拓普集团: Tuopu Group Semi-annual Report 2026

Stock Code: 601689                       Abbr.: Tuopu Group
               Ningbo Tuopu Group Co., Ltd.
                 Semi-annual Report 2026
                         August 2026
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                         Important Notes
this Semi-annual Report is true, accurate and complete, and contains no false record, misleading
statement or material omission, and undertake individual and joint liability.
charge of accounting affairs and the head of the accounting department, declare that the financial
statements in this Semi-annual Report are true, accurate and complete.
approved by resolution of the Board
None
□ Applicable √ Not applicable
other related parties
No
making procedures
No
completeness of the Semi-annual Report disclosed by the Company
No
     There were no material risk events during the Reporting Period. The material risks that may adversely
affect the Company's future development and the achievement of the Company's business objectives are
described in this Report; please refer to Section 3, Management Discussion and Analysis.
√ Applicable □ Not applicable
      During the Reporting Period, on 31 March 2026 the Company applied to The Stock Exchange of
Hong Kong Limited to issue and list overseas listed shares (H shares) and published the application
materials. In accordance with the relevant requirements, the Company has filed the record-filing materials
for this issue and listing with the China Securities Regulatory Commission, which accepted them in June
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
regulators, and depends on market conditions. It therefore remains uncertain.
                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                         Contents
                           The full text and abstract of this Semi-annual Report bearing the signature of
                           the legal representative and the Company's seal.
                           The financial statements bearing the signatures and seals of the legal
    List of documents      representative, the person in charge of accounting affairs and the head of the
  available for inspection accounting department.
                           The originals of all documents publicly disclosed on the websites designated
                           by the CSRC during the Reporting Period and the original manuscripts of the
                           announcements.
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                     Section 1 Definitions
In this Report, unless the context otherwise requires, the following terms have the meanings set out
below:
 Definitions of frequently used terms
 the Company, the Issuer, Tuopu
                                      means Ningbo Tuopu Group Co., Ltd.
 Group
                                               MECCA         INTERNATIONAL          HOLDING        (HK)
 MECCA HK                             means
                                               LIMITED, the controlling shareholder of the Company
 the Reporting Period                 means 1 January 2026 to 30 June 2026
                                               the board of directors and the general meeting of Ningbo
 the Board, the general meeting       means
                                               Tuopu Group Co., Ltd.
                                               Renminbi, the lawful currency of the People's Republic of
 RMB, RMB'0,000, RMB'00
                                      means China, expressed in yuan, tens of thousands of yuan and
 million
                                               hundreds of millions of yuan respectively
 Convertible Bonds                    means convertible corporate bonds
 the CSRC                             means the China Securities Regulatory Commission
 the SSE                              means the Shanghai Stock Exchange
            Section 2 Company Profile and Key Financial Indicators
Chinese name of the Company                   宁波拓普集团股份有限公司
Chinese abbreviation                          拓普集团
Foreign name of the Company                   Ningbo Tuopu Group Co., Ltd.
English abbreviation of the Company           Tuopu Group
Legal representative of the Company           Wu Jianshu
                                    Secretary to the Board          Representative for Securities Affairs
Name                         Wang Mingzhen                          Gong Yuchao
                             No. 268 Yuwangshan Road, Beilun        No. 268 Yuwangshan Road, Beilun
Contact address
                             District, Ningbo, Zhejiang Province    District, Ningbo, Zhejiang Province
Telephone                    0574-86800850                          0574-86800850
Fax                          0574-86800877                          0574-86800877
E-mail                       wmz@tuopu.com                          gyc@tuopu.com
                                             No. 268 Yuwangshan Road, Daqi Subdistrict, Beilun
Registered address of the Company
                                             District, Ningbo, Zhejiang Province
                                             On 16 June 2020, the registered address of the Company
                                             was changed from No. 215 Huangshan West Road, Beilun
Historical changes to the registered address
                                             District, Ningbo, Zhejiang Province to No. 268
of the Company
                                             Yuwangshan Road, Daqi Subdistrict, Beilun District,
                                             Ningbo, Zhejiang Province
                                             No. 268 Yuwangshan Road, Daqi Subdistrict, Beilun
Office address of the Company
                                             District, Ningbo, Zhejiang Province
Postal code of the office address            315806
Website of the Company                       www.tuopu.com
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
E-mail                                        tuopu@tuopu.com
Index for enquiries on changes during the
                                              None
Reporting Period
Name of the newspaper designated by the
                                           China Securities Journal
Company for information disclosure
Website on which the Semi-annual Report is Website of the Shanghai Stock Exchange
published                                  (www.sse.com.cn)
Place where the Semi-annual Report is
                                           Office of the Secretary to the Board
available for inspection
Index for enquiries on changes during the
                                           None
Reporting Period
                    Stock exchange on
                                                                                          Former stock
   Class of shares   which the shares Stock abbreviation             Stock code
                                                                                          abbreviation
                        are listed
                   the Shanghai Stock
      A shares                          Tuopu Group                    601689                    -
                        Exchange
□ Applicable √ Not applicable
(1) Key accounting data
                                                                                                Unit: RMB
                                                                                         Change from the
                                            Current reporting
                                                                  Corresponding           corresponding
          Key accounting data               period (January to
                                                                 period of last year    period of last year
                                                  June)
                                                                                               (%)
 Revenue                                    14,199,245,308.27    12,934,627,599.03                     9.78
 Total profit                                1,174,547,456.44     1,457,443,066.13                  -19.41
 Net profit attributable to shareholders
 of the listed company
 Net profit attributable to shareholders
 of the listed company after deducting        907,521,896.35      1,161,595,892.64                   -21.87
 non-recurring profit or loss
 Net cash flows from operating
 activities
                                                                                         Change from the
                                              End of the          End of the prior
                                                                                         end of the prior
                                            Reporting Period           year
                                                                                            year (%)
 Net assets attributable to shareholders
 of the listed company
 Total assets                               42,590,141,069.42    43,934,595,369.02                    -3.06
(2) Key financial indicators
                                                                                        Change from the
                                    Current reporting
                                                              Corresponding              corresponding
    Key financial indicators        period (January to
                                                             period of last year       period of last year
                                          June)
                                                                                              (%)
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Basic earnings per share
 (RMB/share)
 Diluted earnings per share
 (RMB/share)
 Basic earnings per share after
 deducting non-recurring profit                       0.52                   0.68                 -23.53
 or loss (RMB/share)
 Weighted average return on net                                                        A decrease of 1.81
 assets (%)                                                                             percentage points
 Weighted average return on net
                                                                                       A decrease of 1.66
 assets after deducting non-                          3.74                   5.40
                                                                                        percentage points
 recurring profit or loss (%)
Notes to the key accounting data and financial indicators of the Company
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
           Non-recurring profit or loss items                Amount                 Notes (if applicable)
 Gains and losses on disposal of non-current
 assets, including the write-back of impairment                -4,785,725.37
 provisions previously made
 Government grants recognized in profit or loss,
 excluding grants that are closely related to
 ordinary business, are made under national                  142,436,646.82       Section 8, 11
 policy, are received on defined terms, and have a
 continuing effect on profit or loss
 Gains and losses on financial assets and financial
 liabilities held by non-financial enterprises,
 whether from changes in fair value or from                     4,585,345.04
 disposal, excluding effective hedging related to
 ordinary business
 Funds occupation fees charged to non-financial
 enterprises and recognized in profit or loss
 Gains and losses from entrusting others to invest
 in or manage assets
 Gains and losses from entrusted loans granted to
 third parties
 Asset losses arising from force majeure events
 such as natural disasters
 Reversal of impairment provisions for
 receivables tested for impairment on an
 individual basis
 Gains arising where the cost of an investment in
 a subsidiary, associate or joint venture is less
 than the share of the investee's identifiable net
 assets at fair value on acquisition
 Net profit or loss of subsidiaries from the
 beginning of the period to the combination date
 arising from business combinations under
 common control
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
          Non-recurring profit or loss items                  Amount               Notes (if applicable)
 Gains and losses on exchanges of non-monetary
 assets
 Gains and losses on debt restructuring
 One-off expenses incurred because the relevant
 business activities are discontinued, such as
 expenditure on employee resettlement
 One-off effects on profit or loss for the period
 arising from changes in tax, accounting and other
 laws and regulations
 Share-based payment expenses recognized on a
 one-off basis due to the cancellation or
 modification of share incentive schemes
 For cash-settled share-based payments, gains and
 losses arising from changes in the fair value of
 employee benefits payable after the vesting date
 Gains and losses from changes in fair value of
 investment properties subsequently measured
 using the fair value model
 Gains arising from transactions with transaction
 prices that are manifestly unfair
 Gains and losses from contingencies unrelated to
 the ordinary course of the Company's business
 Custodian fee income from entrusted operations
 Other non-operating income and expenses apart
                                                                -4,635,694.66
 from the above items
 Other items of gain or loss that meet the
 definition of non-recurring profit or loss
 Less: effect of income tax                                    22,339,934.51
       Effect on non-controlling interests (after
 tax)
                         Total                                115,026,994.60
Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the
Public sets out which items are non-recurring. Reasons must be given where the Company treats an
unlisted item as non-recurring and the amount is material, or treats a listed item as recurring.
□ Applicable √ Not applicable
net profit excluding the effect of share-based payments
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                 Section 3 Management Discussion and Analysis
Company during the Reporting Period
    (I) Industry overview
    In the first half of 2026 global passenger vehicle sales were approximately 40.814 million, down 1.2%
YoY. Of these, electric vehicles accounted for approximately 10.460 million units, up 10.2% YoY and
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
represent 25.6% of total global passenger vehicle sales. In the domestic market, China's vehicle sales were
vehicle exports reached 5.096 million units, up 65.3%, making exports an important support for the
industry; domestic electric vehicle sales were 7.446 million units, up 7.3% YoY, representing 49.6% of
total new vehicle sales. The global market data were retrieved from MarkLines and the domestic data were
from the China Association of Automobile Manufacturers. Against a background of subdued domestic
demand and accelerating vehicle exports with overseas localization, auto components suppliers with a
global manufacturing footprint and ability to deliver a full product matrix outside China encounter a
tailwind with structural opportunity.
     (II) Principal business and business model
     The Company's principal business is the research and development, manufacture, and sale of
automotive parts, embodied intelligence components, and liquid cooling products. Automotive parts
business spans eight product lines: air suspension systems, intelligent driving systems, thermal
management systems, smart cockpit components, chassis systems, body lightweight system, vibration
control systems, and interior and exterior systems. Embodied artificial intelligence business centers on
robot actuators and is extending into other key components such as body structural parts. Liquid cooling
business draws on the Company's automotive-grade thermal management technology to supply core
components for data centers, energy storage, and similar applications. The Company's principal customers
include international and domestic intelligent electric vehicle OEMs, traditional automobile OEMs,
embodied intelligence companies, and data center customers.
     Both the embodied intelligence and liquid cooling businesses extend from the electric drive,
electronic control, precision manufacturing, and thermal management technologies the Company has
accumulated in automotive parts and are expected to support future growth. To accelerate the
commercialization of the embodied intelligence business, the Company has established a robot actuator
division with a dedicated management structure and team.
     The Company is guided by the principle of creating value for customers, committed to research and
innovation, continues to advance digital and intelligent manufacturing and globalization strategies, and
strengthens overall competitiveness, with the aim of becoming a more trusted partner for automobile
OEMs, embodied intelligence companies and others.
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Period were as follows:
                                                                                                Unit: RMB
 Principal operations by industry
                                                                      Change in    Change in     Change in
                                                             Gross     revenue       cost of        gross
   By industry         Revenue           Cost of sales       margin    from the    sales from      margin
                                                              (%)     prior year    the prior     from the
                                                                          (%)       year (%)     prior year
                                                                                                An
                                                                                                increase of
 Automotive
 parts
                                                                                                percentage
                                                                                                points
 Principal operations by product
                                                                      Change in    Change in     Change in
                                                             Gross     revenue       cost of        gross
   By product          Revenue           Cost of sales       margin    from the    sales from      margin
                                                              (%)     prior year    the prior     from the
                                                                          (%)       year (%)     prior year
                                                                                                A decrease
 Mechatronic                                                                                    of 0.94
 system                                                                                         percentage
                                                                                                points
                                                                                                A decrease
 Thermal
                                                                                                of 0.45
 management         1,017,643,682.12     853,964,139.27       16.08        3.79          4.34
                                                                                                percentage
 system
                                                                                                points
                                                                                                A decrease
 Robot actuator       14,047,726.94       10,250,358.50       27.03       83.43        92.75
                                                                                                of 3.53
                                Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                     percentage
                                                                                                     points
                                                                                                     A decrease
                                                                                                     of 0.48
     Chassis system     4,243,193,316.70        3,493,572,248.83    17.67      14.44        15.12
                                                                                                     percentage
                                                                                                     points
                                                                                                     An
                                                                                                     increase of
     Interior &
     exterior system
                                                                                                     percentage
                                                                                                     points
                                                                                                     An
                                                                                                     increase of
     Vibration
     control system
                                                                                                     percentage
                                                                                                     points
     Principal operations by region
                                                                                        Change in revenue from
     Region            Revenue for the period                                           the corresponding period
                                                                                        of last year (%)
     Domestic                                                        9,935,967,600.51                       7.18
     Overseas                                                        3,325,037,346.36                     14.41
Description of significant new non-principal businesses during the Reporting Period
□ Applicable √ Not applicable
       During the Reporting Period the Company overcame changes in the global economy, trading
environment, and industry, to continue optimizing operating efficiency. Faced with falling demand in the
domestic passenger vehicle market, the Company drew on strengths built up in the intelligent electric
vehicle industry - including broad product range, systems development capability, and innovative business
model - together with global manufacturing footprint covering North America, South America, Europe
and South-East Asia, to effectively offset the impact of market volatility. The Company took on the
localization requirements of international OEMs and the overseas supply requirements of Chinese OEMs
at the same time, achieving revenue growth against the headwind and growth in both customer coverage
and supply share. The decline in net profit for the period was mainly due to the Company's product
category expansion, increased labor costs and depreciation in new factories, and temporary effects of
higher raw material prices and exchange losses. These effects are expected to ease as the new capacity
comes on stream and economies of scale take hold. At the same time, emerging businesses such as robot
actuators and data center liquid cooling are entering commercialization phase, providing new momentum
for the Company's medium and long-term growth. Works across all areas of management are progressing
in an orderly manner, as set out below:
       (1) Market and sales
       During the Reporting Period the Company's Tier 0.5 innovative business model and the platform-
based product lines worked together to generate synergies effect and entered a phase of large-scale
implementation. Guided by the philosophy of rapid response and full cooperation, the Company creates
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
value for customers through QSTP products and services. In the domestic market, cooperation continued
to expand with OEMs including Seres, Xiaomi, Geely, BYD, Chery, Li Auto, NIO, Great Wall Motor and
Xpeng, with steady increases in both value per vehicle and order volumes. In international markets,
cooperation in electric vehicles progressed well with Customer A, an innovative US OEM, and with
RIVIAN, Ford, GM, BMW, Stellantis and Mercedes-Benz. Cooperation with RIVIAN in particular
continued to deepen, extending across several product lines, and stands out as a successful example of the
Tier 0.5 model being adopted by an international customer.
     The Company is steadfast in adopting a platform-based product strategy. Supported by research and
innovation with digital and intelligent manufacturing, the competitiveness of products like interior
functional components, lightweight chassis, and thermal management improved continuously.
Mechatronic system products including air suspension, smart cockpit, IBS and EPS all entered volume
production, further improving the product matrix and laying a foundation for the Company's long-term
development.
     The Company accelerated the globalization strategy. With Chinese vehicle exports growing strongly
and international OEMs accelerating their shift to electrification, the strategic value of the Company's
global manufacturing footprint has become increasingly clear. Civil works at the phase I plant in Thailand
are completed and some production lines are already operating; once fully operational, the Company will
cover the entire current product range outside China. Capacity utilization at the Mexico plant is rising
steadily and a phase II project is being planned. Planning and design have also begun for the phase II
Poland plant, laying the groundwork for more European orders. A global footprint helps the Company
respond flexibly to changes in the international trading environment and reduce operating risk, allowing
the Company to supply customers locally and quickly.
     In the domestic market, Wuhu Tuopu Automobile Parts Co., Ltd., formerly Wuhu Changpeng Auto
Parts Co., Ltd., has been fully integrated into the Company's interior and exterior system unit, integration
has gone smoothly, and it has now reached the stage of stable contribution, with supply to customers such
as Chery and Leapmotor progressing steadily.
     (2) Research, development and innovation
     During the Reporting Period the Company increased R&D spending and resources to maintain a
leading position. R&D expenses were RMB791 million, up 12.17% YoY and 5.57% of revenue. A new
R&D building at the Company's headquarters has been completed, with a floor area of 71,000 square
meters and capacity for 2,500 research staff. Together with the existing R&D center, testing center, tooling
center and prototyping center, it forms an integrated center for teams working on automotive parts, liquid
cooling, energy storage, robot components and software development. Air suspension, smart cockpit, IBS
and EPS have all entered volume production, and a next generation of products - active suspension, EMB
and RBS - is taking shape.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     In interior and exterior systems, the Company focused on advanced materials and new processes
development. MOFs (metal-organic frameworks) are now in volume production for headliners, carpets
and spare wheel covers, where the adsorption properties of the material can effectively suppress odor and
reduce VOC emissions. Bamboo material fiber board has been applied to luggage compartment side panels
and tailgate trim substrates. High-imitation leather headliners feature on premium models such as the
AITO M9 starlight roof, and recycled polyester fiber (rPET) interior materials have extended from carpets
to headliners and side trim panels, now fitted to several NIO and Geely models. The Company's low-
pressure injection molding process won a new headliner nomination from Leapmotor. In exterior products,
the sealing strip project at the Malaysia site is about to enter production.
     In chassis systems, the Company's forged aluminum ball joint control arm passed six million wear
cycles with zero failures, meeting the customer's technical requirements in all aspects. During the
Reporting Period the customer base extended to Volkswagen, FAW Toyota and Jaguar Land Rover,
beyond existing customers of Seres, Xiaomi, Xpeng, Great Wall Motor, Chery, BYD, Changan, SAIC,
Customer A, BMW, LUCID and SCOUT. The business also won several important nominations: the
Poland plant was nominated by Leapmotor International, the joint venture between Leapmotor and
Stellantis, and further nominations came from European premium brands.
     In body lightweight systems, the Company expanded the light alloy structural components business,
winning projects from Jaguar Land Rover, Ford, GAC, Xiaomi, LUCID and SCOUT, and additional
nominations for longitudinal beams and shock towers from European premium brands.
     In suspension systems, the Company was the first in China to supply closed-loop air suspension (C-
ECAS) in large-scale volume production and has built full in-house capability from core components - air
tanks, air springs, ASU and ECAS - to single, dual and triple-chamber air suspension systems. With orders
growing quickly, air suspension capacity reached about 1.3 million units a year by the end of the Reporting
Period, and the target of about 1.5 million units for the full year is unchanged. Air suspension customers
now include Seres, Xiaomi, Li Auto, SAIC, ZEEKR, TANK, BYD, Leapmotor and GAC. The Company
also launched ASU 2.0, a second-generation closed-loop air supply unit using active heating dehydration
and molecular sieve regeneration for long-life moisture control, improving performance while reducing
cost and supporting multiple electrical interfaces and vehicle platforms; it has already been nominated. In
active suspension, the Company has developed a hydraulic active suspension system and an 800V active
stabilizer bar and is one of the few companies worldwide with in-house capability across the full range of
active suspension core components - air suspension, hydraulic active suspension and active stabilizer bar.
     In intelligent driving, several IBS projects have reached volume production; a Hongqi electric vehicle
fitted with the Tuopu IBS braking system recorded a 100 km/h braking distance of 29.68 meters. IBS 2.0,
which offers better cost performance, is progressing steadily. The Company's brake-by-wire technology
path continues to develop: the EMB project with Hongqi and Seres is progressing well, and the newly
developed RBS redundant braking system uses a dual braking control architecture that backs up the ESC,
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
natively supports Level 3 and above autonomous driving, and is expected to reach volume production in
     In the smart cockpit area, the world's first automotive-grade oxygen concentrator developed by the
Company entered volume production in March 2026 and made its global debut on the Leapmotor D19. It
uses vacuum pressure swing adsorption (VPSA), delivers up to 8 L/min at a stable oxygen concentration
of 90% or above, meets medical oxygen standards, and supports both cabin-wide diffusion and nasal
delivery. Power consumption is below 320 W, energy efficiency 0.66 kWh/m³ and in-cabin noise as low
as 38 dB, all better than industry limits. During development the Company carried out more than twenty
system optimizations with the customer in an NVH laboratory, cutting noise from around 72 dB at the
outset. The product has passed altitude testing from sea level to 5,000 meters and, in nasal mode, raises
blood oxygen saturation from 72% to above 90% in about 100 seconds; the vehicle has completed
CATARC in-cabin oxygen certification. The product fills a gap in the industry and extends the health
functions of the smart cockpit. The Company is leading work on a national standard for in-vehicle oxygen
concentrators.
     On quality and certification, the IBS with redundant braking unit (RBU) has passed ISO 26262 ASIL
D functional safety certification, and the air suspension system (ASU) is working through ISO 26262
ASIL B. The Company holds 64 software copyrights together with a number of invention patents and
utility model patents.
     (3) Robotics business segment
     Driven by the rapid development of artificial intelligence, the humanoid robot industry is now moving
from technology validation to large-scale production phase. On policy aspect, after embodied intelligence
appeared in the Government Work Report for the first time in 2025, the 2026 Government Work Report
set out further measures, listing it among the future industries to be cultivated and, for the first time, calling
for a new form of intelligent economy and faster adoption of intelligent robots and other next-generation
intelligent terminals. On industry side, 2026 is widely regarded as the first year of humanoid robot volume
production: leading overseas companies are bringing production plans into effect and planning large-scale
capacity, shipments from several domestic manufacturers are growing quickly, and applications are
moving from demonstrations toward industrial manufacturing, commercial services and other real work.
On technology, the deep integration of multimodal large language models with embodied intelligence has
markedly improved motion control, environmental perception and task execution, and the path to reducing
the cost of core components at scale is becoming clearer. Institutional forecasts suggest that robots will
eventually take on jobs currently held by several hundred million people worldwide, and that the global
robotics industry could reach a scale of RMB100 trillion. With frontier technologies such as AI advancing
rapidly and populations aging, the robotics industry has entered a period of accelerated development and
is a leading example of new quality productive forces.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     The Company has developed IBS brake-by-wire systems for many years, building deep expertise in
mechanics, reduction mechanisms, motors, electronic control and software, and extending it to thermal
management, steer-by-wire, air suspension, smart cockpit actuators and robot electric drive actuators.
Actuators are the core component of a robot and fall into two types: linear and rotary. To reproduce the
coordination and multi-degree-of-freedom flexibility of human movement, an actuator must be light,
compact and low in power consumption, and must push against many limits of engineering design to
integrate and communicate between motors, reduction mechanisms, encoders, drivers and controllers. The
structure is complex and the technology highly concentrated.
     The Company's core strengths in robot actuators are: first, in-house development of permanent
magnet servo motors, frameless motors and other motor types; second, experience in integrating motors,
reduction mechanisms and controllers; third, precision machining capability; and fourth, the ability to
coordinate R&D and testing resources. Each humanoid robot requires dozens of motion actuators, giving
a high value per unit and a substantial market. The Company's growing competitive advantage should
secure a larger share of that market and more business from existing customers.
     During the Reporting Period the robotics business made important progress: linear actuators, rotary
actuators and dexterous hand motors entered small-batch delivery. Body structural parts, foot shock
absorbers and electronic flexible skin are being brought to production readiness in parallel, and a platform-
based product matrix is taking shape. The first phase of the robot components industrial base is largely
complete, providing the capacity for larger-scale delivery.
     Alongside developing the eight product lines for intelligent electric vehicles, the Company has taken
the opportunity presented by the rapid growth of the robotics industry, focusing on and steadily expanding
key products and core technologies in the robotics supply chain. Intelligent vehicle components and robot
components now develop together, providing a foundation for the Company to keep growing quickly.
     (4) Thermal management systems and liquid cooling business
     The Company has built full R&D and manufacturing capability for thermal management modules
and components, and is capable of producing all the core sub-components of the v2.0 thermal management
modules: multi-port valves, electronic water pumps, electronic expansion valves, solenoid valves, heat
exchangers, flow plates, check valves, gas-liquid separators, accumulators and controllers. Beyond
demonstrating the Company's technical strength in thermal management, optimizing the system design
delivers clear value to users:
                conditions such as winter, substantially improving vehicle efficiency.
                reducing energy consumption while improving handling.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
               OTA updates and adapts energy consumption to operating conditions.
               lowering the risk of leaks and improving stability and reliability.
     During the Reporting Period the Company completed a strategic investment in Shanghai Aiweilan
New Energy Technology Co., Ltd., a leading domestic manufacturer of electric scroll compressors, whose
products cover battery electric, plug-in hybrid and 800V high-voltage platforms. The investment
completes the Company's capability of compressor plus heat pump assembly. Two companies will
together develop integrated delivery capability for third-generation thermal management system based on
deep compressor integration with a secondary loop architecture, and prepare for the next generation of
technology using natural refrigerants such as R290. The Tuopu energy flow module, the first product from
the collaboration, uses single-piece brazing to integrate the flow plate, LCC, chiller and accumulator,
reducing sealing interfaces at source and markedly lowering the risk of refrigerant leakage. The module
carries a two-in-one compressor with integrated PTC and hot-gas bypass control, achieving a 20% weight
reduction and a 3% efficiency gain, with 8 kW heating capacity and COP of 2.0 or above at −20°C, and
stable operation down to −40°C. An intelligent domain controller supports 12V and 48V platforms and
OTA updates, and the module takes about 50% less packaging space than a conventional solution.
     In AI liquid cooling, the rapid development of large AI models is accelerating data center construction
worldwide. AI chip power consumption and per-rack power density continue to rise, conventional air
cooling is approaching its physical limits, and liquid cooling is shifting from an option to a requirement
for high-density computing. Industry forecasts put liquid cooling penetration in domestic AI servers above
industry enters volume growth. Drawing on technology and products developed for automotive-grade
thermal management and IBS, the Company has moved quickly to develop liquid cooling pumps, flow
control valves, gas-liquid separators and liquid cooling flow plates. Because customers design based on
standardized and platform-based principles, the Company's automotive thermal management technology
can be reused in data centers setting. Automotive-grade reliability standards and large-scale manufacturing
capabilities are what differentiate the Company when entering the computing-power cooling supply chain.
     In energy storage, as cell capacity increases and installed capacity at storage plants grows quickly,
liquid cooling is becoming the mainstream approach for large storage systems, offering higher cooling
efficiency and lower operating energy consumption. Drawing on platform-based thermal management
products, the Company has extended multi-port valves, electronic water pumps, heat exchangers and
controllers into energy storage temperature control, opening further room for growth in the thermal
management business.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     In digital and intelligent manufacturing, by combining a range of system simulation software with
experience built up in mechatronic systems, the Company completed the first electronic heat pump
production line in only four months, earning customer recognition for automation, vision inspection,
product traceability and quality control. The Company's first fully automated digital flexible production
line for electronic expansion valves handles several product variants and has delivered more than 500,000
units since start-up.
     During the Reporting Period the Company's thermal management technology and products were
adopted in liquid-cooled servers, energy storage, robotics and other emerging fields, with cumulative
orders in these businesses rising to RMB1.75 billion. The Company continues to promote these products
to data center operators in China and overseas. Thermal management now has a multi-scenario platform
covering electric vehicles and these emerging fields, and it is becoming a new source of growth for the
Company.
     (5) Production capacity layout
     During the Reporting Period, phase 9 plant at Hangzhou Bay and the Guangzhou plant were
completed and brought into production. Civil works at the phase I plant in Thailand are complete and some
production lines are already operating. Planning and design have begun for phase II of the Poland plant.
Equipment commissioning at the Kentucky plant in the United States is expected to be completed during
the year. The first phase of the robot components industrial base is largely complete and ready for
production.
     Building these plants creates some cost pressure in the short term, but electric vehicles and embodied
intelligence are both growing quickly, and the Company's capacity expansion follows rigorous analysis
and a disciplined decision-making process. The global capacity footprint has moved from the investment
phase into the production ramp-up phase, and as the new plants reach full output, they will provide a solid
basis for winning international orders and for margin recovery.
     (6) Cost control
     During the Reporting Period, against raw material price volatility, rising labor costs and external
factors such as exchange rates and tariffs, the Company controlled costs through scale procurement,
technical innovation, process optimization and strict budget management, pursuing cost reduction and
efficiency gains, improving operating performance and keeping the gross margin relatively stable.
     On technical cost reduction, the Company lowered costs through design optimization and greater
integration. Lightweighting cut the automotive-grade oxygen concentrator from about 9 kg to about 7.8
kg, reducing both cost and vehicle energy consumption. Integrating the control circuit board reduced the
number of main control chips required. The Company is also substituting domestically produced
components for key electronic parts, further improving the supply chain cost structure.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     The Company has built a number of plants in recent years, so administrative and manufacturing
expenses run high during ramp-up and trial production, averaging several tens of millions of RMB a year
per plant. As these projects reach full output, the plants will move from loss to profit, and the drag on the
Company's profit will gradually disappear and turn into a positive contribution.
     R&D expenses have grown steadily as the Company has run more projects and recruited technical
staff each year. Capital expenditure has been high to support capacity expansion, so depreciation and
amortization account for a relatively large share of revenue. As mechatronic system products such as air
suspension and brake-by-wire reach full volume and utilization of the new capacity improves, economies
of scale will take effect; together with an improving product mix, there is extra room for the gross margin
to rise in the future.
     (7) Manufacturing improvement
     The Company's aim to accelerate digitalizing factories with IT-based management, TPS tools and
MES. Digital plants built on this basis give effective control over quality, product traceability, lean
production and equipment management, connect data across the Company, customers and the supply chain,
and take the Company toward Industry 4.0 smart factories.
     On quality control, the Company has built error-proofing by integrating control plans with the
traceability system and has digitized quality management across the whole production process. Production
line design begins with the customer at the project development stage, and process parameters are
monitored and calibrated throughout, giving comprehensive error-proofing in manufacturing. Every
product generates about 0.5 GB of process data as it comes off the line, allowing quality issues to be traced
quickly and located precisely. All key data feeds in real time into the operations management platform, so
managers have a live and complete view of quality, cost and delivery, the three core QCD indicators, to
support decision-making. During the Reporting Period, on the strength of consistent quality and delivery,
the Company received NIO's Award for Excellence in Quality and GAC Toyota's Outstanding Quality
Award, and the Brazil plant received General Motors' Supplier Quality Excellence Award.
     In advanced manufacturing, DFM production simulation gives the Company an optimal planning
platform. The technology is now used throughout plant construction and production line upgrades,
simulating quality, traceability, automation, vision inspection, energy use and carbon emissions to ensure
the best balance of product quality and cost and to shorten time to volume production substantially.
     As the global footprint expanded, the Company replicated manufacturing system worldwide to a
common standard. Because tooling and equipment are designed and built in-house, the Company can
construct production lines, commission equipment and resolve problems at overseas sites without relying
on outside equipment suppliers, which shortens response times and reduces cost. New overseas plants are
planned and built to a single digital standard, with MES and other systems deployed at the same time, so
that business processes, quality standards and management systems are consistent across all plants.
Experienced management and technical teams are sent to run overseas projects, ensuring they start
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
production on time and to a high standard, while connected and unified management information systems
keep overseas operations under real-time control and in compliance. Together these measures replicate
mature domestic intelligent manufacturing capability efficiently at plants worldwide, supporting rapid
ramp-up and full output at new capacity.
     (8) Sustainable development
     Management places a high priority on ESG and is building an ESG sustainability management system.
The Board sets and reviews ESG policy and strategy and oversees progress toward ESG targets. The
Company has established an ESG risk assessment and management system, has embedded ESG
compliance in day-to-day operations, and refines ESG practices through annual risk assessment.
     The Company is pursuing low-carbon production and meeting social responsibilities on energy
saving and emissions reduction, steadily increasing installed photovoltaic capacity and the use of green
electricity. Photovoltaic generation reached 114.2 million kWh during the Reporting Period. By 2029 the
Company plans to reduce energy consumption per unit of output value (per RMB10,000 of output value)
by 2% against 2025, and to raise the share of renewable energy in total energy consumption by 30% against
     The Company's commitment to the environment also shows in the products. Lightweight chassis and
body products help reduce vehicle weight and energy consumption; thermal management systems extend
winter range by more than 20%; and data center liquid cooling products markedly reduce cooling system
energy consumption and carbon emissions compared with conventional air cooling. On green materials,
recycled polyester fiber (rPET) interior materials are in volume production with recycled fiber content of
use, raising the proportion of bio-based materials and improving cabin air quality.
     The Company will continue to pursue eco-friendly development, embedding it throughout operations,
leading through technological innovation, reducing carbon emissions through a range of measures, and
working toward zero-carbon plants in support of China's carbon neutrality goals.
Significant changes in the Company's operations during the Reporting Period, and matters
occurring during the Reporting Period that have had, or are expected to have, a material impact
on the Company's operations
□ Applicable √ Not applicable
√ Applicable □ Not applicable
     The Company has steadily strengthened overall competitiveness and raised the barriers of entry over
the past forty years since foundation.
     (1) Product platform advantages
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     The Company has followed industry trends, built depth in intelligent electric vehicles and continued
to widen the product range, becoming a platform company. The automotive parts business now comprises
eight product families: vibration control systems, interior and exterior systems, body lightweight system,
smart cockpit components, thermal management systems, chassis systems, air suspension systems and
intelligent driving systems, with value per vehicle reaching as much as about RMB30,000 with further
room to extend the range. Building on existing technology, the Company has also moved into robot
components, liquid cooling and other new products. These are core, high-growth fields with broad
prospects, and will become the Company's new sources of earnings growth.
     The breadth of the product range allows the Company to offer customers one-stop, system-level,
modular products and services. This capability is rare in the global automotive parts industry, with few
directly comparable companies. In an era of industry revolution and business model innovation, the
combined strengths of a platform company allow deep collaboration with customers, meeting
requirements more precisely, improving satisfaction and providing a solid basis for growth.
     With a broad range covering suspension systems, air suspension, IBS and EPS, together with chassis
tuning capability, the Company has all the elements needed to integrate a by-wire chassis and an intelligent
chassis. A by-wire chassis is a prerequisite for advanced autonomous driving, and an intelligent chassis is
the next step beyond it. The Company can provide customers with deeper engineering support, adapt to
the evolution of vehicle E/E architecture and domain control, and respond quickly to new vehicle-building
models as they emerge.
     The Company's automotive parts product lines are summarized below. 1. Vibration control systems,
including powertrain mounts, drive motor shock absorbers, telescopic shock absorbers, torsional shock
absorbers, subframe brackets and hydraulic bushings. 2. Interior and exterior systems, including door trim,
headliners, main carpets, package trays, sound and heat insulation parts, luggage compartment insulation
and other acoustic products, together with exterior products such as sealing strips and decorative strips. 3.
Body lightweight system, including integrally formed front and rear floor panels, body structures, door
structural parts and battery pack structural parts. 4. Smart cockpit components, including rotary screen
controllers, power tailgate system, electric power sliding doors, seat comfort systems and in-cabin oxygen
systems. 5. Thermal management systems, including integrated heat pump assembly, multi-port valves,
electronic water pumps and electronic expansion valves. 6. Chassis systems, including front and rear steel
and aluminum sub-frames, control arms, tie rods and knuckles. 7. Air suspension systems, including
integrated air supply units and air springs. 8. Intelligent driving systems, including IBS, EPS and
electrically adjustable steering columns.
     In robotics, the Company's main products are linear actuators, rotary actuators, dexterous hand
motors and assemblies, body structural parts, foot shock absorbers and electronic flexible skin. In liquid
cooling, major products include liquid cooling pumps, flow control valves, gas-liquid separators and liquid
cooling flow plates.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     (2) Advantages in forward-looking research and development and cross-domain capability building
     Building R&D and innovation capability is the only route to becoming a world-class automotive parts
company. The Company has been committed to research and innovation throughout, and was among the
first in the industry to adopt a forward-development strategy twenty years ago. Years of technical
accumulation have produced system-level synchronous forward-development capability across every
product line and across materials, mechanics, electronic control and software, accumulating a substantial
portfolio of invention patents and other intellectual property. The Company continues to invest in R&D,
spending averaging about 5% of revenue each year. As R&D competitiveness continues to improve and
the product range extends further, and the Technology Tuopu strategy keeps strengthening the Company's
core competitiveness.
     R&D centers in North America, Europe, Shenzhen and Ningbo serve global customers and attract
senior talent from China and abroad. The research team now exceeds 4,000 people, including nearly 350
holders of master's and doctoral degrees.
     The Company has built cross-domain capability and strengthened overall competitiveness: (1) a
connected development chain across materials, mechanics, motors, solenoid valves, electronic hardware
and software; (2) a continually widening product range; (3) command of a full range of product processes;
(4) a world-leading testing center with material-level, product-level, system-level and vehicle-level testing
and validation capability, certified to ISO/IEC 17025 by CNAS; and (5) in-house design and manufacture
of tooling and equipment, including automated production lines for IBS, EPS, air suspension and ball
joints. As more vehicle OEMs are moving to an asset-light development model, they now require suppliers
to have system-level testing and validation capability during development, and for production line
development and capacity building to support a fast ramp-up in volume production. The Company can
provide both, and that is the basis on which the Company takes on customers' front-loaded development
and large-scale supply requirements.
     An extensible underlying technology architecture also allows the Company to transfer technology
across fields: NVH expertise underpins lightweight chassis solutions; chassis and electronic control
technology underpin air suspension systems; the motor, electronic control, reduction mechanism and
software capability built up on IBS extends to robot actuators; and automotive thermal management
technology has opened the way into data center liquid cooling. Reusing and transferring technology allows
the Company to extend the product range quickly at low marginal cost, creating a virtuous circle of cross-
domain innovation.
     (3) Customer base and business model advantages
     Creating value for customers is the Company's core mission. In the intelligent electric era, the core
competitiveness built on QSTP has established long-term, stable relationships with the major intelligent
electric vehicle OEMs and traditional OEMs in China and overseas. Customer loyalty continues to
strengthen and the Tuopu brand has grown in recognition and standing. At the same time, the Company
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
has actively improved the customer mix: customer concentration has fallen year by year and reliance on
any single customer has steadily reduced.
     These deeper relationships come from the Tier 0.5 model that the Company adopted. The model goes
beyond a conventional supply relationship to a strategic partnership with the customer, helping OEMs to
improve efficiency and reduce cost. It suits what the automotive industry needs today and sets a high
competitive barrier. Under the model, the Company and the customer develop in parallel across R&D,
manufacturing and validation, with the customer's quality engineers stationed on site from project start to
take part in production line design and process parameter setting. This shortens development cycles and
improves consistency of quality in volume production. Service built on rapid response and full cooperation
has earned customer recognition and provides the basis for supply relationships at the scale of several
million vehicles.
     (4) Global footprint advantages
     At the end of the Reporting Period the Company operated in 42 cities across 11 countries, with 61
production bases and more than 100 manufacturing plants worldwide, 4 R&D centers, 6 technical support
centers, 8 sales companies and 4 overseas warehousing centers, and more than 3,000 overseas employees.
Overseas revenue accounted for more than 20% of the total during the Reporting Period. Manufacturing
bases in Ningbo, Chongqing, Wuhan and elsewhere serve the main domestic automotive clusters, while
overseas plants in the United States, Brazil, Malaysia, Poland, Mexico and Thailand both meet
international OEMs' localization requirements and support Chinese OEMs going abroad.
     Supply chain barriers in the automotive industry are also markedly higher than those in consumer
electronics: plants require heavy investment and long construction periods, processes are complex, and a
supplier must pass strict PPAP approval before it can supply in volume, so changing supplier is costly and
slow for the customer. The Company has established volume supply systems in all the major markets
worldwide, and every volume production nomination forms a long-term, stable base of business, creating
a first-mover advantage that is difficult to replicate.
     (5) Intelligent manufacturing advantages
     The Company pursues an intelligent manufacturing strategy aimed at building smart factories,
continually raising the level of digitalization. DFM virtual simulation is applied from the nomination and
development stage to model plant layout, production line design, manufacturing processes, parameter
control, vision inspection, cycle time, logistics and warehousing, and energy saving, which substantially
shortens the time to volume production while improving quality and reducing cost. An equipment
automation department raises the level of production automation, improving efficiency, quality assurance
and output per employee, and providing a foundation for further globalization. On top of production
automation, the Company deploys AI vision inspection, AGV automated logistics, intelligent warehousing
and RFID barcode and traceability systems, and applies AI, big data analytics and 5G to strengthen
intelligent manufacturing, assure quality and reduce cost.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     (6) Management advantages
     Built on the IATF 16949 quality system and a philosophy of intelligent management, years of
innovation and accumulated experience have produced a distinctive Tuopu management culture. In
organizational structure, the group operates through business divisions, which reduces management
burden, keeps each division focused on the business it runs, improves operating efficiency and creates
healthy internal competition. Each division uses a flat, horizontal structure led by sales, keeping the
organization market-driven, concentrating resources and responding quickly. Business units use a pyramid
structure with strict adherence to process standards, improving efficiency and reducing cost.
     On management systems, the Company works to principles of process discipline, digitalization,
standardization and lean operation, with established standard processes, management rules and
performance measures, supported by SAP, PLM, OA, MES and other systems that ensure processes are
followed, enabling digital management and improving both decision-making and operating performance.
On incentives, the Company gives employees a platform and real authority, is willing to let people try,
tolerant of mistakes and quick to correct them, encouraging new methods and ideas in an open
environment. Managers are developed internally and selected on fair and open terms, so that promotion
paths stay clear and align with strategy, creating a positive cycle between business growth and employee
development.
     (7) Talent advantages
     The Company places a high priority on selecting and developing talent. A postdoctoral research
station attracts scientific and technical talent worldwide. Managers are selected on the principle of placing
the right people in the right roles and appointing on merit, and in a spirit of benchmarking against the best
and taking the initiative, building a competitive and young management team. A comprehensive,
distinctive and transparent set of financial measures has helped managers move from single business or
administrative roles into all-round roles combining commercial judgment with entrepreneurial thinking.
The Company encourages a learning atmosphere and gives real decision-making power to a young,
experienced and international team across sales, R&D and manufacturing that supports their rapid growth.
     (8) Corporate culture advantages
     Tuopu's vision is to satisfy customers, employees, shareholders, society and partners, and to be an
outstanding corporate citizen. Employees work together with dedication, contributing to society through
what the industry produces. The Company works at the front of the industry, invests in R&D and
innovation, fosters a team spirit of genuine cooperation and mutual support, maintains a frugal and prudent
operating style, avoids impatience and extravagance, holds to the Company's mission and vision, and
applies quality policies and targets strictly. The Company operates lawfully and in compliance, takes on
social responsibility and works to contribute positively to society. Employees are given a comfortable
working environment, equal relationships, good pay and benefits and strong career development, so that
everyone can make the most of their ability. Relationships with suppliers are built as partnerships on equal,
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
mutually beneficial terms that support the development of the supply chain as a whole. The Company
values and protects the interests of investors, complies strictly with disclosure and other legal requirements,
puts investors first, and holds to the principle of respecting, protecting and rewarding them, maintaining
dividends even while capital expenditure continues to grow, with all employees working together to
improve performance and maximize returns to investors.
     (9) Shareholding structure advantages
     The Company is run by the founder, which keeps major decisions relatively steady, focused on long-
term interests and long-term development, while allowing decisions to be made quickly and executed
strongly. The founder holds a substantial shareholding and the ownership structure is clear, giving control
at the top that supports long-term stability while leaving considerable room for capital expansion. The
Board, led by the chairman, is experienced, clear in its division of work, understated in manner, ambitious
and can be relied on to keep the Company on the right course at the front of the industry.
     (10) Risk control advantages
     The Company has a reasonable gearing ratio, ample cash flow, a sound financial system and rigorous
risk control, which together support the delivery of strategy and investment plans and allow acquisitions
to be made when the opportunity arises. A strong risk control culture keeps operating risk in check and
gives the Company long-term investment value.
     During the Reporting Period the Company recorded revenue of RMB14.199 billion, up 9.78% YoY;
total profit of RMB1.175 billion, down 19.41% YoY; net profit attributable to shareholders of the listed
company of RMB1.023 billion, down 21.03% YoY; and net profit attributable to shareholders plus
depreciation and amortization of RMB2.184 billion, down 4.40% YoY.
     Net cash generated from operating activities was RMB2.596 billion. Cash outflows from investing
activities were RMB2.305 billion, of which RMB1.354 billion was cash paid to acquire fixed assets and
other long-term assets, preparing the ground for continued growth and higher competitive barriers.
Depreciation and amortization totalled RMB1.162 billion, or 8.18% of revenue.
     At the end of the Reporting Period total assets were RMB42.590 billion, down 3.06% from the end
of the prior year; total liabilities were RMB18.335 billion, down 7.40%; the gearing ratio was 43.05%;
and equity attributable to owners of the parent company was RMB24.218 billion, up 0.50%.
(1) Analysis of principal operations
                                                                                                  Unit: RMB
                                                               Corresponding
 Item                                Current period                                 Percentage change (%)
                                                             period of last year
 Revenue                            14,199,245,308.27         12,934,627,599.03                        9.78
 Cost of sales                      11,527,968,958.85         10,405,770,831.37                       10.78
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Selling and distribution
 expenses
 General and administrative
 expenses
 Finance costs                       175,427,698.08           -9,005,267.50                 2,048.06
 Research and development
 expenses
 Net cash flows from
 operating activities
 Net cash flows from
                                  -1,663,912,946.53       -1,626,604,438.28           Not applicable
 investing activities
 Net cash flows from
                                    -288,516,363.71         -366,639,672.19           Not applicable
 financing activities
Explanation of the change in finance costs: mainly due to movements in exchange gains and losses
during the period
    composition or sources of profit during the period
□ Applicable √ Not applicable
(2) Explanation of significant changes in profit caused by non-principal operations
□ Applicable √ Not applicable
                                                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(3) Analysis of assets and liabilities
√ Applicable □ Not applicable
                                                                                                                                                          Unit: RMB
                                              Percentage of                           Percentage of       Percentage
                        Closing balance for   total assets at   Closing balance of    total assets at    change from
    Project name                                                                                                                         Explanation
                            the period        the end of the      the prior year      the end of the    the end of the
                                                period (%)                            prior year (%)    prior year (%)
                                                                                                                          Mainly due to fewer commercial acceptance
 Notes receivable             9,841,908.49            0.02%         15,798,084.56             0.04%              -37.70
                                                                                                                          bills received during the period
 Receivables                                                                                                              Mainly due to fewer bank acceptance bills
 financing                                                                                                                received during the period
 Other       current                                                                                                      Mainly due to the increase in creditable
 assets                                                                                                                   input value-added tax during the period
 Long-term equity                                                                                                         Mainly due to the investment in Shanghai
 investments                                                                                                              Aiweilan during the period
 Other non-current                                                                                                        Mainly due to the increase in equity
 financial assets                                                                                                         investments during the period
                                                                                                                          Mainly due to the increase in returnable
 Long-term
 prepaid expenses
                                                                                                                          period
 Short-term                                                                                                               Mainly due to the increase in bank
 borrowings                                                                                                               borrowings during the period
                                                                                                                          Mainly due to the increase in receipts in
 Contract liabilities        37,332,757.98            0.09%         21,061,458.96             0.05%               77.26
                                                                                                                          advance during the period
 Non-current                                                                                                              Mainly due to the decrease in long-term
 liabilities   due          809,257,601.46            1.90%      1,602,987,963.30             3.65%              -49.52   borrowings due within one year during the
 within one year                                                                                                          period
                                                                                                                          Mainly due to the decrease in endorsed but
 Other       current
 liabilities
                                                                                                                          period
 Long-term                                                                                                                Mainly due to the increase in bank
 borrowings                                                                                                               borrowings during the period
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
(1) Size of assets
Including: overseas assets of 5,827,105,184.84 (Unit: RMB), representing 13.68% of total assets.
