Stock Code: 600320 900947 Stock Name: Zhenhua Heavy Zhenhua B-share

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2025

• Section I Definitions ....................................................................................01
• Section II Company Profile and Principal Financial Indexes ..........02
• Section III Management Discussion and Analysis...............................06
• Section IV Corporate Governance, Environment, and Social..........22
• Section V Important Events .......................................................................40
• Section VI Changes in Shares and Shareholders’ Situation .............52
• Section VII Bonds .............................................................................................58
• Section VIII Financial Report .........................................................................65

Financial statements affixed with the signature and seal of legal representative, person in charge of accounting work and person in charge of accounting agency.

Original auditors’ report stamped by the accounting firm and signed and stamped with the certified public accountants.

List of Reference Documents

Original copies of the documents and announcements of the Company published on the newspaper designated by the CSRC during the reporting period.

• This Report has been prepared in Chinese and translated into English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.

Important Notice

• I. The Board of Directors, directors, and officers of the Company hereby guarantee the truthfulness, accuracy and completeness of the contents carried in this annual report, guarantee no false record, serious misleading statement or great omission carried in this annual report and guarantee to assume the legal responsibilities jointly and separately.
• II. All directors of the Company are present at the Board meeting.
• III. Ernst & Young Hua Ming LLP issued a standard unqualified audit report for the Company.
• IV. You Ruikai, chairman of the Company, Li Zhen, person in charge of accounting work, and Wang Minfei, person in charge of accounting agency (accountant in charge) hereby declare that the financial statements in this annual report are authentic, accurate and complete.
• V. Proposal for profit distribution or common reserves capitalizing during the reporting period reviewed by the Board of Directors

To deliver reasonable returns to shareholders and strengthen their investment confidence, a profit distribution plan for 2025 has been proposed based on the Company’s performance in 2025: to distribute a cash dividend of RMB

• 0.055 (tax included) per share to all shareholders, based on the total share capital registered on the record date for the implementation of the equity distribution (excluding shares held in the Company’s designated securities repurchase account). The Company will not convert capital reserve into share capital, or grant bonus shares for 2025.

As of March 30, 2026, the Company’s total share capital was 5,268,353,501 shares. After deducting 11,791,762 A-shares held in the Company’s designated securities repurchase account, the base for distribution was 5,256,561,739 shares, on which basis the proposed total cash dividend amounts to RMB 289,110,895.65 (tax included). The total cash dividends for 2025 (including the interim cash dividend already distributed for the first half of 2025) amount to RMB 394,348,574.43. Should the Company’s total share capital change prior to the record date for the implementation of the equity distribution, the Company intends to maintain the cash dividend per share unchanged and adjust the total amount of the distribution accordingly.

The proposed profit distribution plan is subject to approval at the Company’s 2025 Annual General Meeting of Shareholders. Relevant information regarding the parent company’s unrecouped losses as of the end of the reporting period and their impact on matters such as the Company’s profit distribution

Applicable √ Not applicable

• VI. Risk declaration of forward-looking statements √ Applicable Not applicable

The forward-looking descriptions of future plans and development strategies covered in this report do not constitute substantial commitments by the Company to investors, and investors should be aware of the investment risks.

• VII. Does the Company have non-operating funds occupied by the holding shareholder and its related parties? No
• VIII. Does the Company provide the external guarantees in breach of the stipulated decision- making procedure? No
• IX. Whether more than half of the directors cannot guarantee the authenticity, accuracy and completeness of the annual report disclosed by the Company? No
• X. Major Risk Warning

The company has described the related potential risks in this annual report. Investors may pay attention to the same. Please refer to “Management Discussion and Analysis” and related chapters for the risks the company may be confronted with in the future development.

• XI. Others Applicable √ Not applicable

Section I Definitions

Section I Definitions

I. Definitions

The terms used in this report shall be defined as follows, unless otherwise specified:

Definition of common terms Company, the Company, ZPMC Refers to Shanghai Zhenhua Heavy Industries Co., Ltd. CCCC Refers to China Communications Construction Company Ltd. CCCG Refers to China Communications Construction Group Co., Ltd. CCCG HK Refers to CCCG (HK) Holding Limited Reporting period Refers to The period from January 1, 2025 to December 31, 2025

Section II Company Profile and Principal Financial Indexes

I. Company information

Company name in Chinese ( ) Abbreviation of the Company name in Chinese Company name in English SHANGHAI ZHENHUA HEAVY INDUSTRIES CO.,LTD. Abbreviation of the Company name in English ZPMC Legal representative of the Company You Ruikai

II. Contact information

Secretary of the Board of Directors Securities Affairs Representative Name Sun Li Cao Lu Address No. 3261, Dongfang Road, Shanghai No. 3261, Dongfang Road, Shanghai Telephone 021-50390727 021-50390727 Fax 021-31193316 021-31193316 E-mail IR@ZPMC.COM IR@ZPMC.COM

III. Basic Information

Registered address No.3470, Pudong South Road, Shanghai Changes of registered address N/A Office address No. 3261, Dongfang Road, Shanghai Postal code of office address 200125 Website http://www.zpmc.com E-mail IR@ZPMC.COM

IV. Information disclosure and placement location

Shanghai Securities News, www.cnstock.com China Securities Journal, www.cs.com.cn

Media and websites where this Report is disclosed

Stock exchange website for disclosure of the annual report http://www.sse.com.cn Placement location of the annual report Office of the Board of Directors

V. Stock information

Stock information Stock type Stock exchange Stock abbreviation Stock code Stock abbreviation before change

• A-share Shanghai Stock Exchange (SSE) Zhenhua Heavy 600320 ZPMC Industries
• B-share Shanghai Stock Exchange (SSE) Zhenhua B-share 900947 —

VI. Other relevant information

Name Ernst & Young Hua Ming LLP Office address

Room 01-12, Floor 17th, Ernst & Young Tower Oriental Plaza, No.1 East Changan Street, Dongcheng District, Beijing

Public accounting firm engaged by the Company (domestic)

Signed by the Accountants You Fei, Huang Hongwei

VII. Main accounting data and financial indexes in recent three years

• (I) Main accounting data Unit: RMB, Currency: CNY

Main accounting data 2025 2024

Year-on-year change (%)

2023 Operating revenue 36,260,458,326 34,456,420,181 5.24 32,933,263,802 Total profits 1,116,024,014 937,429,252 19.05 785,157,669 Net profit attributable to the shareholders of the listed company 731,841,793 533,524,077 37.17 519,978,765 Net profit attributable to the shareholders of the listed company after deducting the non-recurring profits and losses

498,939,242 211,097,452 136.35 274,145,961

Net cash flows from operating activities 6,249,304,381 5,275,878,878 18.45 5,184,184,446

At the end of 2025 At the end of 2024

Year-on-year change (%)

At the end of 2023 Net assets attributable to the shareholders of the listed company 16,176,507,028 15,867,533,500 1.95 15,756,552,794 Total assets 83,034,703,505 85,767,463,201 -3.19 84,864,576,091

• (II) Major financial indexes

Year-on-year change (%)

2023

Major financial indexes 2025 2024

Basic earnings per share (RMB/share) 0.14 0.10 40.00 0.10 Diluted earnings per share (RMB/share) 0.14 0.10 40.00 0.10 Basic earnings per share after deducting non- recurring profits and losses (RMB/share) 0.09 0.04 125.00 0.05 Weighted average rate of return on net assets (%) 4.69 3.39 +1.30 3.37 Weighted average ROE after deducting non-recurring profits and losses (%) 3.19 1.29 +1.90 1.74

Explanations about the main accounting data and financial indexes in the past 3 years as at the end of the reporting period √ Applicable Not applicable The change in net profit attributable to shareholders of the listed company was mainly due to the increase in profit resulting from the increase in project delivery.

The change in net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses was mainly due to the increase in profit resulting from the increase in project delivery and the decrease in gains from asset disposals.

The change in basic earnings per share was mainly due to the increase in profit resulting from the increase in project delivery. The change in diluted earnings per share was mainly due to the increase in profit resulting from the increase in project delivery. The change in basic earnings per share after deducting non-recurring profits and losses was mainly due to the increase in profit resulting from the increase in project delivery and the decrease in gains from asset disposals.

VIII. Differences in accounting data under domestic and overseas accounting standards

• (I) Difference in net profits and net assets attributable to the shareholders of the listed company in the financial statements synchronously disclosed under international and China’s accounting standards

Applicable √ Not applicable

• (II) Difference in net profits and net assets attributable to the shareholders of the listed company in the financial statements synchronously disclosed under foreign and China’s accounting standards

Applicable √ Not applicable

• (III) Explanation for differences between the domestic and foreign accounting standards: Applicable √ Not applicable

IX. Main financial data in 2025 by quarter Unit: RMB, Currency: CNY

Q1 (Jan. to Mar.)

Q2 (Apr. to Jun.)

Q3 (Jul. to Sep.)

Q4

(Oct. to Dec.) Operating revenue 8,517,137,247 8,878,569,412 8,610,978,826 10,253,772,841 Net profit attributable to the shareholders of the listed company 255,338,086 89,069,399 179,439,030 207,995,278 Net profit attributable to the shareholders of the listed company after deducting the non-recurring profits and losses

268,835,264 -22,738,576 117,208,191 135,634,363 Net cash flows from operating activities 1,877,299,473 1,606,531,331 -702,861,694 3,468,335,271

Explanations about the differences between the quarterly data and the data in periodically disclosed reports Applicable √ Not applicable

X. Non-recurring profit and loss items and amount

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Note (if applicable)

Amount in 2024 Amount in 2023

Non-recurring profit and loss items Amount in 2025

Profit or loss from disposal of non-current assets, including the write-off portion of the provision of asset impairment

36,480,392 95,809,521 79,038,662

Government subsidies included in current profits and losses except for government subsidies closely related to the normal operations of the Company, in line with national policies, and obtained according to determined standards, with a lasting impact on the Company’s profits and losses

157,488,939 154,291,909 107,480,822

Profit or loss from changes in fair value of financial assets and financial liabilities held by non-financial enterprises and from disposal of financial assets and financial liabilities, except for effective hedging operations associated with the Company’s normal operations

81,459,300 122,619,695 94,482,602

Capital occupation fees charged to the non-financial enterprises and included in current profit or loss Profit or loss from the assets entrusted to others for investment or management Profit or loss from external entrusted loans Losses of various assets caused by force majeure such as natural disasters Reversal of provision for impairment of receivables subject to separate impairment test

37,819,017

Profit generated when the Company’s investment cost in acquiring the subsidiary, affiliated company and joint venture is less than the fair value of the recognizable net assets of the invested unit at the time of acquiring

1,914,106

Other non-operating revenue and expenses except for the abovementioned items

7,422,903 18,583,824 19,796,255

Other profit or loss items that conform to the definition of non- recurring profit or loss

Note (if applicable)

Amount in 2024 Amount in 2023 Less: Affected amount of income tax 43,453,352 74,475,101 45,161,118 Affected amount of minority equity (after tax) 6,495,631 34,136,346 9,804,419 Total 232,902,551 322,426,625 245,832,804

Non-recurring profit and loss items Amount in 2025

Explanations should be provided to the items not listed in the “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss”, but identified as non-recurring profit or loss items with significant amount by the Company, and the non-recurring profit or loss items listed in the “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss”, but defined as recurring profit or loss items by the Company.

Applicable √ Not applicable

XI. Companies with equity incentive schemes or employee stock ownership plans may choose to disclose net profit after excluding the impact of share-based payments

Applicable √ Not applicable

XII. Items measured at fair value

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Beginning balance Ending balance Current change Impact on current profits Jiangxi Huawu Brake Co., Ltd. 138,755,008 103,401,780 -35,353,228 84,062,335 China Railway Signal & Communication Corporation Limited

395,445,574 300,044,391 -95,401,183 -24,497,484

Hunan Fengri Power & Electric Co., Ltd. 33,199,200 45,993,605 12,794,405 171,626 CCCC Highway Bridges National Engineering Research Centre Co., Ltd.

13,179,019 15,235,278 2,056,259 0

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

7,937,621 9,555,259 1,617,638 0

Shenyang Weichen Crane Equipment Co., Ltd. 9,058,100 8,407,542 -650,558 0 Ningbo Weilong Port Machinery Co., Ltd. 24,208,224 33,296,629 9,088,405 0 Shanghai Longchang Lifting Equipment Co., Ltd. 739,815 0 -739,815 0 Jiangsu Zhangjinggao Bridge Co., Ltd. 75,410,000 75,410,000 0 0 Nezha Smart Technology (Shanghai) Co., Ltd. 26,798,909 23,297,528 -3,501,381 0 Total 724,731,470 614,642,012 -110,089,458 59,736,477

XIII. Others Applicable √ Not applicable

Section III Management Discussion and Analysis

I. Business operations during the reporting period

The Company is a well-known heavy equipment manufacturer and a state-owned company listed on A and B shares, and its holding company is China Communications Construction Group Co., Ltd., which is listed in Fortune Global 500. Headquartered in Shanghai, with several production bases in Shanghai and Suzhou and several overseas branches worldwide, the Company has more than twenty 60,000t to 100,000t complete transport vessels which can transport complete products to the world. At present, the products of the Company have been successfully sold to 111 countries and regions in the world.

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Company embraces the vision of building a world-class equipment manufacturing enterprise with global competitiveness. It pursues a talent-strong and technology-strong enterprise strategy, anchoring its operations in ports and steel structures — regarding ports as the foundation and steel as the framework. The Company concentrates on its core businesses of port machinery, offshore engineering equipment, and steel structures. It works comprehensively to enhance the core competitiveness of smart ports, and accelerates development toward high-end, intelligent, green, and global standards. The Company is committed to building a modern industrial system, vigorously fostering new quality productive forces, and systematically enhancing its integrated capabilities in equipment manufacturing and services. Through practical measures including clarifying its strategic roadmap, optimizing product performance, and refining customer services, the Company successfully achieved all major operating targets for 2025.

During the reporting period, newly signed contracts and awarded bids for the Company’s port machinery business reached USD 4.6 billion, representing a year-on-year increase of 14.97%. Its ship-to-shore (STS) cranes continued to maintain the industry’s leading position with the largest global market share. The traditional port machinery business posted steady gains. By deepening ties with key domestic and overseas customers, the Company secured several landmark contracts, including STS cranes for MARSA MAROC’s Casablanca Port in Morocco, RTGs for Brazil’s BTP Terminal, and expansion projects at Phase II of SIPG’s Luodong Terminal and Ningbo’s Meibei Terminal. The smart port business showed strong potential. The Company contributed to the commissioning of the Colombo West International Terminal (CWIT), Sri Lanka’s first fully automated container terminal, and delivered the automated empty container yard at the Shangdong Terminal of Shanghai’s Yangshan Phase IV Port. Inland waterway operations yielded early returns. The Company supported the launch of the Central Operation Area at Zhoukou Port’s Central Port Zone, Henan Province’s first dedicated container terminal with a one-million-TEU capacity. It also inaugurated its first partnership with Yunnan Communications Investment & Construction Group. The aftermarket segment expanded rapidly, highlighted by wins in multiple domestic automation upgrade tenders. Overseas, the Company drove the green transition of port operations through retrofit projects, notably converting diesel-powered equipment to electric.

The offshore engineering business pressed ahead steadily, booking USD 1.174 billion in new contracts and bids awarded during the year. Overseas expansion achieved new breakthroughs. The Company secured contracts for two offshore wind O&M mother vessels for France’s LDA, marking its inaugural entry into the European wind farm support vessel market. It also landed contracts for multipurpose heavy-lift vessels, deepwater crane vessels, multifunctional cable-laying vessels, and a 1,600-ton gantry crane.

The steel structure business navigated significant headwinds, closing the year with USD 345 million in newly signed contracts and awarded bids. In bridge steel structures, the Company secured contracts for the Shiziyang Passageway and the Third Qiantang River Bridge. In wind power steel structures, several offshore converter stations under construction topped out. Upon completion, these facilities will play a pivotal role in scaling up China’s offshore wind power development and advancing the national “Dual Carbon” goals.

The shipping business broadened its service portfolio, providing effective support for core operations. Other business segments advanced steadily.

Description of significant new non-core businesses during the reporting period Applicable" √ Not applicable

II. Industry overview during the reporting period

China’s manufacturing sector is undergoing a pivotal shift from scale-led to innovation-led growth. Traditional industries are demonstrating strong revitalization in their transformation, while strategic emerging industries continue to expand. Policies supporting intelligent, green, and converged industrial development are being rolled out at pace, driving deeper advances in smart manufacturing, green manufacturing, and service-oriented manufacturing.

In port machinery, the development of world-class port clusters is accelerating, spurring robust demand for smart terminal upgrades. The industry is trending toward larger-scale, automated, intelligent, and greener solutions. New energy and lightweight equipment are moving from pilot programs to volume procurement, while exports of highend machinery featuring LiDAR and machine vision technologies are growing steadily. In smart ports, the adoption of autonomous haulage trucks and intelligent dispatching systems is accelerating. 5G-plus IoT solutions have proven effective, unlocking demand for green infrastructure such as cold-ironing systems, energy storage, and PV installations. Major hub ports are increasingly playing a pivotal role in demonstrating best practices. In inland waterway machinery, the sector has entered a fast-growth phase driven by waterway upgrades and improved multimodal transport networks. Investment in inland infrastructure is poised to outpace that of seaports, driving significant demand for lightweight, intelligent equipment tailored to complex inland operating conditions. In the aftermarket segment, the vast global installed base of aging equipment is set to drive intensive demand for system upgrades and retrofits over the coming decade.

In offshore engineering, the industry is benefiting from dual tailwinds: cyclical recovery and structural upgrading. The global energy transition is fueling demand for wind turbine installation vessels (WTIVs) and O&M vessels. Deepwater oil and gas equipment is evolving toward greater intelligence and autonomy. With offshore wind capacity steadily expanding, global demand for high-end offshore equipment remains robust.

In steel structures, the advancement of national strategies, such as building a transportation powerhouse and new urbanization, underpins significant projected growth in the domestic bridge steel market. Concurrently, the rapid expansion of offshore wind capacity is driving sustained uptake of wind power steel structures.

III. Discussion and analysis of the performance The year 2025 represented both the culmination of the Company’s 14th Five-Year Plan and a pivotal juncture for

formulating the 15th Five-Year Plan and charting the course for the next five years. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Company thoroughly implemented the directives of the 20th CPC National Congress and all subsequent plenary sessions. Fully aligned with the decisions and plans of SASAC, and adhering to its overarching “123456” development framework, the Company accomplished all annual targets and delivered a high-quality conclusion to the 14th Five-Year Plan. During the reporting period, the Company significantly enhanced its development quality and efficiency, posting operating revenue of approximately RMB 36.26 billion, a yearon-year increase of 5.24%, and net profit attributable to the parent company of RMB 732 million, a year-on-year increase of 37.17%. The major initiatives undertaken are as follows:

First, the strategic roadmap became clearer. The Company refined its overall development strategy and formulated the master plan and supporting sub-plans for the 15th Five-Year Plan. It rolled out dedicated action plans that systematically map out three-year roadmaps, implementation pathways, and measures for each business line.

Second, the core businesses grew more robust. Business expansion gained further traction: the port machinery market was consolidated; the offshore engineering market was deepened; breakthroughs were achieved in the steel structure market; smart port capabilities were enhanced; design expertise was upgraded; and both inland waterway and aftermarket businesses grew rapidly. The shipping business provided solid support for core operations. Integrated service capabilities improved markedly. The Company deepened strategic partnerships with key customers and significantly enhanced cross-functional synergy spanning R&D, design, production, supply chain, logistics, and customer service. It also refined its customer service management system and launched the “OUR ZPMC” digital service platform.

Third, production fulfillment achieved higher quality. The Company streamlined coordinated management, optimized allocation of production, and ensured the effective operation of its two-tier production command system. Subcontracting oversight improved through standardized procurement and site management, alongside an optimized subcontractor mix. Project delivery quality and efficiency rose steadily, bolstered by dedicated task forces addressing key quality issues. Product quality improved continuously, with fulfillment rates increasing year-on-year across multiple production bases.

Fourth, improvements in quality and efficiency became more pronounced. The Company tightened comprehensive budget management, rolling out a project budgeting system to strengthen oversight across the entire budget cycle. Cost control measures yielded significant supply chain savings. Financial management improved through centralized fund management and stringent control over receivables, inventory, and prepayments — the “Three Types of Funds.” Asset optimization initiatives enhanced the operational returns of PPP assets and self-owned properties.

Fifth, innovation-driven development became even more dynamic. The Company advanced high-end development, rolling out action plans for technological self-reliance and enhanced design management, culminating in the release of multiple international and national standards. It accelerated digital transformation by developing and implementing the “Digital and Intelligent ZPMC” Action Plan, encompassing management digitalization, data governance, smart manufacturing upgrades, and “AI Plus” applications, while advancing the implementation of smart-manufacturing projects. Green development progressed with the launch of a comprehensive decarbonization action plan and an energycarbon management platform. The Company secured the world’s first carbon footprint certification for STS cranes and RMGs, established industry benchmarks for carbon footprint quantification, and saw multiple subsidiaries recognized as local Green Factories.

Sixth, the workforce grew stronger. The Company bolstered talent development by rolling out dedicated initiatives for scientific researchers and overseas personnel. It optimized leadership appointments, deepening the tenure-based and contract-bound management system to build high-caliber leadership teams for regional headquarters. Furthermore, it advanced the development of its industrial workforce by issuing formal management regulations and a three-year action plan.

