,910.40 |
| Otherproducts | 97,459,354.34 |
| AIandsoftware | 170,398,416.58 |
| Materialsales | 473,695,398.91 |
| Royaltyfees | 354,000,000.00 |
| Consultingincome | 1,012,167.52 |
| Subtotal | 2,366,313,629.73 |
| Byoperatingsegment | |
| China | 128,163,626.62 |
| NorthAmerica | 146,535,343.46 |
| Europe | 253,844,092.13 |
| Otherregions | 1,837,770,567.52 |
| Subtotal | 2,366,313,629.73 |
| Bythetimeofproducttransfer | |
| Revenuerecognizedatapointintime | 2,195,915,213.15 |
| Revenuerecognizedwithinaperiodoftime | 170,398,416.58 |
| Subtotal | 2,366,313,629.73 |
| Total | 2,366,313,629.73 |
Otherinformation:
□Applicable√Notapplicable
(3)Contractperformanceobligations
□Applicable√Notapplicable
(4)Allocationtotheremainingcontractperformanceobligations
□Applicable√Notapplicable
(5)Significantchangesincontractsorsignificantadjustmentstotransactionprices
□Applicable√NotapplicableOtherinformation:
None.
5.Returnoninvestment
√Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 |
| Incomefromstructureddepositsandfinancialmanagement | 11,303,267.42 | 13,424.66 |
| Incomederivedduringtheperiodofholdingequityinstrumentsatfairvaluethroughprofitorloss | 1,373,906.76 | |
| Incomefromthedisposaloflong-termequityinvestments | 108,560,000.00 | -44,697.11 |
| Sharerepurchasetransactioncosts | -79,696.73 | -116,620.16 |
| Total | 119,783,570.69 | 1,226,014.15 |
Otherinformation:
None.
6.Otherinformation
□Applicable√NotapplicableXXSupplementaryInformation
1.Scheduleofexceptionalgainsandlossesintheperiod
√Applicable□Notapplicable
Unit:RMB
| Item | Amount | Note |
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 29,563,192.86 | |
| Governmentgrantsrecognizedinprofitorloss(exclusiveofthosethatarecloselyrelatedtotheCompany'snormalbusinessoperationsandgiveninaccordancewithdefinedcriteriaandincompliancewithgovernmentpolicies,andhaveacontinuingimpactontheCompany'sprofitorloss) | 17,231,131.99 | |
| Gainorlossonfair-valuechangesinfinancialassetsandliabilitiesheldbyanon-financialenterprise,aswellasondisposaloffinancialassetsandliabilities(exclusiveoftheeffectiveportionofhedgesthatisrelatedtotheCompany'snormalbusinessoperations) | 9,869,323.92 | |
| Capitaloccupationchargesonanon-financialenterprisethatarerecognizedinprofitorloss | ||
| Gainorlossonassetsentrustedtootherentitiesforinvestmentormanagement | ||
| Gainorlossonloanentrustments | ||
| AssetlossesduetoactsofGodsuchasnaturaldisasters | ||
| Reversedportionsofimpairmentallowancesforreceivableswhicharetestedindividuallyforimpairment | ||
| GainequaltotheamountbywhichinvestmentcostsfortheCompanytoobtainsubsidiaries,associatesandjointventuresarelowerthanthe |
| Company’senjoyablefairvalueofidentifiablenetassetsofinvesteeswhenmakinginvestments | |
| Currentprofitorlossonsubsidiariesobtainedinbusinesscombinationsinvolvingentitiesundercommoncontrolfromtheperiod-begintocombinationdates,net | |
| Gainorlossonnon-monetaryassetswaps | |
| Gainorlossondebtrestructuring | |
| One-offcostsincurredbytheCompanyasaresultofdiscontinuedoperations,suchasexpensesforemployeearrangements | |
| One-timeeffectonprofitorlossduetoadjustmentsintax,accountingandotherlawsandregulations | |
| One-timeshare-basedpaymentsrecognizedduetocancellationandmodificationofequityincentiveplans | |
| Gainorlossonchangesinthefairvalueofemployeebenefitspayableafterthevestingdateforcash-settledshare-basedpayments | |
| Gainorlossonfair-valuechangesininvestmentpropertiesofwhichsubsequentmeasurementiscarriedoutusingthefairvaluemethod | |
| Incomefromtransactionswithdistinctlyunfairprices | |
| GainorlossoncontingenciesthatareunrelatedtotheCompany'snormalbusinessoperations | |
| Incomefromchargesonentrustedmanagement | |
| Non-operatingincomeandexpenseotherthantheabove | 22,341,268.84 |
| Othergainsandlossesthatmeetthedefinitionofexceptionalgain/loss | -79,696.73 |
| Less:Incometaxeffects | 10,331,612.98 |
| Non-controllinginterestseffects(netoftax) | 1,604,118.07 |
| Total | 66,989,489.83 |
ItemsunlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItemsareidentifiedasexceptionalandtheitemsareofasignificantamount,andexceptionalgain/lossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItemsareidentifiedasrecurrent.
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinvolved | Cause |
| Valueaddedtaxrebatesforsoftwareproducts | 63,030,064.83 | RecognizedasexceptionalgainforbeingrelatedtothecontinuingoperationsofsubsidiariesAutelHeshengandAutelHexin |
Otherinformation:
□Applicable√Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
√Applicable□Notapplicable
| ProfitduringtheReportingPeriod | WeightedaverageROE(%) | EPS | |
| BasicEPS | DilutedEPS | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany | 25.96 | 1.42 | 1.25 |
| NetprofitattributabletoordinaryshareholdersoftheCompanybeforeexceptionalgainsandlosses | 24.10 | 1.32 | 1.15 |
3.Accountingdatadifferencesunderdomesticandoverseasaccountingstandards
□Applicable√Notapplicable
4.Otherinformation
□Applicable√Notapplicable
ChairmanoftheBoard:LiHongjingDatewhenthisReportwasauthorizedbytheBoardofDirectorsforissue:March20,2026Revisions:
□Applicable√Notapplicable