(2) Explanation where overseas assets account for a relatively high proportion
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                           Closing gross carrying          Closing carrying           Reason for the
          Item
                                  amount                       amount                   restriction
 Cash and bank balances           139,547,054.41               139,547,054.41     Guarantee deposits
 Receivables financing            178,525,938.15               178,525,938.15     Pledge
 Property, plant and
 equipment
 Intangible assets                 202,898,354.01              151,006,553.55     Mortgage
 Investment properties              24,529,646.86                6,605,700.08     Mortgage
 Total                           1,444,545,455.62              997,461,579.57
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(4) Analysis of investments
√ Applicable □ Not applicable
      During the Reporting Period the Company subscribed RMB300 million from the Company's own
funds to establish Ningbo Towin Hangke Venture Capital Partnership (Limited Partnership), focusing on
emerging fields including advanced intelligent manufacturing, integrated circuits, new energy, robotics,
new materials and artificial intelligence. RMB105.5 million was paid up in the first installment, and the
fund completed AMAC filing on 26 March 2026, with SPD Bank as custodian. Given the Company's
contribution to the partnership and the terms of the partnership agreement, the Company controls the fund's
principal operating activities and has therefore included it in the scope of consolidation.
      During the Reporting Period the Company acquired a 20% equity interest in Shanghai Aiweilan New
Energy Technology Co., Ltd. ("Shanghai Aiweilan") by way of a cash capital increase. Under Shanghai
Aiweilan's articles of association the Company is able to exercise significant influence over it, and it has
therefore been treated as an associate and accounted for using the equity method.
(1)Significant equity investments
□ Applicable √ Not applicable
(2)Significant non-equity investments
√ Applicable □ Not applicable
 No.    Date of     Announcement      Title of the           Principal contents            Progress of the
        signing     number            announcement                                         matter
                                                                                             In April 2025
                                                             The Company entered into       the Company,
                                                             the Investment Agreement          through the
                                                               for the Robotics Electric    wholly-owned
                                                               Drive System Research,          second-tier
                                                                   Development and              subsidiary
                                        Announcement             Manufacturing Base        Ningbo Lingyu
                                       of Tuopu Group               Project with the          Tactile Co.,
                                       on the signing of     Administrative Committee         Ltd., won at
                                        the investment        of Ningbo Economic and       auction a plot of
         January                         agreement for               Technological          industrial land
                                          drive system       Company intends to invest      approximately
                                           R&D and            RMB5 billion on a site of       6.7 hectares
                                        production base      approximately 20 hectares        (100 mu) in
                                             project              (300 mu) to build a      Beilun District,
                                                                manufacturing base for        Ningbo. The
                                                              core robotics components      main structural
                                                               in the Ningbo Economic         works of the
                                                                   and Technological       project are now
                                                                  Development Zone.           substantially
                                                                                                complete.
                                        Announcement         To win further orders, give   Civil works are
                                       of Tuopu Group           stronger support to                now
          April
                                        investment in         customers and meet the        complete. Part
                                       and construction      supply chain requirements     of the facility is
                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                 of a production              of domestic automobile                  in commercial
                                                 base in Thailand           OEMs expanding abroad,                    production and
                                                                              the Company intends to                   the remaining
                                                                                invest up to USD300                     equipment is
                                                                             million in an automotive                 being installed
                                                                             parts manufacturing base                        and
                                                                                  in Thailand. The                    commissioned.
                                                                            investment will be carried
                                                                            out in phases according to
                                                                               order demand and the
                                                                             progress of the business.
(3)Financial assets measured at fair value
√ Applicable □ Not applicable
                                                                                                                               Unit: RMB
                                    Gains
                                     and
                                   losses    Cumulativ
                                                           Impairme
                                    from     e changes                       Amount             Amount sold or
                                                              nt                                                   Other
  Class of        Opening          change       in fair                     purchased             redeemed
                                                           provided                                               change      Closing balance
   assets         balance            s in       value                       during the           during the
                                                            for the                                                  s
                                     fair    recognize                        period                period
                                                            period
                                    value    d in equity
                                   for the
                                   period
 Short-term
 wealth
 manageme
 nt products
 Receivable    4,828,918,846.9                                           7,655,875,407.2        9,128,411,861.1               3,356,382,393.0
 s financing                 9                                                         6                      9                             6
 Other non-
 current
 financial
 assets
     Total     5,278,918,846.9                                           8,366,875,407.2        9,729,411,861.1               3,916,382,393.0
Securities investments
□ Applicable √ Not applicable
Notes on securities investments
□ Applicable √ Not applicable
Private equity fund investments
□ Applicable √ Not applicable
Derivative investments
□ Applicable √ Not applicable
(5) Disposal of significant assets and equity interests
□ Applicable √ Not applicable
(6) Analysis of principal subsidiaries and associates
√ Applicable □ Not applicable
Principal subsidiaries, and associates contributing more than 10% to the Company's net profit
√ Applicable □ Not applicable
                                                                                       Unit: RMB'0,000
                   Type of       Principal                                                                        Operating
 Company name                                  Registered capital   Total assets   Net assets        Revenue                      Net profit
                  company        business                                                                          profit
                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Automobile                   Manufacture of
                  Subsidiary                       RMB2.5 billion 683,378.14    425,441.47   257,120.03   38,050.12   33,047.75
electronics                  automotive parts
Thermal                      Manufacture of
                  Subsidiary                       RMB4.5 billion 581,859.18    455,729.82   197,245.83    5,347.04    5,539.89
management                   automotive parts
Tuopu                        Manufacture of
                  Subsidiary                      RMB200 million 141,240.49      85,772.57   191,887.82    2,145.43    1,948.20
Electromechanical            automotive parts
                             Manufacture of
Tuopu Parts       Subsidiary                      RMB200 million 180,001.93      42,125.86   621,430.75    7,847.27    5,970.78
                             automotive parts
                             Manufacture of
Tuopu Acoustics Subsidiary                        RMB200 million 196,680.19      31,852.97   389,761.13   -2,041.29   -2,091.37
                             automotive parts
                             Manufacture of
Zhejiang Towin Subsidiary                         RMB180 million    62,659.21    49,879.91    20,544.81     628.21      213.76
                             automotive parts
                             Manufacture of
Suining Tuopu     Subsidiary                      RMB150 million    38,084.74    31,538.74    13,868.74     655.04      510.38
                             automotive parts
                             Manufacture of
Tuopu Poland      Subsidiary                        PLN10 million   39,956.80    27,018.95    54,158.72    9,063.58    7,379.89
                             automotive parts
                             Manufacture of
Tuopu Chassis     Subsidiary                      RMB600 million 118,207.77      90,400.21    60,151.54    2,152.68    2,142.21
                             automotive parts
                             Manufacture of
Hunan Tuopu       Subsidiary                      RMB800 million 126,044.58     101,261.99    56,753.03    3,777.59    3,205.39
                             automotive parts
Skateboard                   Manufacture of
                  Subsidiary                        RMB4 billion 354,583.43     260,056.58   180,155.85   -1,994.82   -1,769.54
chassis                      automotive parts
                             Manufacture of        MXN245.5979
Tuopu Mexico      Subsidiary                                    224,584.35      131,659.04    82,192.31   -2,219.55   -1,960.96
                             automotive parts           million
Tuopu       North            Manufacture of
                  Subsidiary                          CAD10,000      4,711.69      -163.06    40,980.05     110.49      115.81
America                      automotive parts
                             Manufacture of
Tuopu Electric    Associate                     USD7.6572 million   31,674.21    24,009.85    18,482.13    3,334.61    2,939.45
                             automotive parts
Acquisition and disposal of subsidiaries during the Reporting Period
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(7) Structured entities controlled by the Company
□ Applicable √ Not applicable
(1) Risks that may be faced
√ Applicable □ Not applicable
may create operating risk for the Company. The Company intends to address these risks by strengthening
overall competitiveness. Over forty years of development the Company has met each of these risks more
than once while maintaining sound operating performance and momentum, and has built a well-developed
risk control system on that experience.
governments and by industry, and market demand continues to rise. Against that background the
Company's strategic direction carries a high degree of certainty, although day-to-day operations still face
risks from technology upgrades and market competition, which the Company will address through
sustained research and development and market expansion.
through the global placement of manufacturing plants. The high-quality capacity established at the
Company's overseas bases is both a supply chain resource that international OEMs urgently need for the
transition to electrification, and a key foothold for domestic OEMs to expand abroad. By developing
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
business with these two core customer groups, the Company has effectively hedged the risk of
international investment while maximizing the value created.
(2) Other matters disclosed
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
         Section 4 Corporate Governance, Environment and Society
√ Applicable □ Not applicable
                                        Nature of the    Reason for                     Explanation of the
       Name             Position held
                                          change           change                     reason for the change
                                                                                      Resignation for
Zhao Xiangqiu        Independent Director Departure               Personal reasons
                                                                                      personal reasons
                                                                                      Resignation for
Wang Yongbin         Independent Director Departure               Personal reasons
                                                                                      personal reasons
                                                                  Change of term of   Adjustment to the
Wang Minquan         Independent Director Election
                                                                  office              governance structure
                                                                  Change of term of   Adjustment to the
Chen Yuehua          Independent Director Election
                                                                  office              governance structure
Notes on changes in Directors and senior management of the Company
□ Applicable √ Not applicable
Semi-annual proposal for profit distribution or for capitalization of capital reserve
 Whether a distribution or capitalization will be
                                                      No
 made
 Number of bonus shares per 10 shares (shares)
 Dividend per 10 shares (RMB) (inclusive of tax)
 Number of shares converted per 10 shares (shares)
            Notes on the proposal for profit distribution or capitalization of capital reserve
 Not applicable
    of the Company and their effects
(1)   Share incentive matters disclosed in semi-annual announcements with no subsequent
      progress or change in implementation
□ Applicable √ Not applicable
(2)    Incentive matters not disclosed in semi-annual announcements, or with subsequent
       developments
Share incentive schemes
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Employee shareholding plans
□ Applicable √ Not applicable
Other incentive measures
□ Applicable √ Not applicable
    the list of enterprises required to disclose environmental information according to law
√ Applicable □ Not applicable
                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Number of enterprises included in the list of enterprises
 required to disclose environmental information according    8
 to law
 No.                    Name of the enterprise                Index for enquiries on the environmental information disclosure report
        Ningbo Tuopu Group Co., Ltd. (No. 36 Guanhai
                                                             https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43
        Huangshan Road plants)
                                                             https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43
                                                             https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43
        Tuopu Electric Vehicle Thermal Management            https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43
        System (Ningbo) Co., Ltd.                            7074480a5a57ffe0d68aa3e.html
                                                             https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43
                                                             http://sthjj.jinhua.gov.cn/col/col1229168524/art/2026/art_3e15875024
        Suining Tuopu Automobile Chassis System Co.,         https://ssthjj.suining.gov.cn/zwgk/show/764186e99a414f47a3ac2fc642
        Ltd.                                                 ebea1e.html
Other information
□ Applicable √ Not applicable
    on rural revitalization
□ Applicable √ Not applicable
                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                        Section 5 Significant Events
(1)    Undertakings given by the de facto controller, shareholders, related parties and acquirers of the Company, by the Company itself and by other
       undertaking parties, during or continuing into the Reporting Period
√ Applicable □ Not applicable
                                                                                                                                If not
                                                                                                                             performed       If not
                                                                                                                   Whether  on time, the performed
                                                                                            Whether
  Background                                                                                                      performed    specific    on time,
                  Type of                                Content of the       Date of the  there is a Term of the
     to the                    Undertaking party                                                                   strictly  reasons for   the next
                undertaking                               undertaking         undertaking performance undertaking
  undertaking                                                                                                       and on       non-     steps shall
                                                                                             period
                                                                                                                     time   performance        be
                                                                                                                               shall be   explained
                                                                                                                              explained
                                                    not currently, and will
                                                    not in future, engage
                                                    directly or indirectly in
                                                    any business or activity
                                                    that competes, or in
                                                    substance competes, or
 Undertakings
                Resolution MECCA                    may           potentially
 relating to
                of            INTERNATIONAL compete, with the March                                                         Not           Not
 the initial                                                                              No          Ongoing     Yes
                horizontal    HOLDING (HK)          business now or in 2012                                                 applicable    applicable
 public
                competition LIMITED                 future carried on by
 offering
                                                    Tuopu Group and the
                                                    controlled subsidiaries
                                                    of     Tuopu      Group,
                                                    whether through a
                                                    controlling or minority
                                                    shareholding,         an
                                                    associate,     a    joint
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                          If not
                                                                                                                                       performed        If not
                                                                                                                           Whether    on time, the   performed
                                                                                                Whether
Background                                                                                                                performed      specific     on time,
                Type of                              Content of the             Date of the    there is a   Term of the
   to the                   Undertaking party                                                                              strictly    reasons for    the next
              undertaking                             undertaking               undertaking   performance   undertaking
undertaking                                                                                                                 and on         non-      steps shall
                                                                                                 period
                                                                                                                             time     performance         be
                                                                                                                                         shall be    explained
                                                                                                                                        explained
                                                venture, a partnership, a
                                                lease,     an      agency
                                                arrangement, a trust or
                                                any similar form.
                                                enterprises            and
                                                economic entities that
                                                the Company controls
                                                directly or indirectly,
                                                the Company will,
                                                through the bodies and
                                                personnel it appoints
                                                (including       directors,
                                                general managers and
                                                finance      staff)      or
                                                through a controlling
                                                position      (such      as
                                                shareholder            and
                                                director rights), require
                                                those entities to comply
                                                with obligations to
                                                avoid           horizontal
                                                competition to the same
                                                standard        as      the
                                                Company undertakes in
                                                this letter, so that they
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                             Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the           Date of the    there is a    Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking             undertaking   performance    undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                              period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                do not compete with
                                                Tuopu Group or the
                                                subsidiaries of Tuopu
                                                Group.
                                                policy, or another cause
                                                not attributable to the
                                                Company, unavoidably
                                                results    in    another
                                                enterprise or economic
                                                entity controlled by the
                                                Company, or over
                                                which the Company
                                                can exercise significant
                                                influence, competing or
                                                potentially competing
                                                with Tuopu Group,
                                                then Tuopu Group will
                                                have a right of first
                                                refusal, on equivalent
                                                terms, to take over the
                                                management of that
                                                business, whether by
                                                contract      operation,
                                                lease operation or
                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the           Date of the    there is a    Term of the
   to the                    Undertaking party                                                                            strictly    reasons for    the next
              undertaking                             undertaking             undertaking   performance    undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                               period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                 otherwise, or to acquire
                                                 it.
                                                 unconditional. If the
                                                 Company breaches it
                                                 and Tuopu Group
                                                 suffers economic loss
                                                 as a result, the
                                                 Company             will
                                                 compensate        Tuopu
                                                 Group,     the     other
                                                 shareholders of Tuopu
                                                 Group and any affected
                                                 parties in full and
                                                 without delay.
                                                 remains in effect for as
                                                 long as the Company,
                                                 or any company it
                                                 controls,       remains
                                                 connected with Tuopu
                                                 Group.
              Resolution     MECCA               1. The company and the
              of related     INTERNATIONAL       enterprises it controls      March                                                  Not            Not
                                                                                            No             Ongoing       Yes
              party          HOLDING (HK)        will avoid related party     2012                                                   applicable     applicable
              transactions   LIMITED             transactions with the
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                Issuer       and       the
                                                subsidiaries of the
                                                Issuer          wherever
                                                possible.
                                                transaction cannot be
                                                avoided, both parties
                                                will follow normal
                                                commercial practice.
                                                Pricing will be fair,
                                                impartial and open, and
                                                will be based on the
                                                prices     charged      in
                                                comparable
                                                transactions          with
                                                independent          third
                                                parties. Where no
                                                comparable         market
                                                price exists, or where
                                                pricing is restricted, the
                                                price will be set at the
                                                cost of the goods or
                                                services      plus       a
                                                reasonable profit, so
                                                that it remains fair.
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                undertakes to complete
                                                the             necessary
                                                procedures strictly in
                                                accordance           with
                                                prevailing       national
                                                laws, regulations and
                                                normative documents,
                                                the      Articles      of
                                                Association, the related
                                                party         transaction
                                                control system and
                                                other          applicable
                                                requirements; to follow
                                                the     principles     of
                                                fairness, impartiality
                                                and openness of the
                                                market; to set out
                                                clearly the rights and
                                                obligations of each
                                                party; and to ensure that
                                                related             party
                                                transactions are fair and
                                                reasonable and do not
                                                prejudice the interests
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                            Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the          Date of the    there is a     Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking            undertaking   performance     undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                             period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                of any shareholder of
                                                Tuopu.
                                                enterprises it controls
                                                will not unlawfully
                                                appropriate any funds,
                                                assets or resources of
                                                Tuopu Group for any
                                                reason. They will not
                                                ask Tuopu Group to
                                                provide any form of
                                                guarantee.
                                                unconditional. If the
                                                Company breaches it
                                                and Tuopu Group
                                                suffers economic loss
                                                as a result, the
                                                Company            will
                                                compensate      Tuopu
                                                Group,     the   other
                                                shareholders of Tuopu
                                                Group and any affected
                                                parties in full and
                                                without delay.
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                remains in effect for as
                                                long as the Company,
                                                or any enterprise it
                                                controls,       remains
                                                connected with Tuopu
                                                Group.
                                                If      the      Issuer's
                                                prospectus contains a
                                                false      record,      a
                                                misleading statement or
                                                a material omission that
                                                has a material and
                                                substantive effect on
                                                whether the Issuer met
                            MECCA
                                                the issue conditions
                            INTERNATIONAL                                     March                                                 Not            Not
              Others                            prescribed by law, the                      No            Ongoing       Yes
                            HOLDING (HK)                                      2012                                                  applicable     applicable
                                                Company will, within
                            LIMITED
                                                confirming           the
                                                violation, repurchase
                                                the restricted shares it
                                                originally transferred
                                                and will require the
                                                Issuer to repurchase all
                                                the new shares issued in
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                the      offering.    The
                                                repurchase price will be
                                                the higher of the
                                                Issuer's issue price and
                                                the average trading
                                                price of the Issuer's
                                                shares over the 30
                                                trading days before the
                                                CSRC confirmed the
                                                violation, and the
                                                Company will buy back
                                                all     the     originally
                                                restricted shares it has
                                                sold. If the Issuer's
                                                shares are subject to a
                                                bonus               issue,
                                                capitalization of capital
                                                reserve or similar
                                                event, the issue price
                                                and the number of
                                                shares         to      be
                                                repurchased will be
                                                adjusted accordingly. If
                                                investors suffer losses
                                                in securities trading
                                                because the prospectus
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                for     the      offering
                                                contains a false record,
                                                a misleading statement
                                                or a material omission,
                                                the Company will
                                                compensate them as
                                                required by law. Within
                                                being confirmed by the
                                                CSRC,       the     stock
                                                exchange or a judicial
                                                authority, the Company
                                                will         compensate
                                                investors for the direct
                                                economic loss they
                                                have suffered, on the
                                                principles of simplified
                                                procedure,         active
                                                negotiation, advance
                                                payment and effective
                                                protection of investors,
                                                particularly small and
                                                medium         investors.
                                                Compensation will be
                                                based        on       the
                                                measurable         direct
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                economic loss and may
                                                take the form of
                                                settlement           with
                                                investors,     mediation
                                                through a third party or
                                                the establishment of an
                                                investor compensation
                                                fund.                The
                                                compensation standard,
                                                the parties liable and
                                                the amounts payable
                                                will      follow       the
                                                compensation         plan
                                                finally adopted when
                                                such       circumstances
                                                actually arise.
                                                With effect from 31
                                                August 2012, I will not
                                                cause Ningbo Tuopu
                            MECCA               Group Co., Ltd. to use,
                            INTERNATIONAL       or substantively use,          March                                                 Not            Not
              Others                                                                         No            Ongoing       Yes
                            HOLDING (HK)        any of the proceeds            2012                                                  applicable     applicable
                            LIMITED             raised      from      this
                                                offering and listing for
                                                real estate business or
                                                real estate enterprises.
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                If     the     prospectus
                                                contains a false record,
                                                a misleading statement
                                                or a material omission
                                                that has a material and
                                                substantive effect on
                                                whether the Company
                                                met        the       issue
                                                conditions prescribed
                                                by law, the Company
                                                will, within 30 days of
                                                the CSRC confirming
                            Ningbo Tuopu        the             violation,     March                                                 Not            Not
              Others                                                                         No            Ongoing       Yes
                            Group Co., Ltd.     repurchase all the new         2015                                                  applicable     applicable
                                                shares issued in the
                                                initial public offering
                                                as required by law. The
                                                repurchase price will be
                                                the higher of the
                                                Company's issue price
                                                and the average trading
                                                price of the Company's
                                                shares over the 30
                                                trading days before the
                                                CSRC confirmed the
                                                violation.      If     the
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                Company's shares are
                                                subject to a bonus issue,
                                                capitalization of capital
                                                reserve or similar
                                                event, the issue price
                                                and the number of
                                                shares        to       be
                                                repurchased will be
                                                adjusted accordingly. If
                                                investors suffer losses
                                                in securities trading
                                                because the prospectus
                                                for     the      offering
                                                contains a false record,
                                                a misleading statement
                                                or a material omission,
                                                the Company will
                                                compensate them as
                                                required by law. Within
                                                being confirmed by the
                                                CSRC,       the     stock
                                                exchange or a judicial
                                                authority, the Company
                                                will         compensate
                                                investors for the direct
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                economic loss they
                                                have suffered, on the
                                                principles of simplified
                                                procedure,        active
                                                negotiation, advance
                                                payment and effective
                                                protection of investors,
                                                particularly small and
                                                medium         investors.
                                                Compensation will be
                                                based        on       the
                                                measurable         direct
                                                economic loss and may
                                                take the form of
                                                settlement          with
                                                investors,     mediation
                                                through a third party or
                                                the establishment of an
                                                investor compensation
                                                fund.                The
                                                compensation standard,
                                                the parties liable and
                                                the amounts payable
                                                will      follow      the
                                                compensation        plan
                                                finally adopted.
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                If, within three years of
                                                the     initial    public
                                                offering and listing, the
                                                share price falls below
                                                the Company's audited
                                                net assets per share for
                                                the preceding year (net
                                                assets per share being
                                                total            ordinary
                                                shareholders'      equity
                                                attributable to the
                                                parent company in the
                            Ningbo Tuopu        consolidated financial         March                                                 Not            Not
              Others                                                                         No            Ongoing       Yes
                            Group Co., Ltd.     statements divided by          2015                                                  applicable     applicable
                                                the number of shares in
                                                issue at the year end,
                                                adjusted where the
                                                Company                has
                                                undergone an ex-rights
                                                or            ex-dividend
                                                adjustment as a result
                                                of a cash dividend,
                                                bonus               issue,
                                                capitalization          of
                                                reserves or issue of new
                                                shares;      the     same
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                applies below), the
                                                Company              will
                                                repurchase        shares
                                                through      centralized
                                                bidding       on      the
                                                exchange, by way of
                                                offer, or by another
                                                method approved by
                                                the securities regulator.
                                                The Company further
                                                undertakes that the
                                                aggregate funds applied
                                                to repurchasing shares
                                                will not exceed the total
                                                proceeds raised in the
                                                initial public offering;
                                                that in each twelve-
                                                month period from the
                                                date of listing not less
                                                than RMB50 million
                                                will be applied to
                                                repurchasing shares for
                                                the      purpose       of
                                                stabilizing the share
                                                price; and that the
                                                repurchase price will
                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                          If not
                                                                                                                                       performed        If not
                                                                                                                           Whether    on time, the   performed
                                                                                                Whether
Background                                                                                                                performed      specific     on time,
                Type of                               Content of the            Date of the    there is a   Term of the
   to the                    Undertaking party                                                                             strictly    reasons for    the next
              undertaking                              undertaking              undertaking   performance   undertaking
undertaking                                                                                                                 and on         non-      steps shall
                                                                                                 period
                                                                                                                             time     performance         be
                                                                                                                                         shall be    explained
                                                                                                                                        explained
                                                 not       exceed      the
                                                 Company's most recent
                                                 audited net assets per
                                                 share as at the date of
                                                 announcement of the
                                                 price stabilization plan
                                                 With effect from 31
                                                 August 2012, none of
                                                 the proceeds raised
                             Ningbo Tuopu        from this offering and         March                                                 Not            Not
              Others                                                                          No            Ongoing       Yes
                             Group Co., Ltd.     listing will be used, or       2015                                                  applicable     applicable
                                                 substantively used, for
                                                 real estate business or
                                                 real estate enterprises.
                                                 control will avoid
                                                 related             party
                                                 transactions with the
              Resolution                         Issuer       and      the
              of related                         subsidiaries of the            March                                                 Not            Not
                             Wu Jianshu                                                       No            Ongoing       Yes
              party                              Issuer          wherever       2012                                                  applicable     applicable
              transactions                       possible.
                                                 transaction cannot be
                                                 avoided, both parties
                                                 will follow normal
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                commercial practice.
                                                Pricing will be fair,
                                                impartial and open, and
                                                will be based on the
                                                prices     charged      in
                                                comparable
                                                transactions          with
                                                independent          third
                                                parties. Where no
                                                comparable         market
                                                price exists, or where
                                                pricing is restricted, the
                                                price will be set at the
                                                cost of the goods or
                                                services       plus      a
                                                reasonable profit, so
                                                that it remains fair.
                                                complete the necessary
                                                procedures strictly in
                                                accordance            with
                                                prevailing       national
                                                laws, regulations and
                                                normative documents,
                                                the       Articles      of
                                                Association, the related
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                party         transaction
                                                control system and
                                                other          applicable
                                                requirements; to follow
                                                the     principles     of
                                                fairness, impartiality
                                                and openness of the
                                                market; to set out
                                                clearly the rights and
                                                obligations of each
                                                party; and to ensure that
                                                related             party
                                                transactions are fair and
                                                reasonable and do not
                                                prejudice the interests
                                                of any shareholder of
                                                Tuopu.
                                                control      will     not
                                                unlawfully appropriate
                                                any funds, assets or
                                                resources of Tuopu
                                                Group for any reason.
                                                We will not ask Tuopu
                                                Group to provide any
                                                form of guarantee.
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                unconditional. If I
                                                breach it and Tuopu
                                                Group             suffers
                                                economic loss as a
                                                result,      I       will
                                                compensate        Tuopu
                                                Group,      the     other
                                                shareholders of Tuopu
                                                Group and any affected
                                                parties in full and
                                                without delay.
                                                connected relationship
                                                exists between me and
                                                the enterprises I control
                                                and Tuopu Group, the
                                                above undertaking is
                                                unconditional. If I
                                                breach it and Tuopu
                                                Group suffers loss as a
                                                result,      I       will
                                                compensate        Tuopu
                                                Group,      the     other
                                                shareholders of Tuopu
                                                Group and any affected
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                parties in full and
                                                without delay.
                                                remains in effect for as
                                                long as I, or any
                                                enterprise I control,
                                                remain connected with
                                                Tuopu Group
                                                and will not in future,
                                                engage directly or
                                                indirectly    in     any
                                                business or activity that
                                                competes,      or      in
                                                substance competes, or
              Resolution                        may          potentially
              of                                compete, with the             March                                                 Not            Not
                            Wu Jianshu                                                      No            Ongoing       Yes
              horizontal                        business now or in            2012                                                  applicable     applicable
              competition                       future carried on by
                                                Tuopu Group and the
                                                controlled subsidiaries
                                                of    Tuopu      Group,
                                                whether through a
                                                controlling or minority
                                                shareholding,          an
                                                associate,    a     joint
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                         If not
                                                                                                                                      performed        If not
                                                                                                                          Whether    on time, the   performed
                                                                                               Whether
Background                                                                                                               performed      specific     on time,
                Type of                              Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                             strictly    reasons for    the next
              undertaking                             undertaking              undertaking   performance   undertaking
undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                            time     performance         be
                                                                                                                                        shall be    explained
                                                                                                                                       explained
                                                venture, a partnership, a
                                                lease,     an     agency
                                                arrangement, a trust or
                                                any similar form.
                                                enterprises           and
                                                economic entities that I
                                                control directly or
                                                indirectly,     I    will,
                                                through the bodies and
                                                personnel I appoint
                                                (including      directors,
                                                general managers and
                                                finance      staff)    or
                                                through my controlling
                                                position     (such     as
                                                shareholder           and
                                                director rights), require
                                                those entities to comply
                                                with obligations to
                                                avoid          horizontal
                                                competition to the same
                                                standard as I undertake
                                                in this letter, so that
                                                they do not compete
                                                with Tuopu Group or
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                the subsidiaries of
                                                Tuopu Group.
                                                policy, or another cause
                                                not attributable to me,
                                                unavoidably results in
                                                another enterprise or
                                                economic           entity
                                                controlled     by    the
                                                Company, or over
                                                which I can exercise
                                                significant influence,
                                                competing              or
                                                potentially competing
                                                with Tuopu Group,
                                                then Tuopu Group will
                                                have a right of first
                                                refusal, on equivalent
                                                terms, to take over the
                                                management of that
                                                business, whether by
                                                contract      operation,
                                                lease operation or
                                                otherwise, or to acquire
                                                it.
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                             Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the           Date of the    there is a    Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking             undertaking   performance    undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                              period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                unconditional. If I
                                                breach it and Tuopu
                                                Group            suffers
                                                economic loss as a
                                                result,      I      will
                                                compensate        Tuopu
                                                Group,     the     other
                                                shareholders of Tuopu
                                                Group and any affected
                                                parties in full and
                                                without delay.
                                                remains in effect for as
                                                long as I, or any
                                                company I control,
                                                remain connected with
                                                Tuopu Group.
                                                If investors suffer
                                                losses in securities
                                                trading because the
                                                prospectus for the           March                                                  Not            Not
              Others        Wu Jianshu                                                     No             Ongoing       Yes
                                                Issuer's public offering     2015                                                   applicable     applicable
                                                contains a false record,
                                                a misleading statement
                                                or a material omission,
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                        If not
                                                                                                                                     performed        If not
                                                                                                                         Whether    on time, the   performed
                                                                                              Whether
Background                                                                                                              performed      specific     on time,
                Type of                             Content of the            Date of the    there is a   Term of the
   to the                   Undertaking party                                                                            strictly    reasons for    the next
              undertaking                            undertaking              undertaking   performance   undertaking
undertaking                                                                                                               and on         non-      steps shall
                                                                                               period
                                                                                                                           time     performance         be
                                                                                                                                       shall be    explained
                                                                                                                                      explained
                                                I will compensate them
                                                as required by law.
                                                Within 30 days of the
                                                violation          being
                                                confirmed      by     the
                                                CSRC,       the    stock
                                                exchange or a judicial
                                                authority,      I    will
                                                compensate investors
                                                for the direct economic
                                                loss they have suffered,
                                                on the principles of
                                                simplified procedure,
                                                active       negotiation,
                                                advance payment and
                                                effective protection of
                                                investors, particularly
                                                small and medium
                                                investors.
                                                Compensation will be
                                                based        on       the
                                                measurable         direct
                                                economic loss and may
                                                take the form of
                                                settlement          with
                                                investors,     mediation
                                                     Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                          If not
                                                                                                                                       performed        If not
                                                                                                                           Whether    on time, the   performed
                                                                                               Whether
 Background                                                                                                               performed      specific     on time,
                  Type of                             Content of the           Date of the    there is a    Term of the
    to the                    Undertaking party                                                                            strictly    reasons for    the next
                undertaking                            undertaking             undertaking   performance    undertaking
 undertaking                                                                                                                and on         non-      steps shall
                                                                                                period
                                                                                                                             time     performance         be
                                                                                                                                         shall be    explained
                                                                                                                                        explained
                                                  through a third party or
                                                  the establishment of an
                                                  investor compensation
                                                  fund.               The
                                                  compensation standard,
                                                  the parties liable and
                                                  the amounts payable
                                                  will     follow      the
                                                  compensation        plan
                                                  finally adopted when
                                                  such      circumstances
                                                  actually arise.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
    annual report
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ The Company had material litigation or arbitration during the Reporting Period
√ The Company had no material litigation or arbitration during the Reporting Period
    management, controlling shareholder and de facto controller, penalties imposed and
    rectification measures taken
□ Applicable √ Not applicable
    controller during the Reporting Period
√ Applicable □ Not applicable
     During the Reporting Period, the Company, the controlling shareholder and the de facto controller
maintained a good integrity record.
(1) Related party transactions relating to day-to-day operations
implementation
□ Applicable √ Not applicable
implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(2) Related party transactions arising from the acquisition or disposal of assets or equity interests
     implementation
□ Applicable √ Not applicable
    implementation
□ Applicable √ Not applicable
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
    Reporting Period shall be disclosed
□ Applicable √ Not applicable
(3) Material related party transactions involving joint external investments
     implementation
□ Applicable √ Not applicable
    implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(4) Related party receivables and payables
     implementation
□ Applicable √ Not applicable
    implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(5) Financial business between the Company and any connected finance company, and between any
finance company controlled by the Company and related parties
□ Applicable √ Not applicable
(6) Other material related party transactions
□ Applicable √ Not applicable
(7) Others
□ Applicable √ Not applicable
(1) Custody, contracting and leasing matters
□ Applicable √ Not applicable
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Material guarantees performed during, and not yet fully performed at the end of, the Reporting Period
√ Applicable □ Not applicable
                                                                                                                                              Unit: RMB
                                 External guarantees provided by the Company (excluding guarantees for subsidiaries)
                                    Date the
                                                                                               Whether
        Relationsh                 guarantee
                                                                                                  the             Overdu             Whethe
        ip between                    was                                                               Whethe
                                                            Guarant           Details          guarante              e     Counter-    ra      Related
             the    Party Guarant given        Guarantee              Type of         Collater            r the
Guarant                                                        ee              of the           e has             amount guarantee guarant       party
         guarantor guarante   ee    (date of commenceme               guarant          al (if            guarant
  or                                                         expiry           princip            been              of the arrangemen ee for a relationsh
          and the     ed    amount signing       nt date                ee             any)               ee is
                                                              date            al debt            fully            guarant      ts    related      ip
           listed                     the                                                               overdue
                                                                                               perform               ee               party
         company                   agreemen
                                                                                                   ed
                                       t)
Total guarantees given during the Reporting Period (excluding guarantees
for subsidiaries)
Total outstanding guarantees at the end of the Reporting Period (A)
(excluding guarantees for subsidiaries)
                                                        Guarantees provided by the Company for subsidiaries
Total guarantees given for subsidiaries during the Reporting Period                                                                      16,320,055.18
Total outstanding guarantees for subsidiaries at the end of the Reporting
Period (B)
                                              Total guarantees of the Company (including guarantees for subsidiaries)
Total guarantees (A+B)                                                                                                                  564,333,237.74
Total guarantees as a percentage of the Company's net assets (%)                                                                                   2.33
Including:
Amount of guarantees provided for shareholders, the de facto controller
and their related parties (C)
Amount of debt guarantees provided directly or indirectly for guaranteed
parties with a gearing ratio exceeding 70% (D)
                                                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Amount by which total guarantees exceed 50% of net assets (E)
Aggregate of the above three guarantee amounts (C+D+E)
Notes on possible joint and several liability under guarantees not yet due
                                                                              (1) To support the European business, the Company's wholly owned subsidiary Tuopu
                                                                              Poland proposes to lease an industrial facility, comprising office space, production areas
                                                                              and warehousing, to be purpose-built for it from 7R Projekt 35 Sp. z o.o. (the "7R project
                                                                              company"). In line with commercial practice and practical requirements, the Company
                                                                              has provided a performance guarantee in respect of that lease and has authorized the
                                                                              chairman or his authorized representative to sign the letter of guarantee. Total liability
                                                                              under the guarantee is capped at EUR7 million, and it runs for the whole term of the
                                                                              lease and for five months after the lease expires or is terminated, but in any event no later
                                                                              than 1 August 2029.
                                                                              (2) To expand the North American business, the Company's subsidiary Tuopu Mexico
                                                                              leased an industrial plant in Nuevo León, Mexico (the phase I plant) jointly owned by
                                                                              five individuals, David Wolberg Peia, Armando Arturo González Gutiérrez, Arturo
                                                                              González Gutiérrez, Alberto González Gutiérrez and Adrián González Gutiérrez
                                                                              (together the "lessors"), and has signed a lease agreement with Irma Garza Ita, the legal
                                                                              representative of those five joint owners. The agreement provides for rent to be paid
                                                                              monthly from 1 November 2023 for 84 months, ending on 31 October 2030. In line with
Notes on the guarantees
                                                                              commercial practice and practical requirements, the Company has guaranteed the rent
                                                                              payable under that lease and has authorized the chairman or his authorized representative
                                                                              to sign the letter of guarantee. Total liability under the guarantee is capped at USD14
                                                                              million, and the guarantee runs for the whole term of the lease.
                                                                              (3) To continue expanding the North American business, the Company's subsidiary
                                                                              Tuopu Mexico leased an industrial plant in Nuevo León, Mexico from the lessors Banco
                                                                              Actinver, S.A. Institución de Banca Múltiple, Grupo Financiero Actinver and Terrafina
                                                                              for use as the phase II plant of the Tuopu Mexico facility (the "phase II plant") for the
                                                                              manufacture of automotive parts, and entered into a lease agreement with them for a term
                                                                              from 15 November 2023 to 14 January 2034. In line with commercial practice and
                                                                              practical requirements, the Company's wholly-owned subsidiary Tuopu USA, LLC has
                                                                              guaranteed the rent and related taxes and charges payable under that lease, with total
                                                                              liability capped at USD35 million, the guarantee running for the whole term of the lease.
                                                                              The Board also agreed that the Company would deliver to the lessors a standby letter of
                                                                              credit issued by a commercial bank as security for the phase II plant lease, in the amount
                                                                              of USD3,213,810.48. The guarantees above total USD38,213,810.48.
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                    (4) To continue expanding the North American business, the Company's subsidiary
                    Tuopu Mexico leased an industrial plant in Nuevo León, Mexico from the lessor Banco
                    Monex, S.A., I.B.M., Monex Grupo Financiero, acting as trustee of the trust identified
                    as F/3485, for use as the trim plant of the Tuopu Mexico facility (the "trim plant" or
                    "phase III plant") for the manufacture of automotive parts, and entered into a lease
                    agreement with it on 6 February 2024 for a term of five years. In line with commercial
                    practice and practical requirements, the Board agreed that the Company would guarantee
                    the rent payable under that lease by way of standby letters of credit. The two standby
                    letters of credit total USD5,582,293.20, equivalent to 24 months' rent excluding tax.
                    (5) In line with commercial practice and practical circumstances, the Company agreed
                    to issue a letter of guarantee covering all liabilities arising between the Company's
                    wholly-owned subsidiary Ningbo Tuopu Automobile Parts Co., Ltd. ("Tuopu Parts") and
                    an integrator in the course of business conducted from 1 June 2025 to 1 June 2035. The
                    integrator is a customer of Tuopu Parts, and Tuopu Parts may incur payment obligations
                    in supplying it, such as liquidated damages for late delivery or compensation for product
                    quality issues. The guarantee covers the principal debt, interest, liquidated damages,
                    compensation for loss, and the costs of enforcing remedies. The maximum amount
                    guaranteed is RMB100 million. The guarantee period is six years, running from the date
                    on which the performance period of each guaranteed obligation expires.
                    (6) To continue expanding the North American business, the Company's subsidiary
                    Tuopu Mexico leased an industrial plant in the Avante Industrial Park, Apodaca, Nuevo
                    León, Mexico from the lessor Banco Actinver, S.A., I.B.M. Grupo Financiero Actinver,
                    División Fiduciaria (as trustee of trust no. F/6271) for the manufacture of automotive
                    parts, and entered into a lease agreement with it for a term from 22 January 2026 to 21
                    January 2031. In line with commercial practice and practical requirements, Tuopu
                    Mexico paid the lessor a deposit of USD599,041.80, equivalent to six months' rent.
                    Tuopu Mexico also delivered to the lessor an irrevocable letter of credit issued by a
                    commercial bank as security for the lease of the plant, in the amount of
                    USD2,396,167.20, equivalent to the first year's rent for the plant including related taxes.
                    The guarantees above total USD2,396,167.20.
                                                        Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(3) Other material contracts
□ Applicable √ Not applicable
√ Applicable □ Not applicable
(1) Overall use of raised funds
√ Applicable □ Not applicable
                                                                                                                                                     Unit: RMB'0,000
                                                                                                                       Cumulativ
                                                                                                      Cumulativ
                                                                                                                             e
                                                     Total                               Including:         e
                                                                                                                       investment
                                                  investmen                Cumulativ     cumulativ    investment                                Percentag
                Date                                                                                                     progress                             Total
                                                        t        Total       e raised      e over-      progress                                  e of the
                 the                                                                                                     of over-    Amount                   raised
                                                   committe      over-        funds        raised       of raised                                 amount
 Source of     raised     Total         Net                                                                               raised     invested                 funds
                                                    d in the    raised     invested as    proceeds    funds as at                                invested
 the raised    funds      raised     proceeds                                                                            proceeds     during                  whose
                                                  prospectu    proceed      at the end    invested     the end of                               during the
   funds        were      funds      raised (1)                                                                          as at the   the year                use has
                                                      s or      s (3) =       of the      as at the        the                                   year (%)
              receive                                                                                                   end of the      (8)                    been
                                                    offering   (1) - (2)    Reporting    end of the    Reporting                                   (9) =
                  d                                                                                                     Reporting                            changed
                                                  document                  Period (4)   Reporting    Period (%)                                  (8)/(1)
                                                                                                                       Period (%)
                                                       (2)                               Period (5)       (6) =
                                                                                                                           (7) =
                                                                                                         (4)/(1)
                                                                                                                          (5)/(3)
 Issue of
 convertibl                                                            -   222,703.97             -            89.48             -   9,031.95         3.63   30,000.00
 e bonds
 Issue of
 shares to               351,482.6   349,843.7    349,843.7                                                                          14,081.2
              January                                                  -   180,432.01             -            51.58             -                    4.03   73,000.00
 specific                        9           8            8                                                                                 7
 investors
   Total             /                                                 -   403,135.98             -                /             /                       /
Other information
□ Applicable √ Not applicable
                                                                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Details of the projects funded by the raised proceeds
√ Applicable □ Not applicable
√ Applicable □ Not applicable
                                                                                                                                                                                             Unit: RMB'0,000
                                                                                                                                                                                               Whether
                                                                                                         Cumulati                                                                                 the
                                            Whether                                                          ve                                          Specific                Benefits      feasibilit
                                            a project                                      Cumulati     investmen                          Whether
                                                                                                                     Date the                            reasons                realized or     y of the
                                            committe    Whether       Total                ve raised                            Whether        the
                                                                                                        t progress    project                           where the                research       project
                                              d to in      the       planned    Amount        funds                                the     investme                 Benefits                                Surplu
 Source of                                                                                               as at the    reached                           investme                    and           has
                               Nature of        the     intended    investme    invested    invested                             project        nt                  realized                                  s
 the raised   Project name                                                                              end of the       its                                nt                  developme      changed
                              the project   prospect     use has       nt of     during     as at the                           has been   progress                  during                                 amoun
   funds                                                                                                Reporting    intended                           progress                 nt results    materiall
                                               us or      been        raised    the year   end of the                           complete   is in line               the year                                  t
                                                                                                          Period       usable                              falls                 achieved      y and, if
                                             offering   changed     funds (1)              Reporting                                d       with the
                                                                                                            (%)         state                            short of                 by the          so,
                                            documen                                        Period (2)                                         plan
                                                                                                           (3)＝                                          the plan                 project       details
                                                 t
                                                                                                          (2)/(1)                                                                                of the
                                                                                                                                                                                                change
              Project for
              an annual
                              Production
 Issue of     capacity of                                                                                                                               Not
                              and                                                                                    June                                                  -
 convertibl   1.5 million                   Yes         No          72,133.99          -   72,905.66       101.07               Yes        Yes          applicabl               -541.69        No
                              constructio                                                                            2024                                           1,105.35
 e bonds      lightweight                                                                                                                               e
                              n
              chassis
              systems
                                                        Yes. The
                                                        project
                                                        has not
              Project for
                                                        been
              an annual
                              Production                canceled;
 Issue of     capacity of
                              and                       the total   146,763.2              142,938.3                 January
 convertibl   3.3 million                   Yes                                 2,910.93                    97.39               Yes        No           Note 2      3,444.96    3,444.96       No
                              constructio               investme            7                      1                 2026
 e bonds      lightweight
                              n                         nt of
              chassis
                                                        raised
              systems
                                                        funds has
                                                        been
                                                        adjusted
              Intelligent     Production
 Issue of                                               Yes. This                                                                                       Not              Not
              Manufacturi     and                                                                                    Decemb                                                     Not
 convertibl                                 No          is a new    30,000.00   6,121.02    6,860.00        22.87               No         Yes          applicabl   applicabl                  No
              ng Industrial   constructio                                                                            er 2026                                                    applicable
 e bonds                                                project                                                                                         e                   e
              Park project    n
              Chongqing                                 Yes. The
 Issue of                     Production
              project for                               project                                                                                                          Not
 shares to                    and                                                                                    January                                                    Not
              an annual                     Yes         has not     35,000.00   1,350.70   28,422.52        81.21               No         No           Note 1      applicabl                  No
 specific                     constructio                                                                            2028                                                       applicable
              capacity of                               been                                                                                                                e
 investors                    n
                                                                Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
            lightweight                       the total
            chassis                           investme
            systems and                       nt of
            automotive                        funds has
            interior                          been
            functional                        adjusted
            components
            Ningbo
            Qianwan
            project for
Issue of                  Production
            an annual                                                                                                                         Not
shares to                 and                                                                          Decemb                                        Not
            capacity of                 Yes   No          75,000.00   3,967.48   41,031.69     54.71             No    No    Note 1      applicabl                No
specific                  constructio                                                                  er 2027                                       applicable
investors                 n
            lightweight
            chassis
            systems
            Ningbo
            Qianwan
            project for
Issue of    an annual     Production
                                                                                                                             Not              Not
shares to   capacity of   and                                                                          July                                          Not
                                        Yes   No          10,000.00    465.96     8,080.67     80.81             No    Yes   applicabl   applicabl                No
specific    500,000       constructio                                                                  2026                                          applicable
                                                                                                                             e                   e
investors   automotive    n
            interior
            functional
            components
            Ningbo
            Qianwan
                                              Yes. The
            project for
                                              project
            an annual
                                              has not
            capacity of
                                              been
Issue of                  Production          canceled;
            automotive                                                                                                                        Not
shares to                 and                 the total                                                Decemb                                        Not
            interior                    Yes               45,000.00   1,238.99   19,643.66     43.65             No    No    Note 1      applicabl                No
specific                  constructio         investme                                                 er 2027                                       applicable
            functional                                                                                                                           e
investors                 n                   nt of
            components
                                              raised
            and 1.3
                                              funds has
            million
                                              been
            thermal
                                              adjusted
            management
            systems
            Ningbo
            Qianwan
Issue of                  Production
            project for                                                                                                                       Not
shares to                 and                                                                          Decemb                                        Not
            an annual                   Yes   No          50,000.00    469.62    15,473.78     30.95             No    No    Note 1      applicabl                No
specific                  constructio                                                                  er 2027                                       applicable
            capacity of                                                                                                                          e
investors                 n
            lightweight
                                                                Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
            chassis
            systems
            Anhui
            Shouxian                          Yes. The
            project for                       project
            an annual                         has not
            capacity of                       been
Issue of    300,000       Production          canceled;
                                                                                                                             Not
shares to   lightweight   and                 the total                                                January
                                        Yes                9,843.78     15.14     9,772.86     99.28             Yes   Yes   applicabl     588.74    588.74       No
specific    chassis       constructio         investme                                                 2026
                                                                                                                             e
investors   systems and   n                   nt of
            automotive                        funds has
            interior                          been
            functional                        adjusted
            components
            Huzhou
            Changxing
            project for
            an annual
            capacity of
Issue of                  Production
            lightweight                                                                                                      Not
shares to                 and                                                                          January
            chassis                     Yes   No          15,000.00     38.73    15,009.52    100.06             Yes   Yes   applicabl      41.33    41.33        No
specific                  constructio                                                                  2026
            systems and                                                                                                      e
investors                 n
            automotive
            interior
            functional
            component
            systems
                                              Yes. The
                                              project
                                              has not
                                              been
Issue of    Intelligent   Production          canceled;
                                                                                                                             Not              Not
shares to   driving R&D   and                 the total                                                January                                       Not
                                        Yes               37,000.00   1,776.24   31,972.24     86.41             Yes   Yes   applicabl   applicabl                No
specific    center        constructio         investme                                                 2026                                          applicable
                                                                                                                             e                   e
investors   project       n                   nt of
                                              raised
                                              funds has
                                              been
                                              adjusted
            Thailand
Issue of    project for   Production
                                              Yes. This                                                                                       Not
shares to   an annual     and                                                                          Decemb                                        Not
                                        No    is a new    38,000.00   4,419.76   10,686.42     28.12             No    No    Note 1      applicabl                No
specific    capacity of   constructio                                                                  er 2027                                       applicable
                                              project                                                                                            e
investors   1.3 million   n
            thermal
                                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
             management
             systems
 Issue of    Intelligent      Production
                                                 Yes. This                                                                      Not              Not
 shares to   Manufacturi      and                                                                          Decemb                                       Not
                                            No   is a new    10,000.00          -           -          -             No   Yes   applicabl   applicabl                No
 specific    ng Industrial    constructio                                                                  er 2026                                      applicable
                                                 project                                                                        e                   e
 investors   Park project     n
             Tuopu
 Issue of    Group            Production
                                                 Yes. This                                                                                       Not
 shares to   headquarters     and                                                                          Decemb                                       Not
                                            No   is a new    17,200.00    135.04      135.04       0.79              No   Yes   Note 1      applicabl                No
 specific    R&D center       constructio                                                                  er 2027                                      applicable
                                                 project                                                                                            e
 investors   upgrade          n
             project
             New energy
 Issue of    intelligent      Production
                                                 Yes. This                                                                                       Not
 shares to   vehicle core     and                                                                          Decemb                                       Not
                                            No   is a new     7,800.00    203.61      203.61       2.61              No   Yes   Note 1      applicabl                No
 specific    components       constructio                                                                  er 2027                                      applicable
                                                 project                                                                                            e
 investors   testing center   n
             project
   Total     /                /             /    /                                                     /   /         /    /     /                       /            /
      Note 1: Geopolitical uncertainty in recent years, together with the shift of part of OEMs' capacity from the PRC to overseas locations, means that expanding
domestically as originally planned could leave capacity idle and capital tied up. On a prudent basis the Company has slowed the pace of domestic expansion, limited
the amount and timing of investment in certain projects, and accelerated new product development and technological innovation. (1) The twenty-ninth meeting of the
fifth session of the Board on 27 January 2026 and the first extraordinary general meeting of 2026 on 12 February 2026 approved the resolution on changing and
extending certain projects funded by the raised proceeds. The date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and
proceeds not yet invested was redirected to the Tuopu Group headquarters R&D center upgrade project and the new energy intelligent vehicle core components testing
center project. (2) The thirty-fourth meeting of the fifth session of the Board on 28 July 2026 approved the resolution on extending certain projects funded by the
raised proceeds. The dates for the Ningbo Qianwan projects for annual capacities of 2.2 million lightweight chassis systems; 1.1 million automotive interior functional
components and 1.3 million thermal management systems; and 1.6 million lightweight chassis systems, together with the Thailand project for an annual capacity of
      Note 2: The project for an annual capacity of 3.3 million lightweight chassis systems and the intelligent driving R&D center project reached their intended usable
state in January 2026, and the Ningbo Qianwan project for an annual capacity of 500,000 automotive interior functional components did so in July 2026. Contract
payments remain outstanding on these projects, so the Company will keep the special accounts for the raised proceeds open and manage them under the rules governing
raised proceeds until those balances have been paid. The Company will then close the accounts, and the related supervision agreements with the sponsor and the
account banks will terminate.