IV. Analysis of the core competitiveness during the reporting period √ Applicable Not applicable

• 1. Market position advantages The Company centers its strategy on core businesses of port machinery, offshore engineering equipment, and steel

• structures, while elevating the core competitiveness of smart ports and establishing diverse product families across these domains. In port machinery, the Company has retained its industry leadership in STS cranes for many consecutive years. It leverages cutting-edge design philosophies for port facilities and offers end-to-end design capabilities, encompassing smart port system integration and EPC services. In offshore engineering, the Company commands robust R&D and manufacturing capabilities for core supporting equipment. Key offerings, including large-scale cranes, jacking systems, and heavy-duty anchor winches, have earned strong market recognition domestically, backed by established technological innovation hubs. In steel structures, the Company maintains a significant market presence in bridges, offshore wind power, and marine engineering. It holds substantial technical reserves, and its production bases are fully equipped to handle diverse and complex fabrication processes.
• 2. Production resource advantages

The Company operates multiple modern production bases across Shanghai and Jiangsu, featuring a combined quay length of 10,208 meters and an annual steel fabrication capacity of one million tons. These diverse facilities integrate specialized workshops, expansive outdoor assembly yards, heavy-duty terminals, and a comprehensive fleet of largescale lifting equipment, including ultra-large crane vessels, floating cranes, and gantry cranes. This infrastructure enables the efficient, high-quality, and safe execution of lifting operations for both in-house production and external customers. Furthermore, the Company owns a fleet of self-propelled heavy-lift vessels capable of transporting fully assembled largescale products worldwide.

• 3. Technological R&D advantages

The Company aligns its R&D agenda with national priorities and industrial upgrading demands, anchored by a threetier matrix of 10 innovation platforms spanning national, provincial/ministerial, and group levels. Notably, the National Engineering Research Center for Core Offshore Hoisting and Pipe-Laying Equipment became fully operational, spearheading major projects involving dredging equipment, pipe-laying/cable-laying vessels, and offshore wind power. During the reporting period, the Company kicked off 8 new national flagship projects and added 8 new R&D initiatives at the national and provincial-ministerial levels. Leveraging these platforms, it deepened its integrated “project-talentplatform” cultivation model to systematically nurture leading scientists and elite innovation teams.

Centered on its “3+1” core portfolio (port machinery, offshore engineering, steel structures, and smart ports), the Company rolled out pioneering equipment, including the 3E Ultra mega STS crane and the large-span double-rigid-leg automated RMG. It delivered the world’s first automated terminal featuring a U-shaped process layout. Its proprietary Terminal Operating System (TOS) was deployed at inland container terminals. Additionally, the Company’s first domestic full-rotation crane-piling machine was installed on a 110-meter elevated rotary piling vessel, while its core transmission components were integrated into China’s largest-diameter domestically built tunnel boring machine, providing critical support for national megaprojects. The Company delivered the world’s largest fully electric environmental cutter suction dredger and pioneered an integrated ecological dredging platform. It cracked bottleneck technologies, including intelligent perception and navigation controllers for port AGVs and DP2 dynamic positioning systems. The Company also launched iterations of key products, such as the Model S high-speed automated RMG and intelligent truck positioning systems, fostering a virtuous R&D-to-commercialization cycle.

During the reporting period, the Company assumed the role of Chair Secretariat of the ISO Port Terminals Subcommittee, actively driving the globalization of Chinese standards and cementing its industry leadership. The Company’s excellence is reflected in its 4 National Science and Technology Progress Awards, 5 China Patent Excellence Awards, 35 provincialministerial S&T progress awards, and 1 provincial-ministerial technological invention award. It has been instrumental in drafting 9 international standards, 35 national standards, and 34 industry standards. Furthermore, it commands a portfolio of 2,721 valid patents, including 2,661 domestic and 60 international patents.

• 4. International presence advantages

The Company’s products are present in 111 countries and regions worldwide. The Company operates 8 regional headquarters across the globe. It maintains overseas talent centers in India and Sri Lanka to safeguard delivery schedules and ensure rapid service response. Furthermore, it hosts research branches in Europe, North America, and Asia to deepen collaboration with local clients and deliver faster, superior technical services.

• 5. Marketing and customer service advantages

Driven by the principle of “customer-centricity — meeting needs and creating value,” the Company upholds a rapidresponse ethos focused on efficiency, quality, and satisfaction. Aligning its innovation pipeline closely with market and user demands, the Company fields a customer service team of nearly 1,000 professionals. It has built an integrated, endto-end ecosystem covering R&D, marketing, production, procurement, and service, enabling it to provide seamless, turnkey solutions from research, design, procurement and manufacturing to transportation, installation, and O&M.

• 6. Brand advantages

The homegrown “ZPMC” brand wields considerable influence in the global heavy equipment manufacturing sector. It was named among the first batch of Outstanding Brands among central SOEs by SASAC and has garnered accolades such as the Top 500 Chinese Brands, the Huapu Award, and the Jinpu Award.

• 7. Talent advantages

The Company’s core management team remains stable, boasting a well-balanced knowledge structure and age profile, coupled with global strategic vision, extensive practical backgrounds, and strong decision-making capabilities. The Company invests heavily in talent development, maintaining a robust HR system covering recruitment, training, and remuneration. It continues to expand its pool of core technical experts, thereby enhancing professional proficiency and providing sustained, high-quality brainpower to underpin the growth of all business lines.

V. Primary business performance during the reporting period

During the reporting period, the Company’s operating revenue was steadily rising, reaching RMB 36.260 billion, representing a year-on-year increase of 5.24%; the net profit attributable to shareholders of the parent company amounted to RMB 732 million, representing a year-on-year growth of 37.17%; net cash flows from operating activities totaled RMB 6.249 billion, up 18.45% compared to the same period last year.

(I) Analysis of main business

• 1. Analysis table of changes in the related items in profit statement and cash flow statement Unit: RMB, Currency: CNY

Item 2025 2024 Change (%) Operating revenue 36,260,458,326 34,456,420,181 5.24 Operating costs 31,278,160,080 30,060,171,301 4.05 Selling and distribution expenses 236,909,842 232,654,482 1.83 General and administrative expenses 837,981,962 818,457,672 2.39 Financial expenses 330,376,439 324,945,799 1.67 Research and development expenditures 1,515,374,795 1,502,397,344 0.86 Net cash flows from operating activities 6,249,304,381 5,275,878,878 18.45 Net cash flows from investment activities -473,108,409 -221,754,360 N/A Net cash flows from financing activities -7,026,172,711 -4,303,151,262 N/A Investment income 144,556,726 78,121,431 85.04 Income from fair value change -7,820,546 13,425,987 -158.25 Credit impairment loss -545,528,648 -418,414,816 N/A Assets impairment losses -386,685,061 -200,815,539 N/A Income from disposal of assets 42,148,850 106,961,574 -60.59

The change in operating revenue was mainly due to the increase in project deliveries. The change in operating costs was mainly due to the increase in operating cost as a result of the increase in operating revenue. The change in selling and distribution expenses was mainly due to the Company’s increased efforts in market expansion and marketing.

The change in general and administrative expenses was mainly due to higher employee compensation for management personnel. The change in financial expenses was mainly due to reduced exchange gains resulting from fluctuations in the exchange rate of RMB against USD. The change in research and development expenditures was mainly due to the increase in the expensed expenditures for research and development projects of the Company. The change in net cash flows from operating activities was mainly due to the decrease in cash payments for the Company’s purchase of goods and receipt of services. The change in net cash flows from investment activities was mainly due to the decrease in cash from investment withdrawal. The change in net cash flows from financing activities was mainly due to the decrease in the borrowings of the Company from banks. The change in investment income was mainly due to the increase in investment income from associates and the decrease in losses on derecognition of financial assets measured at amortized cost during the reporting period. The change in income from fair value change was mainly due to the disposal of shares by the Company during the year. The change in credit impairment loss was mainly due to the increase in provisions for bad debts recognized during the reporting period. The change in assets impairment losses was mainly due to the increase in provisions for impairment of contract assets recognized during the reporting period. The change in income from disposal of assets was mainly due to the decrease in income from disposal of fixed assets during the reporting period. Detailed description of major changes in business type, profit composition or profit sources of the Company in the current period

Applicable √ Not applicable

• 2. Analysis of revenue and cost √ Applicable Not applicable

The Company realized operating revenue of approximately RMB 36.260 billion, representing a year-on-year increase of 5.24%; the operating cost was RMB 31.278 billion, representing a year-on-year increase of 4.05%.

• (1) Main business by sector, product, region and sales model Unit: RMB, Currency: CNY

Main business by product

Year-on-year change in operating cost (%)

Year-on- year change in operating

Year-on-year change in gross profit rate (%)

Gross profit rate(%)

Operating revenue

Operating costs

Product

revenue (%)

Port machinery 22,776,108,389 19,303,237,872 15.25 10.60 10.30 +0.23 Heavy equipment 7,382,674,206 6,822,593,786 7.59 -10.97 -9.57 -1.43 Engineering construction projects 285,913,696 374,896,137 -31.12 -30.86 -17.56 -21.16 Steel structure and related income 3,396,764,185 3,178,636,007 6.42 1.64 -3.49 +4.97 Marine transport and others 2,261,886,121 1,470,175,904 35.00 38.29 29.92 +4.18

Main business by region

Year-on- year change in operating

Year-on-year change in operating cost (%)

Year-on-year change in gross profit rate (%)

Gross profit rate(%)

Operating revenue

Operating costs

Region

revenue (%)

Chinese Mainland 19,673,193,097 17,452,051,085 11.29 8.81 17.09 -6.28 Chinese Mainland (export sales) 551,014,260 471,458,410 14.44 276.40 231.76 +11.52 Europe 2,846,772,292 2,459,593,417 13.60 98.00 79.52 +8.90 Asia (excluding Chinese Mainland) 7,035,536,493 5,553,303,262 21.07 -28.13 -41.60 +18.21 North America 3,150,614,443 2,863,379,602 9.12 89.24 103.34 -6.30 South America 432,392,071 337,554,197 21.93 -63.80 -67.05 +7.69 Africa 2,393,015,993 1,994,999,174 16.63 33.70 40.80 -4.21 Oceania 20,807,948 17,200,559 17.34 -88.02 -88.51 +3.52

Explanations for the main business by sector, product, region and sales model

1. The amount listed in “Chinese Mainland (export sales)” in “Main business by region” was the main operation income from the export sales of the Company to the overseas subsidiaries of the Company and then sales to the related projects of the domestic customers.

• (2) Analysis table of cost-volume-profit relationship Applicable √ Not applicable

• (3) Fulfillment of major purchasing contracts and sales contracts √ Applicable Not applicable Fulfillment of major sales contracts signed by the reporting period √ Applicable Not applicable

Unit: RMB 100 million, Currency: CNY

Amount performed during the

Amount to be performed

Normally performed or not

Total contracted value

Total amount performed

Subject-matter of contract The opposite party

reporting period

Contract for ECT Terminal of East Port, Sri Lanka

Chairman of Sri Lanka Ports Authority

2.8256 2.57748 0.74084 0.24812 Yes

Procurement of double-trolley quayside container cranes for Phase I project of the Container Terminal Project in East Operation Section of Yantian Port Area, Shenzhen Port (secondary)

Hu Chaoyang 12.93 7.4994 1.9395 5.4306 Yes

Deepwater crane vessel construction project for Guangzhou Salvage Bureau

Liu Jinzhang 11.488 1.7232 1.7232 9.7648 Yes

Explanation for abnormal performance of the contract

Note: Unit of contracted value of Sri Lanka Project: USD 100 million

Fulfillment of major purchasing contracts signed by the reporting period Applicable √ Not applicable

• (4) Cost analysis Unit: RMB, Currency: CNY

Information based on product

Product

Items of cost structure

2025

Proportion in total cost in the current period (%)

2024

Proportion of the one in the

same period of the last year in

total costs (%)

Year-on-year change (%)

Description

Port machinery

Raw material cost, labor cost and production cost

19,303,237,872 61.97 17,500,885,960 58.48 10.30

Normal operating fluctuations

Heavy equipment

Raw material cost, labor cost and production cost

6,822,593,786 21.90 7,544,542,230 25.21 -9.57

Normal operating fluctuations

Engineering construction projects

Raw material cost, labor cost and production cost

374,896,137 1.20 454,731,637 1.52 -17.56

Normal operating fluctuations

Steel structure and related income

Raw material cost, labor cost and production cost

3,178,636,007 10.20 3,293,532,465 11.01 -3.49

Normal operating fluctuations

Marine transport and others

Raw material cost, labor cost and production cost

1,470,175,904 4.72 1,131,566,701 3.78 29.92

Normal operating fluctuations

Other information about cost analysis None

• (5) Changes in consolidation scope attributable to changes in equity of main subsidiaries during the reporting period Applicable √ Not applicable

• (6) Significant change or adjustment of business, products or service during the reporting period Applicable √ Not applicable

• (7) Particulars about main customers and suppliers

Customers or suppliers under common control shall be presented on a combined basis as the same customer or supplier, except where they are ultimately controlled by the same state-owned assets administration authority. Explanation of customer and supplier information presented on a combined basis according to the common-control principle CCCG and its subsidiaries are presented on a combined basis

• A. Main customers and suppliers of the Company √ Applicable Not applicable

The sales to the top 5 customers were RMB 7,377,896,200, accounting for 20.35% of the total annual sales; the sales to the related parties among the top 5 customers were RMB 2,849,411,000, accounting for 7.86% of the total annual sales.

The purchases from the top 5 suppliers were RMB 4,036,180,600, accounting for 15.98% of total annual purchases; the purchases from the related parties among the top 5 suppliers were RMB 1,221,953,500, accounting for 4.84% of total annual purchases.

• B. Indicate whether sales to a single customer accounted for over 50% of the total sales, there was any new customer in the top five customers, or the Company heavily relied on a few number of customers during the reporting period.

Applicable √ Not applicable Indicate whether sales to a single supplier accounted for over 50% of the total sales, there was any new supplier in the top five suppliers, or the Company heavily relied on a few number of suppliers during the reporting period.

Applicable √ Not applicable

• C. Indicate whether the Company’s shares were subject to delisting risk warning or other risk warning during the reporting period Top 5 customers

Applicable √ Not applicable Top 5 suppliers

Applicable √ Not applicable

• D. Indicate whether the Company generated revenue from trading business during the reporting period Applicable √ Not applicable

Top 5 customers where trading business revenue accounted for more than 10% of operating revenue Applicable √ Not applicable Top 5 suppliers where trading business revenue accounted for more than 10% of operating revenue

Applicable √ Not applicable Other description: None

• 3. Expenses √ Applicable Not applicable

For details, see “Section III. V. Primary business performance during the reporting period — (I) Analysis of main business — 1. Analysis table of changes in the related items in profit statement and cash flow statement” of this report.

• 4. R&D investments

• (1) Detail table of R&D investments √ Applicable Not applicable

Unit: RMB, Currency: CNY

Current expensed R&D investments 1,515,374,795 Current capitalized R&D investments 0 Total R&D investments 1,515,374,795 Proportion of total R&D investments in operating revenue (%) 4.18 Proportion of capitalized R&D investments (%) 0

• (2) Detail table of R&D employees √ Applicable Not applicable

Number of R&D employees in the Company 1,890 Proportion of number of R&D employees in the total employees of the Company (%)

23.82

Educational structure of R&D employees Educational structure category Number Doctor 16 Master 298 Undergraduate 1,403 Junior College 149 Senior high school and below 24

Age structure of R&D employees Age structure category Number Under 30 (exclusive) 304 30-40 (inclusive of 30 and exclusive of 40) 613 40-50 (inclusive of 40 and exclusive of 50) 815 50-60 (inclusive of 50 and exclusive of 60) 153 60 and above 5

• (3) Explanation Applicable √ Not applicable

• (4) Reasons for any significant change in the composition of R&D employees and the impact on the future development of the Company

Applicable √ Not applicable

• 5. Cash flows √ Applicable Not applicable

For details, see “Section III. V. Primary business performance during the reporting period — (I) Analysis of main business — 1. Analysis table of changes in the related items in profit statement and cash flow statement” of this report.

• (II) Explanation for the significant changes in profits due to non-main business Applicable √ Not applicable
• (III) Analysis of assets and liabilities √ Applicable Not applicable

• 1. Assets and liabilities Unit: RMB, Currency: CNY

Proportion of the amount at the end of the previous period in total assets (%)

Proportion of the amount at the end of the current period in

Amount at the end of the previous period

Amount at the end of the current period

Year- on- year change (%)

Item

total assets(%)

Notes receivable 149,325,265 0.18 50,000,000 0.06 198.65 Non-current assets due within one year

888,580,054 1.07 1,346,060,900 1.57 -33.99

Other current assets 1,338,624,990 1.61 858,154,532 1.00 55.99 Right-of-use assets 17,568,182 0.02 37,979,304 0.04 -53.74 Short-term borrowings 3,686,556,417 4.44 2,297,334,457 2.68 60.47 Non-current liabilities due within one year

4,309,086,267 5.19 6,745,720,647 7.87 -36.12 Estimated liabilities 302,749,809 0.36 208,887,331 0.24 44.93

Description

Other description: The change in notes receivable was mainly due to the increase in commercial bills endorsed or discounted by the Company during the reporting period that may not satisfy the derecognition criteria. The change in non-current assets due within one year was mainly due to the decrease in the Company’s long-term receivables due within one year. The change in other current assets was mainly due to the increase in the Company’s input tax to be deducted. The change in right-of-use assets was mainly due to the decrease in the Company’s leased assets.

The change in short-term borrowings: was mainly due to the increase in the short-term borrowings of the Company from banks. The change in non-current liabilities due within one year was mainly due to the decrease in the long-term borrowings due within one year of the Company from banks. The change in estimated liabilities was mainly due to the increase in the Company’s estimated after-sales service costs.

• 2. Overseas assets √ Applicable Not applicable

• (1) Asset size Including: Overseas assets of 22,566,435,910 (Unit: RMB, Currency: CNY), accounting for 27.18% of the total assets.

• (2) Related explanation for relatively high proportion of overseas assets Applicable √ Not applicable

• 3. Particulars about main restricted assets as at the end of the reporting period

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Book value at the end of the period Reason for restriction Monetary funds 28,075,380 Special fund, L/C deposits, L/G deposits, etc. in the overseas supervision account Fixed assets 2,294,086,970 Collateral for loan Long-term receivables 1,015,896,808 Hypothecation for loan Other non-current assets 3,492,464,663 Hypothecation for loan Contract assets 193,452,361 Hypothecation for loan Accounts receivable 357,764,154 Hypothecation for loan Intangible assets 1,483,548,403 Hypothecation for loan

• 4. Other description Applicable √ Not applicable

• (IV) Analysis of operational information of the industry √ Applicable Not applicable

Globally, the political and economic landscape remains highly volatile, with regional conflicts proliferating and uncertainties and complexities in the international environment mounting significantly. Concurrently, the ongoing technological revolution and industrial transformation continue to unlock new industry opportunities. Despite mounting external headwinds, the fundamental pillars underpinning China’s high-quality development — a resilient economic base, distinct comprehensive advantages, robust dynamism, and immense growth potential — remain firmly in place, sustaining the long-term positive trajectory.

In the port machinery sector, demand for automation and smart terminal upgrades retains considerable upside. Equipment demand across BRI economies remains resilient, while the country’s push to bolster inland waterway shipping is spawning fresh opportunities. Nevertheless, the sector is grappling with intensifying competition and sustained margin compression amid rising costs. Global supply chain disruptions and shifting trade patterns have introduced heightened uncertainty into overseas expansion. Furthermore, the accelerated iteration of high-end, green, and intelligent technologies is placing elevated demands on corporate innovation capabilities.

In the offshore engineering sector, long-term fundamentals point to a stable and constructive outlook. Offshore wind power has solidified its role as a critical pillar of the marine economy and the broader new energy landscape, though near-term headwinds persist. Volatility in global energy markets, slower project investment cycles, and escalating competition have collectively tempered the pace of recovery. Compounding this, the accelerated evolution of high-end

equipment, intelligent systems, and key supporting components continues to entrench technological barriers, placing intensified pressure on delivery timelines, quality benchmarks, and cost controls, thereby demanding superior integrated capabilities.

In the steel structure market, synergies between transportation infrastructure and the new energy industry continue to underpin robust growth potential for bridge and wind power steel structures. However, the sector faces escalating homogeneous competition and volatile raw material costs, which are squeezing margins and complicating cost control. The bar for high-end fabrication is being raised by exacting requirements for process precision, weld quality, anticorrosion technologies, and intelligent manufacturing proficiency.

