[Geely to Restructure Weak Businesses; Key Models to Be Built in Europe Next Year]

On October 29, the Beijing Municipal Bureau of Commerce adjusted the deadline for subsidy applications in light of Beijing’s auto consumption demand and the implementation of the auto trade-in subsidy policy, announcing the following: the deadline for applications for Beijing’s 2026 auto trade-in subsidy will be extended from 24:00 on November 30, 2026 to 24:00 on January 10, 2027, except where the annual subsidy funds have been exhausted. If relevant information needs to be changed or corrected, such changes must be completed and submitted before 24:00 on January 20, 2027. Applications for subsidies or corrections of relevant information submitted after the deadline will not be accepted. For applicants for vehicle scrappage and renewal subsidies, the Certificate of Recycling of End-of-Life Motor Vehicles, Certificate of Cancellation of Motor Vehicle Registration, Uniform Invoice for Motor Vehicle Sales and Motor Vehicle Registration Certificate submitted must all be obtained between January 1, 2026 and December 31, 2026.

On October 30, Chery Automobile announced that in the first three quarters of the year, the company recorded revenue of RMB 241.234 billion, up 12.29% year on year; gross profit of RMB 39.004 billion, up 32.38% year on year, with gross margin rising to 16.17%; R&D expenditure of RMB 11.046 billion, up 40.21% year on year; and profit of RMB 14.595 billion, with a net profit margin of 6.05%. During the period, the company’s revenue growth and profitability significantly outpaced the industry average for the same period. In addition, both its gross profit growth of 32.38% and revenue growth of 12.29% exceeded its sales volume growth of 10.5%, demonstrating resilient high-quality growth. Systematic deepening in global markets, scaled delivery of new energy products and continued increases in R&D investment together constitute the three main pillars of Chery Automobile’s high-quality growth.