□ Applicable √ Not applicable
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
      The twenty-ninth meeting of the fifth session of the Board on 27 January 2026 and the first extraordinary general meeting of 2026 on 12 February 2026 approved
the resolution on changing and extending certain projects funded by the raised proceeds. The date for the Chongqing project for an annual capacity of 1.2 million
lightweight chassis systems and 600,000 automotive interior functional components to reach its intended usable state was extended from January 2026 to January
      As the Company's domestic production bases have been built out and upgraded, capacity for interior components and lightweight chassis is now well above the
level before the funded projects began. The domestic footprint is largely complete, meets current business needs and leaves headroom for moderate order growth. The
Company has therefore tracked the interior components and lightweight chassis projects as they proceed and adjusted their timing to the actual pace of the business.
      Geopolitical pressures and overseas market opportunities have coincided, and OEMs in the PRC and abroad are building plants overseas. As an upstream supplier
the Company is following them, and has already invested in capacity in Mexico and Thailand. To limit investment risk, the Company intends at the same time to
moderate the pace of construction on certain domestic projects.
      The Company has therefore extended the date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600,000 automotive
interior functional components to reach its intended usable state. The project has not been canceled or terminated, investment in it continues, and there has been no
material change in its feasibility or expected returns.
(3) Changes to, or termination of, funded projects during the Reporting Period
√ Applicable □ Not applicable
                                                                                                                                                    Unit: RMB'0,000
                                                                                                                                      Amount of
                                                  Total         Total
                                                                                                                                         raised
                                                 raised         raised
                                                                                                                                         funds       Notes on the
                                                  funds         funds
   Project       Date of the                                                                                                           applied to      decision-
                                               committed       already
    name       change (date of     Type of                                  Project name                                               replenish        making
                                                  to the    invested in                        Reason for the change or termination
  before the        first          change                                  after the change                                             working     procedures and
                                                 project     the project
   change      announcement)                                                                                                             capital      information
                                               before the    before the
                                                                                                                                        after the      disclosure
                                               change or      change or
                                                                                                                                       change or
                                              termination   termination
                                                                                                                                      termination
 Chongqing                       Reduction                                 Chongqing                                                                 Approved by
 project for      28 January       in the                                  project for an                                                            resolution of
  an annual          2026        amount of                                 annual capacity                                                          the Board and
 capacity of                       raised                                  of 1.2 million                                                             the general
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 lightweight                      invested                                  chassis systems                                                         announced as a
    chassis                                                                 and 600,000                                                              change to the
   systems                                                                  automotive                                                               use of raised
      and                                                                   interior                                                                    funds
 automotive                                                                 components
    interior                                                                Tuopu Group
  functional                                                                headquarters
 components                                                                 R&D center
                                                                            upgrade project
                                                                            New energy
                                                                            intelligent
                                                                            vehicle core
                                                                            components
                                                                            testing center
                                                                            project
Note: As the new energy vehicle supply chain develops, OEMs increasingly want customized components on short iteration cycles. Suppliers must therefore develop
the next generation of technology in advance and adapt it across vehicle platforms, which brings both R&D spending and product testing forward of the orders they
are meant to win. To meet that demand the Company needs to buy R&D equipment and upgrade the R&D center and the product testing center, so as to speed up new
product development and hold the Company's technological lead. To use the raised proceeds more efficiently, the Company proposes to redirect RMB250 million not
yet invested in the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600,000 automotive interior functional components to the
Tuopu Group headquarters R&D center upgrade project and the new energy intelligent vehicle core components testing center project.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(4) Other matters concerning the use of raised funds during the Reporting Period
√ Applicable □ Not applicable
      At the first extraordinary meeting of the fifth session of the Board and the first extraordinary meeting
of the fifth session of the Board of Supervisors, both held on 14 October 2024, the resolution on paying
for funded projects by bill and replacing those payments with an equivalent amount of raised proceeds
was approved. The Company and the wholly-owned subsidiaries may, during the implementation of the
funded projects, first pay part of the project costs using bank acceptance bills or commercial acceptance
bills, whether issued or transferred by endorsement, and then replace those payments with an equivalent
amount of raised proceeds.
      During the Reporting Period, in implementing the project for an annual capacity of 3.3 million
lightweight chassis systems funded by the proceeds of the public issue of convertible corporate bonds, the
Company replaced RMB1,192,340.00 of amounts previously paid by bill.
√ Applicable □ Not applicable
on using part of the temporarily idle raised proceeds to replenish working capital was approved. Up to
RMB1.2 billion of temporarily idle proceeds may be used for this purpose from 1 July 2025 to 30 June
issued opinions consenting to the arrangement. The resolution was approved at the 2024 annual general
meeting held on 14 May 2025.
on using part of the temporarily idle raised proceeds to replenish working capital was approved. Up to
RMB1.2 billion of temporarily idle proceeds may be used for this purpose from 1 July 2026 to 30 June
the arrangement. The resolution was approved at the 2025 annual general meeting held on 29 April 2026.
     The Company applied RMB300 million in July 2025, RMB200 million in August 2025, RMB100
million in September 2025, RMB62.1902 million in December 2025 and RMB100 million in January
used to replenish working capital to the special account for raised proceeds.
√ Applicable □ Not applicable
                                                                                               Unit: RMB'0,000
                                                                                                      Whether
                                                                                                         the
                                                                                       Balance
                        Approved                                                                      highest
                                                                                     under cash
                        limit for                                                                     balance
      Date of                                                                       management
                           cash         Commencement                                                 during the
  consideration by                                               End date           at the end of
                       management           date                                                       period
     the Board                                                                           the
                        of raised                                                                    exceeded
                                                                                     Reporting
                          funds                                                                          the
                                                                                        Period
                                                                                                    authorized
                                                                                                        limit
Other information
on the entrusted management of temporarily idle raised proceeds was approved. The Company, including
the wholly-owned subsidiaries, proposed to place up to RMB2.4 billion of temporarily idle raised proceeds
under entrusted management, in structured deposits or principal-protected wealth management products,
for an authorized period from 1 July 2025 to 30 June 2026, with funds within that limit available on a
                                 Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
revolving basis. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement.
The resolution was approved at the 2024 annual general meeting held on 14 May 2025.
on the entrusted management of temporarily idle raised proceeds was approved. The Company, including
the wholly-owned subsidiaries, proposed to place up to RMB2 billion of temporarily idle raised proceeds
under entrusted management, in structured deposits or principal-protected wealth management products,
for an authorized period from 1 July 2026 to 30 June 2027, with funds within that limit available on a
revolving basis. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement.
The resolution was approved at the 2025 annual general meeting held on 29 April 2026.
management, purchasing products totalling RMB631 million and redeeming products totalling RMB601
million. As at 30 June 2026 wealth management products of RMB430 million had not yet matured. Details
of the products purchased are set out in the table below:
                                                                                         Unit: RMB'0,000
                                                                                                                    Whet
                                                                                                                      her
                                                                                                                    recov
                                                                                                                     ered
                                                                                                                      on
                                                                                        Interest
 N                                Name of the entrusted wealth   Amount entrusted                       Maturity    matur
           Entrusted party                                                           commencement
 o.                                  management product           (RMB'0,000)                            date       ity at
                                                                                          date
                                                                                                                      the
                                                                                                                    balan
                                                                                                                       ce
                                                                                                                    sheet
                                                                                                                     date
      Bank of Ningbo, Beilun                                                                            22 April
      Branch                                                                                              2026
      Ping An Bank, Ningbo                                                                              23 April
      Beilun Branch                                                                                       2026
      Bank of Ningbo, Beilun                                                                           20 October
      Branch                                                                                              2026
      China Merchants Bank,                                                                              23 July
      Ningbo Branch                                                                                       2026
      Bank of Hangzhou, Ningbo                                                                         24 October
      Beilun Branch                                                                                       2026
      Bank of Hangzhou, Ningbo
      Beilun Branch
□ Applicable √ Not applicable
(5) Notes on any irregularities identified by intermediaries in their verification of the deposit and
     use of raised funds
□ Applicable √ Not applicable
(6) Subsequent rectification of any unauthorized change in the use of raised funds or improper
     appropriation of raised funds
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                Section 6 Changes in Shares and Shareholders
(1)   Table of changes in shares
During the Reporting Period, there was no change in the total number of shares or the share capital structure of the Company.
□ Applicable √ Not applicable
indicators such as earnings per share and net assets per share
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(2)  Changes in shares subject to trading restrictions
□ Applicable √ Not applicable
(1)   Total number of shareholders:
 Total number of ordinary shareholders as at the end of the Reporting Period (holders)                                                                200,258
 Total number of preference shareholders with restored voting rights as at the end of the Reporting Period (holders)                            Not applicable
(2)    Shareholdings of the top ten shareholders and the top ten holders of tradable shares (or shares not subject to trading restrictions) as at the end of the
       Reporting Period
                                                                                                                                                     Unit: share
                        Shareholdings of the top ten shareholders (excluding shares lent under the refinancing securities lending business)
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                         Increase or                                                                             Pledged, marked
                                                                                                       Number of shares held
                                      decrease during     Number of shares held       Percentage                                 or frozen status       Nature of
Name of shareholder (full name)                                                                          that are subject to
                                       the Reporting      at the end of the period       (%)                                     Status of Qua         shareholder
                                                                                                        trading restrictions
                                           Period                                                                                 shares     ntity
MECCA INTERNATIONAL                                                                                                                                  Overseas legal
HOLDING (HK) LIMITED                                                                                                                                 person
Hong Kong Securities Clearing
Company Limited
Industrial Bank Co., Ltd. -
ChinaAMC CSI Robot ETF
China Life Insurance Company
Limited - Traditional -
Ordinary Insurance Products -
                                                                                                                                                     Overseas legal
Wu Jianshu                                                              8,998,469             0.52                              Unknown
                                                                                                                                                     person
China Construction Bank
Corporation - E Fund CNI                                                7,147,902               0.41                              Unknown              Unknown
Robot Industry ETF
MORGAN STANLEY & CO.
INTERNATIONAL PLC.
China Life Insurance Company
Limited - Participating -
Individual Participating - 005L
- FH002 Hu
Abu Dhabi Investment
Authority - Proprietary Funds
Guotai Haitong Securities Co.,
Ltd. - Tianhong CSI Robot                                               4,648,764               0.27                              Unknown              Unknown
ETF
     Shareholdings of the top ten holders of shares not subject to trading restrictions (excluding shares lent under the refinancing securities lending business)
                                                            Number of tradable shares held that are not subject to trading            Class and number of shares
                Name of shareholder
                                                                                        restrictions                                  Type              Quantity
                                                     Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                               RMB-
MECCA INTERNATIONAL HOLDING (HK)                                                                                            denominated
LIMITED                                                                                                                       ordinary
                                                                                                                               shares
                                                                                                                               RMB-
                                                                                                                            denominated
Hong Kong Securities Clearing Company Limited                                                                 47,524,665                    47,524,665
                                                                                                                              ordinary
                                                                                                                               shares
                                                                                                                               RMB-
Industrial Bank Co., Ltd. - ChinaAMC CSI Robot                                                                              denominated
ETF                                                                                                                           ordinary
                                                                                                                               shares
                                                                                                                               RMB-
China Life Insurance Company Limited -
                                                                                                                            denominated
Traditional - Ordinary Insurance Products - 005L -                                                            11,437,208                    11,437,208
                                                                                                                              ordinary
CT001 Hu                                                                                                                       shares
                                                                                                                               RMB-
                                                                                                                            denominated
Wu Jianshu                                                                                                     8,998,469                     8,998,469
                                                                                                                              ordinary
                                                                                                                               shares
                                                                                                                               RMB-
China Construction Bank Corporation - E Fund                                                                                denominated
CNI Robot Industry ETF                                                                                                        ordinary
                                                                                                                               shares
                                                                                                                               RMB-
MORGAN STANLEY & CO. INTERNATIONAL                                                                                          denominated
PLC.                                                                                                                          ordinary
                                                                                                                               shares
                                                                                                                               RMB-
China Life Insurance Company Limited -
                                                                                                                            denominated
Participating - Individual Participating - 005L -                                                              5,592,900                     5,592,900
                                                                                                                              ordinary
FH002 Hu                                                                                                                       shares
                                                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                      RMB-
 Abu Dhabi Investment Authority - Proprietary                                                                                      denominated
 Funds                                                                                                                               ordinary
                                                                                                                                      shares
                                                                                                                                      RMB-
 Guotai Haitong Securities Co., Ltd. - Tianhong CSI                                                                                denominated
 Robot ETF                                                                                                                           ordinary
                                                                                                                                      shares
 Notes on any repurchase special account among the
                                                            Not applicable
 top ten shareholders
 Notes on the entrustment, acceptance or waiver of
                                                            Not applicable
 voting rights by the above shareholders
                                                            Mr. Wu Jianshu holds 100% of MECCA INTERNATIONAL HOLDING (HK) LIMITED. Otherwise,
 Explanation of any connected relationship or acting in
                                                            the Company is not aware of any connection between the shareholders listed above, or of any of them
 concert among the above shareholders
                                                            acting in concert.
 Notes on preference shareholders with restored voting
                                                            Not applicable
 rights and the number of shares they hold
Shares lent under the refinancing securities lending business by shareholders holding more than 5%, the top ten shareholders and the top ten holders of shares not
subject to trading restrictions
□ Applicable √ Not applicable
Changes from the previous period in the top ten shareholders and the top ten holders of shares not subject to trading restrictions arising from the lending or return of
shares under the refinancing securities lending business
□ Applicable √ Not applicable
Number of shares held by the top ten holders of shares subject to trading restrictions, and the restrictions applicable
□ Applicable √ Not applicable
(3)  Strategic investors or ordinary legal persons becoming top ten shareholders through the placing of new shares
□ Applicable √ Not applicable
                                                      Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Changes in shareholdings of incumbent Directors and senior management and of those who left office during the Reporting Period
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
(2) Share incentives granted to Directors and senior management during the Reporting Period
□ Applicable √ Not applicable
(3) Other information
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                        Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                       Section 7 Bond-related Information
    enterprises
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                  Section 8 Financial Report
□ Applicable √ Not applicable
                                  Consolidated balance sheet
Prepared by: Ningbo Tuopu Group Co., Ltd.
                                                                                           Unit: RMB
               Item                  Notes            30 June 2026               31 December 2025
 Current assets:
    Cash and bank balances         7.1                     5,325,874,116.45         5,219,806,007.92
    Settlement provisions
    Placements with banks and
 other financial institutions
    Financial assets held for      7.2
 trading
    Derivative financial assets
    Notes receivable               7.4                         9,841,908.49            15,798,084.56
    Trade receivables              7.5                     6,621,502,356.53         7,325,793,120.79
    Receivables financing          7.7                     3,356,382,393.06         4,828,918,846.99
    Prepayments                    7.8                       259,762,539.86           225,582,478.98
    Premiums receivable
    Reinsurance accounts
 receivable
    Reinsurance contract
 reserves receivable
    Other receivables              7.9                       69,636,118.31             65,810,353.73
    Including: interest
 receivable
           Dividends receivable
    Financial assets held under
 resale agreements
    Inventories                    7.10                    4,815,270,782.12         4,716,826,854.45
    Including: data resources
    Contract assets
    Assets held for sale
    Non-current assets due
 within one year
    Other current assets           7.13                      871,430,040.37           646,073,361.14
      Total current assets                                21,759,700,255.19        23,444,609,108.56
 Non-current assets:
    Loans and advances to
 customers
    Debt investments
    Other debt investments
    Long-term receivables
    Long-term equity               7.17
 investments
    Investments in other equity
 instruments
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
   Other non-current financial      7.19
assets
   Investment properties            7.20                       17,611,580.81          18,685,082.96
   Property, plant and              7.21
equipment
   Construction in progress         7.22                     1,773,263,525.53       1,879,671,312.18
   Productive biological assets
   Oil and gas assets
   Right-of-use assets              7.25                       492,335,053.68         511,031,729.89
   Intangible assets                7.26                     1,544,975,364.95       1,569,588,056.63
   Including: data resources
   Development expenditure
   Including: data resources
   Goodwill                         7.27                       340,475,037.28         340,475,037.28
   Long-term prepaid expenses       7.28                       492,319,443.24         356,977,245.83
   Deferred tax assets              7.29                       252,821,117.87         261,153,623.11
   Other non-current assets         7.30                       379,195,874.57         347,742,200.68
      Total non-current assets                              20,830,440,814.23      20,489,986,260.46
         Total assets                                       42,590,141,069.42      43,934,595,369.02
Current liabilities:
   Short-term borrowings            7.32                     3,911,158,821.30       2,930,929,246.63
   Borrowings from the central
bank
   Placements from banks and
other financial institutions
   Financial liabilities held for
trading
   Derivative financial
liabilities
   Notes payable                    7.35                     4,200,316,676.58       5,716,338,315.74
   Trade payables                   7.36                     7,068,438,408.30       7,479,896,927.88
   Receipts in advance
   Contract liabilities             7.38                       37,332,757.98          21,061,458.96
   Financial assets sold under
repurchase agreements
   Customer deposits and
placements from banks
   Funds received as securities
trading agent
   Funds received as securities
underwriting agent
   Employee benefits payable        7.39                      383,972,515.51         468,463,681.05
   Taxes payable                    7.40                      228,061,503.36         319,479,049.45
   Other payables                   7.41                       23,298,682.39          21,000,056.22
   Including: interest payable
            Dividends payable
   Fees and commissions
payable
   Reinsurance accounts
payable
   Liabilities held for sale
   Non-current liabilities due      7.43
within one year
   Other current liabilities        7.44                       29,088,325.10          82,658,540.23
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
       Total current liabilities                            16,690,925,291.98        18,642,815,239.46
 Non-current liabilities:
    Insurance contract reserves
    Long-term borrowings          7.45                        748,000,000.00            225,116,422.68
    Bonds payable
    Including: preference shares
             Perpetual bonds
    Lease liabilities             7.47                        421,760,715.45            442,455,857.59
    Long-term payables
    Long-term employee
 benefits payable
    Provisions
    Deferred income               7.51                        409,417,506.55            422,912,904.23
    Deferred tax liabilities      7.29                         64,943,926.74             66,742,024.12
    Other non-current liabilities
       Total non-current
 liabilities
          Total liabilities                                 18,335,047,440.72        19,800,042,448.08
 Owners' equity (or shareholders' equity):
    Paid-in capital (or share     7.53
 capital)
    Other equity instruments
    Including: preference shares
             Perpetual bonds
    Capital reserve               7.55                      10,872,539,090.01        10,872,539,090.01
    Less: treasury shares
    Other comprehensive           7.57
                                                                   -74,630.41            50,996,410.35
 income
    Special reserve
    Surplus reserve               7.59                       1,039,768,774.30         1,039,768,774.30
    General risk reserve
    Retained earnings             7.60                      10,567,856,221.21        10,396,846,764.46
    Total equity attributable to
 owners of the parent company
    Non-controlling interests                                  37,168,593.59             36,566,301.82
       Total owners' equity (or
 shareholders' equity)
          Total liabilities and
 owners' equity (or                                         42,590,141,069.42        43,934,595,369.02
 shareholders' equity)
Person in charge of the Company: Wu Jianshu           Person in charge of accounting affairs: Hong
Tieyang           Head of the accounting department: Hong Tieyang
                             Balance sheet of the parent company
Prepared by: Ningbo Tuopu Group Co., Ltd.
                                                                                             Unit: RMB
               Item                   Notes             30 June 2026               31 December 2025
 Current assets:
    Cash and bank balances                                   1,656,159,902.26         1,157,355,311.50
    Financial assets held for
 trading
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
   Derivative financial assets
   Notes receivable                                                19,000.00
   Trade receivables                19.1                    2,206,641,792.95       2,751,659,709.32
   Receivables financing                                          443,094.12
   Prepayments                                                 29,448,046.02         42,293,674.20
   Other receivables                19.2                      406,067,138.25        280,001,682.34
   Including: interest
receivable
            Dividends receivable
   Inventories                                               746,735,932.77         811,799,481.31
   Including: data resources
   Contract assets
   Assets held for sale
   Non-current assets due
within one year
   Other current assets                                        50,873,580.66
      Total current assets                                  5,526,388,487.03       5,443,109,858.67
Non-current assets:
   Debt investments
   Other debt investments
   Long-term receivables
   Long-term equity                                                               17,137,300,222.38
investments
   Investments in other equity
instruments
   Other non-current financial
assets
   Investment properties                                      17,611,580.81          18,685,082.96
   Property, plant and
equipment
   Construction in progress                                  283,968,056.10         255,001,459.10
   Productive biological assets
   Oil and gas assets
   Right-of-use assets
   Intangible assets                                         286,299,804.79         292,934,127.71
   Including: data resources
   Development expenditure
   Including: data resources
   Goodwill
   Long-term prepaid expenses                                  38,987,472.67          30,309,027.76
   Deferred tax assets                                         10,522,040.01          12,727,405.82
   Other non-current assets                                    41,772,171.46          42,484,813.96
      Total non-current assets                             20,709,284,483.58      20,208,813,678.50
         Total assets                                      26,235,672,970.61      25,651,923,537.17
Current liabilities:
   Short-term borrowings                                    1,861,243,030.15       1,520,973,786.29
   Financial liabilities held for
trading
   Derivative financial
liabilities
   Notes payable                                              730,770,440.63         665,378,756.74
   Trade payables                                           2,506,248,391.11       2,529,602,620.05
   Receipts in advance
   Contract liabilities                                       41,456,832.04            2,756,019.63
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    Employee benefits payable                               114,525,595.40           150,409,712.14
    Taxes payable                                            47,569,995.42            82,229,372.17
    Other payables                                          111,800,575.55            11,071,216.12
    Including: interest payable
             Dividends payable
    Liabilities held for sale
    Non-current liabilities due
 within one year
    Other current liabilities                                  5,389,388.16              180,182.55
       Total current liabilities                           6,013,949,962.16        6,252,106,623.78
 Non-current liabilities:
    Long-term borrowings                                    748,000,000.00           200,000,000.00
    Bonds payable
    Including: preference shares
             Perpetual bonds
    Lease liabilities
    Long-term payables
    Long-term employee
 benefits payable
    Provisions
    Deferred income                                         112,942,318.54           121,148,852.38
    Deferred tax liabilities
    Other non-current liabilities
       Total non-current
 liabilities
          Total liabilities                                6,874,892,280.70        6,573,255,476.16
 Owners' equity (or shareholders' equity):
    Paid-in capital (or share
 capital)
    Other equity instruments
    Including: preference shares
             Perpetual bonds
    Capital reserve                                       10,872,539,090.01       10,872,539,090.01
    Less: treasury shares
    Other comprehensive
 income
    Special reserve
    Surplus reserve                                        1,039,768,774.30        1,039,768,774.30
    Retained earnings                                      5,710,637,245.60        5,428,524,616.70
       Total owners' equity (or
 shareholders' equity)
          Total liabilities and
 owners' equity (or                                       26,235,672,970.61       25,651,923,537.17
 shareholders' equity)
Person in charge of the Company: Wu Jianshu           Person in charge of accounting affairs: Hong
Tieyang           Head of the accounting department: Hong Tieyang
                                  Consolidated income statement
                                       January to June 2026
                                                                                            Unit: RMB
                   Item                         Notes        First half of 2026   First half of 2025
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
I. Total operating revenue                                   14,199,245,308.27    12,934,627,599.03
Including: revenue                            7.61           14,199,245,308.27    12,934,627,599.03
        Interest income
        Net premiums earned
        Fee and commission income
II. Total operating costs                                    13,150,241,673.25    11,704,235,503.29
Including: cost of sales                      7.61           11,527,968,958.85    10,405,770,831.37
        Interest expense
        Fee and commission expense
        Surrender payments
        Net claims paid
        Net provision for insurance
contract reserves
        Policyholder dividend expense
        Reinsurance expense
        Taxes and surcharges                  7.62               100,210,213.01      92,636,907.56
        Selling and distribution expenses     7.63               130,898,899.67     131,613,897.97
        General and administrative            7.64
expenses
        Research and development              7.65
expenses
        Finance costs                         7.66               175,427,698.08      -9,005,267.50
        Including: interest expense                               67,986,772.28      87,530,742.57
                Interest income                                   15,007,027.71      19,925,614.80
   Add: other income                          7.67               182,328,060.98     221,315,449.17
        Investment income (losses shown       7.68
with a minus sign)
        Including: share of profits of
associates and joint ventures
               Gains on derecognition of
financial assets measured at amortized
cost (losses shown with a minus sign)
        Exchange gains (losses shown with
a minus sign)
        Gains on net exposure hedges
(losses shown with a minus sign)
        Gains from changes in fair value
(losses shown with a minus sign)
        Credit impairment losses (losses      7.71
shown with a minus sign)
        Asset impairment losses (losses       7.72
                                                                 -92,976,776.92      -32,245,147.39
shown with a minus sign)
        Gains on disposal of assets (losses   7.73
shown with a minus sign)
III. Operating profit (losses shown with a
minus sign)
   Add: non-operating income                  7.74                 1,774,874.41        5,774,104.76
   Less: non-operating expenses               7.75                12,204,051.57        8,339,986.18
IV. Total profit (total losses shown with a
minus sign)
   Less: income tax expense                   7.76               151,303,579.84     161,499,705.66
V. Net profit (net losses shown with a
minus sign)
(I) Classified by continuity of operations
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
operations (net losses shown with a minus                       1,023,243,876.60    1,295,943,360.47
sign)
operations (net losses shown with a minus
sign)
(II) Classified by ownership
shareholders of the parent company (net                         1,022,548,890.95    1,294,928,327.93
losses shown with a minus sign)
controlling interests (net losses shown                               694,985.65       1,015,032.54
with a minus sign)
VI. Other comprehensive income, net of
                                                                  -51,163,734.64     111,492,257.21
tax
   (I) Other comprehensive income
attributable to owners of the parent                              -51,071,040.76     111,441,020.65
company, net of tax
to profit or loss
(1) Remeasurement of defined benefit
plans
(2) Share of other comprehensive income
of investees that will not be reclassified to
profit or loss under the equity method
(3) Changes in fair value of investments in
other equity instruments
(4) Changes in fair value arising from the
entity's own credit risk
                                                                  -51,071,040.76     111,441,020.65
profit or loss
(1) Share of other comprehensive income
of investees that may be reclassified to
profit or loss under the equity method
(2) Changes in fair value of other debt
investments
(3) Amounts of financial assets
reclassified into other comprehensive
income
(4) Credit loss allowance for other debt
investments
(5) Cash flow hedging reserve
(6) Exchange differences on translation of
                                                                  -51,071,040.76     111,441,020.65
foreign currency financial statements
(7) Others
   (II) Other comprehensive income
attributable to non-controlling interests,                             -92,693.88         51,236.56
net of tax
VII. Total comprehensive income                                   972,080,141.96    1,407,435,617.68
   (I) Total comprehensive income
attributable to owners of the parent                              971,477,850.19    1,406,369,348.58
company
   (II) Total comprehensive income
attributable to non-controlling interests
VIII. Earnings per share:
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
   (I) Basic earnings per share
 (RMB/share)
   (II) Diluted earnings per share
 (RMB/share)
Where a business combination under common control occurred during the period, the net profit achieved
by the party being combined before the combination was RMB0, and the net profit achieved by the party
being combined in the prior period was RMB0.
Person in charge of the Company: Wu Jianshu           Person in charge of accounting affairs: Hong
Tieyang           Head of the accounting department: Hong Tieyang
                               Income statement of the parent company
                                         January to June 2026
                                                                                               Unit: RMB
                     Item                         Notes       First half of 2026     First half of 2025
 I. Revenue                                     19.4            4,022,183,511.00       4,066,613,933.05
    Less: cost of sales                         19.4            3,124,566,960.14       3,052,651,134.86
         Taxes and surcharges                                      24,229,335.49          28,737,376.88
         Selling and distribution expenses                            500,238.96           1,027,526.86
         General and administrative
 expenses
         Research and development
 expenses
         Finance costs                                              41,457,707.66        26,007,516.67
         Including: interest expense                                30,425,085.39        55,433,942.75
                  Interest income                                    4,370,655.92        11,783,079.15
    Add: other income                                               75,656,519.87       114,941,800.45
         Investment income (losses shown        19.5
 with a minus sign)
         Including: share of profits of
 associates and joint ventures
                Gains on derecognition of
 financial assets measured at amortized
 cost (losses shown with a minus sign)
         Gains on net exposure hedges
 (losses shown with a minus sign)
         Gains from changes in fair value
 (losses shown with a minus sign)
         Credit impairment losses (losses
 shown with a minus sign)
         Asset impairment losses (losses
                                                                   -24,096,437.71       -12,717,875.58
 shown with a minus sign)
         Gains on disposal of assets (losses
                                                                      -265,396.87
 shown with a minus sign)
 II. Operating profit (losses shown with a
 minus sign)
    Add: non-operating income                                          292,288.22           385,381.13
    Less: non-operating expenses                                       823,572.39         1,146,007.75
 III. Total profit (total losses shown with a
 minus sign)
    Less: income tax expense                                         1,153,617.70        17,506,588.29
 IV. Net profit (net losses shown with a
 minus sign)
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    (I) Net profit from continuing
 operations (net losses shown with a minus                         1,133,652,063.10     1,639,595,008.33
 sign)
    (II) Net profit from discontinued
 operations (net losses shown with a minus
 sign)
 V. Other comprehensive income, net of
 tax
    (I) Items that will not be reclassified to
 profit or loss
 plans
 income of investees that will not be
 reclassified to profit or loss under the
 equity method
 investments in other equity instruments
 the entity's own credit risk
    (II) Items that may be reclassified to
 profit or loss
 income of investees that may be
 reclassified to profit or loss under the
 equity method
 investments
 reclassified into other comprehensive
 income
 debt investments
 translation of foreign currency financial
 statements
 VI. Total comprehensive income                                    1,133,652,063.10     1,639,595,008.33
 VII. Earnings per share:
       (I) Basic earnings per share
 (RMB/share)
       (II) Diluted earnings per share
 (RMB/share)
Person in charge of the Company: Wu Jianshu           Person in charge of accounting affairs: Hong
Tieyang           Head of the accounting department: Hong Tieyang
                                     Consolidated cash flow statement
                                           January to June 2026
                                                                                                Unit: RMB
                       Item                            Notes      First half of 2026   First half of 2025
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
I. Cash flows from operating activities:
   Cash received from sales of goods and
rendering of services
   Net increase in customer deposits and
placements from banks
   Net increase in borrowings from the central
bank
   Net increase in placements from other
financial institutions
   Cash received from premiums under
original insurance contracts
   Net cash received from reinsurance
business
   Net increase in policyholder deposits and
investment funds
   Cash received from interest, fees and
commissions
   Net increase in placements from banks and
other financial institutions
   Net increase in funds from repurchase
transactions
   Net cash received as securities trading
agent
   Refunds of taxes and surcharges received                       339,714,886.58     275,715,679.41
   Other cash received relating to operating
activities
     Sub-total of cash inflows from operating
activities
   Cash paid for goods and services                             8,713,448,280.03    6,806,692,165.54
   Net increase in loans and advances to
customers
   Net increase in deposits with the central
bank and other banks
   Cash paid for claims under original
insurance contracts
   Net increase in placements with banks and
other financial institutions
   Cash paid for interest, fees and
commissions
   Cash paid for policyholder dividends
   Cash paid to and on behalf of employees                      1,932,361,086.05    1,713,939,029.93
   Payments of taxes and surcharges                               825,679,002.90      749,575,976.56
   Other cash paid relating to operating
activities
     Sub-total of cash outflows from
operating activities
         Net cash flows from operating
activities
II. Cash flows from investing activities:
   Cash received from disposal of investments                     605,585,345.04    1,362,712,822.22
   Cash received from investment income                                                35,000,000.00
   Net cash received from disposal of fixed
assets, intangible assets and other long-term                      35,842,983.26      22,670,747.44
assets
   Net cash received from disposal of
subsidiaries and other business units
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    Other cash received relating to investing
 activities
      Sub-total of cash inflows from investing
 activities
    Cash paid for acquisition of fixed assets,
 intangible assets and other long-term assets
    Cash paid for investments                                     951,000,000.00    1,200,000,000.00
    Net increase in pledged loans
    Net cash paid for acquisition of
 subsidiaries and other business units
    Other cash paid relating to investing
 activities
      Sub-total of cash outflows from
 investing activities
          Net cash flows from investing
                                                               -1,663,912,946.53    -1,626,604,438.28
 activities
 III. Cash flows from financing activities:
    Cash received from capital contributions
    Including: cash received by subsidiaries
 from capital contributions by non-controlling
 interests
    Cash received from borrowings                               3,490,000,000.00    2,170,000,000.00
    Other cash received relating to financing
 activities
      Sub-total of cash inflows from financing
 activities
    Cash repayments of borrowings                               2,780,100,874.08    1,504,454,467.14
    Cash paid for distribution of dividends,
 profits or interest
    Including: dividends and profits paid by
 subsidiaries to non-controlling interests
    Other cash paid relating to financing
 activities
      Sub-total of cash outflows from
 financing activities
          Net cash flows from financing
                                                                 -288,516,363.71     -366,639,672.19
 activities
 IV. Effect of foreign exchange rate changes
                                                                 -158,548,250.20      139,203,362.37
 on cash and cash equivalents
 V. Net increase in cash and cash
 equivalents
    Add: opening balance of cash and cash
 equivalents
 VI. Closing balance of cash and cash
 equivalents
Person in charge of the Company: Wu Jianshu           Person in charge of accounting affairs: Hong
Tieyang           Head of the accounting department: Hong Tieyang
                            Cash flow statement of the parent company
                                       January to June 2026
                                                                                            Unit: RMB
                      Item                           Notes     First half of 2026   First half of 2025
 I. Cash flows from operating activities:
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
   Cash received from sales of goods and
rendering of services
   Refunds of taxes and surcharges received
   Other cash received relating to operating
activities
      Sub-total of cash inflows from operating
activities
   Cash paid for goods and services                               1,639,800,512.90   1,566,496,879.81
   Cash paid to and on behalf of employees                          552,064,825.18     486,864,214.56
   Payments of taxes and surcharges                                 210,962,420.83     238,693,156.25
   Other cash paid relating to operating activities                 216,047,668.31     205,402,111.34
      Sub-total of cash outflows from operating
activities
   Net cash flows from operating activities                       1,292,678,624.86   1,589,670,751.47
II. Cash flows from investing activities:
   Cash received from disposal of investments                       605,585,345.04   1,362,712,822.22
   Cash received from investment income                             800,000,000.00   1,235,000,000.00
   Net cash received from disposal of fixed
assets, intangible assets and other long-term                        75,322,388.73      50,782,240.85
assets
   Net cash received from disposal of
subsidiaries and other business units
   Other cash received relating to investing
activities
      Sub-total of cash inflows from investing
activities
   Cash paid for acquisition of fixed assets,
intangible assets and other long-term assets
   Cash paid for investments                                      1,188,450,000.00   2,560,853,000.00
   Net cash paid for acquisition of subsidiaries
and other business units
   Other cash paid relating to investing activities               1,507,452,877.20      85,455,900.00
      Sub-total of cash outflows from investing
activities
         Net cash flows from investing activities                  -171,791,432.19    -329,388,718.20
III. Cash flows from financing activities:
   Cash received from capital contributions
   Cash received from borrowings                                  1,740,000,000.00     950,000,000.00
   Other cash received relating to financing
activities
      Sub-total of cash inflows from financing
activities
   Cash repayments of borrowings                                  1,546,500,000.00   1,012,158,659.40
   Cash paid for distribution of dividends, profits
or interest
   Other cash paid relating to financing activities                  13,924,574.60
      Sub-total of cash outflows from financing
activities
         Net cash flows from financing activities                  -602,179,094.72   -1,008,438,235.59
IV. Effect of foreign exchange rate changes on
                                                                    -12,163,507.19
cash and cash equivalents
V. Net increase in cash and cash equivalents                        506,544,590.76     251,843,797.68
   Add: opening balance of cash and cash
equivalents
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 VI. Closing balance of cash and cash
 equivalents
Person in charge of the Company: Wu Jianshu           Person in charge of accounting affairs: Hong
Tieyang           Head of the accounting department: Hong Tieyang
                                                                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                              Consolidated statement of changes in owners' equity
                                                                                                              January to June 2026
                                                                                                                                                                                                                                                                             Unit: RMB
                                                                                                                                                                           First half of 2026
                                                                                                                Equity attributable to owners of the parent company
          Item                                                                                                                                                                                                                                             Non-controlling     Total owners'
                                                        Other equity instruments                                   Less:             Other                                                      General                                                       interests           equity
                            Paid-in capital (or                                                                                                       Special
                                                                                                                                                                                                                              Others       Subtotal
                                                                                             Capital reserve      treasury       comprehensive                        Surplus reserve            risk     Retained earnings
                                                  Preference     Perpetual
                              share capital)                                                                                                          reserve
                                                                                   Others
                                                                                                                  shares            income                                                      reserve
                                                    shares         bonds
I. Closing balance of the
prior year
Add: changes in
accounting policies
      Correction of prior
period errors
      Others
II. Opening balance of
the current year
III. Movements for the
period (decreases shown                                                                                                           -51,071,040.76                                                            171,009,456.75               119,938,415.99        602,291.77      120,540,707.76
with a minus sign)
(I) Total comprehensive
                                                                                                                                  -51,071,040.76                                                           1,022,548,890.95              971,477,850.19        602,291.77      972,080,141.96
income
(II) Capital contributed
and reduced by owners
contributed by owners
by holders of other
equity instruments
payments recognized in
owners' equity
(III) Profit distribution                                                                                                                                                                                   -851,539,434.20              -851,539,434.20                       -851,539,434.20
surplus reserve
general risk reserve
owners (or                                                                                                                                                                                                  -851,539,434.20              -851,539,434.20                       -851,539,434.20
shareholders)
(IV) Internal transfers
within owners' equity
capital reserve
surplus reserve
to offset losses
                                                                                                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
benefit plans transferred
to retained earnings
income transferred to
retained earnings
(V) Special reserve
period
period
(VI) Others
IV. Closing balance for
the period
                                                                                                                                                               First half of 2025
                                                                                                                         Equity attributable to owners of the parent company
                                                                                                                                                                                                                                                                       Non-
       Item                                                                                                                                                                                                                                                                          Total owners'
                                                                                                                                                                                                                                                                    controlling
                                                                                                                                     Less:            Other                                           General                                                                           equity
                            Paid-in capital (or                Other equity instruments                                                                               Special                                         Retained                                       interests
                                                                                                                                                                                                                                     Others        Subtotal
                                                                                                            Capital reserve         treasury      comprehensive                     Surplus reserve    risk
                              share capital)      Preference      Perpetual                                                                                            reserve                                        earnings
                                                                                      Others
                                                    shares         bonds                                                             shares           income                                          reserve
I. Closing balance
of the prior year
Add: changes in
accounting policies
      Correction of
prior period errors
      Others
II. Opening balance
of the current year
III. Movements for
the period
(decreases shown
with a minus sign)
(I) Total
comprehensive                                                                                                                                     111,441,020.65                                                  1,294,928,327.93              1,406,369,348.58    1,066,269.10    1,407,435,617.68
income
(II) Capital
contributed and                 51,809,925.00                                      -143,199,396.33           2,613,849,066.32                                                                                                                   2,522,459,594.99                    2,522,459,594.99
reduced by owners
contributed by
owners
contributed by
holders of other
equity instruments
payments
recognized in
owners' equity
(III) Profit
                                                                                                                                                                                                                   -901,936,666.03               -901,936,666.03                     -901,936,666.03
distribution
surplus reserve
general risk reserve
                                                                                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 owners (or                                                                                                                                                                 -901,936,666.03                -901,936,666.03                       -901,936,666.03
 shareholders)
 (IV) Internal
 transfers within
 owners' equity
 capital reserve
 surplus reserve
 used to offset
 losses
 defined benefit
 plans transferred to
 retained earnings
 comprehensive
 income transferred
 to retained earnings
 (V) Special reserve
 the period
 period
 (VI) Others
 IV. Closing balance
 for the period
Person in charge of the Company: Wu Jianshu                                                Person in charge of accounting affairs: Hong Tieyang                                        Head of the accounting department: Hong
Tieyang
                                                                                Statement of changes in owners' equity of the parent company
                                                                                                    January to June 2026
                                                                                                                                                                                                                                               Unit: RMB
                                                                                                                                           First half of 2026
                                                                             Other equity instruments                                       Less:             Other
                 Item                      Paid-in capital (or share                                                                                                      Special
                                                                                                                 Capital reserve          treasury        comprehensive                  Surplus reserve         Retained earnings       Total owners' equity
                                                   capital)            Preference      Perpetual                                                                          reserve
                                                                                                        Others                             shares            income
                                                                         shares         bonds
 I. Closing balance of the prior
 year
 Add: changes in accounting
 policies
      Correction of prior period
 errors
      Others
 II. Opening balance of the
 current year
                                                                                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
III. Movements for the period
(decreases shown with a minus                                                                                                                                                                                    282,112,628.90        282,112,628.90
sign)
(I) Total comprehensive income                                                                                                                                                                                 1,133,652,063.10      1,133,652,063.10
(II) Capital contributed and
reduced by owners
by owners
holders of other equity
instruments
recognized in owners' equity
(III) Profit distribution                                                                                                                                                                                       -851,539,434.20       -851,539,434.20
reserve
                                                                                                                                                                                                                -851,539,434.20       -851,539,434.20
shareholders)
(IV) Internal transfers within
owners' equity
reserve
reserve
losses
plans transferred to retained
earnings
transferred to retained earnings
(V) Special reserve
(VI) Others
IV. Closing balance for the
period
                                                                                                                                             First half of 2025
                                                                             Other equity instruments                                               Less:             Other
            Item                    Paid-in capital (or                                                                                                                           Special
                                                                                                                         Capital reserve          treasury        comprehensive              Surplus reserve   Retained earnings   Total owners' equity
                                      share capital)            Preference       Perpetual                                                                                        reserve
                                                                                                        Others                                     shares            income
                                                                  shares          bonds
I. Closing balance of the
prior year
Add: changes in accounting
policies
     Correction of prior
period errors
     Others
                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 II. Opening balance of the
 current year
 III. Movements for the
 period (decreases shown          51,809,925.00        -143,199,396.33    2,613,849,066.32                                      737,658,342.30     3,260,117,937.29
 with a minus sign)
 (I) Total comprehensive
 income
 (II) Capital contributed and
 reduced by owners
 contributed by owners
 holders of other equity          51,809,925.00        -143,199,396.33    2,613,849,066.32                                                         2,522,459,594.99
 instruments
 recognized in owners'
 equity
 (III) Profit distribution                                                                                                     -901,936,666.03      -901,936,666.03
 reserve
                                                                                                                               -901,936,666.03      -901,936,666.03
 (or shareholders)
 (IV) Internal transfers
 within owners' equity
 reserve
 reserve
 offset losses
 benefit plans transferred to
 retained earnings
 income transferred to
 retained earnings
 (V) Special reserve
 period
 (VI) Others
 IV. Closing balance for the
 period
Person in charge of the Company: Wu Jianshu        Person in charge of accounting affairs: Hong Tieyang    Head of the accounting department: Hong
Tieyang
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
     Ningbo Tuopu Group Co., Ltd. (the "Company") is a joint stock company converted in whole from
the former Ningbo Tuopu Brake System Co., Ltd. and jointly promoted by MECCA INTERNATIONAL
HOLDING (HK) LIMITED, Ningbo Jinlun Equity Investment Partnership (Limited Partnership) and
Ningbo Jinrun Equity Investment Partnership (Limited Partnership). Its business license registration
number is 91330200761450380T. The Company was listed on the Shanghai Stock Exchange in March
     As at 30 June 2026 the Company had issued a total of 1,737,835,580 shares and had registered
capital of RMB1,737,835,580. Its registered address and head office address are both No. 268
Yuwangshan Road, Daqi Subdistrict, Beilun District, Ningbo, Zhejiang Province. The Company's
principal activity is the research and development, manufacture and sale of automotive parts. The parent
company is MECCA INTERNATIONAL HOLDING (HK) LIMITED and the de facto controller is Wu
Jianshu.
These financial statements were approved for issue by the Board on 27 August 2026.
     These financial statements have been prepared in accordance with the Accounting Standards for
Business Enterprises - Basic Standard and the specific accounting standards, application guidance,
interpretations and other relevant requirements issued by the Ministry of Finance (together the
"Accounting Standards for Business Enterprises"), and with the Rules for the Compilation and Reporting
of Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions
on Financial Reports issued by the China Securities Regulatory Commission.