(V) Analysis of investment

Overall analysis of external equity investment √ Applicable Not applicable

Unit: RMB, Currency: CNY

Investment amount by the end of reporting period 2,401,013,967 Changes in investment amount -90,870,112 Investment amount in the same period of the last year 2,491,884,079 Change in investment amount (%) -3.65

• 1. Significant equity investment Applicable √ Not applicable
• 2. Significant non-equity investment Applicable √ Not applicable
• 3. Financial assets measured at fair value

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Profit or loss on changes in fair values for the period

Accumulated fair value changes recognized in equity

Impairment provision for the period

Amount purchased in the period

Amount sold/ redeemed in the period

Other changes

Ending balance

Beginning balance

Asset class

Stock 534,200,582 -7,820,546 -122,933,865 403,446,171 Total 534,200,582 -7,820,546 -122,933,865 403,446,171

Securities investment √ Applicable Not applicable

Unit: RMB, Currency: CNY

Securities Variety

Stock code

Stock abbreviation

Initial investment cost

Fund source

Book value at the beginning of the period

Profit or loss on changes in fair values for

the period

Accumulated fair value changes recognized in equity

Amount purchased in the period

Amount sold in the period

Profit or loss on investments in the period

Book value at the end of the period

Accounting subject

Stock 03969 CRSC 617,854,000

Selfowned funds

395,445,574 21,604,639 -117,005,822 -21,616,648 300,044,391

Held-fortrading financial assets

Stock 300095 Huawu Stock 11,071,606

Selfowned funds

138,755,008 -29,425,185 -5,928,043 110,722,262 103,401,780

Held-fortrading financial assets

Total / / 628,925,606 / 534,200,582 -7,820,546 -122,933,865 89,105,614 403,446,171 /

Statement of securities investment Applicable √ Not applicable

Private equity investment

Applicable √ Not applicable Derivatives investment

Applicable √ Not applicable

• 4. Progress on the major assets restructuring during the reporting period Applicable √ Not applicable

(VI) Sales of significant assets and equities √ Applicable Not applicable

On April 27, 2025, the 11th meeting of the Ninth Board of Directors reviewed and approved the “Proposal on Reviewing the Disposal of Equity Assets at the Right Time”, whereby the Company and its subsidiaries Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. planned to dispose of part or all of the held-for-trading financial assets at an appropriate time based on the market conditions. The Board of Directors authorized the Company’s management to dispose of the situation at an appropriate time based on the stock market conditions. See the relevant announcement (Extraordinary Announcement No. 2025-017) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com. cn) and designated information disclosure media on April 28, 2025 for details.

See paragraph “(V) Analysis of investment” of “Part V. Primary business performance during the reporting period” under “Section III Management Discussion and Analysis” of this annual report for details of the Company’s holdings.

(VII) Analysis of the primary holding companies and the joint-stock companies √ Applicable Not applicable Information on main subsidiaries and associates contributing more than 10% of the Company’s net profit √ Applicable Not applicable

Unit: RMB, Currency: CNY

Company Name

Type of company

Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd.

Subsidiary

Main business

Design, construction, dismantling, and services relating to large-scale port equipment, container yard cranes, general machinery and equipment, gearboxes and their components and spare parts; specialized contracting for steel structure engineering; design, construction, dismantling, and services relating to bridge steel structures, building steel structures, and large metal structural components and their accessories; design, construction, dismantling, and services relating to offshore wind power installation platforms, wind power modules, e q u i p m e n t , co m p o n e n t s, a n d supporting facilities; EPC contracting for offshore engineering; design, construction, dismantling, and services relating to offshore engineering equipment, offshore living platforms, oil and gas modules, equipment, components, and supporting facilities, among others.

Registered capital

Total assets Net assets

Operating revenue

Operating profit

Net profit

2,500,000,000 7,166,121,357 2,527,550,941 5,336,516,846 27,230,152 53,357,406

Company Name

Shanghai Zhenhua Heavy Industries Port Machinery General Equipment Co., Ltd.

Shanghai Zhenhua Heavy Industries Group (Nantong) Transmission Machinery Co., Ltd.

Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd.

Greenland Heavylift (Hongkong) Limited

ZPMC Qidong Marine Engineering Co., Ltd.

Type of company

Subsidiary

Subsidiary

Subsidiary

Main business

Sales of port loading and unloading machine, bulk cargo and container machine, port engineering vessels (including floating engineering cranes), material handling machinery products and parts; sales and technical services, installation and maintenance, technical consultation of all types of machine and equipment, key parts of the raw materials and accessories equipment; crane manufacturing, installation, modification and maintenance, steel structure fabrication, among others.

Construction and installation of largescale port equipment, engineering vessels, offshore heavy equipment, mechanical equipment, gear box for wind power generation equipment; large-sized reverse branch, transmission mechanism, dynamic positioning, largesized anchor windlass, offshore oil platform lifting device and components; design and manufacturing of the accessories

Design, manufacturing and sales of port machinery, engineering vessel, steel structure and other parts

Subsidiary Marine transport

Subsidiary

Construction, repair, conversion, and sale of general-purpose and specialized vessels of up to 100,000 tons, offshore engineering platforms; steel structure fabrication and sales; manufacture and sale of marine supplies and accessories; ship technical consulting services, among others.

Registered capital

Total assets Net assets

Operating revenue

Operating profit

Net profit

2,184,730,000 2,360,616,421 2,161,757,527 332,985,375 151,923 180,684

738,878,329 2,468,534,948 1,774,537,938 1,154,887,486 127,541,699 103,804,519

HKD 50,000,000

12,849,723,770 336,631,821 3,538,542,147 27,161,049 17,159,297

USD 91,975,158

2,694,489,992 1,430,037,186 821,565,161 359,986,910 359,777,140

303,000,000 1,755,482,973 -1,142,008,127 3,314,575,668 46,912,450 50,504,935

Acquisition and disposal of subsidiaries during the reporting period √ Applicable Not applicable

Company Name

Method of acquisition and disposal of subsidiaries during the reporting period

ZPMC Morocco Co., Ltd. Newly established

CCCC Zhenhua Offshore Hoisting and Pipe-Laying Core Equipment Engineering Technology (Shanghai) Co., Ltd.

Newly established

ZPMC Group (Hainan) Co., Ltd. Newly established

Zhenhua Haitong Intelligent Equipment Co., Ltd.

Deregistered

Impact on overall production, operations, and operating results

As of December 31, 2025, this subsidiary had no material impact on the Company’s overall production, operations, or operating results.

As of December 31, 2025, this subsidiary had no material impact on the Company’s overall production, operations, or operating results.

As of December 31, 2025, this subsidiary had no material impact on the Company’s overall production, operations, or operating results.

As of the date of deregistration, this subsidiary had no material impact on the Company’s overall production, operations, or operating results.

Other description Applicable √ Not applicable

• (VIII) Particulars about structured entities controlled by the Company Applicable √ Not applicable

VI. Discussion and analysis of the future development of the Company

(I) Industrial structure and trend √ Applicable Not applicable

For more details, see “Part II. Industrial situation of the Company during the reporting period” and paragraph “(IV) Analysis of operational information in the industry” of “Part V. Primary business performance during the reporting period”, both under the “Section III Management Discussion and Analysis”.

(II) Development strategy of the Company √ Applicable Not applicable

1. Development strategy

• (1) Pursue one vision: Build a world-class equipment manufacturing enterprise with global competitiveness, anchored by outstanding products, a prestigious brand, cutting-edge innovation, and modern governance.
• (2) Consolidate two foundations: Uphold the principle that science and technology are the primary productive force, talent is the primary resource, and innovation is the primary driver. Execute the strategies of strengthening the enterprise through talent empowerment and technological advancement.
• (3) Focus on three core businesses: Embrace a global outlook centered on manufacturing excellence and core-business specialization. Stay laser-focused on the customer by meeting needs and creating value. Grounded in ports and steel structures as twin pillars, the Company will double down on its three core businesses: port machinery, offshore engineering, and steel structures. This will enable it to expand its product families, elevate the core competitiveness of smart ports, accelerate the build-out of a modern industrial system, and vigorously cultivate new quality productive forces.
• (4) Accelerate development across four dimensions: Pivot toward high-end, intelligent, green, and integrated development: high-end to set direction, intelligence to drive efficiency, green to define identity, and integration to foster synergy. The Company is committed to delivering “ZPMC Solutions,” developing “ZPMC Products,” establishing “ZPMC Standards,” and enhancing the “ZPMC” brand.
• (5) Fully implement the five core principles of “Innovation, Green Development, Digital Intelligence, Integration, and Sustainability”: The Company will refine its management approach — emphasizing coordination, innovation, lean practices, efficiency, and sharing. Driving a strategic pivot from volume to value, the Company is shifting from selling products to selling premium technologies, from equipment to integrated systems, from hardware to software (services), from an overseas focus to a balanced global presence, and from conventional production to intelligent, green manufacturing. These efforts will cement its position as the world’s leading manufacturer and transporter of port machinery, premier provider of automated terminal solutions, and a globally recognized builder of specialized vessels and large-scale steel structures.
• (6) Adhere to six guiding principles, systematically address six enduring strategic issues, and accomplish six major initiatives: Prioritize the “Six Core Elements”: technologies and products, teams, competitiveness, markets, profit models, and brand culture. The Company will sharpen its integrated capabilities across market development, R&D, supply chain management, smart manufacturing, logistics, and customer service. It aims for the “Six Zeros”: zero safety incidents, zero quality defects, zero emissions, zero delays, zero waste, and zero complaints.

(III) Operation plan √ Applicable Not applicable

The Company stays firmly customer-centric, satisfying customer needs and creating customer value. It will aggressively capture incremental opportunities arising from China’s “one network, four priorities” approach (i.e., building a modern, high-quality national comprehensive 3D transportation network, with a focus on integrated convergence, safety enhancement, digital-intelligent upgrading, and green transition) and the BRI. It will deepen strategic, innovation, and developmental synergies across the global partnership network to bolster its core product competitiveness.

The port machinery business will cement its market leadership and core competitiveness. While consolidating the dominance of its STS cranes, the Company will drive cost efficiency and productivity in yard cranes and comprehensively upgrade the performance of mobile harbor machinery. The smart port business will enhance its capabilities in delivering integrated hardware-software solutions, system integration, and value-added services. The inland waterway business will focus on developing standardized, prefabricated, and lightweight products, gradually establishing a proven development model for this market. The aftermarket business will refine its end-to-end service system across the entire value chain. The Company will control costs through essential non-fee services while expanding its market share via premium fee-based services, simultaneously driving service enhancement and business model innovation. The offshore engineering business will center on cornerstone products such as dredgers, crane vessels, and pipe-laying vessels to elevate our R&D and manufacturing prowess. The steel structure business will overhaul its operational, managerial, and production models, with a strategic focus on bridge and wind power steel structures. The shipping business will ensure stable operations by enhancing internal service quality, expanding external markets to generate value, and optimizing asset management to preserve and appreciate asset value. The investment business will align closely with the Company’s core strategy, channeling resources into strategic equity investments, upgrades and transformations, and business model innovation. New industries (and new products) will target supply chain security and autonomy, support the transformation of core businesses, and address the critical needs of key clients. The Company will extend the industrial chain, deepen the value chain, integrate the supply chain, and unlock new market frontiers.

• (IV) Potential risks √ Applicable Not applicable

• 1. Market risk

The main business of the Company is closely related to the operation and development of macro economy and the industry cycle of the shipping industry. Currently, the complexity and challenges of the global economic situation, together with geopolitical tensions, food safety, energy security, rising inflation, and escalating debt crises, will continue to affect global trade and investment, as well as the stability of international financial markets. The Company will, based on more accurate analysis and judgment of the macroeconomic environment, promptly identify systemic risks, and proactively develop contingency plans to address potential risks.

• 2. Interest rate and exchange rate risk

The Company’s interest rate risk mainly comes from interest-bearing liabilities. In addition, a certain proportion of overseas business brings a certain scale of foreign exchange revenue and expenditure to the Company. The Company will pay close attention to changes in exchange rates, optimize the structure of foreign currency assets and liabilities, adhere to the concept of exchange rate risk neutrality, incorporate exchange rate fluctuations into daily financial decisions, consider exchange costs into project costs, and prevent exchange rate fluctuations from having a large impact on operating results, so as to achieve sound business development.

• 3. Supply chain security

As an export-oriented enterprise, the Company faces persistent pressures regarding the security and stability of international supply chains. It will deepen supply chain management, integrate internal and external resources, and advance systemic supply chain development to bolster resilience and security. Strengthening supply autonomy, the Company will accelerate technological upgrades and capacity building for key systems, including electrical control assemblies, cable reels, and elevators, to forge a core competitiveness that drives sustainable growth.

• (V) Others Applicable √ Not applicable

VII. Explanation of circumstances and reasons for non-disclosure by the Company in consideration of inapplicable regulations, state secrets and commercial secrets

Applicable √ Not applicable

Section IV Corporate Governance, Environment, and Social

I. Related information about corporate governance √ Applicable Not applicable

During the reporting period, the Company demonstrated strict adherence to the Company Law, the Securities Law, the Code of Corporate Governance for Listed Companies, the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, and other relevant laws, regulations and regulatory guidelines. Upholding rigorous operational standards and legal compliance, the Company continuously optimized its governance structure and elevated governance efficacy. In 2025, the Company convened 3 general meetings of shareholders and 10 meetings of the Board of Directors, all conducted in full compliance with laws, regulations, and internal policies regarding convening, holding, voting, and disclosure procedures.

Actively implementing reforms to the Board of Supervisors, the Company systematically revised the Articles of Association, the Rules of Procedure of the Board of Directors, and the Rules of Procedure of the General Meeting of Shareholders. These measures optimized its governance structure and deliberation processes, laying a bedrock for the efficient operation of the new governance framework. The Company strengthened the audit and risk committee of the Board of Directors to ensure a seamless transition of oversight responsibilities. Committed to fostering a scientific, prudent, and efficient Board of Directors, the Company optimized its composition by electing employee directors through the Workers’ Congress. These directors participate in major decision-making, represent employee interests, and foster the organic integration of the workforce’s will with corporate governance. The Company fully leverages the role of independent directors in decision-making, oversight, and professional consultation. Drawing on their professional experience and industry experience, they provide objective insights for strategic planning, risk control, and standardized operations. Through attendance at key meetings, review of operational reports, and professional training, they gain deep insights into the Company’s business, thereby sharpening their oversight effectiveness and bolstering the scientific rigor and efficacy of Board decisions.

The Company strictly complies with the Securities Law, the Administrative Measures for Information Disclosure of Listed Companies, and other applicable laws and regulations. It has strengthened internal controls, refined its information disclosure policies, elevated disclosure quality, safeguarded its standing in the capital market, and protected investors’ right to know. The Company discloses information through designated channels, including the SSE website, China Securities Journal, and Shanghai Securities News, publishing 107 announcements and related filings during the year. It regularly produced “One-Chart Digest” versions of its reports to enhance readability and dissemination efficiency. The Company strengthened investor relations by revising the Investor Relations Management Measures, formulating an annual IR work plan, and preparing structured roadshow materials to articulate its investment thesis. It tracked capital market dynamics to inform IR strategy. Through multiple channels, including the investor hotline, the SSE e-Interaction platform, earnings calls, and roadshows (including reverse roadshows), the Company maintained frequent, substantive engagement with investors. During the reporting period, brokerages including Zheshang Securities and Huatai Securities initiated or updated coverage, assigning the Company “Overweight” or “Buy” ratings. The Company’s capital market profile strengthened markedly, and its IR efforts gained further traction.

The Company stepped up its ESG efforts, publishing multiple sustainability reports and putting in place an initial “1+N” corporate responsibility reporting matrix. It actively participated in ESG assessments, with its 2024 ESG Report rated Four-and-a-Half Stars. The Company also distilled and disseminated its best practices, with its cases named among the “Excellent Sustainability Practice Cases” by the China Association for Public Companies. In 2025, the Company was named to the “China ESG Top 100 Pioneer Central SOEs (Listed)” and received the “Responsibility Top Bull Awards · Overseas ESG Pioneer.” These recognitions underscore its commitment to corporate responsibility and long-term value creation, further strengthening investor trust and market recognition.

Indicate whether there are any material differences between the Company’s corporate governance practices and the

relevant provisions on listed company governance under PRC laws, administrative regulations, and CSRC rules; if any, explain the reasons

Applicable √ Not applicable

II. Specific measures taken by the controlling shareholder and actual controller to guarantee the asset, personnel, financial, organizational and business independence of the Company, as well as solutions, progress and subsequent plans when the Company’s independence is intervened

Applicable √ Not applicable

Indicate whether the controlling shareholder, the actual controller, or any entity under their control is engaged in the same or similar business with the Company. Please explain the impact of horizontal competition or any significant change to horizontal competition on the Company, solutions taken, progress and subsequent plans.

Applicable √ Not applicable

III. Directors and officers

• (I) Changes in shares held by current and resigned directors and officers during the reporting period and their remunerations

√ Applicable Not applicable

Unit: Share

Total amount of remuneration pretax acquired from the Company in the reporting period (RMB 10,000)

Number of shares held at the end of the year

Whether acquiring remuneration in the related parties of the Company

Change in shares in the year

Number of shares held at the beginning of the year

Reason of change

Remarks for the total remuneration

Starting date of tenure

Expiration date of tenure

Name Position Sex Age

Director

October 24, 2023 June 16, 2027

Including three-year term incentive

Yes Chairman February 27, 2024 June 16, 2027

You Ruikai

Male 59

0 0 0 128.53

Director

March 7, 2018 June 16, 2027

Including three-year term incentive General manager No (president)

Zhu Xiaohuai

Male 57

0 0 0 159.14

September 18, 2024 June 16, 2027

Employee director

August 29, 2025 June 16, 2027

Including three-year term incentive

No Director (resigned) August 25, 2021 August 29, 2025

Wang Cheng

Male 53

0 0 0 139.92

Director

November 25, 2024 June 16, 2027

Including three-year term incentive

Yes CFO October 30, 2024 June 16, 2027

Li Zhen

Male 55

0 0 0 67.67

Zhang Xue Director Male 59 December 25, 2024 June 16, 2027 0 0 0 0 Yes Xia Lijun Independent director Male 50 June 28, 2023 June 16, 2027 0 0 0 12 No Bian Yongming Independent director Male 61 June 17, 2024 June 16, 2027 0 0 0 12 No Du Wenli Independent director Female 52 June 17, 2024 June 16, 2027 0 0 0 0 No Yu Fang Independent director Male 51 August 25, 2025 June 16, 2027 0 0 0 4.14 No

Including three-year term incentive

No

Zhang Jian Vice president Male 57 April 20, 2015 June 16, 2027 0 0 0 136.73

Vice president

February 20, 2023 June 16, 2027

Including three-year term incentive

No Chief economist April 20, 2015 June 16, 2027

Li Ruixiang

Male 51

0 0 0 133.83

Chief legal counsel

April 20, 2015 June 16, 2027

Secretary of the Board of Directors

August 22, 2018 June 16, 2027

Including three-year term incentive

No

Sun Li

Male 54

0 0 0 133.13

Chief compliance officer

July 12, 2021 June 16, 2027

Including three-year term incentive

No

Lu Hanzhong Vice president Male 51 February 20, 2023 June 16, 2027 0 0 0 123.19

Including three-year term incentive

No

Shen Qiuyuan Vice president Female 49 February 20, 2023 June 16, 2027 0 0 0 122.14

Total amount of remuneration pretax acquired from the Company in the reporting period (RMB 10,000)

Number of shares held at the end of the year

Whether acquiring remuneration in the related parties of the Company

Change in shares in the year

Number of shares held at the beginning of the year

Reason of change

Remarks for the total remuneration

Starting date of tenure

Expiration date of tenure

Name Position Sex Age

Vice president

May 28, 2025 June 16, 2027

Including three-year term incentive

No Chief engineer February 19, 2025 June 16, 2027

Li Yiming

Male 51

0 0 0 96.41

January 20, 2026

0 0 0 9 Yes

Zhang Jianxing Director (resigned) Male 64 December 28, 2022

Independent Director (resigned)

Male 53 May 28, 2019 August 25, 2025 0 0 0 8 No

Zhang Hua

Including three-year term incentive

January 20, 2026

Vice president (resigned)

No

0 0 0 135.06

Male 55 October 29, 2021

Liu Feng

Including three-year term incentive

February 18, 2025

Vice president (resigned)

No

0 0 0 52.71

Male 62 April 20, 2015

Shan Jianguo

Total / / / / / 0 0 0 / 1473.60 / /

Name Main working experiences

You Ruikai

Zhu Xiaohuai

Wang Cheng

Li Zhen

Zhang Xue

Xia Lijun

Born in 1967, male, EMBA, professoriate senior engineer. He began his career in July 1990. From April 2007, he successively served as deputy general manager of the Investment Division of CCCC Second Harbor Engineering Co., Ltd. (“CCCC SHEC”), vice chairman, general manager and chairman of CCCC Yunfu New Port Co., Ltd., general manager of the Investment Division of CCCC SHEC, deputy secretary of the Party Committee general manager of the Investment Division of CCCC SHEC. From August 2013, he served as deputy general manager of CCCC SHEC. From May 2016, he successively served as deputy secretary of the Party Committee, director, general manager, secretary of the Party Committee, chairman and general manager of CCCC SHEC. From November 2018 to September 2023, he served as secretary of the Party Committee and chairman of CCCC SHEC. Currently, he is a director and chairman of the Company.

Born in 1969, male, MBA, senior accountant. He began his career in July 1991 and successively served as the section member and vice section manager of Financial Division of CCCC Shanghai Dredging Co., Ltd., vice director of Budget and Finance Department, vice manager (in charge of the work) or manager of Finance Department, and member of commission for disciplinary inspection of CCCC Shanghai Dredging Co., Ltd., and the director, chief accountant and Party committee standing member of CCCC Shanghai Dredging Co. Ltd., and the executive general manager and CFO of the Company. Currently, he is a director and general manager (president) of the Company.

Born in 1973, male, master of engineering, senior political worker. He started working in August 1994 and successively served as the vice secretary or secretary of league committee, and vice secretary or secretary of Party Branch of No. 2 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd.; vice director and director of Organization Department of CCCC Third Harbor Engineering Co., Ltd.; secretary of the Party Committee and vice general manager of No. 2 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd.; chairman of board of supervisors, vice secretary of the Party Committee, secretary of Committee for Discipline Inspection and chairman of labor union of CCCC Third Harbor Engineering Co., Ltd.; secretary of Commission for Disciplinary Inspection, supervisor and chairman of board of supervisors of the Company. He was elected as an employee director by the Company’s Workers’ Congress on August 29, 2025. Currently, he is employee director and chairman of the labor union of the Company.

Born in 1971, male, MBA, professoriate senior accountant. He started his career in July 1994. Since March 2002, he had successively served as the CFO of Shanghai Port Machinery Co., Ltd., Chief Accountant of Shanghai Port Machinery Heavy Industry Co., Ltd., Chief Accountant, General Counsel, Standing Committee Member of the Party Committee, and Director of CCCC Third Harbor Consultants Co., Ltd., Party Committee Member and Vice President of China Communications Construction Yangtze River Delta Regional Headquarters, Deputy General Manager of Jiangsu Branch, and Chief Accountant of CCCC East China Investment and Development Co., Ltd. In January 2022, he became a Party Working Committee Member and Vice President of China Communications Construction Haixi Regional Headquarters, Deputy General Manager of Fujian Branch, and Chief Accountant of CCCC Haixi Investment Co., Ltd. Currently, he is a director and the CFO of the Company.

Born in 1967, male, MBA, professoriate senior economist. He started to work in September 1985. Since July 1996, he had successively held positions such as Manager of Beijing Tongdu Hotel at CCCC First Highway Engineering Bureau Co., Ltd. (now known as China First Highway Engineering Co., Ltd., or “CFHE”), Manager of CFHE Beijing Kaitong Industrial Corporation, Manager of Beijing Kaitong Company, Deputy Party Secretary, Executive Director and General Manager of CFHE Beijing Road and Bridge Machinery Plant Co., Ltd. (now known as CCCC Shitong Heavy Industry (Beijing) Co., Ltd.). Since April 2012, he had successively served as Deputy General Manager and Executive Deputy General Manager of China Highway Vehicle & Machinery Co., Ltd., Deputy Party Secretary (in charge) and Deputy Factory Manager of CCCC Chenzhou Road Construction Machinery Plant (now known as CCCC Chenzhou Road Construction Machinery Co., Ltd.). Since April 2016, he had been Deputy Party Secretary and Factory Manager of CCCC Chenzhou Road Construction Machinery Co., Ltd., Deputy Party Secretary, Executive Director and General Manager of CCCC Chenzhou Road Construction Machinery Co., Ltd., and Deputy Chairman of CCCC Central-South Engineering Bureau Co., Ltd. Currently, he is a director of the Company.

Born in 1976, male, PhD, professor of accounting, certified public accountant. From July 2006 to March 2011, he successively served as lecturer, master tutor, professor and doctoral supervisor of the School of Accounting, Shanghai University of Finance and Economics. From March 2011 to March 2023, he served as the director of the of Department of Accounting, Antai College of Economics and Management, Shanghai Jiao Tong University. From March 2011 to present, he has been a professor and doctoral tutor of Antai College of Economics and Management, Shanghai Jiao Tong University. He is also a member of the Professional Accounting Education Steering Committee of the Ministry of Education, a member of the China National MPAcc Education Steering Committee, a director of the Accounting Society of China, a director of China Audit Society, vice president of Shanghai Audit Society, vice president of Shanghai Cost Research Society, and an executive director of Shanghai Accounting Society. He has been selected into the “Accounting Masters Training Program” of the Ministry of Finance and other talent programs. Currently, he is an independent director of the Company.

Bian Yongming

Du Wenli

Yu Fang

Zhang Jian

Li Ruixiang

Sun Li

Lu Hanzhong

Shen Qiuyuan

Li Yiming

Born in 1965, male, doctor of engineering, professor and doctoral supervisor. From April 1991 to present, he has worked successively as an assistant lecturer, a lecturer, an associate professor, and a professor at the College of Mechanical Engineering, Tongji University. From January 2009 to October 2012, he was the Director of the Institute of Mechanical Design and Theory at the same school. From September 2012 to December 2016, he served as Deputy Dean of the College of Mechanical Engineering. From October 2017 to May 2024, he was the Dean of the College of Mechanical Engineering. He currently serves as professor and doctoral supervisor at the School of Mechanical Engineering, Tongji University, chairman of the China Construction Machinery Society, member of the 8th Discipline Appraisal Group of the State Council Degree Committee, member of the 10th National Committee of the China Association for Science and Technology, chairman of the Major Engineering Construction Technology and Equipment Branch of the China Construction Machinery Society, deputy director of the National Engineering Research Center for Prefabricated Civil Engineering Structures, director of the Ministry of Education Engineering Research Center for Major Engineering Construction Technology and Equipment at Tongji University, among other positions. Currently, he is an independent director of the Company.

Born in 1974, female, Ph.D., professor and doctoral supervisor. She has long specialized in industrial process control and optimization (mechanism and data-driven industrial process modeling, advanced control and independent coordinated control, large-scale complex chemical process systemic optimization and decision making), machine learning and artificial intelligence (data mining and statistic analysis method, knowledge migration and joint learning, big data-driven evolution and optimization), and R&D of smart factory systems and applications. Currently, she serves as Assistant President of East China University of Science and Technology, Dean of the Graduate School, Deputy Minister of the Party Committee Teacher Work Department (concurrently), Deputy Director of the Innovation and Entrepreneurship Education Center (concurrently), Director of the National Process Manufacturing Intelligent Control Technology Innovation Center, Deputy Director of the National Key Laboratory of Industrial Control Technology, Director of the Ministry of Education Engineering Research Center for Process Systems Engineering, member of the 8th Discipline Appraisal Group of the State Council Degree Committee for Control Science and Engineering, Director of the Technical Committee on Petrochemical Application of the Chinese Association of Automation, Executive Director of the Chinese Association for Artificial Intelligence, Director of the Petrochemical Application Professional Committee of the Chinese Association of Automation, Chairman of the Shanghai Process Manufacturing Innovation Research Institute, Deputy Chairman of the Shanghai Association of Automation, etc. Currently, she is an independent director of the Company.

Born in 1975, male, Ph.D. He served as senior lecturer in the Department of Finance at the University of Minnesota and research analyst at Barclays Global Investors, among other positions. He has received honors including the Best Paper Award at the 2020 Annual Meeting of the Financial Management Association (FMA), the CEIBS Research Excellence Award (2014, 2018), the Beijing News China Young Economist Award (2013), the Best Paper Award at the China International Conference in Finance 2013, and the Best Corporate Finance Paper Award at the 2013 Annual Conference of the Chinese Finance Association of America, among others. He is professor of finance at the China Europe International Business School. He has served as an independent director of the Company since August 25, 2025. Currently, he is an independent director of the Company.

Born in 1969, male, MBA, senior engineer. He successively served as the technician, production planner and assistant director of No. 2 Panel beater of Shanghai Port Machinery Manufacturing Plant, director of gearbox branch of Shanghai Port Machinery Manufacturing Plant, vice director and member of the Party committee of Shanghai Port Machinery Manufacturing Plant, vice general manager of Shanghai Port Machinery Heavy Industry Co., Ltd., general manager and president assistant of ZPMC Operation Office. Currently, he is the vice president of the Company.

Born in 1975, male, bachelor, senior economist. He successively served as the director of Technical Process Department, trainee manager of Manufacturing Department and manager of Quality Assurance Department of Zhangjiagang Base of Shanghai Port Machinery Plant; project leader, office manager, vice director of Quality Safety Office of ZPMC Quality Inspection Company, vice general manager and general manager of mechanical supporting base, secretary of Party Branch, vice chief economist, general manager of budget assessment department, general manager of Material and Equipment Procurement Department and president assistant of the Company. He currently serves as the vice president and chief economist of the Company.

Born in 1972, male, EMBA, senior engineer. He successively served as the project leader and vice manager of Operation Department, vice director of Operation Office and director of Off-Shore Office, general manager assistant, vice president and director of the Company. Currently, he is the chief legal counsel, secretary of the board and chief compliance officer of the Company.

Born in 1975, male, bachelor of engineering, professoriate senior engineer. He started working in July 1997 and successively served as the supervisor of Process Department and deputy manager of Process Department of the Company, deputy general manager of Changxing Base, general manager of Changxing Base, deputy chief craftsman and manager of Process Department of the Company, general manager of Steel Structure Division, and chairman & secretary of the Party committee of Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. Currently, he is the vice president and chief craftsman of the Company.

Born in 1977, female, bachelor of economics, senior economist. She started working in August 1999, and successively served as the project supervisor of the Business Department, general manager of the Project Management Department of the Business Office, general manager of the Port Machinery Business Department, deputy chief economist of the Company, general manager of the investment group, general manager of the Strategic Development Department, general manager of the Marketing Department (Integrated Development Management Department) and general manager assistant of the Company. Currently, she is the vice president of the Company.

Born in 1975, male, master, professoriate senior engineer. He started his career in July 1999. Since July 2001, he had successively served as Deputy General Manager of the Comprehensive Mechanical Design Company of Shanghai Zhenhua Port Machinery Co., Ltd., Dean Assistant and Party Secretary of the Onshore Heavy Industries Design Research Institute of Shanghai Zhenhua Heavy Industries Co., Ltd. Since December 2016, he had successively served as Deputy Party Secretary (in charge), General Manager (Head) of the Human Resources Department (Party Organization Department), Party Committee Member, and General Manager Assistant of the company, Party Secretary and Dean of Zhenhua Design and Research Institute. He has served as chief engineer of the Company since February 18, 2025 and as vice president of the Company since May 28, 2025. Currently, he is vice president and chief engineer of the Company.

Zhang Jianxing (resigned)

Zhang Hua (resigned)

Liu Feng (resigned)

Shan Jianguo (resigned)

Born in 1962, male, bachelor, professoriate senior accountant. He began his career in August 1985 and successively served as an officer in the Finance Department of CCCC Shanghai Dredging Co. Ltd., deputy chief of the Finance Section of Jiuzhou Dredging Engineering Company under CCCC Shanghai Dredging Co. Ltd., deputy director and director of the Planning and Finance Department of CCCC Shanghai Dredging Co. Ltd., member of the Party Committee, deputy general manager and chief financial officer of CHEC Dredging Co., Ltd., secretary of the Party Committee, deputy general manager and chief financial officer of CHEC Dredging Co., Ltd., member of the Party Committee, director and chief accountant of CCCC Shanghai Dredging Co. Ltd., director and general manager of CCCC Financial Leasing Co., Ltd., and secretary of the Party Committee and chairman of the board of directors of CCCC Financial Leasing Co., Ltd. He resigned as director of the Company on January 20, 2026 due to job adjustment.

Born in 1973, male, PhD in Economics, associate professor of finance. He successively served as a researcher, lecturer and assistant professor at China Europe International Business School. Having served as an independent director of the Company for six consecutive years, he ceased to serve as an independent director of the Company on August 25, 2025.

Born in 1971, male, master, senior engineer and senior economist. He started working in July 1995, and successively served as deputy director (in charge of work) and director of the Second Division of the Department of Industry and Trade of CCCC; director and general manager assistant of the Equipment Manufacturing Marine Heavy Industry Department of CCCC; deputy general manger of the Equipment Manufacturing Marine Heavy Industry Department, deputy general manger of Science and Technology Equipment Department, deputy director of Chief Engineer Office of CCCC; deputy general manager (deputy director) of the Department of Science, Technology and Digitalization (Chief Engineer Office) of CCCG and CCCC. He resigned as director of the Company on January 20, 2026 due to job adjustment.

Born in 1964, male, bachelor, senior engineer. He started working in July 1988, and successively served as the technician in Shanghai Port Machinery Manufacturing Plant, the engineer and chief engineer of ZPMC Machinery Office, general manager and vice chief engineer of No.4 design office of design company, vice director and director of ZPMC Machinery Office, manager of budget assessment department and the dean of ZPMC Land-based Heavy Industry Research & Design Institute, and the president assistant of the Company. He resigned from the positions as vice president and chief engineer of the Company on February 18, 2025 due to age-related reasons.

Notes to other circumstances Applicable √ Not applicable

(II) Incumbency of current and resigned directors and officers during the reporting period

• 1. Position at the shareholder entity √ Applicable Not applicable

Name of in-service staff Name of shareholding entity Position

Starting date of tenure

Expiration date of tenure

Liu Feng (resigned)

China Communications Construction Group Co., Ltd.

Deputy general manager (deputy director, deputy director, deputy general manager) of the Technology, Digitalization and Equipment Business Division (Academician Office, Chief Engineer’s Office, New Industry Business Division) of CCCG

January 2026

Statement of the position held in shareholding entity

• 2. Position at other entities √ Applicable Not applicable

Name of inservice staff

Zhu Xiaohuai

Zhang Xue

Position held in other entities

Starting date of tenure

Name of other entities

CCCC Financial Leasing Co., Ltd. Director May 2018 CCCC Highway Bridges National Engineering Research Centre Co., Ltd.

Director September 2024

Road & Bridge International Co., Ltd. Director July 2022 CCCC Tianhe Mechanical Equipment Manufacturing Co., Ltd. Director July 2022 CCCC Xi’an Road Construction Machinery Co., Ltd. Director December 2024

Expiration date of tenure

Position held in other entities

Starting date of tenure

Expiration date of tenure

Name of inservice staff

Name of other entities

Antai College of Economics and Management, Shanghai Jiao Tong University

Professor, doctoral supervisor March 2011

Shanghai Tongji Science & Technology Co., Ltd. Independent director April 2020 Jiangsu Recbio Technology Co., Ltd. (HKSE-listed) Independent director June 2021 Shanghai Bacai Information Technology Co., Ltd. Executive director April 2018 February 2026 Shenzhen Huitai Medical Equipment Co., Ltd. Independent director November 2019 November 2025

Xia Lijun

Bian Yongming School of Mechanical Engineering, Tongji University Professor, doctoral supervisor June 2007

East China University of Science and Technology President Assistant October 2024 Graduate School of East China University of Science and Technology

Du Wenli

President April 2021

China Europe International Business School Professor August 2009 Ningbo Joyson Electronic Corp. Independent director April 2023 Huaqin Technology Co., Ltd. Independent director January 2025

Yu Fang

Zhang Jian CCCC Shanghai Equipment Engineering Co., Ltd. Chairman March 2017 Lu Hanzhong Sinoocean Offshore Assets Management Limited Director January 2025 Shen Qiuyuan ZPMC-Red Box Energy Services Limited Chairman August 2021

CCCC Highway Bridges National Engineering Research Centre Co., Ltd.

Deputy general manager January 2025

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Director June 2025

Li Yiming

Shanghai Zhenhua Heavy Industries Technology Co., Ltd. Director June 2024 Shanghai Zhenhua Heavy Industries Technology Co., Ltd. General manager June 2024 July 2025

China Europe International Business School Vice professor July 2016 Chengdu Qushui Science and Technology Co., Ltd. Independent director December 2019 January 2026

Zhang Hua (resigned)

Statement of the position held in other entities

(III) Remuneration of directors and officers √ Applicable Not applicable

Decision-making process for the remuneration of directors and officers

Do directors recuse themselves when the Board of Directors discusses matters relating to their remuneration

Recommendations made by the Remuneration and Appraisal Committee or the special meeting of independent directors on the remuneration of directors and officers

Basis for deciding the remuneration of directors and officers

Actual payout of remuneration for directors and officers

Total remuneration actually obtained by all directors and officers at the end of the reporting period

The remuneration of directors is submitted to the Board of Directors for review and approval after obtaining the consent of the Remuneration and Appraisal Committee of the Board of Directors and is approved by the General Meeting of Shareholders. The remuneration of officers is approved by the Board of Directors after obtaining the consent of the Remuneration and Appraisal Committee of the Board of Directors.

Yes

The Remuneration and Appraisal Committee maintained that the remuneration policy and compensation for directors and officers of the Company during the reporting period were legal, compliant and reasonable.

For directors and officers receiving remuneration from the Company, the basic salary plus performance bonus is assessed in combination with the quantitative index of production and operation, etc. For Directors receiving remuneration from affiliates of the Company, annual remuneration is determined by the relevant affiliates. Independent directors of the Company receive a fixed annual allowance.

See the “Changes in shares held by current and resigned directors and officers during the reporting period and their remunerations” in this section for details.

RMB 14,736,000

Assessment basis and completion status for the remuneration actually received by all directors and officers at the end of the reporting period

Deferred payment arrangements for the remuneration actually received by all directors and officers at the end of the reporting period

Forfeiture and clawback arrangements for the remuneration actually received by all directors and officers at the end of the reporting period

Remuneration was administered, implemented, and assessed in accordance with the Company’s relevant remuneration management policies for directors and officers. The allowance paid to independent directors is not subject to performance assessment.

The remuneration actually paid included deferred compensation components, primarily consisting of the 2024 annual performance bonus, tenure incentive awards for the 2022-2024 term, and the 2023 outstanding enterprise assessment award. The independent directors’ allowance is not subject to deferred payment arrangements.

No forfeiture or clawback of remuneration occurred during the reporting period.

• (IV) Change in directors and officers of the Company √ Applicable Not applicable

Name Position Change Reason of change Wang Cheng Employee director Elected Job adjustment Yu Fang Independent director Elected Appointment Li Yiming Vie President & Chief Engineer Engaged Job adjustment Wang Cheng Director Resigned Job adjustment Zhang Jianxing Director Resigned Job adjustment

Zhang Hua Independent director Resigned

Completion of the maximum six-year consecutive term of service as an independent director

Liu Feng Vice president Resigned Job adjustment Shan Jianguo Vie President & Chief Engineer Resigned Retirement

• (V) Punishments by securities regulatory authority in recent three years Applicable √ Not applicable
• (VI) Others Applicable √ Not applicable

IV. Duty performance of directors

• (I) Attendance of the directors at the board meetings and the general meeting of shareholders

Attendance at the general meeting of shareholders

Attendance at Board Meetings

Independent director or not

Director Name

Times of meetings should be attended in this year

Personal absence for two consecutive times

Times of attendance at the general meeting of shareholders

Times of attendance through a proxy

Times of personal attendance

Times of attendance by telecommunication

Times of absence

You Ruikai No 10 10 1 0 0 No 3 Zhu Xiaohuai No 10 10 2 0 0 No 2 Wang Cheng No 10 10 1 0 0 No 3 Li Zhen No 10 10 3 0 0 No 2 Zhang Xue No 10 10 1 0 0 No 3 Xia Lijun Yes 10 10 2 0 0 No 3 Bian Yongming Yes 10 10 1 0 0 No 3 Du Wenli Yes 10 10 4 0 0 No 2

Attendance at the general meeting of shareholders

Attendance at Board Meetings

Independent director or not

Director Name

Times of meetings should be attended in this year

Personal absence for two consecutive times

Times of attendance at the general meeting of shareholders Yu Fang Yes 4 4 0 0 0 No 1 Zhang Jianxing (resigned)

Times of attendance through a proxy

Times of personal attendance

Times of attendance by telecommunication

Times of absence

No 10 10 2 0 0 No 2

Zhang Hua (resigned)

Yes 6 6 3 0 0 No 2

Explanations for personal absence from the meeting for two consecutive times Applicable √ Not applicable

Times of the board meetings convened in current year 10 Including: Times of meetings convened through telecommunication 1 Times of meetings convened on-site and through telecommunication 9

• (II) Objections raised by directors on matters of the Company Applicable √ Not applicable
• (III) Others Applicable √ Not applicable

V. Committees under the Board of Directors √ Applicable Not applicable

(I) Members of committees under the Board of Directors

Category of committees Members Strategy committee You Ruikai, Zhu Xiaohuai, Xia Lijun, Bian Yongming Nominating committee You Ruikai, Wang Cheng, Bian Yongming, Du Wenli, Yu Fang Remuneration and appraisal committee Du Wenli, Zhang Xue, Xia Lijun, Yu Fang Audit and risk committee Xia Lijun, Zhang Xue, Bian Yongming, Du Wenli, Yu Fang

Note:

• 1. On March 27, 2025, the Company held the tenth meeting of the Ninth Board of Directors, at which it approved the appointment of Mr. Zhu Xiaohuai, Director, as a member of the Strategy Committee, and Mr. Zhang Xue, Director, as a member of the Remuneration and Appraisal Committee and the Audit Committee.
• 2. On August 25, 2025, Mr. Zhang Hua resigned as chairman of the Remuneration and Appraisal Committee, member of the Nomination Committee, and member of the Audit and Risk Committee under the Board of Directors upon the expiration of his maximum six-year consecutive term of service as an independent director of the Company.
• 3. On August 29, 2025, the Company held the fifteenth meeting of the Ninth Board of Directors, at which it approved the appointment of Ms. Du Wenli, Independent Director, as chairwoman of the Remuneration and Appraisal Committee under the Board of Directors, and Mr. Yu Fang, Independent Director, as a member of the Nomination Committee, the Remuneration and Appraisal Committee, and the Audit and Risk Committee under the Board of Directors.
• 4. On January 20, 2026, Mr. Zhang Jianxing resigned from his positions as a member of the Strategy Committee and the Remuneration and Appraisal Committee under the Board of Directors due to job adjustment.
• 5. During the reporting period, the Audit Committee of the Company was renamed the Audit and Risk Committee.

• (II) 7 meetings convened by the audit and risk committee during the reporting period

Convening date Contents Important comments and suggestions

Other performance of duties

March 26, 2025

Reviewed the “Proposal on the 2024 Performance Report of the Audit Committee” and other proposals

All proposals at this meeting were unanimously reviewed and approved.

April 27, 2025

Reviewed the “Proposal on Reviewing the 2025 First Quarterly Report of the Company” and other proposals

All proposals at this meeting were unanimously reviewed and approved.

May 28, 2025

Reviewed the “Proposal on Reviewing the Registration and Issuance of Super Short-term Financing Bills”

All proposals at this meeting were unanimously reviewed and approved.