√ Applicable □ Not applicable
     These financial statements have been prepared on a going concern basis.
     The Company has the ability to continue as a going concern for at least 12 months from the end of
the Reporting Period, and there are no material matters affecting that ability.
Note on specific accounting policies and accounting estimates:
√ Applicable □ Not applicable
     The disclosures below cover the specific accounting policies and accounting estimates adopted by
the Company in the light of the actual characteristics of the Company's production and operations.
     These financial statements comply with the Accounting Standards for Business Enterprises issued
by the Ministry of Finance and present truly and completely the consolidated and parent company
financial position of the Company as at 30 June 2026 and the consolidated and parent company results
of operations and cash flows for the period from January to June 2026.
    The financial year of the Company runs from 1 January to 31 December of each calendar year.
√ Applicable □ Not applicable
    The Company's operating cycle is 12 months.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    The functional currency of the Company is Renminbi.
√ Applicable □ Not applicable
                    Item                                        Materiality threshold
                                            Individual construction in progress items exceeding 0.5%
 Significant construction in progress
                                            of total assets
 Significant trade payables aged over one
                                            Individual trade payables exceeding 0.5% of total assets
 year
 Significant contract liabilities aged over
                                            Individual contract liabilities exceeding 0.5% of total assets
 one year
 Significant other payables aged over one
                                            Individual other payables exceeding 0.5% of total assets
 year
 Significant cash flows from investing Cash flows from investing activities where a single item
 activities                                 exceeds 10% of total assets
                                            Non-wholly-owned subsidiaries whose total assets
 Significant            non-wholly-owned represent more than 10% of the Company's consolidated
 subsidiaries                               total assets, or whose revenue represents more than 5% of
                                            the Company's consolidated revenue
                                            Joint ventures or associates whose long-term equity
                                            investment carrying amount represents more than 0.5% of
                                            the Company's consolidated net assets, or whose
 Significant joint ventures and associates
                                            investment income accounted for under the equity method
                                            represents more than 10% of the Company's consolidated
                                            net profit
     control
√ Applicable □ Not applicable
     Business combinations under common control: the assets and liabilities acquired by the combining
party in the combination, including any goodwill arising from the ultimate controlling party's acquisition
of the party being combined, are measured on the basis of their carrying amounts in the consolidated
financial statements of the ultimate controlling party at the combination date. Any difference between
the carrying amount of the net assets acquired and the carrying amount of the consideration paid, or the
aggregate par value of shares issued, is adjusted against share premium within capital reserve; where
share premium is insufficient, the balance is adjusted against retained earnings.
     Business combinations not under common control: the cost of combination is the fair value of the
assets given, the liabilities incurred or assumed, and the equity securities issued by the acquirer at the
acquisition date in exchange for control of the acquiree. Where the cost of combination exceeds the
acquirer's share of the fair value of the acquiree's identifiable net assets, the difference is recognized as
goodwill; where it is less, the difference is recognized in profit or loss. The identifiable assets, liabilities
and contingent liabilities of the acquiree that meet the recognition criteria are measured at fair value at
the acquisition date.
     Costs directly attributable to a business combination are recognized in profit or loss as incurred.
Transaction costs of issuing equity or debt securities in connection with a business combination are
included in the amount at which those securities are initially recognized.
√ Applicable □ Not applicable
      The scope of consolidation is determined on the basis of control and comprises the Company and
all of the Company's subsidiaries. Control exists where the Company has power over the investee, is
exposed to variable returns through involvement in the investee's relevant activities and is able to use
that power over the investee to affect the amount of those returns.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      The Company treats the group as a single accounting entity and prepares the consolidated financial
statements under uniform accounting policies, so that they present the financial position, results of
operations and cash flows of the group as a whole. The effects of intra-group transactions between the
Company and subsidiaries, and between subsidiaries, are eliminated. Where an intra-group transaction
indicates that a related asset is impaired, the loss is recognized in full. Where a subsidiary's accounting
policies or accounting period differ from those of the Company, the necessary adjustments are made on
consolidation to conform to the Company's accounting policies and accounting period.
      The share of a subsidiary's owners' equity, profit or loss for the period and total comprehensive
income for the period attributable to non-controlling interests is presented separately within owners'
equity in the consolidated balance sheet, below net profit in the consolidated income statement, and
below total comprehensive income respectively. Where losses for the period attributable to non-
controlling interests exceed their share of the subsidiary's opening owners' equity, the excess is deducted
from non-controlling interests.
      (1) Addition of a subsidiary or business
      Where a subsidiary or business is added during the Reporting Period through a business
combination under common control, its results of operations and cash flows from the beginning of the
period of combination to the end of the Reporting Period are included in the consolidated financial
statements. The opening balances in the consolidated financial statements and the related items in the
comparative statements are adjusted at the same time, as if the reporting entity resulting from the
combination had existed from the date the ultimate controlling party first obtained control.
      Where control over an investee under common control is obtained through an additional investment
or a similar event, any profit or loss, other comprehensive income and other movements in net assets
recognized in respect of the equity investment held before control was obtained, for the period from the
later of the date that investment was acquired and the date the combining party and the party being
combined came under common control to the combination date, are offset against opening retained
earnings or against profit or loss of the comparative period, as applicable.
      Where a subsidiary or business is added during the Reporting Period through a business
combination not under common control, it is included in the consolidated financial statements from the
acquisition date on the basis of the fair values of its identifiable assets, liabilities and contingent
liabilities determined at that date.
      Where control over an investee not under common control is obtained through an additional
investment or a similar event, the equity interest in the acquiree held before the acquisition date is
remeasured at its fair value at that date, and the difference between fair value and carrying amount is
recognized in investment income for the period. Other comprehensive income relating to that previously
held interest that may subsequently be reclassified to profit or loss, and other changes in owners' equity
recognized under the equity method, are transferred to investment income in the period containing the
acquisition date.
      (2) Disposal of a subsidiary
      (i) General treatment
      Where control over an investee is lost through the partial disposal of an equity investment or for
another reason, the retained equity investment is remeasured at its fair value at the date control was lost.
The sum of the consideration received on disposal and the fair value of the retained interest, less the sum
of the Company's share, calculated at the original shareholding percentage, of the former subsidiary's net
assets computed on a continuous basis from the acquisition or combination date and of the related
goodwill, is recognized in investment income in the period in which control was lost. Other
comprehensive income relating to the equity investment in the former subsidiary that may subsequently
be reclassified to profit or loss, and other changes in owners' equity recognized under the equity method,
are transferred to investment income when control is lost.
      (ii) Disposal of a subsidiary in stages
      Where an equity investment in a subsidiary is disposed of in stages through multiple transactions
until control is lost, the transactions are normally treated as a package deal if the terms, conditions and
economic effects of the disposals meet one or more of the following conditions:
      (a) the transactions were entered into at the same time, or in contemplation of one another;
      (b) the transactions achieve a complete commercial result only when taken together;
      (c) the occurrence of one transaction depends on the occurrence of at least one other transaction;
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      (d) a transaction that is uneconomic on its own but economic when considered together with the
other transactions.
      Where the transactions constitute a package deal, they are accounted for together as a single
transaction disposing of the subsidiary and losing control. In the consolidated financial statements, the
difference between the consideration received on each disposal before control is lost and the
corresponding share of the subsidiary's net assets is recognized in other comprehensive income, and is
transferred in full to profit or loss in the period in which control is lost.
      Where the transactions do not constitute a package deal, disposals occurring before control is lost
are accounted for as partial disposals of an equity investment in a subsidiary without loss of control, and
the transaction in which control is lost is accounted for under the general treatment for the disposal of a
subsidiary.
      (3) Acquisition of non-controlling interests in a subsidiary
      The difference between the long-term equity investment newly acquired on the purchase of non-
controlling interests and the share of the subsidiary's net assets, computed on a continuous basis from the
acquisition or combination date, attributable to the additional interest acquired, is adjusted against share
premium within capital reserve in the consolidated balance sheet; where share premium is insufficient,
the balance is adjusted against retained earnings.
      (4) Partial disposal of an equity investment in a subsidiary without loss of control
      The difference between the disposal consideration and the share of the subsidiary's net assets,
computed on a continuous basis from the acquisition or combination date, corresponding to the long-
term equity investment disposed of, is adjusted against share premium within capital reserve in the
consolidated balance sheet; where share premium is insufficient, the balance is adjusted against retained
earnings.
√ Applicable □ Not applicable
      Joint arrangements are classified as either joint operations or joint ventures.
      A joint operation is a joint arrangement in which the parties sharing joint control have rights to the
assets, and obligations for the liabilities, relating to the arrangement.
      The Company recognizes the following items in relation to the Company's interest in a joint
operation:
      (1) the Company's assets, including the Company's share of any assets held jointly;
      (2) the Company's liabilities, including the Company's share of any liabilities incurred jointly;
      (3) revenue from the sale of the Company's share of the output of the joint operation;
      (4) the Company's share of the revenue from the sale of output by the joint operation;
      (5) the Company's expenses, including the Company's share of any expenses incurred jointly by the
joint operation.
      The Company accounts for investments in joint ventures using the equity method. See Note 7.17,
Long-term equity investments.
     Cash equivalents are short-term (generally maturing within three months of the date of purchase),
and highly liquid investments held by an enterprise that are readily convertible into known amounts of
cash and subject to an insignificant risk of changes in value.
√ Applicable □ Not applicable
     Foreign currency transactions are translated into Renminbi at the spot exchange rate at the
transaction date, or at a rate approximating that spot rate determined on a systematic and rational basis.
     Foreign currency monetary items are translated at the spot exchange rate at the balance sheet date.
The resulting exchange differences are recognized in profit or loss, except for exchange differences on
specific foreign currency borrowings relating to the acquisition or construction of a qualifying asset,
which are dealt with under the principles for capitalizing borrowing costs.
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      Assets and liabilities in the balance sheet are translated at the spot exchange rate at the balance
sheet date. Items within owners' equity, other than retained earnings, are translated at the spot rates
prevailing when they arose. Income and expenses in the income statement are translated at the spot rate
at the transaction date, or at a rate approximating that spot rate determined on a systematic and rational
basis.
      On disposal of a foreign operation, the exchange differences on translation of that operation's
financial statements are transferred from owners' equity to profit or loss for the period of disposal.
√ Applicable □ Not applicable
      The Company recognizes a financial asset, a financial liability or an equity instrument when it
becomes a party to the contractual provisions of the instrument.
      On initial recognition, financial assets are classified according to the Company's business model for
managing them and their contractual cash flow characteristics as: financial assets measured at amortized
cost, financial assets measured at fair value through other comprehensive income, and financial assets
measured at fair value through profit or loss.
      The Company classifies as financial assets measured at amortized cost those financial assets that
meet both of the following conditions and are not designated as at fair value through profit or loss:
      - the business model is to hold the asset in order to collect contractual cash flows;
      - the contractual cash flows are solely payments of principal and interest on the principal amount
outstanding.
      The Company classifies as financial assets measured at fair value through other comprehensive
income (debt instruments) those financial assets that meet both of the following conditions and are not
designated as at fair value through profit or loss:
      - the business model is achieved both by collecting contractual cash flows and by selling the
financial asset;
      - the contractual cash flows are solely payments of principal and interest on the principal amount
outstanding.
      For an investment in an equity instrument that is not held for trading, the Company may on initial
recognition irrevocably designate it as a financial asset measured at fair value through other
comprehensive income (equity instrument). The designation is made on an investment-by-investment
basis, and the investment must meet the definition of an equity instrument from the issuer's perspective.
      Apart from the financial assets measured at amortized cost and at fair value through other
comprehensive income described above, the Company classifies all remaining financial assets as at fair
value through profit or loss. On initial recognition, where doing so eliminates or significantly reduces an
accounting mismatch, the Company may irrevocably designate as at fair value through profit or loss a
financial asset that would otherwise be classified as at amortized cost or at fair value through other
comprehensive income.
      On initial recognition, financial liabilities are classified as either financial liabilities measured at
fair value through profit or loss or financial liabilities measured at amortized cost.
      A financial liability may be designated on initial measurement as at fair value through profit or loss
where one of the following conditions is met:
and its performance evaluated on a fair value basis in accordance with a documented risk management
or investment strategy, and information about the group is reported internally on that basis to key
management personnel.
      (1) Financial assets measured at amortized cost
      Financial assets measured at amortized cost, which include notes receivable, trade receivables,
other receivables, long-term receivables and debt investments, are initially measured at fair value, with
related transaction costs included in the amount initially recognized. Trade receivables that do not
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contain a significant financing component, and those for which the Company has elected not to account
for a financing component of one year or less, are initially measured at the contractual transaction price.
      Interest calculated using the effective interest method during the holding period is recognized in
profit or loss.
      On recovery or disposal, the difference between the consideration received and the carrying amount
of the financial asset is recognized in profit or loss.
      (2) Financial assets measured at fair value through other comprehensive income (debt instruments)
      Financial assets measured at fair value through other comprehensive income (debt instruments),
which include receivables financing and other debt investments, are initially measured at fair value, with
related transaction costs included in the amount initially recognized. They are subsequently measured at
fair value, and changes in fair value are recognized in other comprehensive income except for interest
calculated using the effective interest method, impairment losses or gains, and exchange differences.
      On derecognition, the cumulative gain or loss previously recognized in other comprehensive
income is transferred out of other comprehensive income and recognized in profit or loss.
      (3) Financial assets measured at fair value through other comprehensive income (equity
instruments)
      Financial assets measured at fair value through other comprehensive income (equity instruments),
which include investments in other equity instruments, are initially measured at fair value, with related
transaction costs included in the amount initially recognized. They are subsequently measured at fair
value, with changes in fair value recognized in other comprehensive income. Dividends received are
recognized in profit or loss.
      On derecognition, the cumulative gain or loss previously recognized in other comprehensive
income is transferred out of other comprehensive income and recognized in retained earnings.
      (4) Financial assets at fair value through profit or loss
      Financial assets measured at fair value through profit or loss, which include financial assets held for
trading, derivative financial assets and other non-current financial assets, are initially measured at fair
value, with related transaction costs recognized in profit or loss. They are subsequently measured at fair
value, with changes in fair value recognized in profit or loss.
      (5) Financial liabilities at fair value through profit or loss
      Financial liabilities measured at fair value through profit or loss, which include financial liabilities
held for trading and derivative financial liabilities, are initially measured at fair value, with related
transaction costs recognized in profit or loss. They are subsequently measured at fair value, with changes
in fair value recognized in profit or loss.
      On derecognition, the difference between the carrying amount and the consideration paid is
recognized in profit or loss.
      (6) Financial liabilities measured at amortized cost
      Financial liabilities measured at amortized cost comprise short-term borrowings, notes payable,
trade payables, other payables, long-term borrowings, bonds payable and long-term payables. They are
initially measured at fair value, with related transaction costs included in the amount initially recognized.
      Interest calculated using the effective interest method during the holding period is recognized in
profit or loss.
      On derecognition, the difference between the consideration paid and the carrying amount of the
financial liability is recognized in profit or loss.
     The Company derecognizes a financial asset when any one of the following conditions is met:
     - the contractual rights to the cash flows from the financial asset expire;
     - the financial asset has been transferred and substantially all the risks and rewards of ownership
have been transferred to the transferee;
     - the financial asset has been transferred and, although the Company has neither transferred nor
retained substantially all the risks and rewards of ownership, it has not retained control of the asset.
     Where the Company modifies or renegotiates a contract with a counterparty and the change is
substantial, the original financial asset is derecognized and a new financial asset is recognized on the
modified terms.
     Where a financial asset is transferred and the Company retains substantially all the risks and
rewards of ownership, the asset is not derecognized.
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       In assessing whether a transfer of a financial asset meets the derecognition conditions above, the
Company applies the principle of substance over form.
       The Company distinguishes between transfers of a financial asset in its entirety and transfers of part
of a financial asset. Where a transfer in its entirety meets the conditions for derecognition, the difference
between the following two amounts is recognized in profit or loss:
       (1) the carrying amount of the financial asset transferred;
       (2) the sum of the consideration received for the transfer and the cumulative fair value changes
previously recognized directly in owners' equity, where the financial asset transferred is measured at fair
value through other comprehensive income (debt instrument).
       Where part of a financial asset is transferred and the conditions for derecognition are met, the
carrying amount of the financial asset as a whole is allocated between the part derecognized and the part
still recognized on the basis of their relative fair values, and the difference between the following two
amounts is recognized in profit or loss:
       (1) the carrying amount of the part derecognized;
       (2) the sum of the consideration for the part derecognized and the portion of the cumulative fair
value changes previously recognized directly in owners' equity that corresponds to the part
derecognized, where the financial asset transferred is measured at fair value through other
comprehensive income (debt instrument).
       Where a transfer of a financial asset does not meet the conditions for derecognition, the Company
continues to recognize the asset and recognizes the consideration received as a financial liability.
     A financial liability, or part of it, is derecognized when the present obligation is discharged in
whole or in part. Where the Company enters into an agreement with a creditor to replace an existing
financial liability by assuming a new one, and the contractual terms of the new liability are substantially
different from those of the existing liability, the existing liability is derecognized and the new liability is
recognized at the same time.
     Where the contractual terms of an existing financial liability are substantially modified in whole or
in part, the existing liability, or the relevant part of it, is derecognized and the liability on the modified
terms is recognized as a new financial liability.
     On derecognition of all or part of a financial liability, the difference between the carrying amount
of the liability derecognized and the consideration paid, including any non-cash assets transferred or new
financial liabilities assumed, is recognized in profit or loss.
     Where the Company repurchases part of a financial liability, it allocates the carrying amount of the
whole liability at the repurchase date between the part that continues to be recognized and the part
derecognized, on the basis of their relative fair values. The difference between the carrying amount
allocated to the part derecognized and the consideration paid, including any non-cash assets transferred
or new financial liabilities assumed, is recognized in profit or loss.
     The fair value of a financial instrument traded in an active market is determined by reference to the
quoted price in that market. The fair value of a financial instrument not traded in an active market is
determined using a valuation technique. In performing a valuation the Company uses techniques that are
appropriate in the circumstances and for which sufficient data and other information are available,
selects inputs consistent with the characteristics of the asset or liability that market participants would
take into account in a transaction, and gives priority to relevant observable inputs. Unobservable inputs
are used only where relevant observable inputs are unavailable or not practicable to obtain.
     The Company accounts for impairment on an expected credit loss basis for financial assets
measured at amortized cost, financial assets measured at fair value through other comprehensive income
(debt instruments) and financial guarantee contracts.
     The Company recognizes expected credit losses as the probability-weighted present value of the
difference between the contractual cash flows receivable and the cash flows it expects to receive,
weighted by the risk of default and determined using reasonable and supportable information about past
events, current conditions and forecasts of future economic conditions.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      For receivables and contract assets arising from transactions within the scope of Accounting
Standard for Business Enterprises No. 14 - Revenue, the Company always measures the loss allowance
at an amount equal to lifetime expected credit losses, whether or not they contain a significant financing
component.
      For lease receivables arising from transactions within the scope of Accounting Standard for
Business Enterprises No. 21 - Leases, the Company has elected always to measure the loss allowance at
an amount equal to lifetime expected credit losses.
      For other financial instruments, the Company assesses at each balance sheet date whether the credit
risk on the instrument has changed since initial recognition.
      The Company assesses whether the credit risk on a financial instrument has increased significantly
since initial recognition by comparing the risk of default at the balance sheet date with the risk of default
at the date of initial recognition, so as to determine the relative change in the risk of default over the
expected life of the instrument. The Company generally regards credit risk as having increased
significantly once an amount is more than 30 days past due, unless there is clear evidence that the credit
risk has not increased significantly since initial recognition.
      Where the credit risk on a financial instrument is low at the balance sheet date, the Company
regards the credit risk on that instrument as not having increased significantly since initial recognition.
      Where the credit risk on a financial instrument has increased significantly since initial recognition,
the Company measures the loss allowance at an amount equal to lifetime expected credit losses. Where
the credit risk has not increased significantly since initial recognition, the Company measures the loss
allowance at an amount equal to 12-month expected credit losses. Any increase in, or reversal of, the
loss allowance is recognized in profit or loss as an impairment loss or gain. For financial assets
measured at fair value through other comprehensive income (debt instruments), the loss allowance is
recognized in other comprehensive income and the impairment loss or gain is recognized in profit or
loss, without reducing the carrying amount of the financial asset presented in the balance sheet.
      Where there is objective evidence that a receivable is credit-impaired, the Company makes an
impairment provision for that receivable on an individual basis.
      Apart from the receivables described above for which provision for bad debts is assessed
individually, the Company groups the remaining financial instruments by credit risk characteristics and
determines expected credit losses on a collective basis.
      The categories of grouping used by the Company in determining expected credit losses on notes
receivable and receivables financing, and the basis for those groupings, are as follows:
                                        Category of
  Item                                                           Basis of determination
                                        grouping
                                                                 Notes receivable accepted by commercial
  Bank acceptance bills                 Grouping 1
                                                                 banks
                                                                 Notes receivable accepted by parties other
  Commercial acceptance bills           Grouping 2
                                                                 than commercial banks
      The categories of grouping used by the Company in determining expected credit losses on trade
receivables, other receivables and similar items, and the basis for those groupings, are as follows:
                                     Category of
  Item                                                         Basis of determination
                                     grouping
                                                               Aging is calculated from the date the trade
  Trade receivables                  Aging grouping
                                                               receivable is recognized
                                                               Aging is calculated from the date the other
  Other receivables                  Aging grouping
                                                               receivable is recognized
      Where the Company no longer has a reasonable expectation of recovering the contractual cash
flows of a financial asset in whole or in part, it writes down the gross carrying amount of that asset
directly.
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Categories of inventories, method of valuing issues, inventory system, and amortization method
for low-value consumables and packaging materials
√ Applicable □ Not applicable
     Inventories are classified as raw materials, revolving materials, finished goods, work in progress
and goods dispatched.
     Inventories are initially measured at cost, which comprises purchase costs, conversion costs and
other costs incurred in bringing the inventories to their present location and condition.
     Inventories issued are valued using the weighted average method.
     The perpetual inventory system is used.
     (1) Low-value consumables are amortized evenly over 12 months;
     (2) Packaging materials are written off in full when issued.
Criteria for recognizing, and method of providing for, declines in the value of inventories
√ Applicable □ Not applicable
      At the balance sheet date inventories are measured at the lower of cost and net realizable value.
Where the cost of inventories exceeds their net realizable value, a provision for decline in value is made.
Net realizable value is the estimated selling price in the ordinary course of business less the estimated
costs to completion, the estimated selling expenses and related taxes.
      For inventories held directly for sale, such as finished products, finished goods and materials held
for sale, net realizable value is the estimated selling price in the ordinary course of business less
estimated selling expenses and related taxes. For materials that require further processing, net realizable
value is the estimated selling price of the finished products in the ordinary course of business less the
estimated costs to completion, estimated selling expenses and related taxes. For inventories held to
satisfy a sales or service contract, net realizable value is calculated by reference to the contract price.
Where the quantity of inventories held exceeds the quantity ordered under the sales contract, the net
realizable value of the excess is calculated by reference to general selling prices.
     Where the Company makes provision for decline in value of inventories on a collective basis, the
categories of grouping, the basis for determining them, and the basis for determining net realizable value
for each category are as follows:
                             Basis for
      Category of
                          determining the              Basis for determining net realizable value
  inventory grouping
                             grouping
                                             For inventories aged more than one year that relate to
 Inventory aging
                        Inventory aging      vehicle models no longer in production, net realizable
 grouping
                                             value is nil. For other inventories, net realizable value is
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                             the estimated selling price less estimated selling expenses
                                             and related taxes.
      Where a provision for decline in value of inventories has been made and the factors that previously
caused the write-down no longer apply, so that the net realizable value of the inventories exceeds their
carrying amount, the provision is reversed to the extent of the amount previously made, and the reversal
is recognized in profit or loss.
Categories of groupings for which provision for decline in value of inventories is assessed
collectively and the basis for their determination, and the basis for determining net realizable
value for different categories of inventories
□ Applicable √ Not applicable
Method of calculating, and basis for determining, the net realizable value of each aging grouping
where net realizable value is determined by reference to inventory aging
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Method and criteria for recognizing contract assets
√ Applicable □ Not applicable
      The Company presents a contract asset or a contract liability in the balance sheet according to the
relationship between its performance and the customer's payment. A right to consideration in exchange
for goods or services already transferred to a customer, where that right is conditional on something
other than the passage of time, is presented as a contract asset. Contract assets and contract liabilities
under the same contract are presented net. An unconditional right to consideration, that is, one
conditional only on the passage of time, is presented separately as a receivable.
Categories of groupings for which provision for bad debts is assessed by credit risk characteristics,
and the basis for determination
√ Applicable □ Not applicable
     The method of determining expected credit losses on contract assets and the related accounting
treatment are set out in Note 5.11.6, Impairment testing of financial instruments and the related
accounting treatment
Method of calculating aging for groupings of credit risk characteristics determined on the basis of
aging
□ Applicable √ Not applicable
Criteria for determining that provision for bad debts is assessed on an individual basis
□ Applicable √ Not applicable
√ Applicable □ Not applicable
     A non-current asset or disposal group is classified as held for sale where its carrying amount will be
recovered principally through a sale, including an exchange of non-monetary assets that has commercial
substance, rather than through continuing use.
Criteria for classifying non-current assets or disposal groups as held for sale and the related
accounting treatment
√ Applicable □ Not applicable
     The Company classifies a non-current asset or disposal group as held for sale where all of the
following conditions are met:
     (1) the asset or disposal group is available for immediate sale in its present condition, on terms
customary for sales of such assets or disposal groups;
     (2) the sale is highly probable, that is, the Company has resolved on a plan of sale and obtained a
firm purchase commitment, and the sale is expected to be completed within one year. Where the
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
applicable requirements provide that the sale may proceed only with the approval of the Company's
competent authority or of a regulator, that approval has been obtained.
     Where the carrying amount of a non-current asset classified as held for sale, other than a financial
asset or a deferred tax asset, or of a disposal group, exceeds its fair value less costs to sell, the carrying
amount is written down to fair value less costs to sell. The write-down is recognized as an asset
impairment loss in profit or loss, and a corresponding impairment provision for assets held for sale is
made.
Criteria for identifying discontinued operations and the method of presentation
√ Applicable □ Not applicable
     A discontinued operation is a separately identifiable component that has been disposed of by the
Company or classified by it as held for sale, and that meets one of the following conditions:
     (1) the component represents a separate major line of business or a separate major geographical
area of operations;
     (2) the component is part of a single coordinated plan to dispose of a separate major line of business
or geographical area of operations;
     (3) the component is a subsidiary acquired exclusively with a view to resale.
     Profit or loss from continuing operations and from discontinued operations are presented separately
in the income statement. Operating results of a discontinued operation, including impairment losses and
reversals, together with any gain or loss on disposal, are presented as profit or loss from discontinued
operations. For an operation presented as discontinued in the current period, the Company re-presents in
the current financial statements, as profit or loss from discontinued operations for the comparative
period, information previously presented as profit or loss from continuing operations.
√ Applicable □ Not applicable
     Joint control is the contractually agreed sharing of control of an arrangement, where decisions
about the relevant activities require the unanimous consent of the parties sharing control. Where the
Company shares control of an investee with other venturers and has rights to the net assets of that
investee, the investee is a joint venture of the Company.
     Significant influence is the power to participate in the financial and operating policy decisions of an
investee, without controlling or jointly controlling the formulation of those policies. Where the
Company is able to exercise significant influence over an investee, that investee is an associate of the
Company.
      (1) Long-term equity investments arising from business combinations
      For a long-term equity investment in a subsidiary arising from a business combination under
common control, the initial investment cost is the Company's share of the carrying amount of the
owners' equity of the party being combined as recorded in the consolidated financial statements of the
ultimate controlling party at the combination date. Any difference between that initial investment cost
and the carrying amount of the consideration paid is adjusted against share premium within capital
reserve; where share premium is insufficient, the balance is adjusted against retained earnings. Where
control over an investee under common control is obtained through an additional investment or a similar
event, any difference between the initial investment cost determined on the above basis and the sum of
the carrying amount of the long-term equity investment held before the combination and the carrying
amount of the further consideration paid at the combination date is adjusted against share premium;
where share premium is insufficient, the balance is charged against retained earnings.
      For a long-term equity investment in a subsidiary arising from a business combination not under
common control, the initial investment cost is the cost of combination determined at the acquisition date.
Where control over an investee not under common control is obtained through an additional investment
or a similar event, the initial investment cost is the sum of the carrying amount of the equity investment
previously held and the cost of the additional investment.
      (2) Long-term equity investments acquired other than through a business combination
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      For a long-term equity investment acquired for cash, the initial investment cost is the purchase price
actually paid.
      For a long-term equity investment acquired by issuing equity securities, the initial investment cost
is the fair value of the equity securities issued.
      (1) Long-term equity investments accounted for using the cost method
      The Company accounts for long-term equity investments in subsidiaries using the cost method,
unless the investment meets the criteria for classification as held for sale. Other than cash dividends or
profits already declared but not yet distributed that are included in the price or consideration actually
paid on acquisition, the Company recognizes investment income for the period based on the Company's
share of cash dividends or profits declared by the investee.
      (2) Long-term equity investments accounted for using the equity method
      Long-term equity investments in associates and joint ventures are accounted for using the equity
method. Where the initial investment cost exceeds the Company's share of the fair value of the investee's
identifiable net assets at the date of investment, the initial investment cost is not adjusted. Where the
initial investment cost is less than that share, the difference is recognized in profit or loss and the cost of
the long-term equity investment is adjusted accordingly.
      The Company recognizes a share of the investee's profit or loss and other comprehensive income as
investment income and other comprehensive income respectively, and adjusts the carrying amount of the
long-term equity investment accordingly. The carrying amount is reduced by the Company's share of
any profit or cash dividend declared by the investee. For changes in the investee's owners' equity other
than profit or loss, other comprehensive income and profit distributions ("other changes in owners'
equity"), the Company adjusts the carrying amount of the long-term equity investment and recognizes
the adjustment in owners' equity.
      In recognizing the Company's share of an investee's profit or loss, other comprehensive income and
other changes in owners' equity, the Company does so on the basis of the fair value of the investee's
identifiable net assets at the date the investment was acquired, and after adjusting the investee's net profit
and other comprehensive income to conform to the Company's accounting policies and accounting
period.
      Unrealized profits and losses on transactions between the Company and associates and joint
ventures are eliminated to the extent of the Company's proportionate interest, and investment income is
recognized on that basis, except where the assets contributed or sold constitute a business. Unrealized
losses on transactions with an investee that represent an impairment loss on the asset transferred are
recognized in full.
      The Company recognizes a share of the losses of a joint venture or associate only to the extent of
the carrying amount of the long-term equity investment together with any other long-term interests that
in substance form part of the Company's net investment in that entity, reducing them to nil, unless it has
an obligation to bear additional losses. Where the joint venture or associate subsequently reports profits,
the Company resumes recognizing that share of those profits once that share has covered the share of
losses not previously recognized.
      (3) Disposal of long-term equity investments
      On disposal of a long-term equity investment, the difference between its carrying amount and the
consideration actually received is recognized in profit or loss.
      Where a long-term equity investment accounted for using the equity method is partially disposed of
and the retained interest continues to be accounted for using that method, other comprehensive income
previously recognized under the equity method is transferred on a proportionate basis using the same
basis as would apply if the investee had directly disposed of the related assets or liabilities, and other
changes in owners' equity are transferred proportionately to profit or loss.
      Where joint control of, or significant influence over, an investee is lost through the disposal of an
equity investment or for another reason, other comprehensive income recognized in respect of that
investment under the equity method is, on discontinuation of the equity method, accounted for on the
same basis as would apply if the investee had directly disposed of the related assets or liabilities, and
other changes in owners' equity are transferred in full to profit or loss.
      Where control over an investee is lost, for example through the partial disposal of an equity
investment, the treatment in the separate financial statements is as follows. If the retained interest still
gives the Company joint control of, or significant influence over, the investee, it is accounted for using
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
the equity method, and is adjusted as if the equity method had been applied from the date the investment
was originally acquired. Other comprehensive income recognized before control was obtained is
transferred on a proportionate basis using the same basis as would apply if the investee had directly
disposed of the related assets or liabilities, and other changes in owners' equity recognized under the
equity method are transferred proportionately to profit or loss. If the retained interest does not give the
Company joint control or significant influence, it is recognized as a financial asset, and the difference
between its fair value and its carrying amount at the date control was lost is recognized in profit or loss.
In that case, all other comprehensive income and other changes in owners' equity recognized before
control was obtained are transferred in full.
      Where an equity investment in a subsidiary is disposed of in stages through multiple transactions
until control is lost and those transactions constitute a package deal, they are accounted for together as a
single transaction disposing of the investment and losing control. In the separate financial statements, the
difference between the consideration received on each disposal before control is lost and the carrying
amount of the corresponding long-term equity investment is first recognized in other comprehensive
income, and is transferred in full to profit or loss in the period in which control is lost. Where the
transactions do not constitute a package deal, each is accounted for separately.
       Investment property is property held to earn rentals or for capital appreciation, or both. It comprises
land use rights that have been leased out, land use rights held for capital appreciation and subsequent
transfer, and buildings that have been leased out, including buildings held for lease following self-
construction or development and buildings under construction or development that will be leased out in
future.
       Subsequent expenditure relating to investment property is included in the cost of that property when
it is probable that the associated economic benefits will flow to the Company and the cost can be
measured reliably; otherwise it is recognized in profit or loss as incurred.
       The Company measures existing investment properties using the cost model. Buildings leased out
that are measured under the cost model are depreciated using the same policy as applies to the
Company's fixed assets, and land use rights leased out are amortized using the same policy as applies to
intangible assets.
(1) Recognition criteria
√ Applicable □ Not applicable
     Fixed assets are tangible assets held for the production of goods, the supply of services, rental to
others or administrative purposes, with a useful life of more than one accounting year. A fixed asset is
recognized when all of the following conditions are met:
     (1) it is probable that the economic benefits associated with the fixed asset will flow to the
enterprise;
     (2) the cost of the fixed asset can be measured reliably.
     Fixed assets are initially measured at cost, taking into account the effect of any estimated
decommissioning costs.
     Subsequent expenditure relating to a fixed asset is included in the cost of that asset when it is
probable that the associated economic benefits will flow to the Company and the cost can be measured
reliably; the carrying amount of the part replaced is derecognized. All other subsequent expenditure is
recognized in profit or loss as incurred.
(2) Depreciation method
√ Applicable □ Not applicable
                        Depreciation                                 Residual value           Annual
        Category                            Useful life (years)
                           method                                         rate            depreciation rate
 Buildings and          Straight-line
 structures             method
 Machinery and          Straight-line
 equipment              method
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Transportation           Straight-line
 equipment                method
 Office equipment         Straight-line
 and others               method
                                           The remaining term
                          Straight-line      stated on the title
 Commercial property                                                                10%
                          method            certificate, capped
                                                    at 40 years
                          Straight-line
 Photovoltaic works                                           20                    10%              4.50%
                          method
√ Applicable □ Not applicable
     Construction in progress is measured at cost actually incurred. Cost comprises construction costs,
installation costs, borrowing costs eligible for capitalization and other expenditure necessarily incurred
to bring the construction in progress to the condition in which it is ready for its intended use. When
construction in progress reaches that condition it is transferred to fixed assets, and depreciation begins in
the following month. The criteria for, and timing of, transfer of construction in progress to fixed assets
are as follows:
 Category                       Criteria for, and timing of, transfer to fixed assets
                                (1) the main construction works and the associated ancillary works are
                                complete; (2) where construction works have reached the condition in
 Construction works such
                                which they are ready for their intended use but the final accounts have
 as buildings and structures
                                not been settled, they are transferred to fixed assets at an estimated value
                                based on actual construction cost from the date that condition is reached.
                                (1) the relevant equipment and other ancillary facilities have been
 Installation works such as installed; (2) the equipment has been commissioned and can operate
 machinery and equipment normally and stably for a period; and (3) the equipment has been
                                accepted by the asset management personnel and the users.
√ Applicable □ Not applicable
     Borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalized and included in the cost of that asset. Other borrowing costs are
recognized as an expense in the amount incurred and charged to profit or loss as incurred.
     A qualifying asset is an asset, such as a fixed asset, investment property or item of inventory, that
necessarily takes a substantial period of time to acquire, construct or produce before it is ready for its
intended use or sale.
     The capitalization period is the period from the date capitalization of borrowing costs commences
to the date it ceases, excluding any period during which capitalization is suspended.
     Capitalization of borrowing costs begins when all of the following conditions are met:
     (1) expenditure on the asset has been incurred, comprising expenditure incurred in the form of cash
payments, transfers of non-cash assets or the assumption of interest-bearing debt for the acquisition,
construction or production of the qualifying asset;
     (2) borrowing costs have been incurred;
     (3) the acquisition, construction or production activities necessary to bring the asset to the condition
in which it is ready for its intended use or sale have commenced.
     Capitalization of borrowing costs ceases when the qualifying asset being acquired, constructed or
produced reaches the condition in which it is ready for its intended use or sale.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     Where the acquisition, construction or production of a qualifying asset is interrupted abnormally for
a continuous period of more than three months, capitalization of borrowing costs is suspended.
Capitalization continues if the interruption is a necessary step in bringing the qualifying asset to the
condition in which it is ready for its intended use or sale. Borrowing costs incurred during the period of
suspension are recognized in profit or loss until the acquisition, construction or production activity
resumes, at which point capitalization continues.
      For specific borrowings obtained to acquire, construct or produce a qualifying asset, the amount of
borrowing costs eligible for capitalization is the borrowing costs actually incurred on those borrowings
during the period, less any interest income earned on depositing unused borrowings with a bank or any
investment income earned on their temporary investment.
      For general borrowings used to acquire, construct or produce a qualifying asset, the amount of
borrowing costs eligible for capitalization is determined by multiplying the weighted average of the
cumulative expenditure on the asset in excess of that funded by specific borrowings by the capitalization
rate of those general borrowings. The capitalization rate is the weighted average effective interest rate of
the general borrowings.
      During the capitalization period, exchange differences on the principal and interest of specific
foreign currency borrowings are capitalized and included in the cost of the qualifying asset. Exchange
differences on the principal and interest of foreign currency borrowings other than specific borrowings
are recognized in profit or loss.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Useful lives and the basis for determining them, estimates made, amortization methods and
          review procedures
√ Applicable □ Not applicable
     (1) an intangible asset is initially measured at cost on acquisition;
     The cost of a separately acquired intangible asset comprises the purchase price, related taxes and
any other expenditure directly attributable to bringing the asset to the condition necessary for its
intended use.
      (2) Subsequent measurement
      The useful life of an intangible asset is assessed on acquisition.
      An intangible asset with a finite useful life is amortized over the period during which it is expected
to generate economic benefits for the Company. Where that period cannot be foreseen, the asset is
treated as having an indefinite useful life and is not amortized.
 Item                      Estimated useful life     Amortization method           Basis
 Land use right            38 to 50 years            Straight-line method          Land use right certificate
 Software                  2 to 10 years             Straight-line method          Expected benefit period
 Pollutant discharge       5 years                   Straight-line method          Pollutant discharge permit
 rights
 Patents                   10 years                  Straight-line method          Expected benefit period
reviewing that useful life
     As at 30 June 2026 the Company had no intangible assets with indefinite useful lives.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Scope of research and development expenditure captured and the related accounting treatment
√ Applicable □ Not applicable
      Expenditure incurred by the Company on research and development comprises employee benefits
for research and development personnel, materials consumed, related depreciation and amortization and
other related expenditure, and is captured as follows:
      Employee benefits relating to research and development personnel comprise mainly the benefits of
staff directly engaged in research and development activities and of management and support staff
closely involved in those activities. Materials consumed comprise mainly materials input directly into
research and development activities. Related depreciation and amortization comprise mainly the
depreciation or amortization of fixed assets and intangible assets used in research and development
activities.
      Expenditure on the Company's internal research and development projects is classified as
expenditure in the research phase or expenditure in the development phase.
      Research phase: original and planned investigation undertaken to gain and understand new
scientific or technical knowledge.
      Development phase: the application of research findings or other knowledge to a plan or design for
the production of new or substantially improved materials, devices or products, before the start of
commercial production or use.
      Expenditure in the research phase is recognized in profit or loss as incurred. Expenditure in the
development phase is recognized as an intangible asset if all of the following conditions are met;
development expenditure that does not meet them is recognized in profit or loss:
      (1) the technical feasibility of completing the intangible asset so that it will be available for use or
sale;
      (2) the intention to complete the intangible asset and use or sell it;
      (3) how the intangible asset will generate probable future economic benefits, including
demonstrating the existence of a market for the output of the asset or for the asset itself or, if it is to be
used internally, the usefulness of the asset;
      (4) the availability of adequate technical, financial and other resources to complete the development
of the intangible asset and to use or sell it;
      (5) the ability to measure reliably the expenditure attributable to the intangible asset during its
development.
      Where expenditure in the research phase cannot be distinguished from expenditure in the
development phase, all research and development expenditure incurred is recognized in profit or loss.
√ Applicable □ Not applicable
      Long-term assets, including long-term equity investments, investment properties measured using
the cost model, fixed assets, construction in progress, right-of-use assets and intangible assets with finite
useful lives, are tested for impairment where there is an indication of impairment at the balance sheet
date. Where the test shows that the recoverable amount of an asset is less than its carrying amount, an
impairment provision is made for the difference and recognized as an impairment loss. The recoverable
amount is the higher of the asset's fair value less costs of disposal and the present value of its estimated
future cash flows. Impairment provisions are calculated and recognized on an individual asset basis.
Where it is not practicable to estimate the recoverable amount of an individual asset, the recoverable
amount is determined for the asset group to which the asset belongs. An asset group is the smallest
group of assets capable of generating cash inflows independently.
      Goodwill arising from a business combination, intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested for impairment at least annually at the year end,
whether or not there is any indication of impairment.
      When testing goodwill for impairment, the Company allocates the carrying amount of goodwill
arising from a business combination to the relevant asset groups on a reasonable basis from the
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
acquisition date. Where allocation to individual asset groups is not practicable, the goodwill is allocated
to a group of asset groups. The relevant asset group or group of asset groups is the one expected to
benefit from the synergies of the business combination.
      When testing for impairment an asset group or group of asset groups that contains goodwill, if there
is an indication that the asset group or group of asset groups associated with the goodwill is impaired,
the Company first tests the asset group or group of asset groups excluding goodwill, calculates its
recoverable amount, compares that with the related carrying amount and recognizes any resulting
impairment loss. The Company then tests the asset group or group of asset groups including goodwill by
comparing its carrying amount with its recoverable amount. Where the recoverable amount is lower than
the carrying amount, the impairment loss is first applied to reduce the carrying amount of the goodwill
allocated to that asset group or group of asset groups, and is then applied to reduce the carrying amounts
of the other assets pro rata to their respective carrying amounts.
      Once recognized, the impairment losses described above are not reversed in subsequent accounting
periods.
√ Applicable □ Not applicable
     Long-term prepaid expenses are expenses already incurred that are to be borne by the current and
subsequent periods over an amortization period of more than one year.
     The amortization period and method for each type of expense are as follows:
 Item                                Amortization method                  Amortization period
 Renovation expenses                 Straight-line method                 5 years
 Others                              Straight-line method                 3 to 5 years
√ Applicable □ Not applicable
      The Company presents a contract asset or a contract liability in the balance sheet according to the
relationship between its performance and the customer's payment. An obligation to transfer goods or
services to a customer for which the Company has received, or is entitled to receive, consideration is
presented as a contract liability. Contract assets and contract liabilities under the same contract are
presented net.
(1) Accounting treatment of short-term employee benefits
√ Applicable □ Not applicable
     In the accounting period in which employees render service, the Company recognizes the short-
term employee benefits actually incurred as a liability and charges them to profit or loss or includes
them in the cost of the related asset.
     Social insurance contributions and housing provident fund contributions made by the Company for
employees, together with trade union funds and staff education funds accrued as required, are measured
in the accounting period in which employees render service using the prescribed accrual base and rates.
     Staff welfare expenses are recognized in profit or loss or in the cost of the related asset at the
amount actually incurred. Non-monetary benefits are measured at fair value.
(2) Accounting treatment of post-employment benefits
√ Applicable □ Not applicable
    (1) Defined contribution plans
    The Company makes basic pension insurance and unemployment insurance contributions for
employees in accordance with local government requirements. In the accounting period in which
employees render service, the amount payable is calculated using the contribution base and rates
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
prescribed locally, recognized as a liability and charged to profit or loss or included in the cost of the
related asset.
      (2) Defined benefit plans
      The Company attributes the benefit obligation arising from a defined benefit plan to the periods in
which employees render service, using the formula determined under the projected unit credit method,
and recognizes it in profit or loss or in the cost of the related asset.
      The deficit or surplus arising from the present value of the defined benefit obligation less the fair
value of the plan assets is recognized as a net defined benefit liability or net defined benefit asset. Where
a plan is in surplus, the Company measures the net defined benefit asset at the lower of that surplus and
the asset ceiling.
      All defined benefit obligations, including those expected to be settled within twelve months after
the end of the annual reporting period in which the employees render the related service, are discounted
using the market yield at the balance sheet date on government bonds, or on high quality corporate
bonds traded in an active market, whose term and currency match those of the obligation.
      Service cost arising from a defined benefit plan and net interest on the net defined benefit liability
or asset are recognized in profit or loss or in the cost of the related asset. Remeasurements of the net
defined benefit liability or asset are recognized in other comprehensive income and are not reclassified
to profit or loss in subsequent periods; when the plan is terminated, the amounts previously recognized
in other comprehensive income are transferred in full to retained earnings within equity.
      On settlement of a defined benefit plan, a settlement gain or loss is recognized as the difference
between the present value of the defined benefit obligation determined at the settlement date and the
settlement price.
(3) Accounting treatment of termination benefits
√ Applicable □ Not applicable
     Where the Company provides termination benefits to employees, it recognizes the resulting
employee benefits liability, and the related expense in profit or loss, at the earlier of the following dates:
when the Company can no longer withdraw the offer of termination benefits made under a plan to
terminate employment or a redundancy proposal; and when the Company recognizes the costs or
expenses of a restructuring that involves the payment of termination benefits.
(4) Accounting treatment of other long-term employee benefits
□ Applicable √ Not applicable
√ Applicable □ Not applicable
      The Company recognizes an obligation relating to a contingency as a provision where all of the
following conditions are met:
      (1) the obligation is a present obligation of the Company;
      (2) it is probable that settling the obligation will result in an outflow of economic benefits from the
Company;
      (3) the amount of the obligation can be measured reliably.
      A provision is initially measured at the best estimate of the expenditure required to settle the related
present obligation.
      In determining the best estimate, the Company takes into account the risks and uncertainties
surrounding the contingency and the time value of money. Where the effect of the time value of money
is material, the best estimate is determined by discounting the related future cash outflows.
      Where the expenditure required falls within a continuous range and each outcome within that range
is equally likely, the best estimate is the mid-point of the range. In other cases the best estimate is
determined as follows:
      - where the contingency involves a single item, the best estimate is the most likely outcome.
      - where the contingency involves a number of items, the best estimate is determined by weighting
all possible outcomes by their associated probabilities.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      Where some or all of the expenditure required to settle a provision is expected to be reimbursed by
a third party, the reimbursement is recognized as a separate asset when it is virtually certain that it will
be received. The amount recognized must not exceed the carrying amount of the provision.
      The Company reviews the carrying amount of provisions at each balance sheet date. Where there is
clear evidence that the carrying amount does not reflect the current best estimate, it is adjusted to that
best estimate.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Accounting policies applied in recognizing and measuring revenue, disclosed by type of
      business
√ Applicable □ Not applicable
      The Company recognizes revenue when it satisfies a performance obligation in a contract, that is,
when the customer obtains control of the related goods or services. Obtaining control means being able
to direct the use of, and obtain substantially all the economic benefits from, those goods or services.
      Where a contract contains two or more performance obligations, the Company allocates the
transaction price to each of them at contract inception in proportion to the relative stand-alone selling
prices of the goods or services promised under each obligation. Revenue is measured at the amount of
the transaction price allocated to each performance obligation.