July 22, 2025

Reviewed the “Proposal on Reviewing the Transfer of the Entire Equity Interest in CCCC Photovoltaic and the Related Party Transaction”

All proposals at this meeting were unanimously reviewed and approved.

August 29, 2025

Reviewed the “Proposal on Reviewing the Full Text and Summary of 2025 Semi-Annual Report of the Company” and other proposals

All proposals at this meeting were unanimously reviewed and approved.

September 25, 2025

Reviewed the “Proposal on Reviewing the Company’s Profit Distribution Plan for the First Half of 2025”

All proposals at this meeting were unanimously reviewed and approved.

October 30, 2025

Reviewed the “Proposal on Reviewing the 2025 Third Quarterly Report of the Company”

All proposals at this meeting were unanimously reviewed and approved.

• (III) 3 meetings convened by the nominating committee during the reporting period

Convening date Contents Important comments and suggestions

Other performance of duties

February 19, 2025

Reviewed the “Proposal on Reviewing the Appointment of Mr. Li Yiming as Chief Engineer”

All proposals at this meeting were unanimously reviewed and approved.

May 28, 2025

Reviewed the “Proposal on Reviewing the Appointment of Mr. Li Yiming as Deputy General Manager of the Company”

All proposals at this meeting were unanimously reviewed and approved.

July 22, 2025

Reviewed the “Proposal on Reviewing the Additional Election of Independent Directors into the Ninth Board of Directors”

All proposals at this meeting were unanimously reviewed and approved.

• (IV) 4 meetings convened by the remuneration and appraisal committee during the reporting period

Convening date Contents Important comments and suggestions

March 26, 2025

August 29, 2025

September 25, 2025

• December 25, 2025

Reviewed the “Proposal on Reviewing the Remuneration of Directors of the Company for 2024” and other proposals

Reviewed the “Proposal on Reviewing the Adjustment to the Exercise Price of the Grant of Stock Options under the 2023 Stock Option Incentive Plan” and other proposals

Reviewed the“Proposal on Reviewing Responsibility Agreement for 2025 Annual Business Performance of the Management Team” and other proposals

Reviewed the “Proposal on the Assessment Results and Application of the Business Performance of the Management Team for 2024 and the 2022-2024 Term of Office”

All proposals at this meeting were reviewed and approved. Members of the Remuneration and Appraisal Committee abstained from voting when reviewing matters relating to their own remuneration.

All proposals at this meeting were unanimously reviewed and approved.

All proposals at this meeting were unanimously reviewed and approved.

All proposals at this meeting were unanimously reviewed and approved.

Other performance of duties

• (V) 5 meetings convened by the strategy committee during the reporting period

Convening date Contents Important comments and suggestions

Other performance of duties

February 19, 2025

Reviewed the “Proposal on Reviewing the Foreign Investment for the Establishment of a Subsidiary (Special Purpose Vehicle)”

All proposals at this meeting were unanimously reviewed and approved.

March 26, 2025

Reviewed the “Proposal on Reviewing the Company’s 2025 Investment Plan” and other proposals

All proposals at this meeting were unanimously reviewed and approved.

April 27, 2025

Reviewed the “Proposal on Reviewing the Registration and Issuance of Perpetual Corporate Bonds in 2025” and other proposals

All proposals at this meeting were unanimously reviewed and approved.

May 28, 2025

Reviewed the “Proposal on the Investment and Establishment of a Wholly-Owned Subsidiary”

All proposals at this meeting were unanimously reviewed and approved.

October 30, 2025

Reviewed the “Proposal on Reviewing the Evaluation Report on the Implementation of the Company’s 2024 Strategic Plan” and other proposals

All proposals at this meeting were unanimously reviewed and approved.

• (VI) Particulars about objections Applicable √ Not applicable

VI. Description of the risks found by the audit committee Applicable √ Not applicable

The audit committee has no objection to the supervision matters during the reporting period.

VII. Particulars about the employees in the parent company and the main subsidiaries at the end of the reporting period

(I) Particulars about employees

Number of in-service employees of the parent company 2,278 Number of in-service employees of the main subsidiaries 5,657 Total of in-service employees 7,935 Number of retired employees required to be paid by the parent company and its major subsidiaries

8

Functions Category Number of staff Production staff 3,811 Sales staff 380 Technical staff 2,656 Financial staff 207 Administrative staff 881 Total 7,935 Education background Education level Number (person) Master and above 1025 Undergraduate 4,383 Junior College 1,431 Below Junior College 1,096 Total 7,935

(II) Remuneration policies √ Applicable Not applicable

In line with the Company’s development strategy, the Company improved the remuneration distribution incentive system and performance assessment system and established and improved the performance assessment system based on the different properties and characteristics of each entity and division; promoted the salary incentive system closely linking the performance distribution with the unit or division performance, value contribution, industrial characteristics, growth phase and similar factors, and comprehensively linking the staff performance with position duty and value contribution, and thus initially established the distribution mode integrating with the market.

(III) Training plan √ Applicable Not applicable

The Company vigorously implemented its “11466” talent strategy. Addressing both strategic development requirements and employee development needs, the Company sharpened the precision and efficacy of education and training. Aligned with annual targets and key tasks, it refined the “New Voyage” talent development program through tiered, categorized, and targeted instruction. These efforts have fortified the Company’s core functions and competitiveness with robust talent pipelines and sustained brainpower.

(IV) Labor outsourcing √ Applicable Not applicable

Total of labor outsourcing hours 1,770,000 hours Total of labor outsourcing remuneration (RMB 10,000) 13,230.28

VIII. Proposal for profit distribution or convention of capital reserves into bonus shares

• (I) Formulation, implementation or adjustment of cash dividend distribution policies √ Applicable Not applicable

On May 28, 2025, the 2024 Annual General Meeting of Shareholders of the Company reviewed and approved the profit distribution plan for 2024. The profit distribution plan for 2024 of the Company was as follows: to distribute a cash dividend of RMB 0.055 (tax included) per share to all shareholders, based on the total share capital registered on the record date for the implementation of the equity distribution. The Company will not convert capital reserve into share capital, or grant bonus shares for 2024. Details of the above profit distribution matters are set out in the “Announcement of the Annual Profit Distribution Plan for 2024” published by the Company on the Shanghai Securities News, China Securities Journal, and the website of the Shanghai Stock Exchange (www.sse.com.cn). During the reporting period, the Company completed the implementation of profit distribution plan for 2024.

On August 25, 2025, the 2025 First Extraordinary General Meeting of Shareholders of the Company reviewed and approved the “Proposal on Reviewing the Amendments to the Articles of Association of the Company”. Amendments were made to the Articles of Association of the Company concerning profit distribution and cash dividends policy, and as a result, the dividend distribution-related decision making process and mechanism were more complete, and the minority shareholders’ legal rights and interests were fully protected.

On November 17, 2025, the 2025 Second Extraordinary General Meeting of Shareholders of the Company reviewed and approved the profit distribution plan for the first half of 2025. The Company’s profit distribution plan for the first half of 2025 was as follows: to distribute a cash dividend of RMB 0.02 (tax included) per share to all shareholders, based on the total share capital registered on the record date for the implementation of the equity distribution (excluding shares held in the Company’s designated securities repurchase account). The Company will not convert capital reserve into share capital, or grant bonus shares for the first half of 2025. Details of the above profit distribution are set out in the “Announcement on the Profit Distribution Plan for the First Half of 2025” published by the Company in Shanghai

Securities News, China Securities Journal, and on the website of the Shanghai Stock Exchange (www.sse.com.cn). In January 2026, the Company completed the implementation of profit distribution plan for the first half of 2025.

To deliver reasonable returns to shareholders and strengthen their investment confidence, a profit distribution plan for 2025 has been proposed based on the Company’s performance in 2025: to distribute a cash dividend of RMB 0.055 (tax included) per share to all shareholders, based on the total share capital registered on the record date for the implementation of the equity distribution (excluding shares held in the Company’s designated securities repurchase account). Cash dividends payable to holders of B-shares will be paid in U.S. dollars and converted at the central parity exchange rate of U.S. dollars against Renminbi announced by the People’s Bank of China on the first business day following the date of the resolution of the Company’s 2025 Annual General Meeting of Shareholders, in accordance with the Detailed Rules for the Implementation of the Provisions on Domestically Listed Foreign Shares of Joint Stock Limited Companies. The Company will not convert capital reserve into share capital, or grant bonus shares for 2025.

As of March 30, 2026, the Company’s total share capital was 5,268,353,501 shares. After deducting 11,791,762 A-shares held in the Company’s designated securities repurchase account, the base for distribution was 5,256,561,739 shares, on which basis the proposed total cash dividend amounts to RMB 289,110,895.65 (tax included). Should the Company’s total share capital change prior to the record date for the implementation of the equity distribution, the Company intends to maintain the cash dividend per share unchanged and adjust the total amount of the distribution accordingly.

The proposed profit distribution plan is subject to approval at the Company’s 2025 Annual General Meeting of Shareholders.

• (II) Special statement on the cash dividend policy √ Applicable Not applicable

In compliance with the Company’s Articles of Association or the relevant resolutions of general meeting of shareholders √ Yes No Specific and clear dividend standards and ratios √ Yes No Complete decision-making procedure and mechanism √ Yes No Independent directors have faithfully performed their duties and played their due role √ Yes No Non-controlling shareholders are able to fully express their opinion and demand and their legal rights and interests are fully protected

√ Yes No

• (III) If the profit is positive in the reporting period and the profit of the parent company available for distribution to the shareholders is positive but the Company does not represent the plan or proposal for profit distribution in cash, the Company shall disclose in detail the reasons and the purpose and use plan of the undistributed profit

Applicable √ Not applicable

• (IV) Proposal for profit distribution and for converting capital reserve to share capital for the reporting period

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Number of bonus shares per 10 shares (share) Number of dividends per 10 shares (RMB) (taxes included) 0.75 Number of shares converted by capital reserve per 10 shares (share) Amount of cash dividends (including tax) 394,348,574.43 Net profits attributable to the listed company common shareholders in consolidated statements (%) 731,841,793 Ratio of cash dividends to the net profits attributable to common shareholders of the listed company in the consolidated statement (%)

53.88 Amount of cash dividends from repurchase of shares 29,006,008.72

Total amount of cash dividends (tax included) 423,354,583.15 Ratio of the total amount of cash dividends to the net profits attributable to common shareholders of the listed company in the consolidated statement (%)

57.85

(V) Cash dividend distributions for the last three fiscal years

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Total cash dividends for the last three fiscal years (tax included) (1) 947,525,692.04 Total amount of share repurchases and cancellations for the last three fiscal years (2) Total amount of cash dividends and share repurchases & cancellations for the last three fiscal years (3) = (1) + (2) 947,525,692.04 Average annual net profit for the last three fiscal years (4) 595,114,878.33 Cash dividend payout ratio (%) for the last three fiscal years (5) = (3)/(4) 159.22 Net profits attributable to common shareholders of the listed company in the consolidated financial statements for the previous fiscal year

731,841,793

Undistributed profits at the end of the most recent fiscal year according to the parent company’s financial statements

2,688,785,230

IX. The Company’s equity incentive plan, employee stock ownership plan or other incentives to the employees and their impacts

(I) Related incentives disclosed in provisional announcement, without progress or change in follow-up implementation √ Applicable Not applicable

Summary of events Query index

On January 4, 2025, the Company disclosed the “Announcement on the Granting Results of the Reserved Grant under the 2023 Stock Option Incentive Plan”, according to which the Company had completed the reserved grant registration process, granting a total of 3.66 million stock options to 16 eligible participants at the exercise price of RMB 4.00 per share, with the reserved grant registration date being December 26, 2024.

See the relevant announcement (Extraordinary Announcement No. 2025-001) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated information disclosure media on January 4, 2025 for details.

On August 29, 2025, the Company held the fifteenth meeting of the Ninth Board of Directors, which reviewed and approved the “Proposal on Reviewing the Adjustment to the Exercise Price of the Grant of Stock Options under the 2023 Stock Option Incentive Plan”, the “Proposal on Reviewing the Cancellation of Certain Stock Options under the Company’s 2023 Stock Option Incentive Plan”, and other related proposals. It was approved that the exercise price of the stock options initially granted under the incentive plan be adjusted to RMB 3.205 per share and that of the reserved granted stock options be adjusted to RMB 3.945 per share; it was also approved to cancel a total of 850,000 stock options that had been granted but remained unexercised by 3 incentive participants. The Company simultaneously disclosed the “Announcement on Adjustment of the Exercise Price of Stock Options Granted under the Company’s 2023 Stock Option Incentive Plan” and the “Announcement on the Cancellation of Certain Stock Options under the Company’s 2023 Stock Option Incentive Plan”.

See the relevant announcements (Extraordinary Announcement No. 2025-038, 2025-040, 2025-041) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated information disclosure media on August 30, 2025 for details.

(II) Incentives not disclosed in provisional announcement or with follow-up progress Equity incentives

Applicable √ Not applicable Other description:

Applicable √ Not applicable Information about employee stock ownership plan Applicable √ Not applicable

Other incentives Applicable √ Not applicable

(III) Equity incentives awarded to the directors and officers during the reporting period

√ Applicable Not applicable

Unit: Share

Number of Shares Acquired Through Exercising Stock Option During the Reporting Period

Number of New Stock

Market

Number of Stock Options

Number of Exercisable Shares During the Reporting Period

Number of Stock Options

Exercise Price of Stock Options (RMB)

Price at the End of the Reporting

Options Granted

Held at the End of the Reporting

Name Position

Held at the Beginning of the Year

During the Reporting Period

Period

(RMB) You Ruikai Director & Chairman 450,000 0 0 0 3.945 450,000 5.15 Zhu Xiaohuai

Period

Director & General Manager (President)

510,000 0 0 0 3.205 510,000 5.15

Wang Cheng Employee Director 410,000 0 0 0 3.205 410,000 5.15 Zhang Jian Vice President 410,000 0 0 0 3.205 410,000 5.15

Vice President & Chief Economist

Li Ruixiang

410,000 0 0 0 3.205 410,000 5.15

Chief Legal Counsel & Board Secretary & Chief Compliance Officer

Sun Li

410,000 0 0 0 3.205 410,000 5.15

Lu Hanzhong Vice President 410,000 0 0 0 3.205 410,000 5.15 Shen Qiuyuan

Vice President 410,000 0 0 0 3.205 410,000 5.15

Vice President & Chief Engineer

Li Yiming

350,000 0 0 0 3.205 350,000 5.15

Liu Feng (resigned)

Vice President 410,000 0 0 0 3.205 410,000 5.15 Total / 4,180,000 0 0 0 / 4,180,000 /

(IV) Establishment and implementation of the assessment mechanism and incentive mechanism for officers during the reporting period √ Applicable Not applicable

Pursuant to the relevant provisions of the Company Law and the Articles of Association, the Company conducted the appointment and removal of directors and officers in a manner as specified, having basically established a comprehensive mechanism for the cultivation, selection, supervision, assessment, reward and punishment, and constraints of officers based on its actual conditions, and formulated corresponding management regulations. Officers were subject to termbased and contractual management, with their diligence and job performance during the evaluation period evaluated annually in accordance with relevant regulations, and corresponding rewards or penalties served based on the results. The Company actively promoted the implementation of its equity incentive plans to fully motivate management and core personnel and deliver new performance outcomes, so as to ensure maximized corporate efficiency and standardized operations. The Long-term Equity Incentive Plan and the 2023 Stock Option Incentive Plan formally approved by SASAC in March 2024 were subsequently passed by the shareholders at the general meeting dated June 17, 2024 to officially take effect, and the registration procedures for the initial grant and the reserved grant were completed on August 8, 2024 and

• December 26, 2024, respectively.

X. Development and implementation of internal control systems during the reporting period √ Applicable Not applicable

The Company actively promoted the continuous improvement of internal control management system in five aspects including internal environment, risk management, major control activities, information and communication, and internal supervision and evaluation. In the meanwhile, through internal self-inspection, daily and special supervision, and internal control evaluation, the Company ensured the effective implementation of relevant management requirements, smooth communication of feedback information, and timely rectification of defects.

The Company integrated the business systems and the management flow into the control requirements of the internal control system, and continuously improved the internal control, risk and compliance management systems, such as “Management Measures for the Construction and Supervision of the Internal Control System”, “Regulations on Comprehensive Risk Management”, “Regulations on Compliance Management” and “Regulations on Reporting Significant Business Risk Events”, and formulated a power and responsibility manual for specific management areas to make clear the control points and approval procedures of various operation and management matters, and improved the mechanisms for ex ante, interim, and ex post risk control and established a strict internal control system.

The Company continuously carried out annual internal control evaluation and internal control audit, and the annual report on internal control evaluation was submitted to the Board of Directors for discussion. In accordance with the Basic Standard for Enterprise Internal Control and its supporting guidelines, as well as the Company’s internal control management systems and requirements, and taking into account its own structure and characteristics, the Company conducted a comprehensive evaluation of the reasonableness of its internal control design and the operational effectiveness across key elements including the internal environment, risk assessment, control activities, information and communication, and internal supervision. This process aimed to timely identify potential deficiencies or weaknesses at all levels, further strengthen and standardize the development of the Company’s internal control system, and enhance both management quality and risk prevention capabilities. Meanwhile, the Company engaged an external professional audit firm to conduct annual internal control audits. Through these external audits, and in alignment with internal control requirements, the Company effectively identified, assessed, controlled, monitored, and improved upon risks. This approach served to organically integrate risk management, internal control, and daily operational activities, effectively controlling and preventing various types of risks to ensure the Company’s sustained and stable development.

Description of material deficiencies in internal control during the reporting period Applicable √ Not applicable

XI. Management and control over the subsidiaries during the reporting period √ Applicable Not applicable

In accordance with the provisions of the Company Law, the Articles of Association and other relevant laws, regulations and rules, the Company continued to strengthen the management and supervision of its subsidiaries on standardized operation, information disclosure, financial capital and operation to ensure legal compliance of operation and management, assets safety and truthful financial reports and related information, and to further enhance the operation management and risk management capability of the subsidiaries.

Risk warning regarding abnormalities in the management and control of subsidiaries Applicable √ Not applicable

XII. Particulars about the audit report on internal control √ Applicable Not applicable

Ernst & Young Hua Ming LLP, engaged by the Company, had audited the effectiveness of the internal control of the financial statement as of December 31, 2025 and issued a standard unqualified opinion on the internal control audit report (see the announcement published on the website of Shanghai Stock Exchange on the same day as this report for details).

Audit report on internal control disclosed or not: Yes Opinion type of internal control audit report: standard unqualified opinion

• XIII. Remediation of problems identified by self-inspection in the special action on the governance of listed companies None
• XIV. Environmental information of the listed company and its main subsidiaries included in the list of enterprises subject to mandatory environmental information disclosure √ Applicable Not applicable

Number of enterprises included in the list of enterprises subject to mandatory environmental information disclosure

8

Reference index for the environmental information disclosure report

No. Enterprise name

Shanghai Zhenhua Heavy Industries Co., Ltd. Changxing Branch (abbreviated as ZPMC Changxing Branch)

1

• 2 Shanghai Zhenhua Port Machinery Heavy Industries Co., Ltd.
• 3

Shanghai Zhenhua Heavy Industries Port Machinery General Equipment Co., Ltd.

• 4

Shanghai Port Machinery Heavy Industries Co., Ltd. (abbreviated as Port Machinery Heavy Industries)

• 5 Shanghai Zhenhua Heavy Industries Co., Ltd. Nantong Branch Jiangsu Enterprise “Environmental Protection Profile” Information Disclosure Platform http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/ viewRunner.html?viewId=http://218.94.78.91:18181/spsarchivewebapp/web/sps/views/yfpl/views/home/index.js
• 6

Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. (abbreviated as ZPMC Heavy Equipment)

• 7

Shanghai Zhenhua Heavy Industries Group (Nantong) Transmission Machinery Co., Ltd. (abbreviated as ZPMC Transmission)

• 8 ZPMC Qidong Marine Engineering Co., Ltd.

System on Corporate Environmental Information Disclosed in accordance with the Law https://e2.sthj.sh.gov.cn/jsp/view/hjpl/index.jsp

Other description √ Applicable Not applicable

In 2025, the Company fully implemented Xi Jinping Thought on Ecological Civilization and acted resolutely on the “Two Mountains” philosophy — that lucid waters and lush mountains are invaluable assets. It tightened and enforced accountability for environmental protection at all levels, driving environmental management toward greater systematization and refinement. First, it improved the management system. The Measures for Environmental Protection Supervision and Management were revised, and two corporate standards on particulate matter and hazardous waste management were issued, strengthening institutional guidance and systemic support. Second, it enhanced the training system. The Company undertook the development of CCCG’s mandatory courses and equipment-manufacturing specialized curricula. Nearly 200 management personnel obtained certification through the Group’s mandatory programs. Over the year, 8 energy conservation and environmental protection training sessions were held, totaling 114 credit hours, significantly improving the professional competence of environmental management personnel. Third, it intensified compliance screenings. Routine environmental supervision and inspection were carried out, and a mechanism for identifying environmental risks and hazards with closed-loop rectification was established, ensuring lawful and compliant production and operations with controllable risks. Fourth, it advanced demonstration initiatives. ZPMC Heavy Equipment and Port Machinery Heavy Industries were recognized as Provincial Green Factories. ZPMC Transmission and ZPMC Heavy Equipment obtained Class A Environmental Performance ratings for key industries in Jiangsu Province, and ZPMC Heavy Equipment was named an Advanced Intelligent Factory in Jiangsu. ZPMC Changxing Branch received the Outstanding Collective Award for Pollution and Carbon Reduction in Chongming District, Shanghai. Across the Company, 4 units were recognized as CCCG Environmental Protection Outstanding Teams and 14 environmental management personnel as Environmental Protection Pacesetters. Approximately RMB 2.2 million in special funds for energy conservation and environmental protection were secured, delivering notable demonstration effects.