      The transaction price is the amount of consideration the Company expects to be entitled to in
exchange for transferring goods or services to a customer, excluding amounts collected on behalf of
third parties and amounts expected to be refunded to the customer. The Company determines the
transaction price by reference to the terms of the contract and customary business practices, taking into
account variable consideration, any significant financing component, non-cash consideration and
consideration payable to the customer. Where the consideration is variable, the Company includes it in
the transaction price only up to the amount for which it is highly probable that no significant reversal of
cumulative revenue recognized will occur once the related uncertainty is resolved. Where a contract
contains a significant financing component, the Company determines the transaction price as the amount
that the customer would have paid in cash on obtaining control of the goods or services, and amortizes
the difference between that price and the contractual consideration over the contract term using the
effective interest method.
      A performance obligation is satisfied over time where one of the following conditions is met;
otherwise it is satisfied at a point in time:
      - the customer simultaneously receives and consumes the benefits provided by the Company's
performance as the Company performs.
      - the customer controls the goods as they are created in the course of the Company's performance.
      - the goods produced in the course of the Company's performance have no alternative use, and the
Company has an enforceable right to payment for performance completed to date throughout the
contract term.
      For a performance obligation satisfied over time, the Company recognizes revenue over that period
by reference to progress toward complete satisfaction, unless that progress cannot be reasonably
determined. The Company determines progress using either an output method or an input method,
having regard to the nature of the goods or services. Where progress cannot be reasonably determined
but the Company expects to recover the costs incurred, revenue is recognized to the extent of those costs
until progress can be reasonably determined.
      For a performance obligation satisfied at a point in time, the Company recognizes revenue when the
customer obtains control of the related goods or services. In assessing whether the customer has obtained
control, the Company considers the following indicators:
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     - the Company has a present right to payment for the goods or services, that is, the customer has a
present obligation to pay for them.
     - the Company has transferred legal title to the goods to the customer, that is, the customer holds
legal title to them.
     - the Company has transferred physical possession of the goods to the customer, that is, the
customer has physical possession of them.
     - the Company has transferred the significant risks and rewards of ownership of the goods to the
customer, that is, the customer has obtained those risks and rewards.
     - the customer has accepted the goods or services.
     The Company determines whether it is acting as principal or as agent in a transaction according to
whether it controls the goods or services before they are transferred to the customer. Where the
Company controls the goods or services before transfer, it is the principal and recognizes revenue at the
gross amount of consideration received or receivable. Otherwise it is the agent and recognizes revenue at
the amount of commission or fee to which it expects to be entitled.
     (1) Domestic companies
     For sales to domestic OEMs, revenue is recognized when the customer takes delivery and notifies
the Company to issue an invoice. For domestic aftermarket sales, revenue is recognized on despatch
from the warehouse.
     For general trade sales, revenue is recognized on customs declaration for export. For sales made on
DDU or DDP terms under the sales contract, revenue is recognized on arrival at the destination port and
acceptance by the customer.
     (2) Overseas companies
     Revenue is recognized on despatch and acceptance by the customer, or when the customer collects
the goods.
(2) Different revenue recognition and measurement methods arising from different business
    models within the same type of business
□ Applicable √ Not applicable
√ Applicable □ Not applicable
     Contract costs comprise contract fulfilment costs and costs of obtaining a contract.
     Costs incurred by the Company in fulfilling a contract that are not within the scope of the standards
on inventories, fixed assets or intangible assets are recognized as an asset for contract fulfilment costs
when the following conditions are met:
     - the costs relate directly to a contract that the Company has obtained or expects to obtain.
     - the costs enhance resources of the Company that will be used in satisfying performance
obligations in the future.
     - the costs are expected to be recovered.
     Incremental costs incurred by the Company in obtaining a contract are recognized as an asset for
costs of obtaining a contract where the Company expects to recover them.
     Assets relating to contract costs are amortized on the same basis as the revenue from the related
goods or services is recognized. However, where the amortization period for costs of obtaining a
contract is one year or less, the Company recognizes those costs in profit or loss as incurred.
     Where the carrying amount of an asset relating to contract costs exceeds the difference between the
following two amounts, the Company makes an impairment provision for the excess and recognizes it as
an asset impairment loss:
services to which the asset relates;
     Where the factors giving rise to an impairment in a prior period subsequently change so that the
amount described above exceeds the carrying amount of the asset, the Company reverses the impairment
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
provision previously made and recognizes the reversal in profit or loss. The carrying amount after
reversal must not exceed what the carrying amount would have been at the date of reversal had no
impairment provision been made.
√ Applicable □ Not applicable
      Government grants are monetary or non-monetary assets obtained by the Company from the
government without consideration, and are classified as either asset-related or income-related.
      An asset-related government grant is a grant received by the Company for the acquisition,
construction or other formation of a long-term asset. An income-related government grant is any
government grant other than an asset-related grant.
      The specific criteria applied by the Company in classifying a government grant as asset-related are:
      The Company classifies as asset-related those government grants obtained for the acquisition,
construction or other formation of long-term assets;
      The specific criteria applied by the Company in classifying a government grant as income-related
are:
      Government grants other than asset-related grants are classified as income-related;
      Where the government documentation does not specify what the grant relates to, the Company
classifies it as asset-related or income-related on the following basis:
      (1) where the government documentation identifies the specific project to which the grant relates,
the grant is split according to the relative proportions, within that project's budget, of expenditure that
will form assets and expenditure that will be charged to expenses; that split is reviewed at each balance
sheet date and revised where necessary;
      (2) where the government documentation describes the purpose only in general terms and does not
identify a specific project, the grant is treated as income-related.
    A government grant is recognized when the Company is able to meet the conditions attaching to it
and will receive it.
      An asset-related government grant is either deducted from the carrying amount of the related asset
or recognized as deferred income. Where it is recognized as deferred income, it is recognized in profit or
loss on a reasonable and systematic basis over the useful life of the related asset, in other income where
it relates to the Company's ordinary activities and in non-operating income where it does not;
      An income-related government grant that compensates the Company for related costs, expenses or
losses of future periods is recognized as deferred income and, in the period in which those costs,
expenses or losses are recognized, is either recognized in profit or loss (in other income where it relates
to the Company's ordinary activities, or in non-operating income where it does not) or applied to reduce
the related costs, expenses or losses. A grant that compensates the Company for costs, expenses or losses
already incurred is recognized directly in profit or loss (in other income where it relates to the
Company's ordinary activities, or in non-operating income where it does not) or is applied to reduce the
related costs, expenses or losses.
√ Applicable □ Not applicable
     Income tax comprises current tax and deferred tax. The Company recognizes current tax and
deferred tax in profit or loss, except for tax arising from a business combination or from a transaction or
event recognized directly in owners' equity, including other comprehensive income.
     Deferred tax assets and deferred tax liabilities are calculated and recognized on the differences
between the tax bases of assets and liabilities and their carrying amounts (temporary differences).
     A deferred tax asset is recognized for deductible temporary differences to the extent that it is
probable that taxable profit will be available in future periods against which they can be utilized. A
deferred tax asset is recognized for deductible losses and tax credits that can be carried forward to later
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
years to the extent that it is probable that future taxable profit will be available against which they can be
utilized.
       A deferred tax liability is recognized for taxable temporary differences, except in the specific
circumstances set out below.
       The specific circumstances in which no deferred tax asset or deferred tax liability is recognized are:
       - the initial recognition of goodwill;
       - a transaction or event that is not a business combination, that at the time it occurs affects neither
accounting profit nor taxable profit (or deductible loss), and in which the assets and liabilities initially
recognized do not give rise to equal taxable and deductible temporary differences.
       A deferred tax liability is recognized for taxable temporary differences associated with investments
in subsidiaries, associates and joint ventures, unless the Company is able to control the timing of the
reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. A
deferred tax asset is recognized for deductible temporary differences associated with such investments
only when it is probable that the temporary difference will reverse in the foreseeable future and that
taxable profit will be available against which it can be utilized.
       At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax
rates that, under the tax law, are expected to apply in the period when the related asset is recovered or
the related liability is settled.
       At each balance sheet date the Company reviews the carrying amount of deferred tax assets. Where
it is no longer probable that sufficient taxable profit will be available in future periods to allow the
benefit of a deferred tax asset to be utilized, the carrying amount is reduced. Any such reduction is
reversed when it becomes probable that sufficient taxable profit will be available.
       Current tax assets and current tax liabilities are presented net where there is a legally enforceable
right to set off and the Company intends either to settle on a net basis or to realize the asset and settle the
liability simultaneously.
       At the balance sheet date, deferred tax assets and deferred tax liabilities are presented net where all
of the following conditions are met:
       - the taxable entity has a legally enforceable right to set off current tax assets against current tax
liabilities;
       - the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax
authority on either the same taxable entity or different taxable entities which intend, in each future
period in which material amounts of deferred tax assets and liabilities are expected to reverse, either to
settle current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities
simultaneously.
√ Applicable □ Not applicable
Basis for applying the practical expedient to short-term leases and leases of low-value assets as
lessee, and the related accounting treatment
√ Applicable □ Not applicable
      (1) Right-of-use assets
      At the commencement date the Company recognizes a right-of-use asset for all leases other than
short-term leases and leases of low-value assets. The right-of-use asset is initially measured at cost,
which comprises:
           the amount of the lease liability on initial measurement;
           lease payments made at or before the commencement date, less any lease incentives received;
           initial direct costs incurred by the Company;
           the costs the Company expects to incur in dismantling and removing the leased asset, restoring
the site on which it is located, or restoring the asset to the condition required by the terms of the lease,
excluding costs incurred to produce inventories.
      Right-of-use assets are subsequently depreciated on a straight-line basis. Where it is reasonably
certain that ownership of the leased asset will transfer to the Company at the end of the lease term, the
asset is depreciated over its remaining useful life; otherwise it is depreciated over the shorter of the lease
term and its remaining useful life.
      The Company determines whether a right-of-use asset is impaired, and accounts for any impairment
loss identified, in accordance with the principles set out in Note 5.27, Impairment of long-term assets.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      (2) Lease liabilities
      At the commencement date the Company recognizes a lease liability for all leases other than short-
term leases and leases of low-value assets. The lease liability is initially measured at the present value of
the lease payments not yet paid. Lease payments comprise:
           fixed payments, including in-substance fixed payments, less any lease incentives receivable;
           variable lease payments that depend on an index or a rate;
           amounts expected to be payable by the Company under residual value guarantees;
           the exercise price of a purchase option, where the Company is reasonably certain that it will
exercise that option;
           amounts payable on exercising an option to terminate the lease, where the lease term reflects
that the Company will exercise that option.
      The Company uses the interest rate implicit in the lease as the discount rate. Where that rate cannot
be readily determined, the Company uses the Company's incremental borrowing rate.
      The Company calculates interest expense on the lease liability for each period of the lease term
using a constant periodic rate, and recognizes it in profit or loss or in the cost of the related asset.
      Variable lease payments not included in the measurement of the lease liability are recognized in
profit or loss, or in the cost of the related asset, as incurred.
      After the commencement date, the Company remeasures the lease liability and adjusts the related
right-of-use asset in the following circumstances. Where the carrying amount of the right-of-use asset
has already been reduced to nil but a further reduction in the lease liability is required, the difference is
recognized in profit or loss:
      - where the assessment of a purchase option, an extension option or a termination option changes,
or where the actual exercise of such an option differs from the original assessment, the Company
remeasures the lease liability at the present value of the revised lease payments discounted at a revised
discount rate;
      - where there is a change in the in-substance fixed payments, in the amount expected to be payable
under a residual value guarantee, or in the index or rate used to determine the lease payments, the
Company remeasures the lease liability at the present value of the revised lease payments discounted at
the original discount rate. However, where the change in lease payments arises from a change in a
floating interest rate, the present value is calculated using a revised discount rate.
     (3) Short-term leases and leases of low-value assets
     Where the Company elects not to recognize a right-of-use asset and a lease liability for short-term
leases and leases of low-value assets, the related lease payments are recognized in profit or loss, or in the
cost of the related asset, on a straight-line basis over each period of the lease term. A short-term lease is
a lease that, at the commencement date, has a term of no more than 12 months and contains no purchase
option. A lease of a low-value asset is a lease of an asset that is of low value when new. Where the
Company subleases, or expects to sublease, the leased asset, the head lease does not qualify as a lease of
a low-value asset.
      (4) Lease modifications
      Where a lease is modified and all of the following conditions are met, the Company accounts for
the modification as a separate lease:
           the modification increases the scope of the lease by adding the right to use one or more
underlying assets;
           the increase in consideration corresponds to the stand-alone price of the increase in scope,
adjusted for the circumstances of the contract.
      Where a lease modification is not accounted for as a separate lease, at the effective date of the
modification the Company reallocates the consideration under the modified contract, redetermines the
lease term, and remeasures the lease liability at the present value of the revised lease payments
discounted at a revised discount rate.
      Where a lease modification narrows the scope of the lease or shortens the lease term, the Company
reduces the carrying amount of the right-of-use asset accordingly and recognizes any gain or loss
relating to the partial or full termination of the lease in profit or loss. Where any other lease modification
results in remeasurement of the lease liability, the Company adjusts the carrying amount of the right-of-
use asset accordingly.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Criteria for classifying leases as lessor and the related accounting treatment
√ Applicable □ Not applicable
     At the commencement date the Company classifies each lease as either a finance lease or an
operating lease. A finance lease is a lease that transfers substantially all the risks and rewards incidental
to ownership of the leased asset, whether or not title is ultimately transferred. An operating lease is any
lease other than a finance lease. Where the Company acts as an intermediate lessor, it classifies the
sublease by reference to the right-of-use asset arising from the head lease.
     (1) Accounting for operating leases
     Lease receipts under an operating lease are recognized as rental income on a straight-line basis over
each period of the lease term. Initial direct costs incurred in relation to an operating lease are capitalized
and recognized in profit or loss over the lease term on the same basis as the rental income. Variable lease
payments not included in the lease receipts are recognized in profit or loss as incurred. Where an
operating lease is modified, the Company accounts for the modification as a new lease from its effective
date, and lease receipts received in advance or receivable under the original lease are treated as receipts
under the new lease.
      (2) Accounting for finance leases
      At the commencement date the Company recognizes a finance lease receivable and derecognizes
the asset held under the finance lease. On initial measurement the finance lease receivable is recorded at
the net investment in the lease, which is the sum of the unguaranteed residual value and the lease
receipts not yet received at the commencement date, discounted at the interest rate implicit in the lease.
      The Company calculates and recognizes interest income over the lease term using a constant
periodic rate of return. The derecognition and impairment of finance lease receivables are accounted for
in accordance with Note 5.11, Financial instruments.
      Variable lease payments not included in the measurement of the net investment in the lease are
recognized in profit or loss as incurred.
      Where a finance lease is modified and all of the following conditions are met, the Company
accounts for the modification as a separate lease:
      - the modification increases the scope of the lease by adding the right to use one or more underlying
assets;
      - the increase in consideration corresponds to the stand-alone price of the increase in scope,
adjusted for the circumstances of the contract.
      Where a modification to a finance lease is not accounted for as a separate lease, the Company
accounts for the modified lease as follows:
      - where the lease would have been classified as an operating lease had the modification been in
effect at the commencement date, the Company accounts for it as a new lease from the effective date of
the modification, taking the net investment in the lease immediately before that date as the carrying
amount of the leased asset;
      - where the lease would have been classified as a finance lease had the modification been in effect
at the commencement date, the Company accounts for it under the policy on modified or renegotiated
contracts set out in Note 5.11, Financial instruments.
      The Company assesses whether the transfer of an asset in a sale and leaseback transaction qualifies
as a sale by applying the principles set out in Note 5.34, Revenue.
      (1) As lessee
      Where the transfer of an asset in a sale and leaseback transaction qualifies as a sale, the Company,
as lessee, measures the right-of-use asset arising from the leaseback at the proportion of the previous
carrying amount of the asset that relates to the right of use it retains, and recognizes a gain or loss only in
respect of the rights transferred to the lessor.
      The subsequent measurement of right-of-use assets and lease liabilities after the commencement
date, and the accounting for lease modifications, are set out in Note 5.38, Leases, "1. The Company as
lessee". In subsequently measuring a lease liability arising from a sale and leaseback, the Company
determines the lease payments, or the revised lease payments, in a way that does not give rise to a gain
or loss relating to the right of use retained.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      Where the transfer of an asset in a sale and leaseback transaction does not qualify as a sale, the
Company, as lessee, continues to recognize the transferred asset and also recognizes a financial liability
equal to the transfer proceeds. The accounting for financial liabilities is set out in Note 5.11, Financial
instruments.
      (2) As lessor
      Where the transfer of an asset in a sale and leaseback transaction qualifies as a sale, the Company,
as lessor, accounts for the purchase of the asset and accounts for the lease in accordance with the policy
set out in "2. The Company as lessor" above. Where the transfer does not qualify as a sale, the Company,
as lessor, does not recognize the transferred asset but recognizes a financial asset equal to the transfer
proceeds. The accounting for financial assets is set out in Note 5.11, Financial instruments.
□ Applicable √ Not applicable
(1) Changes in significant accounting policies
√ Applicable □ Not applicable
Other information
      (1) Adoption of Interpretation of Accounting Standards for Business Enterprises No. 19
      On 19 December 2025 the Ministry of Finance issued Interpretation of Accounting Standards for
Business Enterprises No. 19 (Cai Kuai [2025] No. 32, "Interpretation No. 19"), which took effect on 1
January 2026.
      ① Accounting treatment of indemnification assets in business combinations not under common
           control
      Interpretation No. 19 provides that, in a business combination not under common control, the seller
and the acquirer may agree contractually that the seller will indemnify the acquirer in respect of certain
contingencies of the acquiree, or of certain uncertain outcomes relating to specified assets or liabilities, so
that the acquirer obtains an indemnification asset.
      When the acquirer recognizes the indemnified item in its consolidated financial statements, it also
recognizes an indemnification asset, measured on the same basis as the indemnified item, taking into
account management's assessment of recoverability and deducting from the carrying amount any amount
not expected to be recovered. At each subsequent balance sheet date the acquirer measures the
indemnification asset on the same basis as the indemnified item, taking into account any contractual limit
on the amount recoverable. If the carrying amount of the indemnified item changes, the carrying amount
of the indemnification asset is adjusted accordingly and the adjustment is recognized in investment income.
For an indemnification asset that is not subsequently measured at fair value, the acquirer separately
considers management's assessment of its recoverability and recognizes any amount not expected to be
recovered in investment income. When the acquirer collects, sells or otherwise loses the right to the
indemnification asset, it derecognizes the asset, and any difference between the consideration received
and the carrying amount of the asset is recognized in investment income.
      In its separate financial statements, the acquirer recognizes an indemnification asset once the
conditions for recognizing a contingent asset are met, that is, once receipt is virtually certain and the
amount can be measured reliably, and at the same time reduces the initial investment cost of the long-term
equity investment. At each subsequent balance sheet date, the acquirer applies Accounting Standard for
Business Enterprises No. 13 - Contingencies, considering any contractual limit on the amount recoverable
and management's assessment of the recoverability of the indemnification asset, and recognizes any
amount not expected to be recovered in investment income. On first-time adoption, an entity applies the
requirements retrospectively to indemnification assets existing at the effective date; no retrospective
adjustment is made where the right to an indemnification asset was collected, sold or otherwise lost before
that date.
      Adopting this Interpretation has not had a material effect on the Company's financial position or
results of operations.
     ②    Accounting treatment of the related capital reserve on disposal of a subsidiary originally
         acquired in a business combination under common control
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
     Interpretation No. 19 provides that, where an entity disposes of a subsidiary originally acquired in a
business combination under common control and loses control of it, the capital reserve arising at the
original combination date from the difference between the initial investment cost of the long-term equity
investment and the carrying amount of the consideration transferred may not be transferred to profit or
loss or to retained earnings, in either the separate or the consolidated financial statements, regardless of
whether the counterparty is a related party. Entities apply this requirement retrospectively on first-time
adoption. Adopting this Interpretation has not had a material effect on the Company's financial position
or results of operations.
      ③ Derecognition of financial liabilities settled using an electronic payment system
      Interpretation No. 19 provides that, where an entity settles a financial liability (or part of one) in cash
using an electronic payment system, it may elect to derecognize the liability before the settlement date
only once it has initiated the payment instruction and all of the following conditions are met: 1. the entity
has no practical ability to withdraw, stop or cancel the payment instruction; 2. the entity has no practical
ability to access the cash that will be used to settle as a result of the payment instruction; and 3. the
settlement risk associated with the electronic payment system is not significant. That would be the case,
for example, where the electronic payment system completes payment instructions under a standard
administrative process and the interval between the first two conditions being met and cash being delivered
to the counterparty is short. Where execution of the payment instruction depends on whether the entity is
able to deliver cash on the settlement date, the settlement risk associated with the electronic payment
system cannot be regarded as insignificant.
      Entities apply the requirements retrospectively on first-time adoption, adjusting the cumulative effect
against retained earnings and other related financial statement items at 1 January 2026, without restating
the comparative figures for prior periods.
      The Company has not elected to apply the provisions of Interpretation No. 19 on the derecognition
of financial liabilities settled using an electronic payment system.
     ④      Assessment of the contractual cash flow characteristics of financial assets and the related
          disclosures
     Interpretation No. 19 provides that, in assessing whether the contractual cash flows of a financial
asset are consistent with a basic lending arrangement, an entity may need to consider the different
components of interest. The assessment should focus on what the entity is being compensated for, rather
than on the amount of that compensation, although the amount may indicate that the entity is being
compensated for something other than basic lending risks and costs. Contractual cash flows are
inconsistent with a basic lending arrangement if they are linked to a variable that is not a basic lending
risk or cost, such as the value of an equity instrument or the price of a commodity, or if they represent a
share of the debtor's revenue or profit. Where contractual cash flows arising from a contingent feature are
consistent with a basic lending arrangement both before and after the change in cash flows, regardless of
how likely that change is, the entity must still assess the nature of the contingency. If the nature of the
contingency relates directly to changes in basic lending risks and costs, and the contractual cash flows
move in the same direction as those risks and costs, the contractual cash flows of the financial asset are
solely payments of principal and interest on the principal amount outstanding.
     Where the nature of the contingency does not relate directly to changes in basic lending risks and
costs, for example a loan whose interest rate falls by an agreed number of basis points when the borrower
meets a contractual carbon reduction target, the contractual cash flows of the financial asset are solely
payments of principal and interest on the principal amount outstanding only if, in every possible
contractual scenario, they do not differ significantly from the cash flows of a financial instrument with
identical terms but without that contingent feature.
     Entities apply the requirements retrospectively on first-time adoption, adjusting the cumulative effect
against retained earnings and other related financial statement items at 1 January 2026, without restating
the comparative figures for prior periods. Adopting this Interpretation has not had a material effect on the
Company's financial position or results of operations.
    ⑤ Disclosure of equity instruments designated at fair value through other comprehensive income
    Interpretation No. 19 provides that an entity must disclose, at least by category, the fair value at the
end of the reporting period of equity instrument investments designated at fair value through other
comprehensive income, together with the change in their fair value during the period, and may disclose
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
further detail by individual item where materiality and the entity's circumstances warrant it. The change
relating to investments derecognized during the period and the change relating to investments still held at
the end of the period must be disclosed separately. The entity must also disclose the transfer of cumulative
gains or losses recognized in equity in respect of investments derecognized during the period.
      Adopting this Interpretation has not had a material effect on the Company's financial position or
results of operations.
     (2) Adoption of Interpretation of Accounting Standards for Business Enterprises No. 20
     On 17 June 2026 the Ministry of Finance issued Interpretation of Accounting Standards for Business
Enterprises No. 20 (Cai Kuai [2026] No. 7, "Interpretation No. 20"), which took effect on the date of issue.
     ① Assessment of the contractual cash flow characteristics of financial assets
     Interpretation No. 20 sets out special classification requirements for determining whether financial
assets with non-recourse features and contractually linked instruments have contractual cash flows that
are solely payments of principal and interest on the principal amount outstanding. A financial asset has
non-recourse features when the entity's ultimate contractual right to receive cash flows is limited to the
cash flows of specified assets; in that case the entity's principal exposure is to the performance of those
specified assets rather than to the credit risk of the debtor. For a financial asset with non-recourse features,
when determining whether its contractual cash flows are solely payments of principal and interest on the
principal amount outstanding (the SPPI criterion), the entity must look through to the specified underlying
assets or their cash flows and assess how they relate to the contractual cash flows of the financial asset,
taking into account how that relationship is affected by other contractual arrangements such as
subordinated debt or equity instruments issued by the debtor. If the contractual terms of the financial asset
give rise to other cash flows, or limit the cash flows in a way that is inconsistent with payments of principal
and interest, the financial asset does not meet the SPPI criterion. Whether the underlying assets are
financial or non-financial assets does not affect this assessment.
     In some transactions with non-recourse features, the issuer may use multiple contractually linked
instruments (that is, multiple tranches) to set the order in which holders of the financial assets are paid.
Each tranche ranks in priority to, or behind, the others, and that ranking determines the order in which the
issuer allocates the cash flows generated by the underlying pool to the tranche, creating a waterfall
payment structure. The order of priority established by such a waterfall concentrates credit risk and results
in any cash shortfall on the underlying assets being allocated disproportionately between holders of the
different tranches. A holder of a given tranche is entitled to payment of principal and interest only if the
issuer obtains cash flows sufficient to meet payments ranking ahead of it. In transactions of this kind,
holders of each tranche apply the classification requirements for contractually linked instruments rather
than those for financial assets with non-recourse features. One of the conditions for a contractually linked
instrument to have contractual cash flows that are solely payments of principal and interest is that the
underlying pool must contain one or more instruments with such cash flow characteristics. That underlying
pool may include financial instruments that are outside the classification requirements of Accounting
Standard for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments but
whose contractual cash flows are equivalent to solely payments of principal and interest on the principal
amount outstanding, such as certain lease receivables.
     Entities apply the requirements retrospectively on first-time adoption, adjusting the cumulative effect
against retained earnings and other related financial statement items at 1 January 2026, without restating
the comparative figures for prior periods. Adopting this Interpretation has not had a material effect on the
Company's financial position or results of operations.
     ② Accounting treatment and related disclosures where a currency is not exchangeable
     Interpretation No. 20 provides that one currency is exchangeable into another when an entity is able,
within a specified time frame, to exchange it through a market or exchange mechanism that creates
enforceable rights and obligations in the exchange transaction. An entity assesses whether one currency is
exchangeable into another at the measurement date and for a specified purpose. If, at the measurement
date and for that purpose, the entity is able to obtain only an insignificant amount of the other currency,
the currency is not exchangeable into it. An entity may conclude that a currency is not exchangeable into
another even where the other currency can be exchanged back into it.
     Where one currency is not exchangeable into another, the entity estimates the spot exchange rate at
the measurement date so that it faithfully reflects the rate at which an orderly exchange transaction would
take place between market participants at that date under prevailing economic conditions.
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      On first-time adoption an entity is not required to restate the comparative figures for prior periods,
and applies the following transitional provisions:
      (i) Where an entity reports foreign currency transactions in its functional currency and determines
that the foreign currency concerned is not exchangeable into that functional currency, the affected foreign
currency monetary items and non-monetary items measured at fair value in a foreign currency are
translated at the estimated spot rate at the date of initial application, and the effect of applying this
Interpretation for the first time is adjusted against opening retained earnings. Adopting this Interpretation
has not had a material effect on the Company's financial position or results of operations.
      (ii) Where an entity's presentation currency differs from its functional currency, or where it translates
the financial position and results of a foreign operation, and it determines that its functional currency or
that of the foreign operation is not exchangeable into the presentation currency, the affected assets and
liabilities are translated at the estimated spot rate at the date of initial application. If the entity's functional
currency is that of a hyperinflationary economy, the affected equity items are also translated at the
estimated spot rate at the date of initial application. The effect of applying this Interpretation for the first
time is treated as an adjustment to the cumulative translation reserve, which is presented as a separate
component of equity. Adopting this Interpretation has not had a material effect on the Company's financial
position or results of operations.
      (iii) Adoption of Accounting Standard for Business Enterprises No. 25 - Insurance Contracts (revised
      On 24 December 2020 the Ministry of Finance issued the revised Accounting Standard for Business
Enterprises No. 25 - Insurance Contracts (Cai Kuai [2020] No. 20, the "new insurance contracts standard").
Enterprises listed both in the PRC and overseas, and enterprises listed overseas that prepare their financial
statements under International Financial Reporting Standards or the Accounting Standards for Business
Enterprises, apply it from 1 January 2023. Other enterprises applying the Accounting Standards for
Business Enterprises apply it from 1 January 2026.
      The new insurance contracts standard provides that, where the accounting treatment of insurance
contracts before the date of initial application differs from that required by the standard, the entity applies
the retrospective approach. Where the retrospective approach is impracticable for a group of contracts, the
entity applies the modified retrospective approach or the fair value approach; where the modified
retrospective approach is also impracticable, the entity applies the fair value approach. An entity applying
the retrospective approach is not required to disclose the line items affected in the current period and in
each prior period presented, or the amount of the adjustment to earnings per share.
      The Company has applied the new insurance contracts standard from 1 January 2026. Adopting it
has not had a material effect on the Company's financial position or results of operations.
(2) Changes in significant accounting estimates
□ Applicable √ Not applicable
(3) First-time adoption from 2026 of new accounting standards or interpretations requiring
    adjustment to the financial statements at the beginning of the year of first application
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Principal taxes and tax rates
√ Applicable □ Not applicable
           Type of tax                    Tax base                                         Tax rate
                              Output tax is calculated on
 Value-added tax              revenue from sales of goods and                13%, 9%, 7% and 6% (Note 1)
                              taxable services as prescribed by
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                   the tax law; value-added tax
                                   payable is the balance after
                                   deducting the input tax deductible
                                   for the period
 City     maintenance       and    Levied on value-added tax
 construction tax                  actually paid
 Enterprise income tax             Levied on taxable income              25%, 24%, 20%, 20.6%, 19%,
                                   Levied on        value-added    tax
 Education surcharge                                                     3%
                                   actually paid
                                   Levied on        value-added    tax
 Local education surcharge                                               2%
                                   actually paid
Note 1: value-added tax is levied on the Company's sales of goods at 13% of taxable revenue, on
technology development services at 6%, and on property leasing at 9%. For the overseas subsidiary
Thailand Technology, value-added tax is levied at 7% of taxable revenue.
Note 2: disclosure where taxable entities are subject to different city maintenance and construction tax
rates:
 Name of the taxable entity                             City maintenance and construction tax rate (%)
 Tuopu Automobile Electronics                           5
 Tuopu Thermal Management                               5
 Skateboard chassis                                     5
 Zhejiang Towin                                         5
 Taizhou Tuopu                                          5
 Shanghai Tuopu Yale                                    5
 Sichuan Tuopu                                          5
 Huzhou Tuopu                                           5
 Ningbo Qianhui                                         5
 Shanghai Towin                                         5
 Tuopu Anhui                                            5
 Tuopu Photovoltaic (Hangzhou Bay)                      5
 Tuopu Photovoltaic (Taizhou)                           5
 Tuopu Photovoltaic (Jinhua)                            5
 Henan Tuopu                                            5
 Tuopu Drive                                            5
 Jinhua Tuopu                                           5
 Fuzhou Tuopu                                           5
 Inner Mongolia Tuopu                                   5
 Other companies                                        7
Note 3: disclosure where taxable entities are subject to different enterprise income tax rates
√ Applicable □ Not applicable
              Name of the taxable entity                                Income tax rate (%)
 Parent company                                                                                       15
 Automobile electronics                                                                               15
 Thermal management                                                                                   15
 Tuopu Chassis                                                                                        15
 Hunan Tuopu                                                                                          15
 Zhejiang Towin                                                                                       15
 Suining Tuopu                                                                                        15
 Chongqing Chassis                                                                                    15
 Tuopu North America                                                                               26.50
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Tuopu USA                                                                                               28
 Tuopu Poland                                                                                            19
 Xian Tuopu                                                                                              15
 Sichuan Tuopu                                                                                           15
 Liuzhou Tuopu                                                                                           15
 Baoji Tuopu                                                                                             15
 Ningbo Qianhui                                                                                          15
 Chongqing Tuopu                                                                                         15
 Tuopu International                                                                                  16.50
 Tuopu North America (USA)                                                                               27
 Tuopu Sweden                                                                                         20.60
 Tuopu do Brasil                                                                                         34
 Tuopu Malaysia                                                                                          24
 Tuopu Mexico                                                                                            30
 Hong Kong Holdings                                                                                   16.50
 Hong Kong Investment                                                                                 16.50
 Thailand Technology                                                                                     20
 Wuhu Tuopu                                                                                              15
 Tuopu Detroit                                                                                           28
 Malaysia Technology                                                                                     24
 Other companies                                                                                         25
√ Applicable □ Not applicable
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Ningbo
Municipal Science and Technology Bureau, the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202433102644 recognizing the Company as a high and new technology
enterprise. The recognition is valid for three years and carries a preferential enterprise income tax rate of
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Ningbo
Municipal Science and Technology Bureau, the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202533101417 recognizing Tuopu Automobile Electronics as a high and
new technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2025 to 2027. The enterprise income tax rate for 2026 is
therefore 15%.
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Ningbo
Municipal Science and Technology Bureau, the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202333103290 recognizing Tuopu Thermal Management as a high and new
technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2023 to 2025.
      The materials for re-recognition as a high and new technology enterprise have been submitted, and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
technology enterprise status expires, and pending re-recognition, enterprise income tax is provisionally
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Ningbo
Municipal Science and Technology Bureau, the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202333100609 recognizing Tuopu Chassis as a high and new technology
enterprise. The recognition is valid for three years and carries a preferential enterprise income tax rate of
      The materials for re-recognition as a high and new technology enterprise have been submitted, and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
technology enterprise status expires, and pending re-recognition, enterprise income tax is provisionally
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Hunan
Provincial Department of Science and Technology, the Hunan Provincial Department of Finance and the
Hunan Provincial Tax Service of the State Taxation Administration jointly issued high and new
technology enterprise certificate no. GR202343003469 recognizing Hunan Tuopu as a high and new
technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2023 to 2025.
      The materials for re-recognition as a high and new technology enterprise have been submitted, and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
technology enterprise status expires, and pending re-recognition, enterprise income tax is provisionally
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Zhejiang
Provincial Department of Science and Technology, the Zhejiang Provincial Department of Finance and
the Zhejiang Provincial Tax Service of the State Taxation Administration jointly issued high and new
technology enterprise certificate no. GR202233009476 recognizing Zhejiang Towin as a high and new
technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2025 to 2027. The enterprise income tax rate for 2026 is
therefore 15%.
of the Western Region (Announcement No. 23 of 2020 of the National Development and Reform
Commission) and the Catalog of Encouraged Industries in the Western Region, the Sichuan Provincial
Department of Economy and Information Technology recognized Suining Tuopu as an enterprise in an
encouraged industry, entitling it to enterprise income tax at a reduced rate of 15% from 1 January 2021
to 31 December 2030. The enterprise income tax rate applicable to Suining Tuopu for 2026 is therefore
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region, enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Chongqing Chassis for
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region, enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Xian Tuopu for 2026 is
therefore 15%.
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region, enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Sichuan Tuopu for
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region, enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Liuzhou Tuopu for
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region, enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Baoji Tuopu for 2026
is therefore 15%.
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Ningbo
Municipal Science and Technology Bureau, the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202333100329 recognizing Ningbo Qianhui as a high and new technology
enterprise. The recognition is valid for three years and carries a preferential enterprise income tax rate of
      The materials for re-recognition as a high and new technology enterprise have been submitted, and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
technology enterprise status expires, and pending re-recognition, enterprise income tax is provisionally
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region, enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Chongqing Tuopu for
regulations, income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years, counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Ningbo Beilun) has enjoyed this three-year exemption and three-year half-
rate concession since 2022.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
regulations, income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years, counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Hangzhou Bay) has enjoyed this three-year exemption and three-year
half-rate concession since 2022.
regulations, income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years, counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Jinhua) has enjoyed this three-year exemption and three-year half-rate
concession since 2024.
regulations, income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years, counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Wuhan) has enjoyed this three-year exemption and three-year half-rate
concession since 2024.
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195), the Anhui
Provincial Department of Industry and Information Technology, the Anhui Provincial Department of
Finance and the Anhui Provincial Tax Service jointly issued high and new technology enterprise
certificate no. GR202434004164 recognizing Wuhu Tuopu as a high and new technology enterprise. The
recognition is valid for three years and carries a preferential enterprise income tax rate of 15% for the
period from 2025 to 2027. The enterprise income tax rate for 2026 is therefore 15%.
Tax and Fee Policies to Further Support the Development of Small and Micro Enterprises and
Individually-Owned Businesses (Announcement No. 12 of 2023), small low-profit enterprises continue
to compute taxable income at a reduced rate of 25% and pay enterprise income tax at 20%, with the
policy extended to 31 December 2027. For 2026 this concession applies to Tuopu Photovoltaic (Pinghu),
Tuopu Photovoltaic (Taizhou), Jinan Tuopu, Tuopu Photovoltaic (Ningbo Yinzhou), Tuopu Photovoltaic
(Xiangtan), Lingyu Tactile, Fuzhou Tuopu, Anqing Towin, Yibin Tuopu and Inner Mongolia Tuopu.
six taxes and two fees applies to small and micro enterprises that meet both of the following conditions
at the end of the month preceding the filing period: no more than 300 employees and total assets of no
more than RMB50 million. Accordingly, the surcharge rates applicable to Tuopu Photovoltaic (Pinghu)
for 2026 are halved. For 2026 this concession applies to Tuopu Photovoltaic (Pinghu), Tuopu
Photovoltaic (Taizhou), Tuopu Photovoltaic (Jinhua), Jinan Tuopu, Tuopu Photovoltaic (Ningbo
Yinzhou), Tuopu Photovoltaic (Xiangtan), Tuopu Drive, Fuzhou Tuopu, Anqing Towin, Yibin Tuopu
and Inner Mongolia Tuopu.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                 Item                            Closing balance                   Opening balance
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Cash on hand                                                 13,252.47                       16,314.90
 Bank deposits                                         5,186,313,809.57                4,701,231,769.35
 Other cash and bank balances                            139,547,054.41                  518,557,923.67
 Deposits placed with finance
 companies
 Total                                                 5,325,874,116.45                5,219,806,007.92
        Including: total amounts
     deposited outside the PRC
Other information
Other cash and bank balances comprise the following:
                                                                                                Unit: RMB
                                                                             Closing balance of the prior
                 Item                           Closing balance
                                                                                        year
 Guarantee deposits for bank                             135,016,587.62                   518,557,699.94
 acceptance bills
 Guarantee deposits for letters of                           4,530,250.00
 guarantee
 Guarantee deposits for foreign                                   216.79                         223.73
 exchange settlement
 Total                                                   139,547,054.41                  518,557,923.67
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                                                                                     Reasons and basis
              Item                   Closing balance           Opening balance
                                                                                     for the designation
 Financial assets at fair value
 through profit or loss
 Including:
        Investments in debt
                                                                                                          /
 instruments
        Investments in equity
                                                                                                          /
 instruments
        Derivative financial
                                                                                                          /
 assets
        Short-term wealth
 management products
 Financial assets designated at
 fair value through profit or
 loss
 Including:
              Total                     430,000,000.00            400,000,000.00                          /
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Notes receivable by category
√ Applicable □ Not applicable
                                                                                              Unit: RMB
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
             Item                          Closing balance                       Opening balance
Bank acceptance notes
Commercial acceptance notes                                9,841,908.49                   15,798,084.56
             Total                                         9,841,908.49                   15,798,084.56
(2) Notes receivable pledged by the Company at the end of the period
□ Applicable √ Not applicable
(3) Notes receivable endorsed or discounted by the Company and not yet due at the balance sheet
    date
□ Applicable √ Not applicable
                                                                Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(4) Disclosure by method of provision for bad debts assessment
√ Applicable □ Not applicable
                                                                                                                                                                              Unit: RMB
                                                         Closing balance                                                                 Opening balance
        Category              Gross carrying amount          Provision for bad debts                         Gross carrying amount          Provision for bad debts
                                                                                               Carrying
                                            Percentage                     Provision                                        Percentage                     Provision       Carrying amount
                              Amount                         Amount                            amount        Amount                         Amount
                                               (%)                          ratio (%)                                          (%)                         ratio (%)
Provision for bad debts
assessed individually
Including:
Provision for bad debts
assessed collectively
Including:
Grouping       1:     bank
acceptance bills
Grouping 2: commercial
acceptance bills
           Total             10,359,903.68       100.00      517,995.19                 /     9,841,908.49   16,629,562.69       100.00      831,478.13                /     15,798,084.56
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
√ Applicable □ Not applicable
Items assessed collectively: Grouping 2: commercial acceptance bills
                                                                                            Unit: RMB
                                                             Closing balance
            Name                    Gross carrying           Provision for bad
                                                                                   Provision ratio (%)
                                       amount                      debts
 Grouping 1: bank
 acceptance bills
 Grouping 2: commercial
 acceptance bills
            Total                      10,359,903.68                  517,995.19                    5.00
Notes on provision for bad debts assessed collectively
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of notes receivable for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(5) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                                                    Changes for the period
                     Opening                                                                        Closing
    Category                                      Recovery or    Derecognition         Other
                     balance        Provision                                                       balance
                                                   reversal       or write-off       changes
 Grouping 1:
 bank
 acceptance
 bills
 Grouping 2:
 commercial
 acceptance
 bills
       Total        831,478.13                       313,482.94                                  517,995.19
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(6) Notes receivable actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of notes receivable:
□ Applicable √ Not applicable
Notes on the write-off of notes receivable:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Disclosure by aging
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
             Aging                     Closing gross carrying amount        Opening gross carrying amount
 Within 1 year (inclusive)                           6,936,834,099.04                    7,676,827,123.26
 Including: within one year                          6,936,834,099.04                    7,676,827,123.26
 to 2 years                                              31,150,425.13                     38,560,061.41
 to 3 years                                             128,359,497.71                    124,744,427.67
 Over 3 years                                            36,289,084.78                     33,159,943.33
 to 4 years
 to 5 years
 Over 5 years                                            23,927,031.39                      21,649,011.18
                Total                                 7,156,560,138.05                   7,894,940,566.85
                                                                 Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Disclosure by method of provision for bad debts assessment
√ Applicable □ Not applicable
                                                                                                                                                                              Unit: RMB
                                                          Closing balance                                                                 Opening balance
        Category              Gross carrying amount          Provision for bad debts                          Gross carrying amount          Provision for bad debts
                                             Percentage                     Provision    Carrying amount                     Percentage                     Provision      Carrying amount
                              Amount                         Amount                                           Amount                         Amount
                                                (%)                         ratio (%)                                           (%)                          ratio (%)
Provision for bad debts
assessed individually
Including:
Provision for bad debts
assessed collectively
Including:
Trade receivables for
which provision for bad
debts is assessed by aging
grouping
           Total           7,156,560,138.05      100.00 535,057,781.52                  / 6,621,502,356.53 7,894,940,566.85      100.00 569,147,446.06                   / 7,325,793,120.79
                               Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Provision for bad debts assessed individually:
√ Applicable □ Not applicable
                                                                                                    Unit: RMB
                                                                       Closing balance
                    Name                       Gross carrying   Provision for bad Provision        Reason for
                                                  amount              debts         ratio (%)       provision
 Human Horizons (Shandong) Technology                                                           Not expected to
 Co., Ltd.                                                                                      be recovered
 Wilmaster New Energy Vehicle                                                                   Not expected to
 Components (Wenzhou) Co., Ltd.                                                                 be recovered
 WM New Energy Vehicle Procurement                                                              Not expected to
 (Shanghai) Co., Ltd.                                                                           be recovered
 Human Horizons (Jiangsu) Technology Co.,                                                       Not expected to
 Ltd.                                                                                           be recovered
 Chongqing Huansu Auto Parts Co., Ltd.                                                          Not expected to
                                                                                                be recovered
 Henan Dongqi Chenfei Rubber and Plastics                                                       Not expected to
 Co., Ltd.                                                                                      be recovered
 Beijing Borgward Automobile Co., Ltd.                                                          Not expected to
                                                                                                be recovered
 GAC Fiat Chrysler Automobiles Co., Ltd.,                                                       Not expected to
 Guangzhou Branch                                                                               be recovered
 WM Motor Technology (Sichuan) Co., Ltd.                                                        Not expected to
                                                                                                be recovered
 Beijing Jidu Auto Parts Co., Ltd.                                                              Not expected to
                                                                                                be recovered
 Hycan Automobile Technology Co., Ltd.                                                          Not expected to
                                                                                                be recovered
 Hafei Automobile Co., Ltd.                                                                     Not expected to
                                                                                                be recovered
 GAC Fiat Chrysler Automobiles Co., Ltd.                                                        Not expected to
                                                                                                be recovered
 WM Motor Technology (Hengyang) Co.,                                                            Not expected to
 Ltd.                                                                                           be recovered
 Zhejiang Lvye Automobile Co., Ltd.                                                             Not expected to
                                                                                                be recovered
 Shenyang Xinguang Huaxiang Automobile                                                          Not expected to
 Engine Manufacturing Co., Ltd.                                                                 be recovered
 Beijing Borgward Automobile Co., Ltd.,                                                         Not expected to
 Changping Branch                                                                               be recovered
 WM New Energy Vehicle Sales (Shanghai)                                                         Not expected to
 Co., Ltd.                                                                                      be recovered
 Brilliance Renault Jinbei Automotive Co.,                                                      Not expected to
 Ltd.                                                                                           be recovered
 Chongqing Zotye Automobile Industry Co.,                                                       Not expected to
 Ltd.                                                                                           be recovered
 HiPhi (Qingdao) Automobile Sales and                                                           Not expected to
 Service Co., Ltd.                                                                              be recovered
 Mianyang Huarui Automobile Co., Ltd.                                                           Not expected to
                                                                                                be recovered
 Jidu Technology (Wuhan) Co., Ltd.                                                              Not expected to
                                                                                                be recovered
 Zhejiang Zotye Automobile Manufacturing                                                        Not expected to
 Co., Ltd.                                                                                      be recovered
                   Total                       170,980,958.66     170,980,958.66      100.00            /
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
√ Applicable □ Not applicable
Items assessed collectively: trade receivables for which provision for bad debts is assessed by aging
grouping
                                                                                              Unit: RMB
                               Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                        Closing balance
          Name
                          Gross carrying amount      Provision for bad debts               Provision ratio (%)
 Up to 1 year                   6,936,834,099.04             346,841,704.96                                  5.00
 to 2 years                        29,208,468.20                2,920,846.81                                10.00
 to 3 years                         5,664,163.85                1,699,249.16                                30.00
 Over 5 years                      10,728,882.35              10,728,882.35                               100.00
          Total                 6,985,579,179.39             364,076,822.86
Notes on provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of trade receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(3) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                                        Unit: RMB
                                                       Changes for the period
                     Opening                                                                            Closing
   Category                                           Recovery or    Derecognition       Other
                     balance           Provision                                                        balance
                                                       reversal       or write-off      changes
 Provision for
 bad debts
 assessed
 individually
 Provision for
 bad debts
 assessed
 collectively
      Total       569,147,446.06    13,732,634.22     47,822,298.76                                 535,057,781.52
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(4) Trade receivables actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of trade receivables
□ Applicable √ Not applicable
Notes on the write-off of trade receivables:
□ Applicable √ Not applicable
(5) Top five trade receivables and contract assets by closing balance, aggregated by debtor
√ Applicable □ Not applicable
                                                                                        Unit: RMB
                                                                                 Percentage of
                                                             Closing balance    the total closing
                    Closing balance       Closing balance                                           Closing balance
                                                                 of trade       balance of trade
 Name of entity         of trade            of contract                                             of provision for
                                                             receivables and    receivables and
                      receivables              assets                                                  bad debts
                                                              contract assets    contract assets
                                                                                       (%)
 Largest            1,283,758,354.81                        1,283,758,354.81                17.94     64,187,917.74
 Second largest       738,156,039.26                          738,156,039.26                10.31     36,907,801.96
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Third largest       474,573,169.76                      474,573,169.76             6.63    23,774,396.09
 Fourth largest      211,306,794.79                      211,306,794.79             2.95    10,565,339.74
 Fifth largest       199,031,089.85                      199,031,089.85             2.78     9,951,554.49
       Total       2,906,825,448.47                    2,906,825,448.47            40.62   145,387,010.02
Other information:
□ Applicable √ Not applicable
(1) Contract assets
□ Applicable √ Not applicable
(2) Amounts of, and reasons for, significant changes in carrying amount during the Reporting
    Period
□ Applicable √ Not applicable
(3) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of contract assets for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(4) Provision for bad debts on contract assets during the period
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(5) Contract assets actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of contract assets
□ Applicable √ Not applicable
Notes on the write-off of contract assets:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Receivables financing by category
√ Applicable □ Not applicable
                                                                                                Unit: RMB
              Item                           Closing balance                       Opening balance
 Notes receivable                                  3,356,382,393.06                      4,828,918,846.99
 Trade receivables
              Total                                 3,356,382,393.06                     4,828,918,846.99
(2) Receivables financing pledged by the Company at the end of the period
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                        Item                                 Amount pledged at the end of the period
 Bank acceptance bills                                                                   178,525,938.15
 Commercial acceptance bills
                       Total                                                              178,525,938.15
(3) Receivables financing endorsed or discounted by the Company and not yet due at the balance
sheet date
√ Applicable □ Not applicable
                                                                                     Unit: RMB
                                  Amount derecognized at the end Amount not derecognized at the
              Item
                                           of the period                end of the period
 Bank acceptance bills                           3,086,944,553.48
 Commercial acceptance bills
              Total                              3,086,944,553.48
(4) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of receivables financing for which the
loss allowance changed during the period:
□ Applicable √ Not applicable
(5) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(6) Receivables financing actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of receivables financing
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
(7) Movements in receivables financing and changes in fair value during the period:
√ Applicable □ Not applicable
                    Closing balance of   Additions during        Derecognized         Other
      Item                                                                                     Closing balance
                      the prior year       the period           during the period    changes
 Bank
 acceptance bills
 Commercial
 acceptance bills
      Total          4,828,918,846.99     7,655,875,407.26       9,128,411,861.19              3,356,382,393.06
(8) Other information:
□ Applicable √ Not applicable
(1) Prepayments by aging
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                               Closing balance                                  Opening balance
     Aging
                         Amount           Percentage (%)                  Amount          Percentage (%)
Up to 1 year            252,109,459.79                97.06              219,070,954.58               97.11
to 2 years                2,609,652.17                 1.00                2,442,809.82                1.08
to 3 years                1,693,222.48                 0.65                2,113,517.24                0.94
Over 3 years              3,350,205.42                 1.29                1,955,197.34                0.87
     Total              259,762,539.86               100.00              225,582,478.98              100.00
(2) Top five prepayments by closing balance, aggregated by payee
√ Applicable □ Not applicable
                                                                                                     Unit: RMB
                                                                               Percentage of the total closing
                Name of entity                      Closing balance
                                                                                balance of prepayments (%)
 Rio Tinto Alcan Inc.                                       33,222,031.64                                 12.79
 ARZYZ CO S.A. DE C.V.                                      32,405,012.17                                 12.47
 Yunnan Aluminium Co., Ltd.                                 27,796,150.20                                 10.70
 Ningbo Hangzhou Bay China Resources
 Gas Co., Ltd.
 HUGO GALINDO Y ASOCIADOS SC                              4,663,743.19                                    1.80
                  Total                                 103,033,973.21                                   39.66
Other information
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Presentation of items
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                 Item                            Closing balance                   Opening balance
 Interest receivable
 Dividends receivable
 Other receivables                                        69,636,118.31                    65,810,353.73
                Total                                     69,636,118.31                    65,810,353.73
Other information:
□ Applicable √ Not applicable
Interest receivable
(1) Categories of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(4) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(5) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(6) Interest receivable actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of interest receivable
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Dividends receivable
(7) Dividends receivable
□ Applicable √ Not applicable
(8) Significant dividends receivable aged over one year
□ Applicable √ Not applicable
(9) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(10) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(11) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(12) Dividends receivable actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of dividends receivable
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(13) Disclosure by aging
√ Applicable □ Not applicable
                                                                                               Unit: RMB
              Aging                   Closing gross carrying amount       Opening gross carrying amount
 Within 1 year (inclusive)                             37,142,451.26                      44,518,831.61
 Including: within one year                            37,142,451.26                      44,518,831.61
 to 2 years                                             29,183,929.71                     9,582,413.73
 to 3 years                                              1,860,618.97                     8,867,683.47
 Over 3 years                                           16,957,049.17                    21,714,782.32
 to 4 years
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 to 5 years
 Over 5 years                                           12,414,069.99                     1,355,282.67
                Total                                   97,558,119.10                    86,038,993.80
(14) Classification by nature of the amounts
√ Applicable □ Not applicable
                                                                                               Unit: RMB
       Nature of the amount           Closing gross carrying amount       Opening gross carrying amount
 Petty cash                                             2,870,253.54                        2,351,007.52
 Deposits and guarantee deposits                       66,317,991.54                      60,825,611.33
 Others                                                28,369,874.02                      22,862,374.95
              Total                                    97,558,119.10                      86,038,993.80
(15) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                            Unit: RMB
                           Stage 1               Stage 2                 Stage 3
 Provision for bad        12-month         Lifetime expected       Lifetime expected
                                                                                            Total
       debts            expected credit    credit losses (not         credit losses
                            losses          credit-impaired)       (credit-impaired)
 Balance at 1
 January 2026
 Balance at 1
 January     2026,
 movements
 during the period
 -- Transfer to
 Stage 2
 -- Transfer to
 Stage 3
 -- Transfer back
 to Stage 2
 -- Transfer back
 to Stage 1
 Provision for the
 period
 Reversal for the
 period
 Derecognized
 during the period
 Written        off
 during the period
 Other changes
 Balance at 30
 June 2026
Explanation of significant changes in the gross carrying amount of other receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
Amount of provision for bad debts made during the period and the basis used to assess whether the
credit risk on the financial instruments has increased significantly:
□ Applicable √ Not applicable
                                  Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(16) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                                               Unit: RMB
                                                            Changes for the period
                            Opening                                                                            Closing
    Category                                              Recovery or Derecognition               Other
                            balance       Provision                                                            balance
                                                           reversal       or write-off          changes
 Other
 receivables for
 which provision
 for bad debts is
 assessed by
 aging grouping
       Total            20,228,640.07    7,842,759.85      149,399.13                                        27,922,000.79
Of which, significant amounts of provision for bad debts reversed or recovered during the period:
□ Applicable √ Not applicable
(17) Other receivables actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of other receivables:
□ Applicable √ Not applicable
Notes on the write-off of other receivables:
□ Applicable √ Not applicable
(18) Top five other receivables by closing balance, aggregated by debtor
√ Applicable □ Not applicable
                                                                                                               Unit: RMB
                                                             Percentage of the                                   Closing
                                                                                  Nature of
                                               Closing          total closing                                  balance of
            Name of entity                                                           the         Aging
                                               balance       balance of other                                 provision for
                                                                                   amount
                                                              receivables (%)                                   bad debts
                                                                                 Deposits
FIDEICOMISO FIBRA UNO SIN                                                        and
TIPO DE S                                                                        guarantee
                                                                                 deposits
                                                                                 Deposits
Ningbo Hangzhou Bay New Area
                                                                                 and          Over 5
Development and Construction                  9,508,485.00                  9.75                               9,508,485.00
                                                                                 guarantee    years
Administrative Committee
                                                                                 deposits
                                                                                 Deposits
DGE-RE 7R IMMOBILIEN                                                             and
UNTERNEHMERGESELLSCHAFT                                                          guarantee
                                                                                 deposits
                                                                                 Deposits
                                                                                 and
Arca Star Solutions Co., Ltd.                 7,133,055.57                  7.31              Note 2            697,197.78
                                                                                 guarantee
                                                                                 deposits
                                                                                 Deposits
                                                                                 and
Avalon Risk Management Insurance Ag           4,944,713.40                  5.07              Note 3           2,896,156.03
                                                                                 guarantee
                                                                                 deposits
                    Total                    40,931,919.33                41.96       /            /          18,944,543.29
Note 1: within 1 year RMB627,349.02; 4 to 5 years RMB7,879,010.80;
Note 2: within 1 year RMB322,155.57; 1 to 2 years RMB6,810,900.00;
Note 3: 2 to 3 years RMB235,573.37; 3 to 4 years RMB4,709,140.03.
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(19) Presented in other receivables due to centralized fund management
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                                                      Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Categories of inventories
√ Applicable □ Not applicable
                                                                                                                                                  Unit: RMB
                                                 Closing balance                                                      Opening balance
                                             Provision for decline in                                               Provision for decline in
                                              value of inventories /                                                 value of inventories /
          Item              Gross carrying                                                         Gross carrying
                                              impairment provision        Carrying amount                            impairment provision Carrying amount
                               amount                                                                 amount
                                             for contract fulfilment                                                for contract fulfilment
                                                      costs                                                                  costs
Raw materials                 927,722,807.31           13,013,647.78          914,709,159.53         653,277,398.57           14,488,687.63   638,788,710.94
Revolving materials            21,804,238.83                                   21,804,238.83          18,918,958.69                            18,918,958.69
Finished goods              1,240,104,182.21           80,479,966.64        1,159,624,215.57       1,428,252,309.67           68,678,441.11 1,359,573,868.56
Work in progress            1,248,949,024.10           11,566,345.46        1,237,382,678.64       1,209,015,002.65            7,154,291.89 1,201,860,710.76
Goods dispatched            1,591,605,324.81         109,854,835.26         1,481,750,489.55       1,580,764,741.15           83,080,135.65 1,497,684,605.50
          Total             5,030,185,577.26         214,914,795.14         4,815,270,782.12       4,890,228,410.73         173,401,556.28 4,716,826,854.45
(2) Data resources recognized as inventories
□ Applicable √ Not applicable
(3) Provision for decline in value of inventories and impairment provision for contract fulfilment costs
√ Applicable □ Not applicable
                                                                                                                                                  Unit: RMB
                                                        Increase for the period                         Decrease for the period
         Item            Opening balance                                                          Reversal or                             Closing balance
                                                   Provision                Others                                          Others
                                                                                                 derecognition
 Raw materials               14,488,687.63           4,664,690.52                                    6,139,730.37                            13,013,647.78
 Finished goods              68,678,441.11          40,652,036.40                                   28,850,510.87                            80,479,966.64
 Work in progress             7,154,291.89           6,791,060.53                                    2,379,006.96                            11,566,345.46
 Goods dispatched            83,080,135.65          40,868,989.47                                   14,094,289.86                           109,854,835.26
        Total               173,401,556.28          92,976,776.92                                   51,463,538.06                           214,914,795.14
                                                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Reasons for the reversal or derecognition of the provision for decline in value of inventories during the period
√ Applicable □ Not applicable
      Where a provision for decline in value of inventories has been made and the factors that previously caused the write-down no longer apply, so that the net
realizable value of the inventories exceeds their carrying amount, the provision is reversed to the extent of the amount previously made, and the reversal is
recognized in profit or loss.
Provision for decline in value of inventories assessed collectively
√ Applicable □ Not applicable
                                                                                                                                                              Unit: RMB
                                                           Closing                                                                Opening
                                                                                                                                                       Provision ratio
  Name of the grouping         Gross carrying       Provision for decline     Provision ratio for       Gross carrying       Provision for decline
                                                                                                                                                        for decline in
                                  amount                  in value           decline in value (%)          amount                  in value
                                                                                                                                                          value (%)
 Within one year              4,725,147,416.70             77,729,686.17                     1.65       4,631,097,097.67            46,075,083.88                  0.99
 Over one year                  305,038,160.56            137,185,108.97                    44.97         259,131,313.06           127,326,472.40                 49.14
         Total                5,030,185,577.26            214,914,795.14                                4,890,228,410.73           173,401,556.28
Criteria for providing for decline in value of inventories on a collective basis
√ Applicable □ Not applicable
     For inventories aged more than one year that relate to vehicle models no longer in production, net realizable value is nil. For other inventories, net realizable
value is the estimated selling price less estimated selling expenses and related taxes.
(4) Borrowing costs capitalized in the closing balance of inventories, and the basis and method of calculation
□ Applicable √ Not applicable
(5) Notes on the amount of contract fulfilment costs amortized during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Debt investments due within one year
□ Applicable √ Not applicable
Other debt investments due within one year
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                              Unit: RMB
                 Item                          Closing balance                    Opening balance
 Value-added tax unpaid                               800,532,006.92                     641,428,674.36
 Enterprise income tax prepaid                          56,784,166.46                      4,453,003.82
 Other taxes prepaid                                       189,292.39                        191,682.96
 Prepaid listing expenses                               13,924,574.60
                Total                                 871,430,040.37                    646,073,361.14
(1) Debt investments
□ Applicable √ Not applicable
Movements in the impairment provision for debt investments
□ Applicable √ Not applicable
(2) Significant debt investments at the end of the period
□ Applicable √ Not applicable
(3) Movements in impairment provision
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of debt investments for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
Amount of impairment provision made during the period and the basis used to assess whether the credit
risk on the financial instruments has increased significantly:
□ Applicable √ Not applicable
(4) Debt investments actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of debt investments
□ Applicable √ Not applicable
Notes on the write-off of debt investments:
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Other debt investments
□ Applicable √ Not applicable
Movements in the impairment provision for other debt investments
□ Applicable √ Not applicable
(2) Significant other debt investments at the end of the period
□ Applicable √ Not applicable
(3) Movements in impairment provision
□ Applicable √ Not applicable
(4) Other debt investments actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of other debt investments
□ Applicable √ Not applicable
Notes on the write-off of other debt investments:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Long-term receivables
□ Applicable √ Not applicable
(2) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(3) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(4) Long-term receivables actually written off during the period
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Of which, significant write-offs of long-term receivables
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Long-term equity investments
√ Applicable □ Not applicable
                                                                                                                                                            Unit: RMB
                                                                           Movements for the period
                              Opening                               Investment                                                                               Closing
                                                                                                                 Cash
               Opening         balance                               gains and                                                                 Closing       balance
                                                         Reductio               Adjustment Other                dividen   Impairm
                balance           of                                   losses                                                                  balance          of
 Investee                                 Additional        n in                 s to other     chang            ds or       ent      Othe
               (carrying      impairm                               recognized                                                                (carrying     impairm
                                          investment     investme               comprehens       es in          profits   provision    rs
               amount)           ent                                 under the                                                                amount)          ent
                                                             nt                 ive income equity               declare     made
                              provision                               equity                                                                                provision
                                                                                                                   d
                                                                      method
 I. Joint ventures
 Ningbo
 Tuopu         105,254,429                                          14,713,286.                                                              119,967,715
 Electric               .52                                                  05                                                                       .57
 Co., Ltd.
 Subtotal      105,254,429                                          14,713,286.                                                              119,967,715
                        .52                                                  05                                                                       .57
 II. Associates
 Shanghai
 Aiweilan
 New
 Energy
                                                   .00                                                                                                .00
 Technolo
 gy Co.,
 Ltd.
 Subtotal                                 140,000,000                                                                                        140,000,000
                                                   .00                                                                                                .00
   Total
                       .52                         .00                       05                                                                       .57
(2) Impairment testing of long-term equity investments
□ Applicable √ Not applicable
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Investments in other equity instruments
□ Applicable √ Not applicable
(2) Notes on derecognitions occurring during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                             Item                              Closing balance          Opening balance
 Financial assets at fair value through profit or loss           130,000,000.00            50,000,000.00
 Including: Leju Robotics (Shenzhen) Co., Ltd.                    50,000,000.00            50,000,000.00
        Magic Factory (Wuxi) Technology Co., Ltd.                 50,000,000.00
        Galaxea (Beijing) Artificial Intelligence
 Technology Co., Ltd.
                            Total                                130,000,000.00            50,000,000.00
Measurement model for investment properties
(1) Investment properties measured using the cost model
                                                                                               Unit: RMB
                              Buildings and                           Construction in
           Item                                   Land use right                              Total
                               structures                               progress
 I. Original Book Value
 period
    (1) Purchased
 externally
    (2) Transferred from
 inventories, fixed assets
 or construction in
 progress
    (3) Increase from
 business combinations
 period
    (1) Disposal
    (2) Other transfers
 out
 II. Accumulated depreciation and accumulated amortization
 period
    (1) Depreciation or
 amortization charged
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 period
    (1) Disposal
    (2) Other transfers
 out
 III. Impairment provision
 period
    (1) Provision
 period
    (1) Disposal
    (2) Other transfers
 out
 IV. Carrying amount
 amount
 amount
(2) Investment properties for which title certificates have not been obtained:
□ Applicable √ Not applicable
(3) Impairment testing of investment properties measured using the cost model
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Presentation of items
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                 Item                            Closing balance                    Opening balance
 Property, plant and equipment                       15,147,476,100.73                  15,049,312,559.96
 Disposal of fixed assets                                                                       94,982.42
                 Total                                15,147,476,100.73                 15,049,407,542.38
                                                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Property, plant and equipment
(1) Fixed assets
√ Applicable □ Not applicable
                                                                                                                                                                Unit: RMB
                                       Buildings and      Machinery and                          Office equipment    Commercial
                Item                                                           Motor vehicles                                         Photovoltaic works        Total
                                        structures         equipment                                and others        property
I. Cost:
   (1) Acquisitions                       18,532,723.29       162,421,387.97        988,758.53       11,651,073.38                                            193,593,943.17
   (2) Transferred from construction
in progress
   (1) Disposal or retirement                109,572.21        84,605,514.34      4,612,548.88        1,752,412.24                                             91,080,047.67
   (2) Others                              1,433,417.77        22,864,769.32          9,724.74          919,512.76                                             25,227,424.59
II. Accumulated depreciation
   (1) Provision                         137,919,639.41       814,628,490.53      3,123,283.25       18,373,855.10                          8,791,425.56      982,836,693.85
   (2) Others                                                   3,431,804.98                                                                                    3,431,804.98
   (1) Disposal or retirement                                  70,937,261.33      3,649,047.62        1,447,120.87                                             76,033,429.82
   (2) Others                                328,690.73         7,228,876.69             78.70          515,875.83                                              8,073,521.95
III. Impairment provision
   (1) Provision
   (1) Disposal or retirement
IV. Carrying amount
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Fixed assets temporarily idle
□ Applicable √ Not applicable
(3) Fixed assets leased out under operating leases
□ Applicable √ Not applicable
(4) Fixed assets for which title certificates have not been obtained
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
                                                                          Reason for not having obtained
              Item                          Carrying amount
                                                                                the title certificate
 Buildings and structures                             479,732,455.16     In progress
(5) Impairment testing of fixed assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Disposal of fixed assets
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
            Item                         Closing balance                           Opening balance
Transportation equipment                                                                           94,982.42
           Total                                                                                   94,982.42
Presentation of items
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                Item                           Closing balance                      Opening balance
 Construction in progress                            1,773,263,525.53                    1,879,671,312.18
 Construction materials
               Total                                 1,773,263,525.53                     1,879,671,312.18
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Construction in progress
(1) Construction in progress
√ Applicable □ Not applicable
                                                                                                                                                Unit: RMB
                                                    Closing balance                                                    Opening balance
             Item               Gross carrying        Impairment                                  Gross carrying        Impairment
                                                                          Carrying amount                                                Carrying amount
                                     amount              allowance                                     amount              allowance
Installation of equipment and
software
Tuopu Mexico works               368,946,981.36                              368,946,981.36        711,787,062.57                          711,787,062.57
Tuopu Thailand                   337,466,869.02                              337,466,869.02        243,412,258.43                          243,412,258.43
Moulds under construction        225,541,413.32                              225,541,413.32        191,692,004.36                          191,692,004.36
Tuopu Poland works                66,498,254.74                               66,498,254.74         48,643,943.36                           48,643,943.36
Skateboard chassis works          15,424,642.53                               15,424,642.53          2,923,066.82                            2,923,066.82
Parent company works               6,648,689.66                                6,648,689.66          5,290,348.64                            5,290,348.64
Ushone works                       3,031,862.39                                3,031,862.39
Tuopu USA works                    2,027,519.79                                2,027,519.79          27,048,491.74                          27,048,491.74
Thermal management works           1,618,348.62                                1,618,348.62
Fuzhou Tuopu                         371,681.42                                  371,681.42           1,681,415.93                           1,681,415.93
Tuopu Photovoltaic (Hangzhou
Bay) works
               Total            1,773,263,525.53                           1,773,263,525.53      1,879,671,312.18                        1,879,671,312.18
                                                                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Movements in significant construction in progress projects during the period
√ Applicable □ Not applicable
                                                                                                                                                                                                               Unit: RMB
                                                                             Amount                                                                                             Including:
                                                                                               Other                              Cumulative
                                                                          transferred to                                                                          Cumulative      interest    Capitalization
  Project         Budgeted                            Increase for the                       decreases                          investment as a   Progress of                                                    Source of
                                  Opening balance                          fixed assets                       Closing balance                                       interest    capitalized    rate for the
   name            amount                                 period                             during the                          percentage of    construction                                                     funds
                                                                            during the                                                                            capitalized   during the     period (%)
                                                                                               period                             budget (%)
                                                                              period                                                                                               period
Installation
of                                                                                                                                                                                                             Self-funded
                                                                                                                                                  Under
equipment                           646,813,821.24      504,325,132.54   377,654,597.10    27,869,387.58      745,614,969.10                                                                                   and raised
                                                                                                                                                  construction
and                                                                                                                                                                                                            funds
software
Skateboard                                                                                                                                                                                                     Self-funded
                                                                                                                                                  Substantially
chassis        1,250,000,000.00        2,923,066.82      12,501,575.71                                         15,424,642.53             78.07                                                                 and raised
                                                                                                                                                  complete
works                                                                                                                                                                                                          funds
Tuopu
                                                                                                                                                  Under
Poland          350,000,000.00        48,643,943.36      24,388,905.69     2,113,904.46     4,420,689.85       66,498,254.74             83.48                                                                 Self-funded
                                                                                                                                                  construction
works
Tuopu                                                                                                                                                                                                          Self-funded
                                                                                                                                                  Under
Mexico         1,200,000,000.00     711,787,062.57      213,985,622.25   500,533,881.66    56,291,821.80      368,946,981.36             85.75                                                                 and raised
                                                                                                                                                  construction
works                                                                                                                                                                                                          funds
Tuopu                                                                                                                                                                                                          Self-funded
                                                                                                                                                  Under
Thailand        650,000,000.00      243,412,258.43       98,746,963.78                      4,692,353.19      337,466,869.02             52.64                                                                 and raised
                                                                                                                                                  construction
works                                                                                                                                                                                                          funds
   Total                           1,653,580,152.42     853,948,199.97   880,302,383.22    93,274,252.42     1,533,951,716.75                 /       /                                            /                 /
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(3) Impairment provision made for construction in progress during the period
□ Applicable √ Not applicable
(4) Impairment testing of construction in progress
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Construction materials
□ Applicable √ Not applicable
(1) Productive biological assets measured using the cost model
□ Applicable√ Not applicable
(2) Impairment testing of productive biological assets measured using the cost model
□ Applicable √ Not applicable
(3) Productive biological assets measured using the fair value model
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(1) Oil and gas assets
□ Applicable √ Not applicable
(2) Impairment testing of oil and gas assets
□ Applicable √ Not applicable
(1) Right-of-use assets
√ Applicable □ Not applicable
                                                                                         Unit: RMB
               Item                   Buildings and structures                   Total
 I. Original Book Value
     (1) New leases                                  61,790,789.82                   61,790,789.82
     (2) Others                                          36,691.94                       36,691.94
     (1) Disposal                                    39,487,721.95                   39,487,721.95
     (2) Others                                      19,641,939.47                   19,641,939.47
 II. Accumulated depreciation
                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    (1) Provision                                   64,957,808.69                64,957,808.69
    (2) Others                                         194,087.47                   194,087.47
    (1) Disposal                                    37,897,247.66                37,897,247.66
    (2) Others                                       5,860,151.95                 5,860,151.95
 III. Impairment provision
    (1) Provision
    (1) Disposal
 IV. Carrying amount
(2) Impairment testing of right-of-use assets
□ Applicable √ Not applicable
                                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Intangible assets
√ Applicable □ Not applicable
                                                                                                                              Unit: RMB
                                                                                 Pollutant discharge
                Item            Land use right              Software                                    Patents            Total
                                                                                        rights
 I. Original Book Value
    (1) Acquisitions                   712,682.16             5,950,992.20                  47,029.70                       6,710,704.06
    (2) Others                                                6,371,167.28                                                  6,371,167.28
    (1) Disposal                     6,657,879.32               601,663.64                                                  7,259,542.96
    (2) Others                         244,461.79             1,888,898.09                                                  2,133,359.88
 II. Accumulated amortization
    (1) Provision                   14,725,965.43            11,889,327.28                  26,084.01    2,385,714.23     29,027,090.95
    (2) Others                                                    9,077.12                                                     9,077.12
    (1) Disposal                          8,209.97              530,174.39                                                   538,384.36
    (2) Others                                                  196,123.53                                                   196,123.53
 III. Impairment provision
    (1) Provision
    (1) Disposal
                                                        Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 IV. Carrying amount
Intangible assets generated through the Company's internal research and development represented 0% of the balance of intangible assets at the end of the period
                                Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Data resources recognized as intangible assets
□ Applicable √ Not applicable
(3) Land use rights for which title certificates have not been obtained
□ Applicable √ Not applicable
(4) Impairment testing of intangible assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Cost of goodwill
√ Applicable □ Not applicable
                                                                                                       Unit: RMB
                                                                              Decrease for the
                                                 Increase for the period
 Name of the investee                                                             period
  or the event giving       Opening balance     Arising from                                       Closing balance
   rise to goodwill                               business          Others   Disposal   Others
                                                combinations
 Zhejiang Towin and
 Suining Tuopu
 Tuopu North America           1,080,371.29                                                           1,080,371.29
 Ningbo Qianhui                6,058,537.77                                                           6,058,537.77
 Chongqing Tuopu                 565,010.88                                                             565,010.88
 Wuhu Tuopu                  170,074,577.35                                                         170,074,577.35
         Total               457,424,478.18                                                         457,424,478.18
(2) Impairment provision for goodwill
√ Applicable □ Not applicable
                                                                                                       Unit: RMB
  Name of the investee                                                        Decrease for the
                                                 Increase for the period
 or the event giving rise    Opening balance                                      period           Closing balance
       to goodwill                              Provision        Others      Disposal     Others
 Zhejiang Towin and
 Suining Tuopu
 Tuopu North America             1,080,371.29                                                         1,080,371.29
 Ningbo Qianhui                  6,058,537.77                                                         6,058,537.77
 Chongqing Tuopu
 Wuhu Tuopu
          Total               116,949,440.90                                                        116,949,440.90
(3) Information on the asset group or group of asset groups to which the goodwill has been
    allocated
√ Applicable □ Not applicable
                            Composition of the asset     Operating segment to
                                                                                    Whether
                             group or group of asset    which it belongs and the
         Name                                                                    consistent with
                           groups and the basis for its      basis for that
                                                                                   prior years
                                 determination              determination
 Zhejiang Towin and The operating long-term The operating segment is                   Yes
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Suining Tuopu chassis     assets of Zhejiang Towin and      Zhejiang Towin and
 business asset group      Suining Tuopu, together with      Suining            Tuopu,
                           the goodwill allocated to that    determined by reference
                           asset group, on the basis that    to      the       internal
                           it is the smallest group of       organizational structure.
                           assets capable of generating
                           cash inflows independently.
                           The operating long-term
                           assets of Tuopu North
                                                             The operating segment is
                           America, together with the
                                                             Tuopu North America,
 Tuopu North America       goodwill allocated to that
                                                             determined by reference      Yes
 asset group               asset group, on the basis that
                                                             to      the       internal
                           it is the smallest group of
                                                             organizational structure.
                           assets capable of generating
                           cash inflows independently.
                           The operating long-term
                           assets of Ningbo Qianhui,
                                                             The operating segment is
                           together with the goodwill
                                                             Ningbo           Qianhui,
 Ningbo Qianhui asset      allocated to that asset group,
                                                             determined by reference      Yes
 group                     on the basis that it is the
                                                             to      the       internal
                           smallest group of assets
                                                             organizational structure.
                           capable of generating cash
                           inflows independently.
                           The operating long-term
                           assets of Chongqing Tuopu,        The operating segment is
                           including the wholly-owned        Chongqing          Tuopu,
                           subsidiaries, together with the   including the wholly-
 Chongqing Tuopu asset
                           goodwill allocated to that        owned       subsidiaries,    Yes
 group
                           asset group, on the basis that    determined by reference
                           it is the smallest group of       to      the       internal
                           assets capable of generating      organizational structure.
                           cash inflows independently.
                           The operating long-term
                           assets of Wuhu Tuopu,             The operating segment is
                           including the wholly-owned        Wuhu Tuopu, including
                           subsidiaries, together with the   the        wholly-owned
 Wuhu     Tuopu    asset
                           goodwill allocated to that        subsidiaries, determined     Yes
 group
                           asset group, on the basis that    by reference to the
                           it is the smallest group of       internal organizational
                           assets capable of generating      structure.
                           cash inflows independently.
Changes in the asset group or group of asset groups
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(4) Specific method of determining the recoverable amount
Recoverable amount determined at fair value less costs of disposal
□ Applicable √ Not applicable
Recoverable amount determined at the present value of estimated future cash flows
√ Applicable □ Not applicable
                                                                                                                                                             Unit: RMB
                                                                                    Key parameters          Basis for        Key parameters for
                                                                         Length                                                                           Basis for
                                                                                    for the forecast     determining the      the stable period
                                        Recoverable       Impairment      of the                                                                      determining key
      Item        Carrying amount                                                   period (growth        parameters for     (growth rate, profit
                                          amount            amount       forecast                                                                      parameters for
                                                                                      rate, profit         the forecast       margin, discount
                                                                          period                                                                      the stable period
                                                                                     margin, etc.)            period              rate, etc.)
                                                                                                        Key parameters                                Key parameters
                                                                                                        are determined                                are determined
                                                                                    A      compound
                                                                                                        by reference to                               by reference to
                                                                                    annual revenue
                                                                                                        macroeconomic        A revenue growth         macroeconomic
 Zhejiang                                                                           growth rate of
                                                                                                        conditions,          rate of 0% in the        conditions,
 Towin and                                                                          9.55%       from
                                                                                                        industry trends,     stable period, a gross   industry trends,
 Suining                                                                            2026 to 2030, an
 Tuopu chassis                                                                      average     gross
                                                                                                        operating results    and     a      pre-tax   operating results
 business asset                                                                     margin         of
                                                                                                        and            the   discount rate of         and          the
 group                                                                              13.97% and a
                                                                                                        Company's            12.96%                   Company's
                                                                                    pre-tax discount
                                                                                                        future                                        future
                                                                                    rate of 12.96%
                                                                                                        development                                   development
                                                                                                        plans                                         plans
                                                                                    A     compound      Key parameters                                Key parameters
                                                                                    annual revenue      are determined                                are determined
                                                                                    growth rate of      by reference to      A revenue growth         by reference to
 Chongqing
 Tuopu asset         87,328,178.28      142,459,120.08                          5
                                                                                    average    gross    industry trends,     margin of 6.28% and      industry trends,
 group
                                                                                    margin of 6.02%     historical           a pre-tax discount       historical
                                                                                    and a pre-tax       operating results    rate of 11.44%           operating results
                                                                                    discount rate of    and            the                            and          the
                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                   future                                       future
                                                                                                   development                                  development
                                                                                                   plans                                        plans
                                                                                                   Key parameters                               Key parameters
                                                                                                   are determined                               are determined
                                                                               A      compound
                                                                                                   by reference to                              by reference to
                                                                               annual revenue
                                                                                                   macroeconomic       A revenue growth         macroeconomic
                                                                               growth rate of
                                                                                                   conditions,         rate of 0% in the        conditions,
                                                                                                   industry trends,    stable period, a gross   industry trends,
Wuhu Tuopu                                                                     2026 to 2030, an
asset group                                                                    average     gross
                                                                                                   operating results   and     a      pre-tax   operating results
                                                                               margin         of
                                                                                                   and          the    discount rate of         and          the
                                                                                                   Company's           10.57%                   Company's
                                                                               pre-tax discount
                                                                                                   future                                       future
                                                                               rate of 10.57%
                                                                                                   development                                  development
                                                                                                   plans                                        plans
   Total      1,013,364,387.45   1,103,459,120.08                          /           /                    /                    /                       /
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Reasons for any significant inconsistency between the above information and the information or external
data used in prior years' impairment tests
□ Applicable √ Not applicable
Reasons for any significant inconsistency between the information used in the Company's prior years'
impairment tests and actual results for the current year
□ Applicable √ Not applicable
(5) Performance undertakings and the related goodwill impairment
Performance undertakings existed when the goodwill arose, and the Reporting Period or the preceding
period falls within the undertaking period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                              Unit: RMB
                      Opening        Increase for the   Amortization          Other          Closing
     Item
                      balance             period        for the period      decreases        balance
 Renovation
 and similar       110,486,223.62     20,195,088.40     17,773,973.25         62,355.08   112,844,983.69
 expenses
 Others            246,491,022.21    212,294,769.56     66,043,783.54     13,267,548.68   379,474,459.55
     Total         356,977,245.83    232,489,857.96     83,817,756.79     13,329,903.76   492,319,443.24
(1) Deferred tax assets before offsetting
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                                        Closing balance                          Opening balance
            Item                 Deductible                               Deductible
                                                   Deferred tax                             Deferred tax
                                 temporary                                temporary
                                                      assets                                   assets
                                 differences                              differences
 Asset impairment losses        778,412,572.64 174,693,965.07            763,609,120.54 172,706,540.38
 Unrealized profits on
 intra-group transactions
 Deferred income               409,417,506.55       66,525,035.63       422,912,904.23     68,566,701.03
 Lease liabilities             523,120,902.54      142,080,095.93       557,541,696.78    151,286,047.15
           Total             1,889,603,439.69      423,750,860.29     1,963,674,011.67    440,444,588.00
(2) Deferred tax liabilities before offsetting
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                                       Closing balance                          Opening balance
            Item                 Taxable                                  Taxable
                                                  Deferred tax                              Deferred tax
                                temporary                                temporary
                                                    liabilities                              liabilities
                                differences                              differences
 Appreciation on
 revaluation of assets in       78,195,877.80     14,582,121.39          85,305,756.04     15,814,365.83
 business combinations
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 not under common
 control
 Accelerated
 depreciation of fixed         618,333,097.73      92,749,964.67        615,282,401.16      92,292,360.19
 assets
 Right-of-use assets           478,044,933.36    128,541,583.10          511,031,729.89    137,926,262.99
            Total            1,174,573,908.89    235,873,669.16        1,211,619,887.09    246,032,989.01
(3) Deferred tax assets or liabilities presented net after offsetting
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                                         Closing balance                          Opening balance
                                                      Balance of                              Balance of
                                 Amount of                                Amount of
                                                     deferred tax                            deferred tax
            Item                deferred tax                             deferred tax
                                                       assets or                               assets or
                                 assets and                               assets and
                                                   liabilities after                       liabilities after
                              liabilities offset                       liabilities offset
                                                      offsetting                              offsetting
 Deferred tax assets           170,929,742.42 252,821,117.87            179,290,964.89      261,153,623.11
 Deferred tax liabilities      170,929,742.42        64,943,926.74      179,290,964.89       66,742,024.12
(4) Details of unrecognized deferred tax assets
□ Applicable √ Not applicable
(5) Deductible losses for which no deferred tax asset has been recognized will expire in the
    following years
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                                  Closing balance                                     Opening balance
     Item           Gross carrying Impairment          Carrying         Gross carrying Impairment      Carrying
                       amount       allowance          amount              amount       allowance       amount
 Prepayments
 for
 construction
 equipment
 Prepayments
 for equity         100,000,000.00                  100,000,000.00
 investments
     Total          379,195,874.57                  379,195,874.57     347,742,200.68                  347,742,200.68
Information relating to indemnification assets
□ Applicable √ Not applicable
                                                       Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
                                                                                                                                                 Unit: RMB
                                             Closing                                                                  Opening
                  Gross carrying     Carrying amount       Type of        Details of        Gross carrying     Carrying amount     Type of      Details of
     Item
                     amount                               restriction         the              amount                             restriction       the
                                                                          restriction                                                           restriction
 Cash      and
                                                                          Guarantee                                                             Guarantee
 bank              139,547,054.41     139,547,054.41        Others                            518,557,923.67     518,557,923.67    Others
                                                                           deposits                                                              deposits
 balances
 Receivables
 financing
 Property,
 plant     and     899,044,462.19     521,776,333.38      Mortgage        Mortgage            899,044,462.19     541,152,172.91   Mortgage      Mortgage
 equipment
 Intangible
 assets
 Investment
 properties
     Total        1,444,545,455.62    997,461,579.57                                        3,411,980,299.35   2,986,852,827.95
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Short-term borrowings by category
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
              Item                           Closing balance                         Opening balance
Unsecured borrowings                              3,238,903,797.00                        2,559,057,199.00
Pledged borrowings                                                                          100,000,000.00
Mortgaged borrowings                                 270,000,000.00                         270,000,000.00
Domestic letters of credit                           400,000,000.00
Unmatured interest                                     2,255,024.30                           1,872,047.63
              Total                                3,911,158,821.30                       2,930,929,246.63
(2) Short-term borrowings overdue and unpaid
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                   Unit: RMB
         Type                           Closing balance                             Opening balance
Bank acceptance bills                            4,200,316,676.58                           5,706,338,315.74
Commercial acceptance
bills
         Total                                     4,200,316,676.58                         5,716,338,315.74
(1) Trade payables
√ Applicable □ Not applicable
                                                                                                   Unit: RMB
               Item                        Closing balance                          Opening balance
 Within 1 year (inclusive)                      6,891,279,613.97                            7,330,519,000.40
 Over 3 years                                      24,370,158.68                               23,347,294.08
              Total                             7,068,438,408.30                            7,479,896,927.88
(2) Significant trade payables aged over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Receipts in advance
□ Applicable √ Not applicable
(2) Significant receipts in advance aged over one year
□ Applicable √ Not applicable
(3) Amounts of, and reasons for, significant changes in carrying amount during the Reporting
     Period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Contract liabilities
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
               Item                          Closing balance                        Opening balance
 Within 1 year (inclusive)                             28,068,902.11                         12,062,784.68
 Over 3 years                                           7,683,637.79                          7,720,279.95
               Total                                   37,332,757.98                         21,061,458.96
(2) Significant contract liabilities aged over one year
□ Applicable √ Not applicable
(3) Amounts of, and reasons for, significant changes in carrying amount during the Reporting
     Period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Employee benefits payable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                                             Increase for the       Decrease for the
       Item           Opening balance                                                     Closing balance
                                                  period                period
 I.    Short-term
 employee              465,664,996.27        1,690,972,491.63        1,774,630,946.63      382,006,541.27
 benefits
 II.          Post-
 employment
 benefits - defined      2,798,684.78          154,752,123.86          155,584,834.40        1,965,974.24
 contribution
 plans
 III. Termination
 benefits
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 IV.         Other
 benefits     due
 within one year
       Total             468,463,681.05       1,845,724,615.49       1,930,215,781.03     383,972,515.51
(2) Short-term employee benefits
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                                             Increase for the       Decrease for the
       Item          Opening balance                                                     Closing balance
                                                  period                period
 I. Wages,
 bonuses,
 allowances and
 subsidies
 II. Staff welfare          989,366.84          78,377,528.22           75,492,663.97       3,874,231.09
 III. Social
 insurance                  915,150.00          61,144,875.09           60,772,176.32       1,287,848.77
 contributions
 Including:
 medical                    874,394.92          53,927,067.14           53,562,965.82       1,238,496.24
 insurance
          Work
 injury insurance
          Maternit
 y insurance
 IV. Housing
 provident fund
 V. Trade union
 and staff                 3,095,952.82         10,488,420.59             9,701,228.75      3,883,144.66
 education funds
 VI. Short-term
 paid absences
 VII. Short-term
 profit-sharing
 plans
        Total            465,664,996.27       1,690,972,491.63       1,774,630,946.63     382,006,541.27
(3) Defined contribution plans
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                                                 Increase for the    Decrease for the
         Item              Opening balance                                               Closing balance
                                                      period             period
 insurance
 insurance
 contributions
         Total                 2,798,684.78       154,752,123.86       155,584,834.40       1,965,974.24
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                               Unit: RMB
               Item                         Closing balance                       Opening balance
Value-added tax                                      63,614,801.36                         65,119,075.40
Enterprise income tax                                65,554,448.35                        138,238,216.18
Individual income tax                                 3,119,384.78                          5,264,689.79
City maintenance and
construction tax
Education surcharge                                     1,616,897.67                        1,451,905.31
Local education surcharge                               1,077,753.83                          966,985.62
Property tax                                           27,204,596.02                       47,163,335.43
Land use tax                                           11,269,537.07                       22,025,599.83
Environmental protection tax                                8,299.66                           11,767.26
Employment security fund for
persons with disabilities
Special fund for water
conservancy construction
Stamp duty                                             8,911,758.06                        10,240,177.70
Others                                                   815,002.72                            18,961.17
              Total                                  228,061,503.36                       319,479,049.45
(1) Presentation of items
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                 Item                          Closing balance                     Opening balance
 Interest payable
 Dividends payable
 Other payables                                         23,298,682.39                      21,000,056.22
 Total                                                  23,298,682.39                      21,000,056.22
(2) Interest payable
□ Applicable √ Not applicable
(3) Dividends payable
□ Applicable √ Not applicable
(4) Other payables
Other payables by nature
√ Applicable □ Not applicable
                                                                                                Unit: RMB
              Item                         Closing balance                        Opening balance
 Deposits and guarantee
 deposits
 Others                                              12,679,906.06                         10,814,734.26
             Total                                   23,298,682.39                         21,000,056.22
Significant other payables aged over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
               Item                         Closing balance                        Opening balance
 Long-term borrowings due
 within one year
 Lease liabilities due within
 one year
               Total                                 809,257,601.46                      1,602,987,963.30
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                 Item                             Closing balance                   Opening balance
 Output tax to be transferred                              2,508,274.87                      1,424,806.96
 Endorsed receivable instruments not
 derecognized
                 Total                                       29,088,325.10                  82,658,540.23
Movements in short-term bonds payable:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(1) Long-term borrowings by category
√ Applicable □ Not applicable
                                                                                                Unit: RMB
              Item                            Closing balance                      Opening balance
Mortgaged borrowings                                 894,000,000.00                    1,090,000,000.00
Unsecured borrowings                                 546,500,000.00                      620,600,874.08
Unmatured interest payable                             1,002,088.70                         1,158,006.69
Less: long-term borrowings due
within one year
              Total                                   748,000,000.00                     225,116,422.68
Other information
□ Applicable √ Not applicable
(1) Bonds payable
□ Applicable √ Not applicable
(2) Details of bonds payable (excluding preference shares, perpetual bonds and other financial
    instruments classified as financial liabilities)
□ Applicable √ Not applicable
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(3) Notes on the convertible corporate bonds
□ Applicable √ Not applicable
Accounting treatment of the conversion right and the basis for that judgment
□ Applicable √ Not applicable
(4) Notes on other financial instruments classified as financial liabilities
Basic information on preference shares, perpetual bonds and other financial instruments outstanding at
the end of the period
□ Applicable √ Not applicable
Table of movements in preference shares, perpetual bonds and other financial instruments outstanding at
the end of the period
□ Applicable √ Not applicable
Basis for classifying other financial instruments as financial liabilities
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                 Item                           Closing balance                     Opening balance
Lease liabilities                                       537,516,228.21                      558,801,362.80
Less: lease liabilities due within one
year
                 Total                                    421,760,715.45                    442,455,857.59
Presentation of items
□ Applicable √ Not applicable
Long-term payables
□ Applicable √ Not applicable
Special payables
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Deferred income
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                       Opening         Increase for      Decrease for        Closing          Reason for
      Item
                       balance          the period        the period         balance          formation
 Government
 grants
     Total          422,912,904.23    10,985,000.00     24,480,397.68    409,417,506.55           /
Other information:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                                      Increase or decrease in this movement (+/-)
                                  Issue
             Opening balance                Bon                                           Closing balance
                                    of             Capitalization Other
                                             us                             Subtotal
                                   new               of reserves       s
                                           issue
                                 shares
 Total
 numb
  er of
 shares
Other information:
None
(1) Basic information on preference shares, perpetual bonds and other financial instruments
    outstanding at the end of the period
□ Applicable √ Not applicable
(2) Table of movements in preference shares, perpetual bonds and other financial instruments
    outstanding at the end of the period
□ Applicable √ Not applicable
Movements in other equity instruments during the period, the reasons for those movements, and the
basis for the related accounting treatment:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                                                       Increase for     Decrease for
             Item                Opening balance                                          Closing balance
                                                        the period       the period
 Capital premium (share
 premium)
 Other capital reserve                 10,348.78                                               10,348.78
           Total               10,872,539,090.01                                       10,872,539,090.01
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
                                                                                                                                                Unit: RMB
                                                                            Amount for the period
                                                  Less: amounts       Less: amounts
                                                     previously          previously
                                                   recognized in       recognized in
                                                        other               other                            After tax,         After tax,
                   Opening       Amount for the                                                                                                Closing
      Item                                        comprehensive       comprehensive      Less: income     attributable to    attributable to
                   balance        period before                                                                                                balance
                                                    income and          income and        tax expense       the parent      non-controlling
                                   income tax
                                                   transferred to      transferred to                        company            interests
                                                  profit or loss in       retained
                                                     the current      earnings in the
                                                       period         current period
 I. Items that
 will not be
 reclassified to
 profit or loss
 Including:
 remeasurement
 of defined
 benefit plans
 Share of other
 comprehensive
 income of
 investees that
 will not be
 reclassified to
 profit or loss
 under the
 equity method
    Changes in
 fair value of
 investments in
                                                     Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                              Amount for the period
                                                    Less: amounts       Less: amounts
                                                       previously          previously
                                                     recognized in       recognized in
                                                          other               other                            After tax,         After tax,
                    Opening        Amount for the                                                                                                Closing
     Item                                           comprehensive       comprehensive      Less: income     attributable to    attributable to
                    balance         period before                                                                                                balance
                                                      income and          income and        tax expense       the parent      non-controlling
                                     income tax
                                                     transferred to      transferred to                        company            interests
                                                    profit or loss in       retained
                                                       the current      earnings in the
                                                         period         current period
other equity
instruments
   Changes in
fair value
arising from
the entity's own
credit risk
II. Items that
may be
reclassified to
profit or loss
Including:
share of other
comprehensive
income of
investees that
may be
reclassified to
profit or loss
under the
equity method
   Changes in
fair value of
                                                     Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                              Amount for the period
                                                    Less: amounts       Less: amounts
                                                       previously          previously
                                                     recognized in       recognized in
                                                          other               other                            After tax,         After tax,
                    Opening        Amount for the                                                                                                Closing
     Item                                           comprehensive       comprehensive      Less: income     attributable to    attributable to
                    balance         period before                                                                                                balance
                                                      income and          income and        tax expense       the parent      non-controlling
                                     income tax
                                                     transferred to      transferred to                        company            interests
                                                    profit or loss in       retained
                                                       the current      earnings in the
                                                         period         current period
other debt
investments
   Amounts of
financial assets
reclassified
into other
comprehensive
income
   Credit loss
allowance for
other debt
investments
Cash flow
hedging
reserve
Exchange
differences on
translation of
foreign            50,996,410.35   -51,163,734.64                                                           -51,071,040.76        -92,693.88     -74,630.41
currency
financial
statements
                                                  Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                           Amount for the period
                                                 Less: amounts       Less: amounts
                                                    previously          previously
                                                  recognized in       recognized in
                                                       other               other                            After tax,         After tax,
                 Opening        Amount for the                                                                                                Closing
    Item                                         comprehensive       comprehensive      Less: income     attributable to    attributable to
                 balance         period before                                                                                                balance
                                                   income and          income and        tax expense       the parent      non-controlling
                                  income tax
                                                  transferred to      transferred to                        company            interests
                                                 profit or loss in       retained
                                                    the current      earnings in the
                                                      period         current period
Total other
comprehensive   50,996,410.35   -51,163,734.64                                                           -51,071,040.76        -92,693.88     -74,630.41
income
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                              Unit: RMB
       Item          Opening balance        Increase for the       Decrease for the    Closing balance
                                                 period                period
Statutory surplus
reserve
       Total      1,039,768,774.30                                                    1,039,768,774.30
√ Applicable □ Not applicable
                                                                                              Unit: RMB
                         Item                               Current period             Prior year
 Retained earnings at the end of the prior period
 before adjustment
 Total adjustment to opening retained earnings
 (increase +, decrease -)
 Opening retained earnings after adjustment                 10,396,846,764.46          8,737,431,642.33
 Add: net profit for the period attributable to
 owners of the parent company
 Less: appropriation to statutory surplus reserve                                       217,719,315.18
      Appropriation to discretionary surplus
 reserve
      Appropriation to general risk reserve
      Dividends payable on ordinary shares                      851,539,434.20          901,936,666.03
      Ordinary share dividends converted into
 share capital
 Closing retained earnings                                  10,567,856,221.21         10,396,846,764.46
Details of the adjustments to opening retained earnings:
new requirements affected opening retained earnings by RMB0.
earnings by RMB0.