In 2025, the Company adopted multiple simultaneous measures to systematically advance carbon emission reduction, achieving significant results. First, it optimized the energy mix and expanded green power use.The Company actively promoted the use of green and clean energy. Rooftop distributed PV systems were installed at production units, enabling on-site consumption of 34.47 million kWh of PV power and reducing CO2 emissions by 18,500 tons. The Company also participated actively in green power trading, with the Headquarters office building and ZPMC Changxing Branch procuring 9.081 million kWh of green electricity, markedly raising the Company’s green power consumption ratio. Second, it leveraged technological retrofits to tap energy-saving potential.The Phase I Vacuum Carburizing Project and the energy-saving renovation of the 4.5 m steel plate pretreatment line were implemented, saving 185 tons of standard coal equivalent annually. The retrofit and customization of nozzle rings for marine main engine turbochargers were completed, saving approx. 193.9 tons of fuel and reducing CO2 emissions by approx. 592 tons per year. Third, it built a digital platform to enhance management efficiency.The Company’s self-developed Energy and Carbon Management Platform was commissioned for trial operation, enabling online real-time collection, efficient analysis, and dynamic control of consumption data for water, electricity, gas and other utilities, providing technical support for company-wide coordinated energy and carbon management. Fourth, it built exemplary benchmarks and promoted best practices.Under the demonstration program, the “Research and Application of Intelligent Energy-Saving Control Technology for VOCs Waste Gas Treatment Systems” of ZPMC Changxing Branch and the “Main Engine Cylinder Warming System Improvement Project” of Shanghai Zhenhua Shipping Co., Ltd. were selected as Outstanding Energy Conservation and Emission Reduction Cases in Shanghai.

XV. Fulfillment of social responsibility

• (I) Separate disclosure of social responsibility report, sustainability report or ESS report √ Applicable Not applicable

Particulars about social responsibility work are presented in the 2025 Environmental, Social and Governance (ESG) Report of Shanghai Zhenhua Heavy Industries Co., Ltd. Published on the same day.

• (II) External donations and public welfare programs √ Applicable Not applicable

External donations and public welfare projects

Amount/content Description

Total investment (RMB 10,000) 84.96 Directly provide free donations for financial support to targeted assistance areas. Including: Fund (RMB 10,000) 75

Amount equivalent to goods and materials (RMB 10,000)

9.96

This figure represents the estimated number of direct beneficiaries across various donation categories, including education support (schools), revitalization through organizations (communities), public welfare projects (villages and towns), and employment assistance (transferred labor force). The number of people benefiting from projects such as consumption assistance and “aiding Xinjiang with work clothes” cannot be directly counted.

Number of people benefited (person) 12,000

Specific description √ Applicable Not applicable

In 2025, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Company implemented fully General Secretary Xi Jinping’s key directives on agriculture, rural areas, and farmers. It complied rigorously with SASAC’s deployment requirements for designated assistance and advanced its support programs in Lanping County, Yunnan Province in a steady and substantive manner. Total investment in external donations and public welfare initiatives reached RMB 849,600 for the year. Specifically, RMB 250,000 was allocated to the CCCC Cuiping Street Nine-Year School construction project in Lanping County to solidify the educational foundation; RMB 220,000 directed to the water supply

protection upgrade project in Gaoping Village to improve local welfare infrastructure; RMB 230,000 provided for the procurement of teaching equipment for the sheet metal fabrication workshop at Lanping Secondary Vocational and Technical School to support vocational education; RMB 50,000 contributed to Yong’an Community, a Party-building twinning partner, for community development to strengthen revitalization through organizations and support Party building in the relocated community; outdoor sports equipment valued at RMB 99,600 donated to Zhenhua Kindergarten in Tu’e Township to focus on educational improvement in the township.

XVI. Specific work on consolidating and expanding the progress in poverty alleviation and rural revitalization √ Applicable Not applicable

Item of poverty alleviation and rural revitalization

Amount/content Description

Include direct investment into gratuitous assistance funds, introduction of assistance funds, purchase and sale of agricultural products and ordering of work clothes from targeted assistance areas, etc.

Total investment (RMB 10,000) 374.3

Including: Fund (RMB 10,000) 75 Directly provide financial support to targeted assistance areas. Amount equivalent to goods and materials (RMB 10,000)

Include purchase and sale of agricultural products in targeted assistance areas, ordering

299.3

This figure represents the estimated number of direct beneficiaries across various donation categories, including education support (schools), revitalization through organizations (communities), public welfare projects (villages and towns), and employment assistance (transferred labor force). The number of people benefiting from projects such as consumption assistance and “aiding Xinjiang with work clothes” cannot be directly counted.

Number of people benefited (person) 12,000

Investigation and guidance, capital investment, talents and employment support, consumption assistance, Party building pairing

The Company conducted on-site survey, held meetings to deploy assistance initiatives, invested funds, helped create job opportunities, trained grassroots cadres and rural revitalization leaders, paired with the Yong’an Community Party Committee, purchased and sold agricultural products and customized work clothes from targeted assistance areas, etc.

Forms of assistance (such as development of local industry, creating job oppor tunities, improving education)

Specific description √ Applicable Not applicable

In 2025, the Company’s Party Committee earnestly implemented the guidelines of General Secretary Xi Jinping’s important speeches and directives on rural revitalization, effectively carried out the annual targeted assistance work plan, and actively advanced various support initiatives for Lanping County. The Company continued to promote assistance measures under key themes such as “education improvement”, “revitalization through talents development”, “revitalization through organizations” and “industry revitalization”. From October 9 to 11, 2025, the Company conducted a special research visit on rural revitalization in Lanping County and Lincang City, Yunnan Province, during which the Party Branch of the Party Affairs Department at the Company’s headquarters renewed the Party-building partnership agreement with the Party Committee of Yong’an Community in Lanping County. Training programs delivered in Lanping County reached 110 grassroots managers, 45 rural revitalization leaders, and 45 technical professionals over the year. The Company deepened collaboration with Lincang Technician College by launching the “Zhenhua Offshore Equipment Talent Class.” This initiative marked a strategic shift from basic labor cooperation and internships toward collaborative education and targeted talent cultivation. ZPMC Changxing Branch facilitated stable employment for 305 transferred workers from assisted regions, all of whom maintained consistent roles throughout the year.

XVII. Others Applicable √ Not applicable

Section V Important Events

• I. Fulfillment of commitments

• (I) Commitments of the Company’s actual controller, shareholders, related parties and acquirer, as well as the Company during the reporting period or ongoing at the period-end √ Applicable Not applicable

Commitment background

Commitment type

Commitment party

Commitment contents

Commitment time

Is there any time limit for commitment performance

Commitment term

It the commitment completed in time

Describe specific reasons for failure of commitment performance

Describe further plans in case of failure of commitment performance

Commitments related to equity incentives

Others Company

No loans, loan guarantees or any other form of financial support will be provided to the incentive objects for the exercise of stock options granted under this incentive plan.

December 26, 2023

Yes

Termination date of incentive plan

Yes N/A N/A

Others

Incentive object

If the Company has false records, misleading statements or major omissions in the information disclosure documents, resulting in non-compliance with the grant of equity or the exercise of equity arrangements, the incentive objects shall return all the benefits obtained from this incentive plan to the Company after false records, misleading statements or major omissions in the information disclosure documents are confirmed.

December 26, 2023

Yes

Termination date of incentive plan

Yes N/A N/A

• (II) If there is earnings forecast for the assets or projects of the Company and the reporting period is still in the earnings forecast period, the Company shall explain whether the asset or project reaches the original earnings forecast and give the reasons

Yes No √ Not applicable

• (III) Commitments on the business performance Applicable √ Not applicable

Change of commitments on the business performance:

Applicable √ Not applicable Other description

Applicable √ Not applicable

• II. Non-operating funds occupied by the holding shareholder and other related parties during the reporting period

Applicable √ Not applicable

• III. Irregularities in the provision of guarantees Applicable √ Not applicable

IV. Explanation of the Board of Directors for Accounting Firm’s “auditors’ report with nonstandard opinions”

Applicable √ Not applicable

V. Analysis and explanation of the Company of the causes and the impacts of the major changes in accounting policies and accounting estimates or correction of significant accounting errors

• (I) Analysis and explanation of the Company on the causes and the impacts of the changes in accounting policies and accounting estimates

Applicable √ Not applicable

• (II) Analysis and explanation of the cause of correction of significant accounting errors and their impacts by the Company

Applicable √ Not applicable

• (III) Communication with former accounting firm Applicable √ Not applicable
• (IV) Approval procedures and other explanations Applicable √ Not applicable

VI. Engagement and dismissal of the accounting firm Unit: RMB, Currency: CNY

Now engaging Name of the domestic accounting firm Ernst & Young Hua Ming LLP Remuneration of the domestic accounting firm 4,850,000 Audit term of the domestic accounting firm 10 Name of Certified Public Accountant of the domestic accounting firm You Fei, Huang Hongwei Cumulative years of audit services provided by CPAs of the domestic accounting firm 1, 2

Name Remuneration Accounting firm performing internal control audit Ernst & Young Hua Ming LLP 450,000

Particulars about the engagement and dismissal of the accounting firm √ Applicable Not applicable

At the 11th meeting of the Ninth Board of Directors held on April 27, 2025 and the 2024 Annual General Meeting of Shareholders held on May 28, 2025, the Company reviewed and approved the “Proposal on the Engagement of Domestic Audit Accounting Firm for the Year 2025” and agreed to renew the engagement of Ernst & Young Hua Ming LLP as the domestic auditing firm of the Company for the year 2025.

Description of the change of accounting firm during the audit period Applicable √ Not applicable Explanation of audit fees decreased by 20% or more compared with the previous year Applicable √ Not applicable

• VII. Delisting risk

• (I) Reasons for the delisting risk warning Applicable √ Not applicable
• (II) Countermeasures to be taken by the Company Applicable √ Not applicable
• (III) Termination of the listing and its reasons Applicable √ Not applicable

• VIII. Events related to bankruptcy and reorganization Applicable √ Not applicable
• IX. Major lawsuit and arbitration issues The Company was involved in material litigation and arbitration matters in the fiscal year.

√ The Company was not involved in any material litigation or arbitration matters in the fiscal year.

• X. Punishments on the Company as well as its directors, officers, controlling shareholder and actual controller for violation of laws or regulations, as well as the relevant rectifications

Applicable √ Not applicable

• XI. Particulars about the credit standings of the Company and its controlling shareholder and the actual controller during the reporting period

Applicable √ Not applicable

• XII. Material related party transactions

(I) Related party transactions relevant to routine business

• 1. Events disclosed in provisional announcement, without progress or changes in follow-up implementation Applicable √ Not applicable
• 2. Events disclosed in the provisional announcement, with progress or changes in follow-up implementation √ Applicable Not applicable

At the 10th meeting of the Ninth Board of Directors of the Company held on March 27, 2025 and the 2024 Annual General Meeting of Shareholders held on May 28, 2025, the Company reviewed and approved the “Proposal on Reviewing the Signing of Framework Agreement on Routine Related Party Transactions for 2025-2027”, which had been announced and was detailed in Extraordinary Announcement No. 2025-007, 2025-011 and 2025-022.

Related party Relationship

Type of related party transaction

Content of related party transaction

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

CCCC Financial Leasing Co., Ltd.

CCCC Haifeng Wind Power Development Co., Ltd.

CCCC Electrical and Mechanical Engineering Co., Ltd.

CCCC Third Harbor Engineering Co., Ltd.

CCCC First Harbor Engineering Co., Ltd.

CCCC Second Highway Engineering Co., Ltd.

Zhenhua Engineering Co., Ltd.

CCCC Fourth Harbor Engineering Co., Ltd.

Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

Road & Bridge International Co., Ltd.

CCCC Tianhe Mechanical Equipment Manufacturing Co., Ltd.

CCCC Tianjin Dredging Co., Ltd.

China Harbour Engineering Co., Ltd.

CCCC Third Highway Engineering Co., Ltd.

CCCC Road & Bridge South China Engineering Co., Ltd.

CCCC Photovoltaic Technology Co., Ltd.

CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd.

CCCC Shanghai Equipment Engineering Co., Ltd.

Chuwa Bussan Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

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Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

Subsidiary of t h e h o l d i n g parent company

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Project income/ lease of assets

Project income/ lease of assets

Project income/ lease of assets

Project income/ lease of assets

Project income/ lease of assets

Project income/ lease of assets

Project income/ lease of assets

Project income/ lease of assets

Pricing principle of related party transaction

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Pricing based on market price

Price of related party transaction

Amount of related party transaction

Proportion in the amount of similar transactions (%)

Settlement mode of related-party transaction

1,664,018,764 1,664,018,764 4.59

Monetary funds

231,970,938 231,970,938 0.64

Monetary funds

228,672,566 228,672,566 0.63

Monetary funds

113,491,947 113,491,947 0.31

Monetary funds

109,702,142 109,702,142 0.30

Monetary funds

85,609,701 85,609,701 0.24

Monetary funds

63,630,673 63,630,673 0.18

Monetary funds

63,238,232 63,238,232 0.17

Monetary funds

55,964,602 55,964,602 0.15

Monetary funds

33,828,357 33,828,357 0.09

Monetary funds

29,983,631 29,983,631 0.08

Monetary funds

29,575,231 29,575,231 0.08

Monetary funds

24,278,245 24,278,245 0.07

Monetary funds

21,720,388 21,720,388 0.06

Monetary funds

16,384,376 16,384,376 0.05

Monetary funds

15,411,948 15,411,948 0.04

Monetary funds

7,800,702 7,800,702 0.02

Monetary funds

3,936,655 3,936,655 0.01

Monetary funds

3,072,567 3,072,567 0.01

Monetary funds

1,719,102 1,719,102 0.00

Monetary funds

Unit: RMB, Currency: CNY

Market price

Reason or great differences between the bargain price and market price

1,664,018,764 /

231,970,938 /

228,672,566 /

113,491,947 /

109,702,142 /

85,609,701 /

63,630,673 /

63,238,232 /

55,964,602 /

33,828,357 /

29,983,631 /

29,575,231 /

24,278,245 /

21,720,388 /

16,384,376 /

15,411,948 /

7,800,702 /

3,936,655 /

3,072,567 /

1,719,102 /

CCCC Water Transportation Planning and Design Institute Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

1,599,057 1,599,057 0.00

1,599,057 /

No.5 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

1,451,327 1,451,327 0.00

1,451,327 /

Road and Bridge Construction Chongqing Fengfu Expressway Development Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

1,447,417 1,447,417 0.00

1,447,417 /

CCCC International (Hong Kong) Holdings Limited

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

1,146,433 1,146,433 0.00

1,146,433 /

Road and Bridge Construction Chongqing Fengshi Expressway Development Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

1,022,015 1,022,015 0.00

1,022,015 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Chongqing Zhongwan Expressway Co., Ltd.

Sales of goods

Monetary funds

813,205 813,205 0.00

813,205 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

Friede & Goldman, Llc.

456,478 456,478 0.00

456,478 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

CCCC Guangzhou Dredging Co., Ltd.

Sales of goods

Monetary funds

424,528 424,528 0.00

424,528 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Yueyang Chenglingji New Port Co., Ltd.

Sales of goods

Monetary funds

355,965 355,965 0.00

355,965 /

Project income/ lease of assets

Pricing based on market price

Holding parent company

Sales of goods

Monetary funds

CCCG

94,340 94,340 0.00

94,340 /

CCCC Chenzhou Road Construction Machinery Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

83,028 83,028 0.00

83,028 /

CCCC Shanghai Channel Equipment Industry Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

16,549 16,549 0.00

16,549 /

Chongqing Yongjiang Expressway Investment and Construction Co., Ltd. of FHEC of CCCC

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

8,891 8,891 0.00

8,891 /

No.2 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Sales of goods

Monetary funds

752 752 0.00

752 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

CCCC Financial Leasing Co., Ltd.

Rendering of service

Monetary funds

14,164,609 14,164,609 0.04

14,164,609 /

China Communications Construction Company (M) Sdn. Bhd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

8,531,551 8,531,551 0.02

8,531,551 /

Project income/ lease of assets

Pricing based on market price

Holding parent company

Rendering of service

Monetary funds

CCCG

4,339,622 4,339,622 0.01

4,339,622 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

CCCC Photovoltaic Technology Co., Ltd.

Rendering of service

Monetary funds

3,625,346 3,625,346 0.01

3,625,346 /

China Communications Construction Company Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

2,204,009 2,204,009 0.01

2,204,009 /

China Communications Information Technology Group Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

1,548,451 1,548,451 0.00

1,548,451 /

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

896,226 896,226 0.00

896,226 /

China Transportation HEAD New Technology Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

663,625 663,625 0.00

663,625 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

CCCC Second Harbor Engineering Co., Ltd.

Rendering of service

Monetary funds

264,151 264,151 0.00

264,151 /

CCCC Shanghai Equipment Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

109,679 109,679 0.00

109,679 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

CCCC Tianjin Dredging Co., Ltd.

Rendering of service

Monetary funds

94,340 94,340 0.00

94,340 /

CCCC Xi’an Road Construction Machinery Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

Rendering of service

Monetary funds

26,604 26,604 0.00

26,604 /

Subsidiary of t h e h o l d i n g parent company

Project income/ lease of assets

Pricing based on market price

CCCC Shanghai Dredging Co., Ltd.

Rendering of service

Monetary funds

12,053 12,053 0.00

12,053 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Third Harbor Engineering Co., Ltd.

Monetary funds

187,545,289 187,545,289 0.60

187,545,289 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Tianjin Dredging Co., Ltd.

Monetary funds

99,522,209 99,522,209 0.32

99,522,209 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Dredging (Group) Co., Ltd.

Monetary funds

88,619,832 88,619,832 0.28

88,619,832 /

China Communications Information Technology Group Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

44,285,359 44,285,359 0.14

44,285,359 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Third Highway Engineering Co., Ltd.

Monetary funds

33,067,274 33,067,274 0.11

33,067,274 /

CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

24,777,205 24,777,205 0.08

24,777,205 /

Road & Bridge East China Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

22,707,987 22,707,987 0.07

22,707,987 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC First Highway Engineering Co., Ltd.

Monetary funds

20,294,905 20,294,905 0.06

20,294,905 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Road & Bridge International Co., Ltd.

Monetary funds

16,054,006 16,054,006 0.05

16,054,006 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Urban Operation Management Co., Ltd.

Monetary funds

14,512,701 14,512,701 0.05

14,512,701 /

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

8,854,717 8,854,717 0.03

8,854,717 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Construction Group Co., Ltd.

Monetary funds

5,737,412 5,737,412 0.02

5,737,412 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Fourth Harbor Consultants Co., Ltd.

Monetary funds

5,160,521 5,160,521 0.02

5,160,521 /

Shanghai Communications Construction Contracting Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

3,974,214 3,974,214 0.01

3,974,214 /

CCCC Water Transportation Planning and Design Institute Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

2,444,553 2,444,553 0.01

2,444,553 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Xingyu Technology Co., Ltd

Monetary funds

2,369,417 2,369,417 0.01

2,369,417 /

Shanghai China Communications Water Transportation Design & Research Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

1,942,264 1,942,264 0.01

1,942,264 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC (Xiamen) Information Co., Ltd

Monetary funds

1,815,100 1,815,100 0.01

1,815,100 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Property Service Co., Ltd.

Monetary funds

1,474,214 1,474,214 0.00

1,474,214 /

No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

770,642 770,642 0.00

770,642 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Third Harbor Consultants Co., Ltd.

Monetary funds

728,038 728,038 0.00

728,038 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Shanghai Dredging Co., Ltd.

Monetary funds

697,669 697,669 0.00

697,669 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Photovoltaic Technology Co., Ltd.

Monetary funds

480,991 480,991 0.00

480,991 /

Tianjin Port Engineering Institute Co. Ltd. of CCCC First Harbor Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

438,113 438,113 0.00

438,113 /

CCCC (Tianjin) Ecoenvironmental Protection Design & Research Institute Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

332,075 332,075 0.00

332,075 /

Guizhou CCCC Xinglu Expressway Development Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

197,975 197,975 0.00

197,975 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

CCCC Second Harbor Engineering Co., Ltd.

Monetary funds

154,759 154,759 0.00

154,759 /

Wuhan Siyuan Xingye Real Estate Brokerage Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

94,340 94,340 0.00

94,340 /

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

China Harbour Engineering Co., Ltd.

Monetary funds

66,038 66,038 0.00

66,038 /

CCCC Design Consulting Group Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Receipt of labor services

Consigned processing for the Company

Pricing based on market price

Monetary funds

35,094 35,094 0.00

35,094 /

CCCC Shanghai Equipment Engineering Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

422,729,175 422,729,175 1.35

422,729,175 /

CNPC & CCCC Petroleum Sales Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

63,334,894 63,334,894 0.20

63,334,894 /

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

CCCC (Xiamen) Information Co., Ltd

Purchase of goods

Monetary funds

40,037,649 40,037,649 0.13

40,037,649 /

Shanghai Zhensha Longfu Machinery Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

35,343,179 35,343,179 0.11

35,343,179 /

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

25,544,239 25,544,239 0.08

25,544,239 /

CCCC Shanghai Channel Equipment Industry Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

19,247,788 19,247,788 0.06

19,247,788 /

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

CCCC Dredging (Group) Co., Ltd.