(1) Revenue and cost of sales
√ Applicable □ Not applicable
                                                                                             Unit: RMB
                          Current period amount                          Prior period amount
      Item
                       Revenue              Cost                     Revenue              Cost
 Principal
 operations
 Other
 operations
     Total        14,199,245,308.27      11,527,968,958.85       12,934,627,599.03    10,405,770,831.37
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Disaggregation of revenue and cost of sales
√ Applicable □ Not applicable
                                                                                                   Unit: RMB
                                                                Total
 Categories of contracts
                                          Revenue                                  Cost of sales
 Type of goods
      Mechatronic
 system
      Thermal
 management system
      Robot actuator                              14,047,726.94                             10,250,358.50
      Chassis system                           4,243,193,316.70                          3,493,572,248.83
      Interior & exterior
 system
      Vibration control
 system
           Total                              13,261,004,946.87                         10,912,342,053.03
Other information
□ Applicable √ Not applicable
(3) Description of performance obligations
□ Applicable √ Not applicable
(4) Description of amounts allocated to remaining performance obligations
□ Applicable √ Not applicable
(5) Significant contract modifications or significant adjustments to the transaction price
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                   Unit: RMB
                    Item                          Current period amount              Prior period amount
 City maintenance and construction tax                      20,680,969.51                      19,829,188.40
 Education surcharge                                          9,855,533.56                      9,400,492.01
 Local education surcharge                                    6,571,051.60                      6,269,124.48
 Property tax                                               31,634,997.51                      27,729,650.05
 Land use tax                                               13,272,624.33                      13,069,513.83
 Vehicle and vessel use tax                                       8,334.51                          8,574.51
 Stamp duty                                                 16,829,750.34                      16,028,894.46
 Environmental protection tax                                    39,757.17                         39,364.52
 Water conservancy fund                                         437,063.38
 Others                                                         880,131.10                       262,105.30
                   Total                                   100,210,213.01                     92,636,907.56
√ Applicable □ Not applicable
                                                                                                   Unit: RMB
                    Item                          Current period amount              Prior period amount
 Service fees                                               35,477,958.04                      50,066,412.60
 Employee benefits                                          45,840,441.95                      45,169,516.20
 Business entertainment expenses                            32,101,257.31                      22,587,138.07
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Travel expenses                                              3,499,275.73                3,422,479.38
 Packaging expenses                                             558,933.52                  461,906.74
 Vehicle expenses                                             1,262,877.65                1,210,363.26
 Exhibition expenses                                            217,819.28                  182,729.88
 Others                                                      11,940,336.19                8,513,351.84
                   Total                                    130,898,899.67              131,613,897.97
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                   Item                           Current period amount           Prior period amount
 Employee benefits                                         236,669,533.73                195,018,427.48
 Depreciation                                               61,848,386.87                  53,970,707.43
 Business entertainment expenses                              4,919,400.34                  3,033,971.47
 Vehicle expenses                                             3,864,686.89                  3,802,224.18
 Travel expenses                                            14,797,958.79                   9,664,621.42
 Amortization of intangible assets                          19,290,737.80                  15,858,013.21
 Office expenses                                              5,272,673.15                  6,215,709.88
 Insurance expenses                                           5,380,828.21                  5,001,924.70
 Professional fees                                            4,157,831.51                  3,567,787.01
 Utilities                                                    9,039,404.05                  4,021,045.09
 Service fees                                               15,680,011.74                  30,280,466.86
 Rent                                                         1,993,213.29                  2,319,453.02
 Employment security fund for persons with
 disabilities
 Others                                                       28,467,806.57              33,642,490.05
                    Total                                    424,898,467.34             378,158,457.59
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                    Item                          Current period amount           Prior period amount
 Materials consumed                                        235,539,767.87                213,002,582.56
 Employee benefits                                         367,151,504.88                323,342,032.82
 Depreciation and amortization                              80,106,401.35                  73,790,623.51
 Transportation and warehousing expenses                    12,139,279.61                   7,264,770.91
 Energy consumption expenses                                30,530,961.17                  37,266,305.27
 Travel expenses                                            16,079,996.41                  14,244,528.33
 Trial production expenses                                  20,987,020.10                   6,117,108.24
 Others                                                     28,302,504.91                  30,032,724.66
                    Total                                  790,837,436.30                705,060,676.30
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                   Item                           Current period amount           Prior period amount
 Interest expense                                           67,986,772.28                  87,530,742.57
 Interest income                                           -15,007,027.71                 -19,925,614.80
 Exchange gains and losses                                 118,467,126.94                 -81,295,692.23
 Handling fees                                                3,980,826.57                  4,685,296.96
                  Total                                    175,427,698.08                  -9,005,267.50
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                 By nature                        Current period amount            Prior period amount
 Government grants                                         142,436,646.82                 146,935,800.65
 Handling fee for withholding individual
 income tax
 Additional deduction of input value-added
 tax
 Value-added tax directly exempted for the
 employment of key groups
                   Total                                    182,328,060.98                221,315,449.17
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                         Item                           Current period amount       Prior period amount
 Income from long-term equity investments
 accounted for using the equity method
 Investment income from disposal of long-term
 equity investments
 Investment income from financial assets held for
 trading during the holding period
 Dividend income from investments in other equity
 instruments during the holding period
 Interest income from debt investments during the
 holding period
 Interest income from other debt investments
 during the holding period
 Investment income from disposal of financial
 assets held for trading
 Investment income from disposal of investments in
 other equity instruments
 Investment income from disposal of debt
 investments
 Investment income from disposal of other debt
 investments
 Gains on debt restructuring
 Investment income from wealth management
 products
                         Total                                   19,298,631.09             33,948,234.37
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                  Item                        Current period amount               Prior period amount
 Bad debt losses on notes receivable                       -313,482.94                         -692,979.87
 Bad debt losses on trade receivables                   -34,089,664.54                       -5,004,577.50
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Bad debt losses on other receivables                           7,693,360.72                     -900,758.29
 Impairment losses on debt investments
 Impairment losses on other debt
 investments
 Bad debt losses on long-term
 receivables
 Impairment losses relating to financial
 guarantees
 Impairment losses on receivables
 financing
                  Total                                        -26,709,786.76                  -6,598,315.66
√ Applicable □ Not applicable
                                                                                                    Unit: RMB
                        Item                             Current period amount          Prior period amount
 I. Impairment losses on contract assets
 II. Losses from decline in value of inventories
 and impairment losses on contract fulfilment                       92,976,776.92              32,245,147.39
 costs
 III. Impairment losses on long-term equity
 investments
 IV. Impairment losses on investment properties
 V. Impairment losses on fixed assets
 VI. Impairment losses on construction materials
 VII. Impairment losses on construction in
 progress
 VIII. Impairment losses on productive biological
 assets
 IX. Impairment losses on oil and gas assets
 X. Impairment losses on intangible assets
 XI. Impairment losses on goodwill
 XII. Others
                       Total                                        92,976,776.92              32,245,147.39
√ Applicable □ Not applicable
                                                                                                    Unit: RMB
              Item                          Current period amount                    Prior period amount
 Gains on disposal of fixed assets                          613,296.67
              Total                                         613,296.67
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                     Unit: RMB
                                                                                       Amount recognized in
                                     Current period
             Item                                           Prior period amount        non-recurring profit or
                                        amount
                                                                                         loss for the period
 Total gains on disposal of
 non-current assets
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Including: gains on disposal
 of fixed assets
         Gains on disposal of
 intangible assets
 Gains on debt restructuring
 Gains on exchanges of non-
 monetary assets
 Donations received
 Government grants
 Compensation income                        7,284.05             1,976,827.31                     7,284.05
 Business combination
 Others                                 1,628,955.25               919,763.46                 1,628,955.25
             Total                      1,774,874.41             5,774,104.76                 1,774,874.41
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
                                                                                    Amount recognized in
                                    Current period
               Item                                      Prior period amount        non-recurring profit or
                                       amount
                                                                                      loss for the period
 Total losses on disposal of
 non-current assets
 Including: losses on disposal
 of fixed assets
         Losses on disposal of
 intangible assets
 Losses on debt restructuring
 Losses on exchanges of non-
 monetary assets
 Donations made                                                   400,000.00
 Special fund for water
 conservancy construction
 Others                                 6,271,933.96            2,933,535.02                 6,271,933.96
              Total                    12,204,051.57            8,339,986.18                11,809,591.11
(1) Income tax expense
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
               Item                       Current period amount                   Prior period amount
Current income tax expense                            144,769,171.98                         174,284,083.53
Deferred income tax expense                             6,534,407.86                          -12,784,377.87
              Total                                   151,303,579.84                         161,499,705.66
(2) Reconciliation of accounting profit to income tax expense
√ Applicable □ Not applicable
                                                                                              Unit: RMB
                          Item                                          Current period amount
Total profit                                                                            1,174,547,456.44
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Income tax expense calculated at the statutory or
applicable tax rate
Effect of different tax rates applicable to subsidiaries                                      26,853,409.02
Effect of adjustments to income tax of prior periods                                          10,695,999.91
Effect of non-taxable income                                                                  -2,206,992.91
Effect of non-deductible costs, expenses and losses                                            2,125,618.79
Effect of utilizing deductible losses for which no deferred
                                                                                              -7,695,211.02
tax asset was recognized in prior periods
Effect of deductible temporary differences or deductible
losses for which no deferred tax asset has been                                               63,683,162.14
recognized in the current period
Change in the opening balance of deferred tax assets and
liabilities arising from a change in tax rates
Effect of the additional deduction for research and
                                                                                            -118,418,404.00
development expenses
Income tax expense                                                                          151,303,579.84
Other information:
□ Applicable √ Not applicable
√ Applicable □ Not applicable
See Note 7.57, Other comprehensive income
(1) Cash relating to operating activities
Other cash received relating to operating activities
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
                Item                          Current period amount                Prior period amount
Temporary borrowings received                               5,248,797.42                       39,400,925.15
Interest income                                            15,007,027.71                       19,925,614.80
Government grants                                         128,941,249.14                      150,929,189.45
Compensation and penalty income                                 7,284.05
Others                                                      3,238,077.96                      3,420,371.49
                Total                                     152,442,436.28                    213,676,100.89
Other cash paid relating to operating activities
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
                  Item                        Current period amount                Prior period amount
Temporary borrowings repaid                                19,876,444.62                       13,795,662.95
Business entertainment expenses                            37,134,117.93                       25,712,241.12
Research and development
expenditure
Travel expenses                                                20,685,013.11                  15,233,854.66
Insurance expenses                                              5,352,383.78                   4,940,694.38
Office expenses                                                 5,477,914.78                   6,600,915.37
Vehicle expenses                                                5,679,049.65                   5,480,365.83
Service fees                                                   51,157,969.78                  80,338,418.33
Professional fees                                               4,157,831.51                   3,567,787.01
Packaging expenses                                                558,933.52                     461,906.74
Utilities                                                      14,330,630.18                   8,125,597.50
Rent                                                            7,545,140.01                   2,818,616.91
                                  Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Employment security fund for persons
with disabilities
Others                                                                  24,209,442.61                           30,143,048.23
                  Total                                                551,023,439.93                          527,909,425.21
(2) Cash relating to investing activities
Significant cash received relating to investing activities
□ Applicable √ Not applicable
Significant cash paid relating to investing activities
√ Applicable □ Not applicable
                                                                                                               Unit: RMB
                 Item                                  Current period amount                    Prior period amount
 Acquisition and construction of
 long-term assets
 Purchase of wealth management
 products
                Total                                            2,305,341,274.83                         2,759,639,672.75
Other cash received relating to investing activities
□ Applicable √ Not applicable
Other cash paid relating to investing activities
□ Applicable √ Not applicable
(3) Cash relating to financing activities
Other cash received relating to financing activities
□ Applicable √ Not applicable
Other cash paid relating to financing activities
√ Applicable □ Not applicable
                                                                                                               Unit: RMB
                 Item                                  Current period amount                     Prior period amount
Cash paid for lease liabilities                                     85,945,684.34                           49,347,533.02
Cash paid for financing expenses                                    13,924,574.60
                 Total                                              99,870,258.94                               49,347,533.02
Movements in liabilities arising from financing activities
√ Applicable □ Not applicable
                                                                                                                   Unit: RMB
                                          Increase for the period               Decrease for the period
     Item      Opening balance                              Non-cash                               Non-cash      Closing balance
                                    Cash movements                         Cash movements
                                                           movements                              movements
 Short-term
 borrowings
 Other
 payables -
 dividends
 payable
 Long-term
 borrowings,
 including
 amounts due
 within one
 year
 Lease
 liabilities
 (including
 amounts due
 within one
 year)
                                 Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    Total     5,201,489,490.20     3,490,000,000.00   963,432,941.02   3,764,591,789.11   153,503.90   5,890,177,138.21
(4) Notes on cash flows presented on a net basis
□ Applicable √ Not applicable
(5) Significant activities with no cash flow in the current period that affect financial position, or
    that may affect future cash flows, and their financial effect
□ Applicable √ Not applicable
(1) Supplementary information to the cash flow statement
√ Applicable □ Not applicable
                                                                                                      Unit: RMB
                                                                                           Amount for the prior
            Supplementary information                          Amount for the period
                                                                                                period
 Net profit                                                1,023,243,876.60          1,295,943,360.47
 Add: impairment provisions for assets                        92,976,776.92             32,245,147.39
 Credit impairment losses                                    -26,709,786.76             -6,598,315.66
 Depreciation of fixed assets, depletion of oil and
 gas assets and depreciation of productive                   983,829,927.86            849,946,338.58
 biological assets
 Amortization of right-of-use assets                          64,957,808.69             51,879,813.09
 Amortization of intangible assets                            29,107,359.09             24,244,130.68
 Amortization of long-term prepaid expenses                   83,817,756.79             63,851,535.49
 Losses on disposal of fixed assets, intangible
 assets and other long-term assets (gains shown                 -613,296.67
 with a minus sign)
 Losses on retirement of fixed assets (gains shown
 with a minus sign)
 Losses from changes in fair value (gains shown
 with a minus sign)
 Finance costs (income shown with a minus sign)              176,647,865.32             -3,186,107.90
 Investment losses (gains shown with a minus
                                                             -19,298,631.09            -33,948,234.37
 sign)
 Decrease in deferred tax assets (increases shown
 with a minus sign)
 Increase in deferred tax liabilities (decreases
                                                              -1,798,097.38             -7,925,253.54
 shown with a minus sign)
 Decrease in inventories (increases shown with a
                                                            -191,420,704.59             43,370,710.89
 minus sign)
 Decrease in operating receivables (increases
 shown with a minus sign)
 Increase in operating payables (decreases shown
                                                          -1,846,929,821.76          1,436,017,280.48
 with a minus sign)
 Others
 Net cash flows from operating activities                  2,596,056,538.23          2,456,271,248.25
 Conversion of debt into capital
 Convertible corporate bonds due within one year
 Right-of-use assets obtained by assuming lease
 liabilities
 Closing balance of cash                                   5,186,327,062.04          4,544,497,089.44
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Less: opening balance of cash                                  4,701,248,084.25         3,942,266,589.29
 Add: closing balance of cash equivalents
 Less: opening balance of cash equivalents
 Net increase in cash and cash equivalents                        485,078,977.79           602,230,500.15
(2) Net cash paid during the period to acquire subsidiaries
□ Applicable √ Not applicable
(3) Net cash received during the period from the disposal of subsidiaries
□ Applicable √ Not applicable
(4) Composition of cash and cash equivalents
√ Applicable □ Not applicable
                                                                                               Unit: RMB
                       Item                                   Closing balance         Opening balance
 I. Cash                                                        5,186,327,062.04         4,701,248,084.25
 Including: cash on hand                                               13,252.47                16,314.90
         Bank deposits available on demand for
 payment
         Other cash and bank balances available
 on demand for payment
         Deposits with the central bank available
 for payment
         Deposits with other banks
         Placements with other banks
 II. Cash equivalents
 Including: bond investments maturing within
 three months
 III. Closing balance of cash and cash equivalents              5,186,327,062.04         4,701,248,084.25
 Including: cash and cash equivalents restricted as
 to use by the parent company or subsidiaries
 within the Group
(5) Items restricted as to use but still presented as cash and cash equivalents
□ Applicable √ Not applicable
(6) Cash and bank balances that do not constitute cash and cash equivalents
√ Applicable □ Not applicable
                                                                                                Unit: RMB
           Item                 Closing balance               Opening balance              Reason
 Guarantee deposits for
 bank acceptance bills
 Guarantee deposits for
 letters of guarantee
 Guarantee deposits for
 foreign exchange                            216.79                      223.73    Restricted in use
 settlement
            Total                  139,547,054.41                 518,557,923.67              /
Other information:
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Details of the "other" items adjusting the closing balance of the prior year, including their names and the
amounts of the adjustments:
□ Applicable √ Not applicable
(1) Foreign currency monetary items
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                               Closing balance in                              Closing balance translated
           Item                                          Translation rate
                                foreign currency                                     into Renminbi
 Cash and bank balances                          -                       -                 912,871,921.35
 Including: USD                      52,956,529.57                  6.8109                 360,681,627.25
     EUR                             22,847,426.60                  7.7671                 177,458,247.14
     Hong Kong dollars                3,214,193.54                  0.8686                   2,791,687.80
     Canadian Dollar                  8,901,157.39                  4.7847                  42,589,367.76
         Brazilian Real               8,380,875.89                  1.3142                  11,014,147.09
         Malaysian
 Ringgit
         Swedish Krona                1,525,776.12                  0.7003                  1,068,501.02
         Polish Zloty                84,746,873.48                  1.8121                153,569,809.43
         Mexican Peso               380,702,246.50                  0.3897                148,359,665.46
 Trade receivables                               -                       -              1,983,995,132.85
 Including: USD                     189,222,407.70                  6.8109              1,288,774,896.60
     EUR                              4,611,888.01                  7.7671                 35,820,995.36
     Canadian Dollar                 28,328,789.96                  4.7847                135,544,761.32
         Brazilian Real              17,087,853.35                  1.3142                 22,456,856.87
         Polish Zloty               118,641,481.18                  1.8121                214,990,228.05
         Mexican Peso               734,852,339.88                  0.3897                286,371,956.85
         GBP                              3,931.20                  9.0145                     35,437.80
 Other receivables                               -                       -                 53,732,645.87
 Including: USD                       2,121,848.59                  6.8109                 14,451,698.56
     Canadian Dollar                    287,177.15                  4.7847                  1,374,056.51
         Malaysian
 Ringgit
         Swedish Krona                2,577,309.02                  0.7003                  1,804,889.51
         Polish Zloty                 7,194,200.00                  1.8121                 13,036,609.82
         Mexican Peso                51,378,144.47                  0.3897                 20,022,062.90
 Short-term borrowings                                                                    299,102,360.94
 Including: Mexican
 peso
 Trade payables                                  -                       -                659,684,759.41
 Including: USD                      19,115,159.55                  6.8109                130,191,440.18
     EUR                              1,499,762.90                  7.7671                 11,648,808.42
     Canadian Dollar                 10,188,213.02                  4.7847                 48,747,542.84
         Brazilian Real               1,720,778.21                  1.3142                  2,261,446.72
         Swedish Krona                  905,325.53                  0.7003                    633,999.47
         Polish Zloty                58,817,211.59                  1.8121                106,582,669.12
         Mexican Peso               919,814,206.03                  0.3897                358,451,596.09
         Malaysian
 Ringgit
 Other payables                                   -                      -                    798,524.36
 Including: USD                           20,160.00                 6.8109                    137,307.74
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
        Swedish Krona                  774,607.33                  0.7003                  542,457.51
        Mexican Peso                    65,949.83                  0.3897                   25,700.65
        Polish Zloty                    51,353.93                  1.8121                   93,058.46
(2) Why the currency is not exchangeable and what that means financially; the spot rate used and
    how it was estimated; and the risks this creates for the Company
□ Applicable √ Not applicable
(3) Notes on foreign operations. For significant foreign operations, disclose the principal place of
      business, the functional currency and why it was chosen. If the functional currency has changed,
      explain why
√ Applicable □ Not applicable
      The Company has 12 principal overseas subsidiaries. Tuopu North America operates in Canada and
uses the Canadian dollar as its functional currency; Tuopu North America (USA) operates in the United
States and uses the US dollar; Tuopu do Brasil operates in Brazil and uses the Brazilian real; Tuopu
Sweden operates in Sweden and uses the Swedish krona; Tuopu International operates in Hong Kong
and uses the Hong Kong dollar; Tuopu Malaysia operates in Malaysia and uses the Malaysian ringgit;
Tuopu USA operates in the United States and uses the US dollar; Tuopu Poland operates in Poland and
uses the Polish zloty; Tuopu Mexico operates in Mexico and uses the Mexican peso; Hong Kong
Holdings operates in Hong Kong and uses the Hong Kong dollar; Hong Kong Investment operates in
Hong Kong and uses the Hong Kong dollar; and Tuopu Thailand operates in Thailand and uses the Thai
baht.
(4) Circumstances in which the functional currency of a foreign operation is not exchangeable into
    the presentation currency of the enterprise
□ Applicable √ Not applicable
(1) As lessee
√ Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not applicable
Lease expenses for short-term leases and leases of low-value assets to which the practical expedient is
applied
√ Applicable □ Not applicable
The Company's accounting policy for short-term leases and leases of low-value assets is set out in Note
Expenses relating to short-term leases and leases of low-value assets were as follows:
                                                                                               Unit: RMB
                                                                               Corresponding period of
                      Item                             Current period
                                                                                       last year
 Short-term lease expenses                                    7,545,140.01                  2,818,616.91
 Expenses relating to leases of low-value
 assets, other than short-term leases
                      Total                                   7,545,140.01                  2,818,616.91
Sale and leaseback transactions and the basis for that judgment
□ Applicable √ Not applicable
Total cash outflows relating to leases 93,490,824.35 (Unit: RMB)
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) As lessor
Operating leases as lessor
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                                                                           Including: income relating to
               Item                           Lease income                  variable lease payments not
                                                                           included in the lease receipts
 Operating lease income                                      99,082.57
              Total                                          99,082.57
Finance leases as lessor
□ Applicable √ Not applicable
Reconciliation of undiscounted lease receipts to the net investment in the lease
□ Applicable √ Not applicable
Undiscounted lease receipts for the next five years
□ Applicable √ Not applicable
(3) Gains and losses on finance lease sales recognized as manufacturer or dealer
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                     Item                          Current period amount           Prior period amount
 Materials consumed                                         235,539,767.87                213,002,582.56
 Employee benefits                                          367,151,504.88                323,342,032.82
 Depreciation and amortization                               80,106,401.35                  73,790,623.51
 Transportation and warehousing expenses                     12,139,279.61                   7,264,770.91
 Energy consumption expenses                                 30,530,961.17                  37,266,305.27
 Travel expenses                                             16,079,996.41                  14,244,528.33
 Trial production expenses                                   20,987,020.10                   6,117,108.24
 Others                                                      28,302,504.91                  30,032,724.66
                    Total                                   790,837,436.30                705,060,676.30
 Including: research and development
 expenditure expensed
         Research and development
 expenditure capitalized
    criteria
□ Applicable √ Not applicable
Significant capitalized research and development projects
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Impairment provision for development expenditure
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Whether there were transactions or events during the period resulting in the loss of control over a
subsidiary
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Whether the investment in a subsidiary was disposed of in stages through multiple transactions with
control being lost during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Details of changes in the scope of consolidation arising from other reasons (for example, the
incorporation or liquidation of subsidiaries):
√ Applicable □ Not applicable
Capital Partnership (Limited Partnership), Ningbo Tuopu Power Components Co., Ltd. and Guangzhou
Tuopu Automobile Parts Co., Ltd., and has included them in the scope of consolidation from their
respective dates of establishment.
Technology Co., Ltd., which has been excluded from the scope of consolidation from the date of
deregistration.
□ Applicable √ Not applicable
                                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Composition of the Group
√ Applicable □ Not applicable
                                                                                                                                                  Unit: RMB
                                  Principal                                                                Shareholding percentage
                                                                          Place of        Nature of                  (%)
     Name of subsidiary           place of    Registered capital                                                                      Manner of acquisition
                                                                        registration      business
                                  business                                                                  Direct       Indirect
 Tuopu Automobile
                                 Ningbo              RMB2.5 billion     Ningbo         Manufacturing         100.00                   Incorporation
 Electronics
 Tuopu Thermal
                                 Ningbo              RMB4.5 billion     Ningbo         Manufacturing         100.00                   Incorporation
 Management
                                                                                                                                      Business combinations
 Tuopu Electromechanical         Ningbo            RMB200 million       Ningbo         Trading               100.00
                                                                                                                                      under common control
                                                                                                                                      Business combinations
 Tuopu Parts                     Ningbo            RMB200 million       Ningbo         Trading               100.00
                                                                                                                                      under common control
                                                                                                                                      Business combinations
 Tuopu Acoustics                 Ningbo            RMB200 million       Ningbo         Trading               100.00
                                                                                                                                      under common control
                                                                                                                                      Business combination
 Zhejiang Towin                  Jinhua            RMB180 million       Jinhua         Manufacturing         100.00                   not under common
                                                                                                                                      control
                                                                                                                                      Business combination
 Suining Tuopu                   Suining           RMB150 million       Suining        Manufacturing         100.00                   not under common
                                                                                                                                      control
 Ushone Electronic Chassis       Ningbo             RMB50 million       Ningbo         Trading               100.00                   Incorporation
 Tuopu Chassis                   Ningbo            RMB600 million       Ningbo         Manufacturing         100.00                   Incorporation
 Hunan Tuopu                     Xiangtan          RMB800 million       Xiangtan       Manufacturing         100.00                   Incorporation
 Skateboard chassis              Ningbo              RMB4 billion       Ningbo         Manufacturing         100.00                   Incorporation
 Taizhou Tuopu                   Taizhou           RMB100 million       Taizhou        Manufacturing         100.00                   Incorporation
 Shanghai Tuopu Yale             Shanghai           RMB50 million       Shanghai       Manufacturing         100.00                   Incorporation
 Pinghu Tuopu                    Jiaxing           RMB208 million       Jiaxing        Manufacturing         100.00                   Incorporation
                                                                                                                                      Business combination
 Tuopu North America             Canada                 CAD10,000       Canada         Trading                                51.00   not under common
                                                                                                                                      control
                                      Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                      United                              United
Tuopu USA                               USD5 million                     Trading             100.00            Incorporation
                      States                              States
Tuopu Poland          Poland           PLN10 million      Poland         Manufacturing       100.00            Incorporation
Xian Tuopu            Xi'an          RMB200 million       Xi'an          Manufacturing       100.00            Incorporation
Wuhan Tuopu           Wuhan          RMB150 million       Wuhan          Manufacturing       100.00            Incorporation
Sichuan Tuopu         Linshui         RMB20 million       Linshui        Manufacturing       100.00            Incorporation
                                                                                                               Business combinations
Liuzhou Tuopu         Liuzhou        RMB100 million       Liuzhou        Manufacturing       100.00
                                                                                                               under common control
Huzhou Tuopu          Huzhou         RMB350 million       Huzhou         Manufacturing       100.00            Incorporation
Baoji Tuopu           Baoji           RMB50 million       Baoji          Manufacturing       100.00            Incorporation
                                                                                                               Business combinations
Yantai Tuopu          Yantai         RMB62.8 million      Yantai         Manufacturing       100.00
                                                                                                               under common control
                                                                                                               Business combination
Ningbo Qianhui        Ningbo       USD3.7551 million      Ningbo         Manufacturing        51.00            not under common
                                                                                                               control
Shenyang Tuopu        Shenyang        RMB10 million       Shenyang       Manufacturing       100.00            Incorporation
Jinzhong Tuopu        Jinzhong         RMB8 million       Jinzhong       Manufacturing       100.00            Incorporation
                                                                                                               Business combination
Chongqing Tuopu       Chongqing   RMB14.6422 million      Chongqing      Manufacturing       100.00            not under common
                                                                                                               control
                                                                                                               Business combination
Hangzhou Tuopu        Hangzhou         RMB3 million       Hangzhou       Manufacturing                100.00   not under common
                                                                                                               control
                                                                         Research and
Shanghai Towin        Shanghai       RMB121 million       Shanghai                           100.00            Incorporation
                                                                         development
                                                                         Research and
Shenzhen Towin        Shenzhen        RMB20 million       Shenzhen                           100.00            Incorporation
                                                                         development
Ushone E-commerce     Ningbo         RMB100 million       Ningbo         Services            100.00            Incorporation
Ushone                Ningbo         RMB300 million       Ningbo         Manufacturing       100.00            Incorporation
Tuopu Investment      Ningbo         RMB200 million       Ningbo         Investment          100.00            Incorporation
                                                          Hong
Tuopu International   Hong Kong       RMB33 million                      Investment          100.00            Incorporation
                                                          Kong
Tuopu Industrial
                      Ningbo          RMB20 million       Ningbo         Manufacturing       100.00            Incorporation
Automation
                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Tuopu North America     United                               United
                                                  USD10                     Services                      51.00   Incorporation
(USA)                   States                               States
                                                                            Research and
Tuopu Sweden            Sweden                SEK50,000      Sweden                                      100.00   Incorporation
                                                                            development
Tuopu do Brasil         Brazil       BRL80.8095 million      Brazil         Manufacturing        99.96     0.04   Incorporation
Tuopu Malaysia          Malaysia        MYR2.5 million       Malaysia       Manufacturing                100.00   Incorporation
Chongqing Chassis       Chongqing      RMB500 million        Chongqing      Manufacturing       100.00            Incorporation
Anhui Tuopu             Huainan        RMB600 million        Huainan        Manufacturing       100.00            Incorporation
Tuopu Mexico            Mexico      MXN245.5979 million      Mexico         Manufacturing        99.00     1.00   Incorporation
                                                                            Power
Tuopu Photovoltaic
                        Ningbo           RMB50 million       Ningbo         generation                   100.00   Incorporation
(Ningbo Beilun)
                                                                            services
                                                                            Power
Tuopu Photovoltaic
                        Ningbo          RMB100 million       Ningbo         generation                   100.00   Incorporation
(Ningbo Hangzhou Bay)
                                                                            services
                                                                            Power
Tuopu Photovoltaic
                        Jiaxing          RMB50 million       Jiaxing        generation                   100.00   Incorporation
(Pinghu)
                                                                            services
                                                                            Power
Tuopu Photovoltaic
                        Taizhou          RMB20 million       Taizhou        generation                   100.00   Incorporation
(Taizhou)
                                                                            services
                                                                            Power
Tuopu Photovoltaic
                        Jinhua           RMB10 million       Jinhua         generation                   100.00   Incorporation
(Jinhua)
                                                                            services
Henan Tuopu             Kaifeng          RMB50 million       Kaifeng        Manufacturing       100.00            Incorporation
Jinan Tuopu             Jinan            RMB50 million       Jinan          Manufacturing       100.00            Incorporation
                                                                            Power
Tuopu Photovoltaic
                        Ningbo           RMB50 million       Ningbo         generation                   100.00   Incorporation
(Ningbo Yinzhou)
                                                                            services
                                                                            Power
Tuopu Photovoltaic
                        Xiangtan         RMB50 million       Xiangtan       generation                   100.00   Incorporation
(Xiangtan)
                                                                            services
                                                                            Power
Tuopu Photovoltaic
                        Wuhan            RMB30 million       Wuhan          generation                   100.00   Incorporation
(Wuhan)
                                                                            services
                                    Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                             Business combination
Ningbo Trim             Ningbo       RMB21 million      Ningbo         Trading             100.00            not under common
                                                                                                             control
                                                                                                             Business combination
Langfang Tuopu          Langfang     RMB20 million      Langfang       Manufacturing                100.00   not under common
                                                                                                             control
                                                                                                             Business combination
Shenyang Maigao Tuopu   Shenyang     RMB35 million      Shenyang       Manufacturing                100.00   not under common
                                                                                                             control
Tuopu Drive             Ningbo      RMB200 million      Ningbo         Manufacturing       100.00            Incorporation
                                                                                                             Business combination
Wuhu Tuopu              Wuhu        RMB200 million      Wuhu           Manufacturing       100.00            not under common
                                                                                                             control
Lingyu Tactile          Ningbo       RMB48 million      Ningbo         Manufacturing                100.00   Incorporation
                                                        Hong
Hong Kong Holdings      Hong Kong      HKD500,000                      Investment                   100.00   Incorporation
                                                        Kong
                                                        Hong
Hong Kong Investment    Hong Kong      HKD100,000                      Investment                   100.00   Incorporation
                                                        Kong
Tuopu Thailand          Thailand     THB1.9 billion     Thailand       Manufacturing                100.00   Incorporation
                                                                                                             Business combination
Jinhua Tuopu            Jinhua       RMB10 million      Jinhua         Manufacturing                100.00   not under common
                                                                                                             control
                                                                                                             Business combination
Fuzhou Tuopu            Fuzhou       RMB20 million      Fuzhou         Manufacturing                100.00   not under common
                                                                                                             control
                                                                                                             Business combination
Anqing Towin            Anqing       RMB10 million      Anqing         Manufacturing                100.00   not under common
                                                                                                             control
                                                                                                             Business combination
Yibin Tuopu             Yibin         RMB5 million      Yibin          Manufacturing                100.00   not under common
                                                                                                             control
                                                                                                             Business combination
                        Inner                           Inner
Inner Mongolia Tuopu                  RMB3 million                     Manufacturing                100.00   not under common
                        Mongolia                        Mongolia
                                                                                                             control
                                                                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                                                                                                       Business combination
 Anqing Tuopu                        Anqing                                  RMB5 million         Anqing           Manufacturing                                         100.00        not under common
                                                                                                                                                                                       control
                                                                                                                                                                                       Business combination
 Wuhu Towin                          Wuhu                                  RMB10 million          Wuhu             Manufacturing                                         100.00        not under common
                                                                                                                                                                                       control
 Lingyu Robotics                     Ningbo                                RMB50 million          Ningbo           Manufacturing                                         100.00        Incorporation
                                     United                                                       United
 Tuopu Detroit                                                                   USD10,000                         Manufacturing                  100.00                               Incorporation
                                     States                                                       States
 Malaysia Technology                 Malaysia                              MYR1,500               Malaysia         Manufacturing                                         100.00        Incorporation
 Towin Hangke                        Ningbo                           RMB30.01 million            Ningbo           Investment                99.99667                                  Incorporation
 Tuopu Power                         Ningbo                            RMB100 million             Ningbo           Manufacturing               100.00                                  Incorporation
 Guangzhou Tuopu                     Guangzhou                          RMB20 million             Guangzhou        Manufacturing               100.00                                  Incorporation
(2) Significant non-wholly-owned subsidiaries
√ Applicable □ Not applicable
                                                                                                                                                                                                        Unit: RMB
                                                              Profit or loss attributable to non-      Dividends declared to non-
                                      Shareholding percentage of                                                                                                                    Closing balance of non-
     Name of subsidiary                                          controlling interests for the       controlling interests during the
                                     non-controlling interests (%)                                                                                                                   controlling interests
                                                                             period                               period
 Tuopu North America                                     49                           567,452.66                                                                                                       -799,014.24
Notes where the shareholding percentage of non-controlling interests in a subsidiary differs from the proportion of voting rights:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Key financial information on significant non-wholly-owned subsidiaries
√ Applicable □ Not applicable
                                                                                                                                                                                                        Unit: RMB
                                                       Closing balance                                                                                     Opening balance
   Name of
  subsidiary                    Non-current                         Current        Non-current         Total                       Non-current                         Current          Non-current          Total
               Current assets                   Total assets                                                      Current assets                    Total assets
                                  assets                           liabilities      liabilities     liabilities                      assets                           liabilities        liabilities      liabilities
 Tuopu North
 America
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                    Current period amount                                                           Prior period amount
      Name of subsidiary                                           Total                                                                          Total
                                                                                    Cash flows from                                                               Cash flows from
                            Revenue         Net profit         comprehensive                               Revenue         Net profit         comprehensive
                                                                                   operating activities                                                          operating activities
                                                                  income                                                                         income
Tuopu North America        409,800,452.02   1,158,066.66             968,895.45          -20,501,073.34   535,761,849.05   3,271,838.94           3,384,358.88          -6,111,877.62
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(4) Significant restrictions on the use of the Group's assets and the settlement of the Group's
     liabilities:
□ Applicable √ Not applicable
(5) Financial or other support provided to structured entities included in the scope of consolidation:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
retained
□ Applicable √ Not applicable
√ Applicable □ Not applicable
(1) Significant joint ventures and associates
√ Applicable □ Not applicable
                                                                                                    Unit: RMB
                                                                      Shareholding             Accounting
   Name of
                 Principal                                           percentage (%)            treatment of
   the joint                       Place of       Nature of
                 place of                                                                    investments in
  venture or                     registration     business
                 business                                          Direct       Indirect      joint ventures
  associate
                                                                                             and associates
 Ningbo
 Tuopu
               Ningbo        Ningbo         Manufacturing         50.00                 Equity method
 Electric
 Co., Ltd.
 Shanghai
 Aiweilan
 New
               Shanghai      Shanghai       Manufacturing         20.00                 Equity method
 Energy
 Technology
 Co., Ltd.
Notes where the shareholding percentage in a joint venture or associate differs from the proportion of
voting rights:
None
Basis for having significant influence while holding less than 20% of the voting rights, and for not
having significant influence while holding 20% or more of the voting rights:
None
(2) Key financial information on significant joint ventures
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                                     Closing balance / current period       Opening balance / prior period
                                                 amount                                amount
                                     Tuopu Electric                         Tuopu Electric
 Current assets                      267,576,772.65                         275,912,206.44
      Including: cash and cash
 equivalents
 Non-current assets                   49,165,356.93                          50,145,661.50
 Total assets                        316,742,129.58                         326,057,867.94
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Current liabilities                  76,643,632.12                         115,046,326.34
 Non-current liabilities                                                        307,544.65
 Total liabilities                    76,643,632.12                         115,353,870.99
 Non-controlling interests
 Equity attributable to
 shareholders of the parent          240,098,497.46                         210,703,996.95
 company
 Share of net assets calculated
 by shareholding percentage
 Adjustments                              -81,533.16                             -97,568.96
 -- Goodwill
 -- Unrealized profits on intra-
                                          -81,533.16                             -97,568.96
 group transactions
 -- Others
 Carrying amount of the equity
 investments in joint ventures
 Fair value of equity
 investments in joint ventures
 for which a quoted market
 price is available
 Revenue                             184,821,291.31                         215,441,216.05
 Finance costs                            94,890.22                             567,837.81
 Income tax expense                    3,953,348.36                           6,051,624.14
 Net profit                           29,394,500.51                          42,220,595.14
 Net profit from discontinued
 operations
 Other comprehensive income
 Total comprehensive income           29,394,500.51                          42,220,595.14
 Dividends received from joint
 ventures during the year
(3) Key financial information on significant associates
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                                     Closing balance / current period       Opening balance / prior period
                                                 amount                               amount
                                        Shanghai                             Shanghai
                                        Aiweilan                             Aiweilan
 Current assets                      389,089,659.09
 Non-current assets                  169,125,457.42
 Total assets                        558,215,116.51
 Current liabilities                 486,035,899.53
 Non-current liabilities              20,010,588.29
 Total liabilities                   506,046,487.82
 Non-controlling interests
                              Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Equity attributable to
 shareholders of the parent            52,168,628.69
 company
 Share of net assets calculated
 by shareholding percentage
 Adjustments                         129,566,274.26
 -- Goodwill                         129,566,274.26
 -- Unrealized profits on intra-
 group transactions
 -- Others
 Carrying amount of the equity
 investments in associates
 Fair value of equity
 investments in associates for
 which a quoted market price is
 available
 Revenue
 Net profit
 Net profit from discontinued
 operations
 Other comprehensive income
 Total comprehensive income
 Dividends received from
 associates during the year
Other information
     During the Reporting Period the Company acquired a 20% equity interest in Shanghai Aiweilan
New Energy Technology Co., Ltd. ("Shanghai Aiweilan") by way of a cash capital increase. Under
Shanghai Aiweilan's articles of association the Company is able to exercise significant influence over it,
and it has therefore been treated as an associate and accounted for using the equity method. As the
investment was completed on 25 June 2026, only a short interval before the balance sheet date, and
Shanghai Aiweilan recorded no significant movement in profit or loss during that interval, the Company
recognized nil investment income for the Reporting Period and has carried the long-term equity
investment at cost.
(4) Aggregate financial information on individually immaterial joint ventures and associates
□ Applicable √ Not applicable
(5) Notes on significant restrictions on the ability of joint ventures or associates to transfer funds to
the Company
□ Applicable √ Not applicable
(6) Excess losses incurred by joint ventures or associates
□ Applicable √ Not applicable
(7) Unrecognized commitments relating to investments in joint ventures
□ Applicable √ Not applicable
(8) Contingent liabilities relating to investments in joint ventures or associates
□ Applicable √ Not applicable
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
Notes on structured entities not included in the scope of consolidation:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
Reasons why the expected amount of government grants was not received at the expected time
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                       Unit: RMB
                                               Amount
                                              recognize         Amount                                      Asset-
                                Grants                                          Other
 Financial                                    d in non-      transferred to                                 related
               Opening         received                                       movement       Closing
 statemen                                     operating      other income                                      or
               balance        during the                                       s during      balance
   t item                                      income          during the                                  income
                                period                                        the period
                                              during the         period                                    -related
                                                period
 Deferred    422,912,904.2   10,985,000.0                    24,480,397.6                  409,417,506.5   Asset-
 income                  3              0                               8                              5   related
   Total     422,912,904.2   10,985,000.0                    24,480,397.6                  409,417,506.5   /
√ Applicable □ Not applicable
                                                                                                       Unit: RMB
              Type                          Current period amount                     Prior period amount
 Asset-related                                              24,480,397.68                         24,218,590.48
 Income-related                                            117,956,249.14                        122,717,210.17
              Total                                        142,436,646.82                        146,935,800.65
√ Applicable □ Not applicable
      In the course of operations, the Company is exposed to a range of financial risks: credit risk,
liquidity risk and market risk, the last of which includes foreign exchange risk, interest rate risk and
other price risk. Those risks, and the risk management policies the Company applies to reduce them, are
set out below:
      The Board is responsible for planning and establishing the Company's risk management framework,
setting risk management policies and guidelines, and overseeing how risk management measures are
implemented. The Company has adopted risk management policies to identify and analyze the risks it
faces. These policies address specific risks and cover market risk, credit risk and liquidity risk
management, among others. The Company regularly assesses changes in market conditions and in the
Company's own activities to decide whether the risk management policies and systems need updating.
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Risk management is carried out by the risk management committee in accordance with policies
approved by the Board. The committee works closely with the Company's other business units to
identify, evaluate and mitigate the relevant risks. The Company's internal audit department reviews risk
management controls and procedures on a regular basis and reports the findings to the audit committee.
      The Company diversifies the risk of financial instruments through an appropriate mix of
investments and businesses, and applies risk management policies designed to reduce concentrations of
risk in any single industry, region or counterparty.
      Credit risk is the risk that a counterparty will fail to perform its contractual obligations and cause
the Company to incur a financial loss.
      The Company's credit risk arises principally from cash and bank balances, notes receivable, trade
receivables, receivables financing and other receivables, together with investments in debt instruments
and derivative financial assets measured at fair value through profit or loss that are outside the scope of
the impairment requirements. At the balance sheet date the carrying amount of the Company's financial
assets represents the maximum exposure to credit risk.
      The Company's cash and bank balances are held mainly as deposits with reputable, highly rated
state-owned banks and other large and medium-sized listed banks. The Company considers that these
carry no significant credit risk and are most unlikely to give rise to any material loss through bank
default.
      In addition, the Company has policies in place to control credit risk exposure on notes receivable,
trade receivables, receivables financing and other receivables. It assesses each customer's
creditworthiness and sets an appropriate credit period by reference to the customer's financial position,
the likelihood of obtaining third-party security, its credit history, and other factors such as current
market conditions. The Company monitors customers' credit records regularly. Where a customer has a
poor credit record, the Company issues written demands for payment, shortens the credit period or
withdraws credit terms, so as to keep overall credit risk within manageable limits.
      Liquidity risk is the risk that an entity will encounter a shortage of funds in meeting obligations that
are settled by delivering cash or another financial asset.
      The Company's policy is to ensure that it holds sufficient cash to repay debt as it falls due.
Liquidity risk is managed centrally by the finance department, which monitors cash balances, readily
realizable securities and a rolling forecast of cash flows for the next 12 months in order to ensure that the
Company has sufficient funds to repay debt under all reasonably foreseeable circumstances. The finance
department also monitors the Company's compliance with the terms of the borrowing agreements on an
ongoing basis and obtains commitments from major financial institutions to provide adequate standby
facilities to meet the Company's short-term and long-term funding needs.
      Market risk on financial instruments is the risk that their fair value or future cash flows will
fluctuate because of changes in market prices, and comprises foreign exchange risk, interest rate risk and
other price risk.
      (1) Interest rate risk
      Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates.
      Fixed-rate and floating-rate interest-bearing financial instruments expose the Company to fair value
interest rate risk and cash flow interest rate risk respectively. The Company decides the proportion of
fixed-rate to floating-rate instruments by reference to market conditions, and maintains an appropriate
mix through regular review and monitoring. Where necessary, the Company uses interest rate swaps to
hedge interest rate risk.
      At 30 June 2026, with all other variables held constant, a rise or fall of 100 basis points in the
interest rate on floating-rate borrowings would decrease or increase the Company's total profit by
RMB30,605,000.00. Management considers 100 basis points to be a reasonable reflection of the range
within which interest rates may move over the coming year.
      (2) Foreign exchange risk
      Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange rates.
      The Company monitors the level of foreign currency transactions and of foreign currency assets
and liabilities on an ongoing basis in order to minimize exposure to foreign exchange risk. It may also
                                      Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
enter into forward foreign exchange contracts or currency swaps to hedge that risk. The Company did
not enter into any forward foreign exchange contracts or currency swaps in the current period or the
prior period.
     The Company's exposure to foreign exchange risk arises principally from financial assets and
financial liabilities denominated in US dollars. Foreign currency financial assets and financial liabilities,
translated into Renminbi, are set out below:
                                       Closing balance                                  Closing balance of the prior year
        Item                            Other foreign                                            Other foreign
                        USD                                   Total              USD                                      Total
                                         currencies                                               currencies
     Cash and
     bank           360,681,627.25      552,190,294.11    912,871,921.36     435,349,171.55      569,020,563.08     1,004,369,734.63
     balances
     Trade
     receivables
     Other
     receivables
     Short-term
     borrowings
     Trade
     payables
     Other
     payables
     Total         1,794,236,970.33   2,115,948,374.46   3,910,185,344.79   1,860,306,132.83   1,721,195,622.84     3,581,501,755.67
     At 30 June 2026, with all other variables held constant, a 5% appreciation or depreciation of
Renminbi against the foreign currencies to which the Company is exposed, principally the US dollar,
euro, Canadian dollar, Hong Kong dollar, Brazilian real, Malaysian ringgit, Swedish krona, Polish zloty
and Thai baht, would decrease or increase total profit by RMB99,550,702.77 (31 December 2025:
RMB105,333,347.16). Management considers 5% to be a reasonable reflection of the range within
which Renminbi may move against those currencies over the coming year.