Purchase of goods

Monetary funds

10,718,766 10,718,766 0.03

10,718,766 /

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

CCCC Third Harbor Engineering Co., Ltd.

Purchase of goods

Monetary funds

4,987,967 4,987,967 0.02

4,987,967 /

China Communications Information Technology Group Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

2,815,382 2,815,382 0.01

2,815,382 /

CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

2,482,982 2,482,982 0.01

2,482,982 /

CCCC (Tianjin) Ecoenvironmental Protection Design & Research Institute Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

1,826,863 1,826,863 0.01

1,826,863 /

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

CCCC Xingyu Technology Co., Ltd

Purchase of goods

Monetary funds

1,244,799 1,244,799 0.00

1,244,799 /

China Communications Materials Co., Ltd.

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

Purchase of goods

Monetary funds

972,123 972,123 0.00

972,123 /

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

China Highway Vehicle & Machinery Co., Ltd.

Purchase of goods

Monetary funds

820,732 820,732 0.00

820,732 /

Subsidiary of t h e h o l d i n g parent company

Providing materials for the Company

Pricing based on market price

CCCC Tianjin Industry and Trade Co., Ltd.

Purchase of goods

Monetary funds

692,011 692,011 0.00

692,011 /

Total / / 4,071,364,480 / / / Details of large amount of sales returns

The Company reviewed and approved the “Proposal on Reviewing the Signing of Framework Agreement on Routine Related Party Transactions for 2025-2027” at the 2024 Annual General Meeting of Shareholders. In 2025, the amount of the annual related party transactions in the normal business between the Company and its subsidiaries and CCCG and its subsidiaries was about RMB 4.071 billion, which did not exceed the upper limit of the amount of routine related party transactions approved by the 2024 Annual General Meeting of Shareholders.

Explanation for related party transactions

(II) Related party transactions arising from acquisition or offering of assets or stock equity

• 1. Events disclosed in provisional announcement, without progress or changes in follow-up implementation Applicable √ Not applicable
• 2. Events disclosed in the provisional announcement, with progress or changes in follow-up implementation √ Applicable Not applicable

On July 22, 2025, the fourteenth meeting of the Ninth Board of Directors of the Company reviewed and approved the “Proposal on Reviewing the Transfer of the Entire Equity Interest in CCCC Photovoltaic and the Related Party Transaction”, approving the transfer by the Company of its entire equity interest in CCCC Photovoltaic Technology Co., Ltd. to China Urban and Rural Holding Group Co., Ltd. by way of a non-public agreement at a consideration of approximately RMB 34.3824 million. See the relevant announcement (Extraordinary Announcement No. 2025-033) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated information disclosure media on July 23, 2025 for details. During the reporting period, the equity transfer agreement was executed and the transfer consideration was fully paid.

• 3. Events not disclosed in provisional announcements Applicable √ Not applicable
• 4. Where agreed performance is involved, the performance achievement during the reporting period should be disclosed

Applicable √ Not applicable

(III) Material related party transactions with joint external investments

• 1. Events disclosed in provisional announcement, without progress or changes in follow-up implementation Applicable √ Not applicable
• 2. Events disclosed in the provisional announcement, with progress or changes in follow-up implementation Applicable √ Not applicable
• 3. Events not disclosed in provisional announcements Applicable √ Not applicable

(IV) Current associated rights of credit and liabilities

• 1. Events disclosed in provisional announcement, without progress or changes in follow-up implementation Applicable √ Not applicable
• 2. Events disclosed in the provisional announcement, with progress or changes in follow-up implementation Applicable √ Not applicable

• (V) Financial business between the Company and related finance companies, or between finance companies under the Company’s control and related parties √ Applicable Not applicable

• 1. Deposit business

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Related parties

Relationship

Maximum daily deposit limit

Deposit interest rate range

December 31, 2024

Amount incurred in the current period

December 31, 2025

Total deposit amount in the current period

Total withdrawal amount in the current period

CCCC Finance Company Ltd.

Subsidiary of the holding parent company

2,000,000,000 0.43%-1.75% 1,719,919,382 26,379,578,602 26,969,614,819 1,129,883,165 Total / / / 1,719,919,382 26,379,578,602 26,969,614,819 1,129,883,165

• 2. Loan business

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Related parties

Relationship Loan limit

Loan interest rate range

December 31, 2024

Amount incurred in the current period

December 31, 2025

Total loan amount in the current period

Total repayment amount in the current period

CCCC Finance Company Ltd.

Subsidiary of the holding parent company

2,000,000,000 1% 580,840,000 514,000,000 544,000,000 550,840,000 Total / / / 580,840,000 514,000,000 544,000,000 550,840,000

• 3. Credit business or other financial business

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Related parties Relationship Business type Total amount Actual amount incurred CCCC Finance Company Ltd. Subsidiary of the holding parent company Credit 2,000,000,000 427,450,000

• 4. Other description Applicable √ Not applicable

• (VI) Others Applicable √ Not applicable

XIII. Material contracts and their performance

(I) Trusteeship, contracting and leasing matters

• 1. Trusteeship Applicable √ Not applicable
• 2. Contracting Applicable √ Not applicable

3. Leasing

√ Applicable Not applicable

Unit: RMB 10,000, Currency: CNY

Amount involved in leased assets

Basis for determining income from leasing

Impacts of income from leasing on the Company

Related party transaction or not

Starting date of leasing

Termination date of leasing

Income from leasing

Leased assets

Name of lessor Name of lessee

Relationship

Shanghai Zhenhua Heavy Industries Co., Ltd.

Shanghai Changyi Industrial Co., Ltd

Lease of houses

520.94 2021/11/15 2031/11/14 1,875.48 Agreed 1,875.48 No

Leasing explanation None

(II) Guarantee

√ Applicable Not applicable

Unit: RMB, Currency: CNY

External guarantee of the Company (excluding guarantee to the subsidiaries)

Relation between the guarantor and the listed company

Date of guarantee (signing date of agreement)

Guarantee by the related party or not

Fulfillment of the guarantee or not

Guarantee Maturity date

Amount of overdue guarantee

Counter guarantee or not

Guaranteed party

Guaranteed amount

Guarantee start date

Type of guarantee

Collateral (if any)

Overdue or not

Guarantor

Relationship

Total amount of guarantee incurred during the reporting period (excluding guarantee to the subsidiaries)

Total balance of guarantee at the end of the reporting period (A) (excluding guarantee to the subsidiaries)

Guarantee of the Company and its subsidiaries to the subsidiaries Total amount of guarantee to the subsidiaries incurred during the reporting period 18,765,566.10 Total balance of guarantee to the subsidiaries at the end of the reporting period (B) 324,495,841.76 Total amount of guarantee of the Company (including guarantee to the subsidiaries) Total amount of guarantee (A+B) 324,495,841.76 Proportion of total amount of guarantee in the net assets of the Company (%) 2.01 Including: Amount of guarantee to the shareholders, the actual controller and related parties (C) Amount of debt guarantee directly or indirectly provided to the guaranteed party with the asset-liability ratio over 70% (D)

177,535,679.62

Amount of guarantee exceeding 50% of net assets (E) Total guarantee amount of the above three items (C+D+E)

Explanation for the joint and several repayment liabilities for the undue guarantee 177,535,679.62 Description of potential joint and several liabilities arising from outstanding guarantees

At the Company’s 2024 Annual General Meeting, the shareholders reviewed and approved the “Proposal on Reviewing the Company’s External Guarantee Plan for 2025”, agreeing that Shanghai Zhenhua Heavy Industries Co., Ltd. would provide guarantees for its wholly owned subsidiaries ZPMC Korea Co., Ltd. (the “Korean Subsidiary”), ZPMC ENGINEERING (MALAYSIA) SDN. BHD. (the “Malaysian Subsidiary”), and ZPMC Panama Corporation (the “Panamanian Subsidiary”), and that Zhenhua Heavy and Large Cargo Shipping (Hong Kong) Co., Ltd. (“GPO”), a 50%-owned subsidiary of the Company, would provide guarantee support for its wholly owned subsidiaries. Guarantees include: a 3-year guarantee for the Korean Subsidiary, capped at USD 20 million (equivalent to RMB 141.654 million); a 3-year guarantee for the Malaysian Subsidiary, capped at USD 25 million (equivalent to RMB 177.0675 million); a 1-to-5-year guarantee for the Panamanian Subsidiary, capped at USD 4.5 million (equivalent to RMB 31.8722 million); for GPO’s subsidiaries, guarantees with a 1-to-5-year term, comprising: nonfinancing guarantees: up to USD 20 million (equivalent to RMB 141.654 million); financing guarantees: up to USD 203.86 million (equivalent to RMB 1,443.8605 million); engineering guarantees: up to USD 180 million (equivalent to RMB 1,274.886 million). As of December 31, 2025, the Company had provided guarantees for the Korean Subsidiary equivalent to RMB 52.4698 million, guarantees for the Malaysian Subsidiary equivalent to RMB 14.362 million, and guarantees for the Panamanian Subsidiary equivalent to RMB 866,800. GPO had provided guarantees equivalent to RMB 513.5944 million for its four wholly owned subsidiaries, of which guarantees equivalent to RMB 256.7972 million were disclosed on a pro rata shareholding basis.

Description of the guarantees

• (III) Consigned cash assets management

• 1. Consigned financing

• (1) General information of consigned financing Applicable √ Not applicable

Other information Applicable √ Not applicable

• (2) Information on individual consigned financing Applicable √ Not applicable

Other information Applicable √ Not applicable

• (3) Provision for impairment of consigned financing Applicable √ Not applicable

• 2. Consigned loans

• (1) General information of consigned loans Applicable √ Not applicable

Other information Applicable √ Not applicable

• (2) Individual consigned loans Applicable √ Not applicable

Other information Applicable √ Not applicable

• (3) Provision for impairment of consigned loans Applicable √ Not applicable

• 3. Other information Applicable √ Not applicable

• (IV) Other material contracts Applicable √ Not applicable

• XIV. Progress statement on the utilization of raised funds Applicable √ Not applicable
• XV. Other significant events for investors’ judgment of value and investment decisionmaking

Applicable √ Not applicable

Section VI Changes in Shares and Shareholders’ Situation

I. Changes in share capital

• (I) Table of changes in shares

• 1. Table of changes in shares

The total number of shares of the Company and the structure of its share capital remained unchanged during the reporting period.

• 2. Notes to changes in shares Applicable √ Not applicable
• 3. Effect of changes in shares on financial indicators such as earnings per share and net asset per share for the latest year and period (if any)

Applicable √ Not applicable

• 4. Other contents that the Company deems necessary to be disclosed or required to be disclosed by the securities regulatory authority

Applicable √ Not applicable

• (II) Changes in shares with restrictive conditions for sales Applicable √ Not applicable

II. Issuance and listing of securities

(I) Securities issuance by the reporting period

√ Applicable Not applicable

Unit: Share, Currency: CNY

Number of securities approved for listing and trading

Number of securities issued

Stocks and their derivative securities Type of securities

Listing date

Issue price (or interest rate)

Delisting date

Issue date

Bonds (including enterprise bonds, corporate bonds, and debt financing instruments of non-financial enterprises) Perpetual corporate bonds

The initial term is 3 years, and the issuer has the option to extend the term.

2025/9/11 2.15% 5,000,000 2025/9/22 5,000,000

Particulars about the issuance of securities during the reporting period (for bonds of different interest rates within the duration, please state them respectively)

Applicable √ Not applicable

(II) Changes in total shares and the shareholder structure of the Company, as well as in asset and liability structures

Applicable √ Not applicable

• (III) Existing internal employee ownership Applicable √ Not applicable

III. Shareholders and actual controller

(I) Total number of shareholders

Total of ordinary shareholders by the end of the reporting period 197,512 Total of ordinary shareholders by the end of the month previous to the disclosure date of annual report 188,647

(II) Table of the shares held by top 10 shareholders, top 10 holders of marketable shares (or shareholders without trading limited conditions) as at the end of the reporting period

Unit: Share

Shareholdings of top ten shareholders (excluding shares lent through refinancing)

Number of shares held at the end of the period

Number of shares with trading limited conditions held

Shares in pledge, marked or frozen Nature of

Changes in the reporting period

Proportion (%)

Name of shareholder (Full Name)

shareholder Share status Quantity

Overseas legal person

CCCG (HK) Holding Limited 0 916,755,840 17.401 0 None 0

China Communications Construction Company Ltd.

State-owned legal person

0 855,542,044 16.239 0 None 0

China Communications Construction Group Co., Ltd.

State-owned legal person

0 663,223,375 12.589 0 None 0

Hong Kong Securities Clearing Company Limited

-25,221,604 45,303,102 0.86 Unknown Unknown

China Merchants Bank Co., Ltd. – South China Securities 1000 Exchange Traded Fund

1,830,800 18,306,100 0.35 Unknown Unknown

VANGUARD EMERGING MARKETS STOCK INDEX FUND

0 15,271,677 0.29 Unknown Unknown

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND

0 14,924,161 0.28 Unknown Unknown

Zhang Zhou 5,561,396 12,406,631 0.24 Unknown Unknown Zhongtai Securities Co., Ltd. – ChinaAMC CSI Free Cash Flow Exchange Traded Fund

12,025,496 12,025,496 0.23 Unknown Unknown

China Merchants Bank Co., Ltd. – ChinaAMC CSI 1000 Exchange Traded Fund

2,718,300 11,552,640 0.22 Unknown Unknown

Shareholdings of top ten shareholders with unrestricted tradable shares (excluding shares lent through refinancing)

Name of shareholder

Number of non- restrictive circulation shares held

Type and number of shares Type Quantity

Foreign shares listed domestically China Communications Construction Company Ltd. 855,542,044 RMB ordinary shares China Communications Construction Group Co., Ltd. 663,223,375 RMB ordinary shares Hong Kong Securities Clearing Company Limited 45,303,102 RMB ordinary shares China Merchants Bank Co., Ltd. – South China Securities 1000 Exchange Traded Fund

CCCG (HK) Holding Limited 916,755,840

18,306,100 RMB ordinary shares

Foreign shares listed domestically

VANGUARD EMERGING MARKETS STOCK INDEX FUND 15,271,677

Foreign shares listed domestically

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 14,924,161

Zhang Zhou 12,406,631 RMB ordinary shares Zhongtai Securities Co., Ltd. – ChinaAMC CSI Free Cash Flow Exchange Traded Fund 12,025,496 RMB ordinary shares

Shareholdings of top ten shareholders with unrestricted tradable shares (excluding shares lent through refinancing)

Type and number of shares

Number of non- restrictive circulation shares held

Name of shareholder

Type Quantity China Merchants Bank Co., Ltd. – ChinaAMC CSI 1000 Exchange Traded Fund 11,552,640 RMB ordinary shares Explanation of the special accounts for repurchase among the top ten shareholders Note to the said shareholders’ entrusting voting rights, entrusted voting rights and waived voting rights

Among the above top 10 shareholders, CCCG (HK) Holding Limited, China Communications Construction Group Co., Ltd. and China Communications Construction Company Ltd. are related companies. It was unknown to the Company whether there was related relation between other shareholders and whether they belonged to the concerted actor specified in the “Management Method on Information Disclosure for Shareholding Change of the Shareholders of Listed Companies”.

Notes to the related relation or consistent actions of the above-mentioned shareholders

Description of preference shareholders with restored voting rights and their shareholdings

Participation of shareholders holding over 5%, the top ten shareholders, and the top ten shareholders with unrestricted tradable shares in securities lending under the margin trading and securities lending scheme

Applicable √ Not applicable The top ten shareholders and the top ten unrestricted-share holders changed due to securities lending/ return compared to the prior period

Applicable √ Not applicable Shareholdings of the top ten restricted shareholders and the restrictions Applicable √ Not applicable

• (III) Indicate whether any strategic investor or general corporate has become a top-10 shareholder due to placement of new shares

Applicable √ Not applicable

IV. Controlling shareholder and actual controller

(I) Controlling shareholder

• 1. Legal person √ Applicable Not applicable

Name China Communications Construction Group Co., Ltd. Company principal or legal representative Song Hailiang Date of establishment December 8, 2005

Construction of overseas projects and international bidding projects at home; general contracting for construction of various special ships, leasing and maintenance of special ship and construction machines; offshore towage and professional services related to the ocean engineering; technical consultant services regarding the ship and the supporting port equipment; engaging in the general contracting of construction projects for ports, channels, highways and bridges both home and abroad (including technical and economic consultation of engineering, feasibility study, survey, design, construction, supervision, procurement and supply for related complete set of equipment or materials, and equipment installation); undertaking the general contracting of the construction of industrial and civil works, railway, metallurgy, petrochemical, tunnel, power, mine, water conservancy, and municipal works; import and export business; real estate development and property management; investment and management of transportation, hotel and tourism industries.

Main business

Equity interests in other domestic and overseas listed companies held or invested in during the reporting period

Notes to other circumstances

CCCG holds a 59.66% stock equity in CCCC (601800.SH, 1800.HK) and is its controlling shareholder. CCCG holds a 100% stock equity in CCCC Real Estate Group Co., Ltd. CCCC Real Estate Group Co., Ltd. holds a 52.16% stock equity in CCCC Real Estate Co., Ltd. (000736.SZ) and is its controlling shareholder. CCCG and its controlled subsidiaries collectively hold a 28.88% stock equity in Greentown China Holdings Limited (3900. HK) and are its controlling shareholders. China Urban and Rural Holding Group Co., Ltd., a wholly owned subsidiary of CCCG, holds a 33.04% stock equity in Beijing OriginWater Technology Co., Ltd. (300070.SZ) and is its controlling shareholder. CCCG, through China Urban and Rural Holding Group Co., Ltd. and CCCC Fund, collectively holds a 33.40% stock equity in Beijing OriginWater Technology Co., Ltd. CCCG, through China Communications Construction Company Limited, China Urban and Rural Holding Group Co., Ltd., and CCCC Capital Holdings Co., Ltd., holds a 58.35% stock equity in CCCC Design & Consulting Group Co., Ltd. (600720. SH) and is its controlling shareholder.

• 2. Natural person Applicable √ Not applicable
• 3. Particulars about no controlling shareholder in the Company Applicable √ Not applicable
• 4. Change of the controlling shareholder in the reporting period Applicable √ Not applicable
• 5. Block diagram of the ownership and control relationship between the Company and the controlling shareholder √ Applicable Not applicable

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(II) Actual controller

• 1. Legal person

• 2. Natural person Applicable √ Not applicable
• 3. Particulars about no actual controller in the Company Applicable √ Not applicable
• 4. Description of the changes in control of the Company during the reporting period Applicable √ Not applicable
• 5. Block diagram of ownership and control relationship between the Company and the actual controller √ Applicable Not applicable

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• 6. Indicate whether the actual controller controls the Company via trust or other ways of assets management Applicable √ Not applicable

• (III) Other information about the controlling shareholder and the actual controller Applicable √ Not applicable

V. Indicate whether the cumulative number of shares put in pledge by the Company’s controlling shareholder or the largest shareholder and its acting-in-concert parties accounts for over 80% of their shareholdings in the Company

• VI. Other corporate shareholders holding more than 10%

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Name of corporate shareholder

Company principal or legal representative

Date of establishment

Organization Code Registered capital

Main business or management activities

China Communications Construction Company Ltd.

Song Hailiang October 8, 2006 91110000710934369E 16,165,711,425

General contracting of construction projects for ports, waterways, highways, bridges, etc.

CCCG (HK) Holding Limited

Peng Guangsheng September 5, 2017 / HKD 1,000

Investment management, project investment, project financing

Description

CCCG (HK) Holding Limited and China Communications Construction Company Ltd. are subsidiaries of China Communications Construction Group Co., Ltd.

• VII. Particulars about restrictions on shareholding reduction Applicable √ Not applicable
• VIII. Specific implementation of share repurchases during the reporting period

√ Applicable Not applicable

Unit: RMB 10,000, Currency: CNY

Name of the share repurchase plan

Plan for the repurchase of certain A-shares of the Company through centralized price bidding trading

Disclosure date of the share repurchase plan April 28, 2025 Proposed number of shares to be repurchased and percentage of total share capital (%)

0.14-0.27

Proposed repurchase amount 5,000-10,000 Proposed repurchase period May 28, 2025 to May 27, 2026 Purpose of the repurchase Reduction of registered capital Number of shares repurchased 6,469,562 Percentage of repurchased shares to the underlying shares under the equity incentive plan (%) (if applicable)

N/A

Progress of the Company’s disposal of repurchased shares through centralized price bidding trading

N/A

• IX. Preference Shares Applicable √ Not applicable

Section VII Bonds

I. Corporate bonds (including enterprise bonds and debt financing instruments of nonfinancial enterprises

√ Applicable Not applicable

• (I) Corporate bonds (including enterprise bonds) √ Applicable Not applicable

• 1. Basic information on corporate bonds Unit: RMB, Currency: CNY

Name of bond Abbreviation Code Issue date Value date

Nearest put date after April 30, 2026

Maturity date

Outstanding balance

Interest rate (%)

Payment method

Trading venue

Lead underwriter

Trustee

Investor eligibility arrangements

Trading mechanism

Whether there is a risk of delisting or deregistration

Shanghai Zhenhua Heavy Industries Co., Ltd. 2025 Public Offering of Perpetual Corporate Bonds to Professional Investors (First Tranche) (Sustainabilitylinked)

25 ZPMC Y1

1. SH

2025/9/11 2025/9/15

The initial term is 3 years, and the issuer has the option to extend the term.