     (3) Other price risk
     Other price risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices other than those arising from foreign exchange risk or
interest rate risk.
     The Company's exposure to other price risk arises principally from investments in equity
instruments, which are subject to the risk of changes in the prices of those instruments.
(1) The Company undertakes hedging activities for risk management purposes
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(2) The Company undertakes qualifying hedging activities and applies hedge accounting
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(3) The company undertakes hedging activities for risk management purposes and expects to
achieve the risk management objectives but does not apply hedge accounting
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) By manner of transfer
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
                  Nature of the
                                    Amount of the
     Manner of      financial                            Derecognition          Basis for the derecognition
                                    financial assets
      transfer        assets                                 status                     assessment
                                       transferred
                   transferred
                                                                            Bank acceptance bills within
                                                                            receivables financing carry
                                                                            very little credit risk or risk of
                  Unmatured
                                                                            delayed payment, and the
                  bank
                                                                            interest rate risk attaching to
 Endorsed or      acceptance
 discounted       bills within
                                                                            the bank. Substantially all the
                  receivables
                                                                            risks and rewards of ownership
                  financing
                                                                            are therefore regarded as
                                                                            having been transferred, and
                                                                            the bills are derecognized.
                                                                            The principal risks attaching to
                                                                            receivable instruments are
                                                                            credit risk and the risk of
                                                                            delayed payment. Under the
                                                                            applicable         requirements,
                                                                            where       the     endorsement
                  Receivable                            Not                 transfer agreement does not
 Endorsement                          26,580,050.23
                  instruments                           derecognized        expressly provide that the
                                                                            transfer is without recourse,
                                                                            the     principal     risks     of
                                                                            ownership of such instruments
                                                                            have not been transferred and
                                                                            they are therefore not
                                                                            derecognized.
       Total            /          3,113,524,603.71              /                           /
(2) Financial assets derecognized as a result of the transfer
√ Applicable □ Not applicable
                                                                                                  Unit: RMB
                                                             Amount of the
                            Manner of transfer of                                    Gains or losses relating
           Item                                              financial assets
                             the financial assets                                     to the derecognition
                                                              derecognized
 Trade       receivables    Endorsement
 financing
          Total                        /                       3,086,944,553.48
(3) Transferred financial assets in which the Company has continuing involvement
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
□ Applicable □ Not applicable
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                              Unit: RMB
                                                                Closing fair value
                                           Level 1 fair Level 2 fair
                 Item                                                Level 3 fair value
                                              value       value                               Total
                                                                       measurement
                                           measurement measurement
I.      Recurring        fair     value
measurements
(I) Financial assets held for trading                                     430,000,000.00 430,000,000.00
through profit or loss
(1) Investments in debt instruments
(2) Investments in equity instruments
(3) Derivative financial assets
(4) Short-term wealth management
products
value through profit or loss
(1) Investments in debt instruments
(2) Investments in equity instruments
(II) Other debt investments
(III) Investments in other equity
instruments
(IV) Investment properties
appreciation and subsequent transfer
(V) Biological assets
(VI) Receivables financing                                              3,356,382,393.06 3,356,382,393.06
(VII) Other non-current financial
assets
Total assets measured at fair value
on a recurring basis
(VIII) Financial liabilities held for
trading
through profit or loss
Including: trading bonds issued
        Derivative financial liabilities
        Others
fair value through profit or loss
Total liabilities measured at fair
value on a recurring basis
II. Non-recurring fair value
measurements
(I) Assets held for sale
Total assets measured at fair value
on a non-recurring basis
Total liabilities measured at fair
value on a non-recurring basis
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
    measurements
□ Applicable √ Not applicable
    for recurring and non-recurring Level 2 fair value measurements
□ Applicable √ Not applicable
      for recurring and non-recurring Level 3 fair value measurements
√ Applicable □ Not applicable
forecasts future cash flows using the expected rate of return, which is the unobservable input, and
determines fair value at the period end as the amount it is highly probable will be recovered.
fair value, the Company has determined their fair value at the period end as face value.
were made close to the period end and no significant change occurred in the investees thereafter, the
Company has determined their fair value at the period end as cost.
    measurements, and sensitivity analysis of the unobservable inputs
□ Applicable √ Not applicable
    period and the policy for determining the timing of transfers
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
     The Company's financial assets and financial liabilities measured at amortized cost comprise
principally cash and bank balances, notes receivable, trade receivables, other receivables, short-term
borrowings, notes payable, trade payables, other payables, non-current liabilities due within one year,
long-term borrowings and bonds payable.
     The carrying amounts of the Company's financial assets and financial liabilities not measured at fair
value differ little from their fair values, and no further disclosure is therefore given.
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                   Unit: HKD
                                                                                              Proportion of
                                                                          Shareholding
                                                                                             voting rights of
     Name of the parent     Place of     Nature of       Registered       percentage of
                                                                                               the parent
        company           registration   business         capital           the parent
                                                                                             company in the
                                                                           company in
                                                                                              Company (%)
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                          the Company
                                                                               (%)
 MECCA
 INTERNATIONAL Hong
                                       Investment   1,000,000.00                    57.88            57.88
 HOLDING (HK)            Kong
 LIMITED
The ultimate controlling party of the Company is Wu Jianshu
For details of the subsidiaries of the Company, see the notes
√ Applicable □ Not applicable
Details of the Company's subsidiaries are set out in Note 10, Interests in other entities.
For details of the significant joint ventures and associates of the Company, see the notes
√ Applicable □ Not applicable
Details of the Company's significant joint ventures and associates are set out in Note 10, Interests in
other entities.
Other joint ventures and associates that entered into related party transactions with the Company during
the period, or with which balances arose from related party transactions in prior periods, are as follows
□ Applicable √ Not applicable
√ Applicable □ Not applicable
       Name of the other related party               Relationship of the other related party with the
                                                                        Company
 Ninghai Jinxin Packaging Co., Ltd.             A company controlled by the sister of the Company's de
                                                facto controller
 Ninghai Zhonghao Plastic Products Co.,         A company in which the brother-in-law of a member of
 Ltd.                                           the Company's senior management holds a 40% interest
                                                and serves as executive director
 Ninghai Xidian Qingqing Plastics Factory       A company controlled by the sister and brother-in-law
                                                of a member of the Company's senior management
 Ningbo Gaoyue Intelligent Technology           Other companies controlled by the de facto controller of
 Co., Ltd.                                      the Company
 Ningbo Gaoyue Motor Technology Co.,            Other companies controlled by the de facto controller of
 Ltd.                                           the Company
 Gaoyue Electric (Ningbo) Co., Ltd.             Other companies controlled by the de facto controller of
                                                the Company
 Ningbo Gaoyue New Energy Technology            Other companies controlled by the de facto controller of
 Co., Ltd. (Note)                               the Company
Note: the day-to-day related party transactions between the Company and Ningbo Gaoyue New Energy
Technology Co., Ltd. include those with its wholly-owned subsidiaries Linshui Gaoyue Photovoltaic
Technology Co., Ltd., Suining Gaoyue Photovoltaic Technology Co., Ltd., Chongqing Gaoyue
Photovoltaic Technology Co., Ltd., Huainan Gaoyue Photovoltaic Technology Co., Ltd., Liuzhou
Gaoyue Photovoltaic Technology Co., Ltd., Huzhou Gaoyue Photovoltaic Technology Co., Ltd. and
Xi'an Gaoyue Photovoltaic Technology Co., Ltd.
(1) Related party transactions involving the purchase and sale of goods and the rendering and
    receiving of services
Purchases of goods and services received
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
                                                                                                    Unit: RMB
                                                                            Whether the
                                                          Approved
                  Nature of the         Current                              transaction
                                                         transaction                            Prior period
 Related party    related party          period                               limit was
                                                           limit (if                              amount
                   transaction          amount                              exceeded (if
                                                         applicable)
                                                                             applicable)
 Ninghai
 Jinxin
                 Materials             6,574,683.73     18,000,000.00               No           7,096,697.41
 Packaging
 Co., Ltd.
 Ninghai
 Zhonghao
 Plastic         Materials           11,435,224.35      25,000,000.00               No         11,462,743.07
 Products Co.,
 Ltd.
 Ninghai
 Xidian
 Qingqing        Materials             3,119,885.07      4,500,000.00               No           3,083,334.61
 Plastics
 Factory
 Ningbo
 Gaoyue
 Intelligent     Equipment           50,683,949.72     130,000,000.00               No         51,886,214.18
 Technology
 Co., Ltd.
 Ningbo
 Gaoyue          Materials,
 Motor           services and        23,866,974.66     100,000,000.00               No         42,777,560.75
 Technology      others
 Co., Ltd.
 Gaoyue
 Electric
                 Utilities             2,606,022.09      5,200,000.00               No
 (Ningbo) Co.,
 Ltd.
 Ningbo
 Gaoyue New      Materials,
 Energy          services and        19,985,327.11      43,700,000.00               No         10,619,857.30
 Technology      others
 Co., Ltd.
 Ningbo
 Tuopu
                 Materials             3,096,785.79     14,000,000.00               No            277,974.00
 Electric Co.,
 Ltd.
Sales of goods and services rendered
√ Applicable □ Not applicable
                                                                                                    Unit: RMB
                                  Nature of the related
         Related party                                  Current period amount            Prior period amount
                                   party transaction
Ningbo Tuopu Electric Co.,
                           Goods and services                        1,695,372.42                1,733,446.21
Ltd.
Ningbo     Gaoyue    Motor
                           Utilities                                   928,935.48                1,306,315.06
Technology Co., Ltd.
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Notes on related party transactions involving the purchase and sale of goods and the rendering and
receiving of services
□ Applicable √ Not applicable
(2) Related party custody or contracting arrangements, whether as entrusted party or entrusting
    party
Custody or contracting arrangements where the Company acts as the entrusted party or contractor:
□ Applicable √ Not applicable
Notes on related party custody and contracting arrangements
□ Applicable √ Not applicable
Arrangements where the Company acts as the entrusting party or awards the contract:
□ Applicable √ Not applicable
Notes on related party management and contracting arrangements
□ Applicable √ Not applicable
                                                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(3) Related party leases
The Company as lessor:
√ Applicable □ Not applicable
                                                                                                                                                              Unit: RMB
     Name of the lessee                  Type of leased assets           Lease income recognized during the period          Lease income recognized in the prior period
Ningbo Gaoyue Motor
                                 Buildings and structures                                                    99,082.57                                             99,082.57
Technology Co., Ltd.
Ningbo Gaoyue Intelligent
                                 Buildings and structures                                                                                                         154,364.35
Technology Co., Ltd.
The Company as lessee:
√ Applicable □ Not applicable
                                                                                                                                                                  Unit: RMB
                                                 Current period amount                                                        Prior period amount
                             Rental                                                                   Rental
                           expenses                                                                 expenses
                           for short-                                                               for short-
                                          Variable                                                                   Variable
                              term                                                                     term
                                            lease                                                                      lease
                          leases and                                                               leases and
                                          payments                                                                   payments
             Type of        leases of                                     Interest     Additions     leases of                                       Interest     Additions
 Name of                                not included                                                               not included
             leased       low-value                                       expense      to right-   low-value                                         expense      to right-
 lessor                                     in the        Rentals paid                                                 in the        Rentals paid
             assets         assets to                                     on lease      of-use       assets to                                       on lease      of-use
                                        measurement                                                                measurement
                           which the                                     liabilities    assets      which the                                       liabilities    assets
                                           of lease                                                                   of lease
                            practical                                                                practical
                                        liabilities (if                                                            liabilities (if
                           expedient                                                                expedient
                                         applicable)                                                                applicable)
                           is applied                                                               is applied
                               (if                                                                      (if
                          applicable)                                                              applicable)
 Gaoyue
             Buildings
 Electric
             and                                          3,727,233.03   64,758.90                                                   1,564,744.96   63,633.72
 (Ningbo)
             structures
 Co., Ltd.
Notes on related party leases
                                Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(4) Related party guarantees
The Company as guarantor
√ Applicable □ Not applicable
                                                                                        Unit: RMB'0,000
                                            Guarantee                              Whether the guarantee
                                                               Guarantee expiry
Party guaranteed Guarantee amount        commencement                                 has been fully
                                                                    date
                                               date                                     performed
Tuopu Poland                 5,436.97      See note (1)          See note (1)               No
Tuopu Mexico                 9,535.26   1 November 2023        31 October 2030              No
Tuopu Mexico                26,027.04   15 November 2023       14 January 2034              No
Tuopu Mexico                 3,802.04    6 February 2024         15 July 2029               No
Tuopu Parts                 10,000.00      1 June 2025           1 June 2035                No
Tuopu Mexico                 1,632.01    22 January 2026       21 January 2031              No
The Company as the party guaranteed
□ Applicable √ Not applicable
Notes on related party guarantees
√ Applicable □ Not applicable
      （1）To support the European business, the Company's wholly-owned subsidiary Tuopu Poland
Sp. z o.o. ("Tuopu Poland") proposes to lease an industrial facility, comprising office space, production
areas and warehousing, to be purpose-built for it by 7R Projekt 35 Sp. z o.o. (the "7R project company").
In line with commercial practice and practical requirements, the Company has provided a performance
guarantee in respect of that lease and has authorized the chairman or his authorized representative to sign
the letter of guarantee. Total liability under the guarantee is capped at EUR7 million, and it runs for the
whole term of the lease and for five months after the lease expires or is terminated, but in any event no
later than 1 August 2029.
      （2）To expand the North American business, the Company's subsidiary Tuopu Mexico leased an
industrial plant in Nuevo León, Mexico (the phase I plant) jointly owned by five individuals, David
Wolberg Peia, Armando Arturo González Gutiérrez, Arturo González Gutiérrez, Alberto González
Gutiérrez and Adrián González Gutiérrez (together the "lessors"), and has signed a lease agreement with
Irma Garza Ita, the legal representative of those five joint owners. The agreement provides for rent to be
paid monthly from 1 November 2023 for 84 months, ending on 31 October 2030. In line with
commercial practice and practical requirements, the Company has guaranteed the rent payable under that
lease and has authorized the chairman or his authorized representative to sign the letter of guarantee.
Total liability under the guarantee is capped at USD14 million, and the guarantee runs for the whole
term of the lease.
      （3）To continue expanding the North American business, the Company's subsidiary Tuopu
Mexico leased an industrial plant in Nuevo León, Mexico from the lessors Banco Actinver, S.A.
Institución de Banca Múltiple, Grupo Financiero Actinver and Terrafina for use as the phase II plant of
the Tuopu Mexico facility (the "phase II plant") for the manufacture of automotive parts, and entered
into a lease agreement with them for a term from 15 November 2023 to 14 January 2034. In line with
commercial practice and practical requirements, the Company's wholly-owned subsidiary Tuopu USA,
LLC has guaranteed the rent and related taxes and charges payable under that lease, with total liability
capped at USD35 million, the guarantee running for the whole term of the lease. The Board also agreed
that the Company would deliver to the lessors a standby letter of credit issued by a commercial bank as
security for the phase II plant lease, in the amount of USD3,213,810.48. The guarantees above total
USD38,213,810.48.
      （4）To continue expanding the North American business, the Company's subsidiary Tuopu
Mexico leased an industrial plant in Nuevo León, Mexico from the lessor Banco Monex, S.A., I.B.M.,
Monex Grupo Financiero, acting as trustee of the trust identified as F/3485, for use as the trim plant of
the Tuopu Mexico facility (the "trim plant" or "phase III plant") for the manufacture of automotive parts,
and entered into a lease agreement with it on 6 February 2024 for a term of five years. In line with
commercial practice and practical requirements, the Board agreed that the Company would guarantee the
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
rent payable under that lease by way of standby letters of credit. The two standby letters of credit total
USD5,582,293.20, equivalent to 24 months' rent excluding tax.
      （5）In line with commercial practice and practical circumstances, the Company agreed to issue a
letter of guarantee covering all liabilities arising between the Company's wholly-owned subsidiary
Ningbo Tuopu Automobile Parts Co., Ltd. ("Tuopu Parts") and an integrator in the course of business
conducted from 1 June 2025 to 1 June 2035. The integrator is a customer of Tuopu Parts, and Tuopu
Parts may incur payment obligations in supplying it, such as liquidated damages for late delivery or
compensation for product quality issues. The guarantee covers the principal debt, interest, liquidated
damages, compensation for loss, and the costs of enforcing remedies. The maximum amount guaranteed
is RMB100 million. The guarantee period is six years, running from the date on which the performance
period of each guaranteed obligation expires.
      （6）To continue expanding the North American business, the Company's subsidiary Tuopu
Mexico leased an industrial plant in the Avante Industrial Park, Apodaca, Nuevo León, Mexico from the
lessor Banco Actinver, S.A., I.B.M. Grupo Financiero Actinver, División Fiduciaria (as trustee of trust
no. F/6271) for the manufacture of automotive parts, and entered into a lease agreement with it for a
term from 22 January 2026 to 21 January 2031. In line with commercial practice and practical
requirements, Tuopu Mexico paid the lessor a deposit of USD599,041.80, equivalent to six months' rent.
Tuopu Mexico also delivered to the lessor an irrevocable letter of credit issued by a commercial bank as
security for the lease of the plant, in the amount of USD2,396,167.20, equivalent to the first year's rent
for the plant including related taxes. The guarantees above total USD2,396,167.20.
(5) Lending and borrowing between related parties
□ Applicable √ Not applicable
(6) Transfers of assets and debt restructurings between related parties
□ Applicable √ Not applicable
(7) Key management personnel remuneration
√ Applicable □ Not applicable
                                                                                          Unit: RMB'0,000
              Item                            Current period amount                Prior period amount
 Key management personnel                                         414.89                           443.38
 remuneration
(8) Other related party transactions
□ Applicable √ Not applicable
(1) Receivables
√ Applicable □ Not applicable
                                                                                    Unit: RMB
                                    Closing balance                 Opening balance
  Project name Related party Gross carrying Provision for Gross carrying   Provision for bad
                                amount         bad debts     amount              debts
               Ningbo Tuopu
Trade
               Electric Co.,  1,199,918.01       59,995.90  1,912,607.38             95,630.37
receivables
               Ltd.
               Ningbo
               Gaoyue
Trade
               Intelligent                                    161,523.96              8,076.20
receivables
               Technology
               Co., Ltd.
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                       Closing balance                 Opening balance
 Project name     Related party Gross carrying Provision for Gross carrying   Provision for bad
                                   amount         bad debts     amount              debts
                 Ningbo
Trade            Gaoyue Motor
receivables      Technology
                 Co., Ltd.
                 Ningbo
                 Gaoyue
Other non-
                 Intelligent       130,000.00                    711,900.00
current assets
                 Technology
                 Co., Ltd.
(2) Payables
√ Applicable □ Not applicable
                                                                                     Unit: RMB
  Project name             Related party          Closing gross carrying Opening gross carrying
                                                         amount                amount
Trade payables    Ningbo Tuopu Electric Co., Ltd.           2,555,152.40           5,043,675.69
                  Ninghai Jinxin Packaging Co.,
Trade payables                                              5,631,884.37           6,181,785.13
                  Ltd.
                  Ninghai Zhonghao Plastic
Trade payables                                             12,923,992.52           8,727,040.73
                  Products Co., Ltd.
                  Ninghai Xidian Qingqing
Trade payables                                              5,112,986.93           3,728,985.25
                  Plastics Factory
                  Ningbo Gaoyue Intelligent
Trade payables                                              7,461,200.76          27,494,592.47
                  Technology Co., Ltd.
                  Ningbo Gaoyue Motor
Trade payables                                             11,074,669.26          10,508,396.05
                  Technology Co., Ltd.
                  Ningbo Gaoyue New Energy
Trade payables                                              2,990,417.76           2,423,277.04
                  Technology Co., Ltd.
                  Chongqing Gaoyue
Trade payables    Photovoltaic Technology Co.,                                       838,986.19
                  Ltd.
                  Huainan Gaoyue Photovoltaic
Trade payables                                                153,063.55
                  Technology Co., Ltd.
                  Gaoyue Electric (Ningbo) Co.,
Trade payables                                                537,345.50             519,920.67
                  Ltd.
Lease liabilities
(including        Gaoyue Electric (Ningbo) Co.,
amounts due       Ltd.
within one year)
(3) Other items
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Details
□ Applicable √ Not applicable
(2) Share options or other equity instruments outstanding at the end of the period
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Significant commitments to external parties existing at the balance sheet date, and their nature and
amounts
      (1) On 14 November 2024 the Company entered into a loan contract with the Export-Import Bank
of China, Ningbo Branch, for a facility of RMB150 million, contract number (2024) Jin Chu Yin (Yong
Xin He) Zi No. 1-149. As at 30 June 2026 the long-term borrowing outstanding under that contract was
RMB148.5 million. On 14 November 2024 the Company entered into a loan contract with the same bank
for a facility of RMB150 million, contract number (2024) Jin Chu Yin (Yong Xin He) Zi No. 1-150. As
at 30 June 2026 the long-term borrowing outstanding under that contract was RMB148.5 million. On 25
December 2024 the Company entered into a loan contract with the same bank for a facility of RMB90
million, contract number (2024) Jin Chu Yin (Yong Xin He) Zi No. 1-181. As at 30 June 2026 the long-
term borrowing outstanding under that contract was RMB88.5 million. On 25 December 2024 the
Company entered into a loan contract with the same bank for a facility of RMB210 million, contract
number (2024) Jin Chu Yin (Yong Xin He) Zi No. 1-182. As at 30 June 2026 the long-term borrowing
outstanding under that contract was RMB208.5 million. On 21 April 2026 the Company entered into a
loan contract with the same bank for a facility of RMB300 million, contract number (2026) Jin Chu Yin
(Yong Xin He) Zi No. 1-048. As at 30 June 2026 the long-term borrowing outstanding under that
contract was RMB300 million. On 12 December 2025 the Company entered into a loan contract with the
same bank for a facility of RMB270 million, contract number (2025) Jin Chu Yin (Yong Xin He) Zi No.
million. All of the above borrowings are secured by mortgages over buildings and structures, under
security contracts numbered (2022) Jin Chu Yin (Yong Zui Xin Di) Zi No. 1-001, (2022) Jin Chu Yin
(Yong Zui Xin Di) Zi No. 1-003 and (2024) Jin Chu Yin (Yong Zui Xin Di) Zi No. 1-003. The
mortgaged properties had a cost of RMB923,574,109.05 and a net carrying amount of
RMB528,382,033.46; the mortgaged land had a cost of RMB202,898,354.01 and a net carrying amount
of RMB151,006,553.55.
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
      (2) To meet US customs bonding requirements, on 12 September 2023 the Company entered into
an irrevocable bank guarantee with Citibank in favor of Avalon Risk Management Insurance Agency for
an amount not exceeding USD2.8 million, guarantee number 69628907. The guarantee was first
amended on 13 November 2024, increasing the amount to USD3.5 million for a term from 18 November
with the terms of the letter of credit, up to USD3.5 million. It was amended for a second time on 25 June
amended for a third time on 15 June 2026, maintaining the amount at USD4.6 million for a term from 15
June 2026 to 10 June 2027, and providing for payment promptly on Citibank receiving a draft
complying with the terms of the letter of credit, up to USD4.6 million.
      (3) Tuopu Automobile Electronics submitted an application for the issuance of a domestic letter of
credit, numbered 90000847881781155437944, to Bank of Ningbo Co., Ltd., Beilun Branch. As at 30
June 2026, under that application the Company had opened a letter of credit for RMB100,000,000.00
with Bank of Ningbo Co., Ltd., Beilun Branch.
      (4) As at 30 June 2026, other cash and bank balances of Tuopu Automobile Electronics included a
guarantee deposit of RMB10.00 held with Bank of Ningbo Co., Ltd., Beilun Branch. There were no
unmatured notes payable corresponding to that deposit.
      (5) Tuopu Parts entered into a domestic letter of credit issuance contract numbered (20102000)
Zheshang Bank Domestic LC (2026) No. 01290 with China Zheshang Bank Co., Ltd. As at 30 June
with China Zheshang Bank Co., Ltd. for RMB200,000,000.00, with Ningbo Tuopu Automobile
Electronics Co., Ltd. as beneficiary.
      (6) Tuopu Parts entered into a bill pool business cooperation agreement numbered
MJZH20250819000037 and a maximum amount pledge contract numbered MJZH20250819000038
with Industrial Bank Co., Ltd., Ningbo Branch. As at 30 June 2026 the Company had paid the bank
guarantee deposits of RMB7,838,749.51 for bank acceptance bills, on the basis of which notes payable
of RMB179,580,905.43 had been issued.
      (7) Tuopu Parts entered into a supplemental agreement to the bill pool business cooperation and bill
pledge agreement, numbered 05101PC20188002, with Bank of Ningbo Co., Ltd., Beilun Branch. As at
on the basis of which notes payable of RMB65,703,207.55 had been issued.
      (8) Tuopu Parts entered into a bill pool business cooperation agreement numbered Free Trade Asset
Pool 20240109001 and a bill pledge contract numbered Shou Yin Yong Maximum Amount Pledge
guarantee deposits of RMB15,560,894.71 for bank acceptance bills had been paid to the bank and no
notes payable had been issued.
      (9) Tuopu Acoustics entered into an asset pool direct bill issuance agreement with Bank of Ningbo
Co., Ltd., Ningbo Beilun Branch, numbered 05100AT22BFN865 (Bank of Ningbo Asset Pool 2019 No.
Asset Pool 2019 No. 031). As at 30 June 2026 bank acceptance bills of RMB25,177,977.37 remained
pledged and a further RMB110,790,560.82 had been paid to the bank as guarantee deposits for bank
acceptance bills, on the basis of which notes payable of RMB128,163,846.42 had been issued.
      (10) Tuopu Acoustics entered into an asset pool business cooperation agreement numbered
numbered 33100000 Zheshang Asset Pool 2025 No. 00767 with China Zheshang Bank Co., Ltd.,
Ningbo Beilun Branch. As at 30 June 2026 bank acceptance bills of RMB153,347,960.78 remained
pledged, on the basis of which notes payable of RMB262,266,572.95 had been issued.
      (11) Tuopu Acoustics entered into a master agreement for the issuance of domestic letters of credit
numbered E05100DF26049FCD with Bank of Ningbo Co., Ltd. As at 30 June 2026, under that
agreement the Company had opened a letter of credit numbered DL0110226A00789 with Bank of
Ningbo Co., Ltd. for RMB100,000,000.00, with Ningbo Tuopu Automobile Electronics Co., Ltd. as
beneficiary.
      (12) For business purposes Tuopu Acoustics opened a guarantee deposit account with Bank of
Ningbo for pending foreign exchange settlement. As at 30 June 2026 that account held retained interest
income of USD31.83, equivalent to RMB216.79.
      (13) Tuopu Electromechanical entered into a domestic letter of credit issuance contract numbered
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Company had opened a letter of credit numbered DLC9314202600009 with Bank of Hangzhou Co., Ltd.
for RMB60,000,000.00, with Ningbo Tuopu Group Co., Ltd. as beneficiary.
     (14) In respect of customs duties arising in the course of trade, on 19 July 2023 Tuopu Poland
entered into a bank guarantee with Citibank for an amount not exceeding PLN2,500,000.00, guarantee
number GC23-2000001. As at 30 June 2026 the Company had paid Bank of China a guarantee deposit
of PLN2,500,000.00, equivalent to approximately RMB4,530,250.00.
     (15) In respect of leasing arrangements, on 29 February 2024 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD1,199,407.20, secured by way
of credit guarantee, guarantee number GC1901324000020.
     (16) In respect of leasing arrangements, on 29 February 2024 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD4,382,886.00, secured by way
of credit guarantee, guarantee number GC1901324000021.
     (17) In respect of leasing arrangements, on 15 May 2026 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD2,396,167.20, secured by way
of credit guarantee, guarantee number GC1901326000028.
     (18) In respect of leasing arrangements, on 25 May 2026 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD3,213,810.48, secured by way
of credit guarantee, guarantee number CG1901326000043.
(1) Significant contingencies existing at the balance sheet date
□ Applicable √ Not applicable
(2) Where the Company has no significant contingencies requiring disclosure, this shall also be
    stated:
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Retrospective restatement
□ Applicable √ Not applicable
(2) Prospective application
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
(1) Exchanges of non-monetary assets
□ Applicable √ Not applicable
(2) Other asset exchanges
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Basis for determining reportable segments and the related accounting policies
□ Applicable √ Not applicable
(2) Financial information on the reportable segments
□ Applicable √ Not applicable
(3) Where the Company has no reportable segments, or is unable to disclose total assets and total
     liabilities for each reportable segment, the reasons shall be explained
√ Applicable □ Not applicable
     The Company's principal business is the research and development, manufacture and sale of
automotive parts. Within the Company's scope of consolidation there is no separately identifiable
component that supplies a single product or service, or a group of related products or services, and that is
subject to risks and returns different from those of other components. The Company operates globally in
the automotive parts market and, although it has established manufacturing or sales entities in a number
of countries outside the PRC, those overseas subsidiaries are closely integrated with the domestic
companies. The Company therefore has no separately identifiable component that supplies products or
services independently within a particular economic environment.
     Accordingly, the Company has no business segments or geographical segments.
(4) Other information
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(1) Disclosure by aging
√ Applicable □ Not applicable
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                                Unit: RMB
            Aging                     Closing gross carrying amount        Opening gross carrying amount
Within 1 year (inclusive)                           2,082,945,609.08                    2,574,145,382.76
Including: within one year                          2,082,945,609.08                    2,574,145,382.76
to 2 years                                             177,542,493.40                    266,009,079.14
to 3 years                                              84,660,230.07                     83,658,648.35
Over 3 years                                            21,982,648.03                     20,630,926.58
to 4 years
to 5 years
Over 5 years                                               323,215.01                       9,332,416.37
               Total                                 2,367,454,195.59                   2,953,776,453.20
                                                                 Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(2) Disclosure by method of provision for bad debts assessment
√ Applicable □ Not applicable
                                                                                                                                                                            Unit: RMB
                                                          Closing balance                                                                 Opening balance
        Category              Gross carrying amount          Provision for bad debts                          Gross carrying amount          Provision for bad debts
                                             Percentage                     Provision    Carrying amount                     Percentage                     Provision    Carrying amount
                              Amount                         Amount                                           Amount                         Amount
                                                (%)                         ratio (%)                                           (%)                          ratio (%)
Provision for bad debts
assessed individually
Including:
Provision for bad debts
assessed collectively
Including:
Trade receivables for
which provision for bad
debts is assessed by aging
grouping
           Total           2,367,454,195.59      100.00 160,812,402.64                  / 2,206,641,792.95 2,953,776,453.20      100.00 202,116,743.88                   2,751,659,709.32
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
√ Applicable □ Not applicable
Items assessed collectively: trade receivables for which provision for bad debts is assessed by aging
grouping
                                                                                              Unit: RMB
                                                          Closing balance
          Name
                           Gross carrying amount      Provision for bad debts       Provision ratio (%)
  Up to 1 year                   2,082,945,609.08             104,147,280.45                          5.00
  to 2 years                        177,542,493.40              17,754,249.34                        10.00
  to 3 years                         84,660,230.07              25,398,069.02                        30.00
  Over 5 years                          323,215.01                 323,215.01                      100.00
           Total                 2,367,454,195.59             160,812,402.64
Notes on provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of trade receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(3) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                                                   Changes for the period
                   Opening                                                           Other     Closing
  Category                         Provisio      Recovery or    Derecognitio
                   balance                                                          change     balance
                                      n           reversal      n or write-off
                                                                                         s
 Provision
 for bad
 debts          202,116,743.8                    41,304,341.2                                160,812,402.6
 assessed                   8                               4                                            4
 collectivel
 y
    Total       202,116,743.8                    41,304,341.2                                160,812,402.6
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(4) Trade receivables actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of trade receivables
□ Applicable √ Not applicable
Notes on the write-off of trade receivables:
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(5) Top five trade receivables and contract assets by closing balance, aggregated by debtor
√ Applicable □ Not applicable
                                                                                        Unit: RMB
                                                                             Percentage of
                                                         Closing balance    the total closing
                   Closing balance    Closing balance                                           Closing balance
                                                             of trade       balance of trade
 Name of entity        of trade         of contract                                             of provision for
                                                         receivables and    receivables and
                     receivables           assets                                                  bad debts
                                                          contract assets    contract assets
                                                                                   (%)
 Largest            374,976,796.66                        374,976,796.66                15.84     19,048,662.68
 Second largest     357,519,779.16                        357,519,779.16                15.10     17,875,988.96
 Third largest      263,329,837.57                        263,329,837.57                11.12     48,905,149.42
 Fourth largest     130,182,205.19                        130,182,205.19                 5.50      9,018,541.06
 Fifth largest      142,716,875.46                        142,716,875.46                 6.03      7,135,843.77
       Total      1,268,725,494.04                      1,268,725,494.04                53.59    101,984,185.89
Other information:
□ Applicable √ Not applicable
Presentation of items
√ Applicable □ Not applicable
                                                                                                 Unit: RMB
                Item                             Closing balance                    Opening balance
Interest receivable
Dividends receivable
Other receivables                                        406,067,138.25                         280,001,682.34
                Total                                    406,067,138.25                         280,001,682.34
Other information:
□ Applicable √ Not applicable
Interest receivable
(1) Categories of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(4) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
                            Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(5) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(6) Interest receivable actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of interest receivable
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Dividends receivable
(7) Dividends receivable
□ Applicable √ Not applicable
(8) Significant dividends receivable aged over one year
□ Applicable √ Not applicable
(9) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(10) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(11) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which, significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(12) Dividends receivable actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of dividends receivable
□ Applicable √ Not applicable
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(13) Disclosure by aging
√ Applicable □ Not applicable
                                                                                                Unit: RMB
              Aging                    Closing gross carrying amount       Opening gross carrying amount
 Within 1 year (inclusive)                            321,470,801.64                      185,993,298.49
 Including: within one year                           321,470,801.64                      185,993,298.49
 to 2 years                                              29,870,452.71                      20,119,243.91
 to 3 years                                                 126,200.00                      38,298,000.00
 Over 3 years                                           184,245,323.13                     145,980,323.13
 to 4 years
 to 5 years
 Over 5 years                                                99,000.00                          99,000.00
                Total                                   535,811,777.48                     390,489,865.53
(14) Classification by nature of the amounts
√ Applicable □ Not applicable
                                                                                                Unit: RMB
       Nature of the amount            Closing gross carrying amount       Opening gross carrying amount
 Temporary borrowings                                 529,028,279.44                      385,975,402.24
 Petty cash                                                840,200.00                          870,200.00
 Deposits and guarantee deposits                         1,033,360.00                        1,016,534.00
 Others                                                  4,909,938.04                        2,627,729.29
              Total                                   535,811,777.48                      390,489,865.53
(15) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                              Unit: RMB
                           Stage 1               Stage 2                 Stage 3
 Provision for bad        12-month         Lifetime expected       Lifetime expected
                                                                                              Total
       debts            expected credit    credit losses (not     credit losses (credit-
                            losses          credit-impaired)           impaired)
 Balance at 1
 January 2026
 Balance at 1
 January      2026,
 movements
 during the period
 -- Transfer to
 Stage 2
 -- Transfer to
 Stage 3
 -- Transfer back to
 Stage 2
 -- Transfer back to
 Stage 1
                             Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Provision for the
 period
 Reversal for the
 period
 Derecognized
 during the period
 Written off during
 the period
 Other changes
 Balance at 30
 June 2026
Explanation of significant changes in the gross carrying amount of other receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
Amount of provision for bad debts made during the period and the basis used to assess whether the
credit risk on the financial instruments has increased significantly:
□ Applicable √ Not applicable
(16) Movements in provision for bad debts
√ Applicable □ Not applicable
                                                                                                      Unit: RMB
                                                   Changes for the period
                   Opening                          Recover                             Other       Closing
  Category                                                      Derecognitio
                   balance           Provision         y or                            change       balance
                                                                n or write-off
                                                     reversal                               s
 Provision
 for bad
 debts          110,488,183.1      19,256,456.0                                                   129,744,639.2
 assessed                   9                 4                                                               3
 collectivel
 y
    Total       110,488,183.1      19,256,456.0                                                   129,744,639.2
Of which, significant amounts of provision for bad debts reversed or recovered during the period:
□ Applicable √ Not applicable
(17) Other receivables actually written off during the period
□ Applicable √ Not applicable
Of which, significant write-offs of other receivables:
□ Applicable √ Not applicable
Notes on the write-off of other receivables:
□ Applicable √ Not applicable
(18) Top five other receivables by closing balance, aggregated by debtor
√ Applicable □ Not applicable
                                                                                                      Unit: RMB
                                                   Percentage of the                                   Closing
                                                      total closing    Nature of the                 balance of
        Name of entity           Closing balance                                         Aging
                                                   balance of other      amount                     provision for
                                                    receivables (%)                                   bad debts
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                     Related party
Tuopu Poland sp.z.o.o           226,528,279.44               42.28                    Note     113,576,176.83
                                                                       balances
Ningbo Tuopu Automobile                                              Related party   Up to 1
Electronics Co., Ltd.                                                  balances       year
TUOPU GROUP MEXICO,S.de                                              Related party   Up to 1
R.L.de C.v.                                                            balances       year
                                                                     Related party   Up to 1
Ningbo Tuopu Imp.& Exp. Corp.    25,000,000.00                4.67                               1,250,000.00
                                                                       balances       year
Wuhu Tuopu Automobile Parts                                          Related party   Up to 1
Co., Ltd.                                                              balances       year
          Total                 505,528,279.44               94.36         /            /      127,526,176.83
Note: amounts within 1 year were RMB13,503,753.60; 1 to 2 years RMB29,827,452.71; 3 to 4 years
RMB38,265,000.00; and 4 to 5 years RMB144,932,073.13.
(19) Presented in other receivables due to centralized fund management
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                                                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
                                                                                                                                                               Unit: RMB
                                                                  Closing balance                                                  Opening balance
                     Item                     Gross carrying        Impairment                            Gross carrying             Impairment
                                                                                       Carrying amount                                                   Carrying amount
                                                  amount             allowance                               amount                   allowance
Investments in subsidiaries                  17,369,495,792.86                         17,369,495,792.86 17,032,045,792.86                            17,032,045,792.86
Investments in associates and joint
ventures
                  Total                      17,629,463,508.43                         17,629,463,508.43 17,137,300,222.38                            17,137,300,222.38
(1) Investments in subsidiaries
√ Applicable □ Not applicable
                                                                                                                                                               Unit: RMB
                                               Opening                           Movements for the period                                                     Closing
                       Opening balance        balance of                                       Impairment                             Closing balance        balance of
     Investee                                                 Additional       Reduction in
                      (carrying amount)      impairment                                         provision              Others        (carrying amount)      impairment
                                                              investment        investment
                                              provision                                           made                                                       provision
 Tuopu
 Electromechanical
 Tuopu Parts                196,984,594.91                                                                                               196,984,594.91
 Tuopu Acoustics            199,685,004.03                                                                                               199,685,004.03
 Yantai Tuopu                62,800,000.00                                                                                                62,800,000.00
 Liuzhou Tuopu              100,000,000.00                                                                                               100,000,000.00
 Shenyang Tuopu              10,000,000.00                                                                                                10,000,000.00
 Ushone Electronic
 Chassis
 Ningbo Qianhui              31,210,000.00                                                                                                31,210,000.00
 Sichuan Tuopu               20,000,000.00                                                                                                20,000,000.00
 Wuhan Tuopu                150,000,000.00                                                                                               150,000,000.00
 Pinghu Tuopu               208,000,000.00                                                                                               208,000,000.00
 Tuopu Industrial
 Automation
 Tuopu Investment           200,500,000.00                                                                                               200,500,000.00
 Ushone E-
 commerce
                                                   Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Tuopu
 International
 Baoji Tuopu             50,000,000.00                                                                       50,000,000.00
 Taizhou Tuopu          100,000,000.00                                                                      100,000,000.00
 Tuopu Automobile
 Electronics
 Jinzhong Tuopu           8,000,000.00                                                                        8,000,000.00
 Shenzhen Towin          20,000,000.00                                                                       20,000,000.00
 Tuopu do Brasil         80,776,216.50                                                                       80,776,216.50
 Zhejiang Towin         571,320,000.00                                                                      571,320,000.00
 Suining Tuopu          290,000,000.00                                                                      290,000,000.00
 Hunan Tuopu            722,590,000.00                                                                      722,590,000.00
 Tuopu USA               35,091,204.56                                                                       35,091,204.56
 Tuopu Chassis          514,900,000.00                                                                      514,900,000.00
 Tuopu Thermal
 Management
 Huzhou Tuopu           200,000,000.00                                                                      200,000,000.00
 Tuopu Poland            18,000,000.00                                                                       18,000,000.00
 Shanghai Tuopu
 Yale
 Xian Tuopu              182,890,671.00                                                                      182,890,671.00
 Ushone                  489,500,000.00               84,000,000.00                                          573,500,000.00
 Chongqing Chassis       475,200,000.00               20,000,000.00                                          495,200,000.00
 Skateboard chassis    2,692,010,000.00               60,000,000.00                                        2,752,010,000.00
 Anhui Tuopu             291,700,000.00                                                                      291,700,000.00
 Chongqing Tuopu          18,583,223.89                                                                       18,583,223.89
 Tuopu Mexico          1,382,040,000.00                                                                    1,382,040,000.00
 Jinan Tuopu              29,100,000.00                 1,700,000.00                                          30,800,000.00
 Henan Tuopu              39,700,000.00                                                                       39,700,000.00
 Ningbo Trim              57,771,391.41                                                                       57,771,391.41
 Tuopu Drive              57,000,000.00               45,000,000.00                                          102,000,000.00
 Wuhu Drive              456,500,000.00                                                                      456,500,000.00
 Guangzhou Tuopu                                       1,050,000.00                                            1,050,000.00
 Towin Hangke                                        105,500,000.00                                          105,500,000.00
       Total          17,032,045,792.86              337,450,000.00                                       17,369,495,792.86
(2) Investments in associates and joint ventures
√ Applicable □ Not applicable
                                                                                                                              Unit: RMB
                                                         Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                           Movements for the period
                              Opening                              Investment                                                                              Closing
              Opening         balance                               gains and                                 Cash                           Closing       balance
                                                        Reductio                Adjustments       Other                Impairme
 Investe       balance           of                                  losses                                 dividen                          balance          of
                                         Additional        n in                   to other       change                   nt       Other
    e         (carrying      impairme                              recognized                                 ds or                         (carrying     impairme
                                         investment     investme                comprehensi        s in                provision     s
              amount)            nt                                 under the                                profits                        amount)           nt
                                                            nt                   ve income       equity                  made
                             provision                               equity                                 declared                                      provision
                                                                     method
 I. Joint ventures
 Tuopu        105,254,429.                                         14,713,286.                                                             119,967,715.
 Electric               52                                                  05                                                                       57
 Subtota      105,254,429.                                         14,713,286.                                                             119,967,715.
 l                      52                                                  05                                                                       57
 II. Associates
 Shangh
 ai                                      140,000,000.                                                                                      140,000,000.
 Aiweila                                           00                                                                                                00
 n
 Subtota                                 140,000,000.                                                                                      140,000,000.
 l                                                 00                                                                                                00
   Total
(3) Impairment testing of long-term equity investments
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
(1) Revenue and cost of sales
√ Applicable □ Not applicable
                                                                                             Unit: RMB
                              Current period amount                        Prior period amount
        Item
                            Revenue              Cost                   Revenue             Cost
 Principal
 operations
 Other operations          518,253,721.89       371,636,735.05       456,755,669.57       296,214,358.80
        Total            4,022,183,511.00     3,124,566,960.14     4,066,613,933.05     3,052,651,134.86
(2) Disaggregation of revenue and cost of sales
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(3) Description of performance obligations
□ Applicable √ Not applicable
(4) Description of amounts allocated to remaining performance obligations
□ Applicable √ Not applicable
(5) Significant contract modifications or significant adjustments to the transaction price
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                    Item                      Current period amount               Prior period amount
 Income from long-term equity
 investments accounted for using the                     800,000,000.00                 1,200,000,000.00
 cost method
 Income from long-term equity
 investments accounted for using the                        14,713,286.05                  21,235,412.15
 equity method
 Investment income from disposal of
                                                                                         -117,560,724.18
 long-term equity investments
 Investment income from financial
 assets held for trading during the
 holding period
 Dividend income from investments in
 other equity instruments during the
 holding period
 Interest income from debt investments
 during the holding period
 Interest income from other debt
 investments during the holding period
 Investment income from disposal of
 financial assets held for trading
 Investment income from disposal of
 investments in other equity instruments
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
 Investment income from disposal of
 debt investments
 Investment income from disposal of
 other debt investments
 Gains on debt restructuring
 Investment income from wealth
 management products
                  Total                                  819,298,631.09                  1,116,387,510.19
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                                                                                Unit: RMB
                         Item                                Amount                     Explanation
 Gains and losses on disposal of non-current
 assets, including the write-back of impairment                -4,785,725.37
 provisions previously made
 Government grants recognized in profit or loss,
 excluding grants that are closely related to
 ordinary business, are made under national                  142,436,646.82       Section 8.11
 policy, are received on defined terms, and have a
 continuing effect on profit or loss
 Gains and losses on financial assets and financial
 liabilities held by non-financial enterprises,
 whether from changes in fair value or from                     4,585,345.04
 disposal, excluding effective hedging related to
 ordinary business
 Funds occupation fees charged to non-financial
 enterprises and recognized in profit or loss
 Gains and losses from entrusting others to invest
 in or manage assets
 Gains and losses from entrusted loans granted to
 third parties
 Asset losses arising from force majeure events
 such as natural disasters
 Reversal of impairment provisions for
 receivables tested for impairment on an
 individual basis
 Gains arising where the cost of an investment in
 a subsidiary, associate or joint venture is less
 than the share of the investee's identifiable net
 assets at fair value on acquisition
 Net profit or loss of subsidiaries from the
 beginning of the period to the combination date
 arising from business combinations under
 common control
 Gains and losses on exchanges of non-monetary
 assets
 Gains and losses on debt restructuring
 One-off expenses incurred because the relevant
 business activities are discontinued, such as
 expenditure on employee resettlement
                           Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                        Item                                  Amount                 Explanation
 One-off effects on profit or loss for the period
 arising from changes in tax, accounting and other
 laws and regulations
 Share-based payment expenses recognized on a
 one-off basis due to the cancellation or
 modification of share incentive schemes
 For cash-settled share-based payments, gains and
 losses arising from changes in the fair value of
 employee benefits payable after the vesting date
 Gains and losses from changes in fair value of
 investment properties subsequently measured
 using the fair value model
 Gains arising from transactions with transaction
 prices that are manifestly unfair
 Gains and losses from contingencies unrelated to
 the ordinary course of the Company's business
 Custodian fee income from entrusted operations
 Other non-operating income and expenses apart
                                                               -4,635,694.66
 from the above items
 Other items of gain or loss that meet the
 definition of non-recurring profit or loss
 Less: effect of income tax                                    22,339,934.51
       Effect on non-controlling interests (after
 tax)
                        Total                                 115,026,994.60
Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the
Public sets out which items are non-recurring. Reasons must be given where the Company treats an
unlisted item as non-recurring and the amount is material, or treats a listed item as recurring.
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
√ Applicable □ Not applicable
                                  Weighted average                      Earnings per share
  Profit for the Reporting Period   return on net           Basic earnings per     Diluted earnings per
                                     assets (%)                   share                    share
 Net profit attributable to
 ordinary shareholders of the                  4.21                         0.59                   0.59
 Company
 Net profit attributable to
 ordinary shareholders of the
 Company after deducting non-
 recurring profit or loss
□ Applicable √ Not applicable
□ Applicable √ Not applicable
                          Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026
                                                                                 Chairman: Wu Jianshu
                                           Date approved for submission by the Board: 27 August 2026
Revision information
□ Applicable √ Not applicable