500,000,000 2.15

Interest shall be paid once annually, provided that the issuer does not exercise its right to defer interest payment

Shanghai Stock Exchange (SSE)

Huatai United Securities Co., Ltd.

Huatai United Securities Co., Ltd.

Offered to professional investors

Price bidding trading

No

Measures adopted by the Company to address the risk of bond delisting or deregistration Applicable √ Not applicable Interest payment and payment of bonds during the reporting period Applicable √ Not applicable

• 2. Triggering and execution of issuer or investor option clauses and investor protection clauses Applicable √ Not applicable
• 3. Intermediary agencies providing services for bond issue and duration business

Agency name Office address

Huatai United Securities Co., Ltd.

Landing Law Offices

20/F, Tower E, Poly Plaza, No. 18 Dongfang Road, Pudong New Area, Shanghai

16F, East Tower, Raffles City The Bund,. No.1089 East Daming Rd., Hongkou Dist., Shanghai, China

Ernst & Young Hua Ming LLP

50/F, World Financial Center, No. 100 Century Ave., Pudong New Area, Shanghai

Lianhe Equator Environmental Impact Assessment Co., Ltd.

Room 503, No. 80, Qufu Road, Xiaobailou Subdistrict, Hezhong District, Tianjin

Changes in the above intermediary agencies

Signed by the Accountants (if applicable)

You Fei, Gao Chong, Gu Chengli, Huang Hongwei

Person to contact Contact number

Huang Zhidong, Wan Yi

Liu Zhaofu, Li Jinchang

021-38966554

021-66529952

You Fei 021-22282578

Jia Ruichan 15822592841

4. Adjustment of credit rating results Applicable √ Not applicable

Other description: Applicable √ Not applicable

5. Changes, variations, and implementation of guarantee, debt repayment plan, and other debt repayment guarantee measures during the reporting period and their impacts

Applicable √ Not applicable

• (II) Information about funds raised from corporate bonds √ The corporate bonds involved the use of raised funds or rectification during the reporting period

None of the corporate bonds involved the use of raised funds or rectification during the reporting period

• 1. Basic Information Unit: RMB 100 million, Currency: CNY

Bond code

Bond abbreviation

Whether it is a special category bond

Specific type of special category bond

Total amount of proceeds raised

Balance of proceeds raised as of the end of the reporting period

Balance of the special account for proceeds raised as of the end of the reporting period

243756.SH 25 ZPMC Y1 Yes

Perpetual corporate bonds

5.00 0.00 0.00

• 2. Changes and adjustments to the use of proceeds raised Applicable √ Not applicable
• 3. Utilization of proceeds raised

• (1) Actual utilization (excluding temporary supplementation of working capital) Unit: RMB 100 million, Currency: CNY

Bond code

Bond abbreviation

Actual amount of proceeds utilized during the reporting period

Amount used to repay interestbearing debt (excluding corporate bonds)

Amount used to repay corporate bonds

Amount used to supplement working capital

Amount involved in fixed asset investment projects

Amount involved in equity investment, debt investment, or asset acquisition

Amount used for

other purposes

243756.SH 25 ZPMC Y1 5.00 5.00

• (2) Proceeds raised used to repay corporate bonds and other interest-bearing debt √ Applicable Not applicable

Bond code

Bond abbreviation

Details of the repayment of corporate bonds

Details of the repayment of other interest-bearing debt (excluding corporate bonds)

243756.SH 25 ZPMC Y1

Repayment of RMB 100,000,000.00 to the Export-Import Bank of China; RMB 180,000,000.00 to the Agricultural Bank of China; and RMB 220,000,000.00 to the Bank of Communications

• (3) Proceeds raised used to supplement working capital (excluding temporary supplementation of working capital) Applicable √ Not applicable

• (4) Proceeds raised used for specific projects Applicable √ Not applicable

• (5) Proceeds raised used for other purposes

• (6) Temporary supplementation of working capital Applicable √ Not applicable

• 4. Compliance of the use of proceeds raised

Bond code

Bond abbreviation

243756.SH 25 ZPMC Y1

Use of proceeds as specified in the prospectus

Repayment of interestbearing debt

Actual use of proceeds as of the end of the reporting period (including actual utilization and temporary supplementation of working capital)

Repayment of interestbearing debt

Whether the actual use is consistent with the intended use (including the use specified in the prospectus and the use after compliant changes)

Whether the use of proceeds and the management of the special account for proceeds during the reporting period were compliant

Whether the use of proceeds complied with local government debt management regulations

Yes Yes N/A

Non-compliance in the use of proceeds and the management of the proceeds account Applicable √ Not applicable

(III) Other matters required to be disclosed for special category bonds √ Applicable Not applicable

• 1. The Company is an issuer of exchangeable corporate bonds Applicable √ Not applicable
• 2. The Company is an issuer of green corporate bonds Applicable √ Not applicable
• 3. The Company is an issuer of perpetual corporate bonds

√ Applicable Not applicable

Unit: RMB 100 million, Currency: CNY

Bond code 243756.SH Bond abbreviation 25 ZPMC Y1 Outstanding balance 5.00

Status of term extension

The conditions for triggering the term extension provisions have not yet occurred, and the issuer has not exercised the extension option

Step-up in interest rate No interest rate step-up has occurred Interest deferral

The conditions for triggering the interest deferral provisions have not yet occurred, and no interest payment has been deferred

Mandatory interest payment

The conditions for triggering mandatory interest payment have not yet occurred, and no mandatory interest payment has been made

Whether the bonds continue to be classified as equity and the relevant accounting treatment

Yes Other matters None

• 4. The Company is an issuer of poverty alleviation corporate bonds Applicable √ Not applicable
• 5. The Company is an issuer of rural revitalization corporate bonds Applicable √ Not applicable
• 6. The Company is an issuer of Belt and Road corporate bonds

• 7. The Company is an issuer of technology innovation corporate bonds or innovation and entrepreneurship corporate bonds

Applicable √ Not applicable

• 8. The Company is an issuer of low-carbon transition (linked) corporate bonds Applicable √ Not applicable
• 9. The Company is an issuer of corporate bonds for financial distress relief Applicable √ Not applicable
• 10. The Company is an issuer of corporate bonds supporting small and micro enterprises Applicable √ Not applicable
• 11. Other matters relating to special category corporate bonds Applicable √ Not applicable

(IV) Important matters related to the corporate bonds during the reporting period √ Applicable Not applicable

• 1. Non-operating receivables and fund lending

• (1) Balance of non-operating receivables and fund lending

At the beginning of the reporting period, the balance of non-operating receivables and fund lending (hereinafter referred to as “non-operating receivables and fund lending”) due from other parties that did not arise directly from production and operating activities on a consolidated basis was RMB 0.0;

During the reporting period, newly incurred non-operating receivables and fund lending amounted to: RMB 0.0, and recoveries amounted to: RMB 0.0; Whether any non-operating receivables or fund lending during the reporting period violated the relevant provisions or commitments under the prospectus

Yes √ No

As of the end of the reporting period, the total outstanding non-operating receivables and fund lending not yet recovered amounted to: RMB 0.0, of which the total receivables or fund lending due from the controlling shareholder, actual controller, and other related parties amounted to: RMB 0.0.

• (2) Details of non-operating receivables and fund lending

• As of the end of the reporting period, the ratio of the Company’s outstanding non-operating receivables and fund lending on a consolidated basis to its consolidated net assets was: 0% Whether it exceeded 10% of consolidated net assets: Yes √ No

(3) Implementation status of the repayment arrangements disclosed in previous reporting periods Fully implemented Not fully implemented √ Not applicable

1. Liabilities

• (1) Interest-bearing debt and changes therein

• 1.1 Structure of the Company’s debt

• At the beginning and the end of the reporting period, the balance of the Company’s interest-bearing debt (on a non-

consolidated basis) was RMB 22.212 billion and RMB 16.524 billion, respectively, representing a year-on-year decrease of 25.61% during the reporting period.

Unit: RMB 100 million, Currency: CNY

Maturity

Percentage of interestOverdue bearing debt (%)

Category of interest-bearing debt

Total amount

Within 1 year (inclusive)

Over 1 year (exclusive)

Bank loans 0 23.97 97.72 121.69 73.64 Loans from non-bank financial institutions 0 0 5.51 5.51 3.33 Other interest-bearing debt 0 38.04 0 38.04 23.02 Total 0 62.01 103.23 165.24 —

• As of the end of the reporting period, among the Company’s outstanding credit bonds, the balance of corporate bonds was RMB 0.0, the balance of enterprise bonds was RMB 0.0, and the balance of debt financing instruments of nonfinancial enterprises was RMB 0.0.

1.2 Structure of interest-bearing debt on a consolidated basis

• At the beginning and the end of the reporting period, the balance of interest-bearing debt of the companies within the consolidated financial statements was RMB 28.014 billion and RMB 22.048 billion, respectively, representing a year-onyear decrease of 21.30% during the reporting period.

Unit: RMB 100 million, Currency: CNY

Maturity

Percentage of interestOverdue bearing debt (%)

Category of interest-bearing debt

Total amount

Within 1 year (inclusive)

Over 1 year (exclusive)

Bank loans 0 36.87 124.99 161.86 73.41 Loans from non-bank financial institutions 0 0 5.51 5.51 2.50 Other interest-bearing debt 0 43.09 10.02 53.11 24.09 Total 0 79.96 140.52 220.48 —

As of the end of the reporting period, among the Company’s outstanding credit bonds on a consolidated basis, the balance of corporate bonds was RMB 0.0, the balance of enterprise bonds was RMB 0.0, and the balance of debt financing instruments of non-financial enterprises was RMB 0.0.

• 1.3 Overseas bonds

As of the end of the reporting period, the outstanding balance of overseas bonds issued by the companies within the consolidated financial statements was RMB 0.0.

• (2) Whether the Company and its subsidiaries had any overdue interest-bearing debt or overdue credit bonds exceeding RMB 10 million as of the end of the reporting period

Applicable √ Not applicable

• (3) Priority liabilities enforceable against third parties

As of the end of the reporting period, the companies within the consolidated financial statements had priority liabilities enforceable against third parties:

Applicable √ Not applicable

• 3. Changes in the information disclosure management system during the reporting period Changed √ No change

(V) Interbank bond market debt financing instrument of non-financial enterprises √ Applicable Not applicable

• 1. Basic information of debt financing instruments of non-financial enterprises Unit: RMB, Currency: CNY

Name of bond Abbreviation Code Issue date Value date Maturity date

Outstanding balance

Interest rate (%)

Payment method

Trading venue

Investor eligibility arrangements (if any)

Trading mechanism

Risk of termination of listing and trading

Shanghai Zhenhua Heavy Industries Co., Ltd. 2022 mediumterm notes series I (sci-tech innovation note)

22 ZPMC MTN001 (sci-tech innovation note)

102281893 2022/8/22 2022/8/24 2025/8/24 500,000,000 3.22

August 24 every year

Interbank market

Centralized book-entry and centralized placement

No

Company’s response to the risk of termination of listing of bonds

Applicable √ Not applicable Overdue bonds

Applicable √ Not applicable Interest payment and payment of bonds during the reporting period √ Applicable Not applicable

Name of bond Description of interest payment and redemption

22 ZPMC MTN001 (sci-tech innovation note)

The Company made interest and principal payments in strict accordance with the relevant provisions of the prospectus, and no bond default occurred.

• 2. Triggering and execution of issuer or investor option clauses and investor protection clauses Applicable √ Not applicable
• 3. Intermediary agencies providing services for bond issue and duration business

Agency name Office address

Signed by the Accountants (if applicable)

Person to contact Contact number Bank of Communications Co., Ltd. No. 333 Lujiazui Ring Road Zhang Peifei 021-38873279 Industrial Bank Co., Ltd.

Industrial Bank Tower, 398 Middle Jiangbin Blvd., Taijiang District, Fuzhou, Fujian

Lin Chen, Cheng Qiuyun

010-8992655, 021-62677777

China Lianhe Credit Rating Co. Ltd.

17/F, PICC Building, No.2 Jianguomenwai Street, Chaoyang District, Beijing

Zhang Qian 010-85679696

Ernst & Young Hua Ming LLP

50/F, Shanghai World Financial Center, No. 100 Century Ave., Pudong New Area, Shanghai

Gao Chong 021-22288888

Shanghai Duan & Duan Law Firm

58F, Shanghai Tower, No. 501 Yincheng Middle Road, Lujiazui Sub-district, Pudong New Area, Shanghai

Wang Xiaobo 62191103-7122

Changes in the above intermediary agencies Applicable √ Not applicable

• 4. Use of raised funds at the end of the reporting period Applicable √ Not applicable

Progress and operating benefits of the raised funds used for construction projects Applicable √ Not applicable Change in the use of above funds raised from bonds during the reporting period

Applicable √ Not applicable Other description:

• 5. Adjustment of credit rating results Applicable √ Not applicable

Other description: Applicable √ Not applicable

• 6. Implementation and changes in guarantee, debt repayment plan and other debt repayment guarantee measures during the reporting period and their impacts

Applicable √ Not applicable

• 7. Other information on debt financing instruments of non-financial enterprises Applicable √ Not applicable

• (VI) The loss in the scope of consolidated financial statements during the reporting period exceeding 10% of the net assets as at the end of the prior year

Applicable √ Not applicable

• (VII) Overdue interest-bearing debts other than bonds at the end of the reporting period Applicable √ Not applicable
• (VIII) Violations of laws and regulations, the articles of association, the management system for information disclosure matters, as well as the impact of conditions agreed or promised in the bond prospectus on the rights and interests of bond investors during the reporting period

Applicable √ Not applicable

• (IX) Main accounting data and financial indexes of the Company in recent 2 years as of the end of the reporting period

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Year-on-year change (%)

Main indexes 2025 2024

Net profit attributable to the shareholders of the listed company after deducting the nonrecurring profits and losses

498,939,242 211,097,452 136.35

Current ratio 0.92 1.00 -8.00 Quick ratio 0.41 0.45 -8.89 Asset-liability ratio (%) 77.41 78.64 -1.23 EBITDA all debt ratio 0.05 0.05 0 Interest coverage ratio 2.74 2.15 27.44

Cash interest coverage ratio 9.75 6.36 53.30

EBITDA interest coverage ratio 5.27 4.00 31.75

Loan repayment ratio (%) 100 100 0 Interest coverage ratio (%) 100 100 0

Reason of change

Mainly due to the increase in profit resulting from the increase in project delivery and the decrease in gains from asset disposals.

Mainly due to the decrease in the Company’s interest expenses during the reporting period.

Mainly due to the increase in profits and the decrease in interest expenses during the reporting period.

II. Convertible corporate bonds

Section VIII Financial Report

• I. Auditors’ Report √ Applicable Not applicable

Auditors’ Report

Ernst & Young Hua Ming (2026) Audit No. 70023385_B01 Shanghai Zhenhua Heavy Industries Co., Ltd.

To all shareholders of Shanghai Zhenhua Heavy Industries Co., Ltd.:

I. Opinion

We have audited the financial statements of Shanghai Zhenhua Heavy Industries Co., Ltd. (hereinafter referred to as the “Company”), which comprise the consolidated balance sheet and the Company’s balance sheet as at December 31, 2025, the consolidated income statement and the Company’s income statement, the consolidated statement of changes in shareholders’ equity and the Company’s statement of changes in owners’ equity and the consolidated statement of cash flows and the Company’s statement of cash flows for the year then ended as well as the notes to the financial statements.

In our opinion, the financial statements of the Company attached are prepared, in all material respects, in accordance with the Accounting Standards for Business Enterprises, and fairly present the consolidated financial position and the Company’s financial position as at December 31, 2025 and the consolidated operating results and cash flows and the Company’s operating results and cash flows for the year then ended.

II. Basis for Our Opinions

We conducted our audit in accordance with Chinese Certified Public Accountants Auditing Standards. Our responsibilities under those standards are further described in the “Responsibilities of Certified Public Accounts for the Audit of the Financial Statements” section of this auditors’ report. In accordance with the Code of Ethics for Chinese Certified Public Accountants and the Chinese Code of Ethics for Certified Public Accountants No. 1 – Independence Requirements for Audit and Review Engagements of Financial Statements, we are independent of the Company and have fulfilled our other responsibilities in the aspect of code of ethnics. In conducting the audit, we complied with the independence requirements applicable to audits of public interest entities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

III. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the current period. The response to these matters is based on the overall audit of the financial statements and the formation of audit opinions. We do not express our opinions on these matters separately. The following description of how our audit addressed the key audit matter is also against this background.

We have fulfilled the responsibilities stated in “Responsibilities of Certified Public Accounts for the Audit of the Financial Statements” section of this report, including the responsibilities related to these key audit matters. Accordingly, our audit included performing audit procedures designed to respond to the assessed risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the key audit matters described below, provide a basis for our audit opinion on the financial statements as a whole.

Key Audit Matters: How our audit addressed the key audit matter:

• 1. Inventory depreciation reserves

Shanghai Zhenhua Heavy Industries Co., Ltd. is mainly engaged in manufacturing the port container crane; in addition, it is also engaged in the manufacture of bulk handling machine, offshore heavy-duty machine and large-sized steel structure. Its inventories mainly include raw materials, outsourcing parts and components, products in the process and inventory goods. Since the production cycle of the products is relatively long, the net realizable value of the related inventory may fluctuate with the change in the market demand, resulting in the inventory depreciation risks. The management sets aside the inventory depreciation reserves according to the balance of the inventory cost and the net realizable value. The net realizable value is determined as per the estimated selling price of the inventory minus the cost, the estimated selling expenses and the related taxes that may occur in the completion on the assumption that the management layer adopts a certain estimate and hypothesis in determining the net realizable value. In case of difference between the actual figure and the originally estimated figure, the related balance will affect the book value of the inventory and the depreciation loss in the estimated fluctuation. As of December 31, 2025, in the consolidated financial statements, the balance of inventories was RMB 24.16 billion and the reserve for inventory depreciation was RMB 0.29 billion; in the financial statements of the Company, the balance of inventories was RMB 20.82 billion and the reserve for inventory depreciation was RMB 0.25 billion. The accounting policy and other disclosures regarding the inventory are stated in Note III (10), Note III (33) and Note V (9) of the financial statements.

Our procedure mainly included knowing and testing the validity of the control related to the provision of inventory depreciation reserves and the method of calculating the net realizable value of the Group. We also implemented the related auditing procedures over the inventory such as supervision of inventory to verify whether the management had marked the inventory with slow turnover and defectives and taken into full account in provision of inventory depreciation reserves. In addition, we obtained the computation sheet of provision of inventory depreciation reserves from the management, rechecked the calculation method and result. As to the key elements taken into consideration by the management in calculating the net realizable value, including the estimated selling price and the cost that may occur till completion, we evaluated the hypothesis and the estimates through analyzing the related historical data and comparing the after-date data of Shanghai Zhenhua Heavy Industries Co., Ltd. We also rechecked the disclosure of inventory depreciation reserves in financial statements.

• 2. Provision for bad debts of accounts receivable

The accounts receivable of Shanghai Zhenhua Heavy Industries Co., Ltd. is mainly from the business contract on port machinery and offshore engineering manufacturing. Since it involves large contracted value, long construction period, relatively complicated technical parameters, the implementation of the contract may be affected by the periodicity of the economic environment. The accounts receivable has certain risk in the recovery in case of any dispute in contract or the industry is in recession. The provisions for bad debts of accounts receivable are recognized on the basis of estimated credit losses, involving major judgment and estimates. The management of analyzed the financial position of counter parties, guarantee acquired for accounts receivable, historical repayment records of accounts receivable, as well as the credit rating and future economic situations of counter parties for evaluating the credit risk of accounts receivable. As of December 31, 2025, in the consolidated financial statements, the balance of accounts receivable was RMB 11.97 billion and the provision for bad debts of accounts receivable was RMB 3.48 billion; in the financial statements of the Company, the balance of accounts receivable was RMB 19.60 billion and the provision for bad debts of accounts receivable was RMB 2.97 billion. The accounting policy and other disclosures regarding the provision for bad debts of accounts receivable are stated in Note III (9), Note III (33), Note V (5) and Note XV (1) of the financial statements.

Our procedures primarily included understanding and testing the internal controls established by management over the recognition of provisions for bad debts of accounts receivable; evaluating the accounting estimate relating to the depreciation reserves, such as the financial status and credit rating of the counterpart; checking the account age of accounts receivable and historical repayment record and evaluated whether the financial problems of the counter party had effects on the recovery of the accounts receivable; for the accounts receivable evaluated based on the portfolio, we rechecked the management’s setting of credit risk features portfolio, checked the key information such as account age and credit record of each portfolio by sampling, and rechecked the basis of management’s evaluation of credit risk and expected credit loss amount based on the credit risk features portfolio, including testing historical default data and checking the actual credit loss in the current year; rechecked the disclosure of bad debt provision for accounts receivable in financial statements.

• 3. Revenue recognition

Our procedure mainly included evaluating and testing the management’s internal control related to revenue recognition, selected the sales contract with significant amount, checked the important contract terms related to revenue recognition, and evaluated the management’s accounting judgment and estimate on performance obligations, revenue recognition amount (including variable consideration) and the recognition at a certain time point or within a period of time. Through selecting the samples, we verified whether the contract revenue recognized in the year conformed to the revenue recognition conditions; implemented the cutoff check procedure to validate the revenue was confirmed in the proper accounting period. For the revenue recognized in a certain period of time, we evaluated the judgment and estimate of the total contract cost and total processing amount made by the management, and made sampling to calculate and check the income determined by the occurred contract cost and the expected total contract cost again; implemented the analysis procedure against the changes in revenue and gross profit of various businesses; rechecked the disclosure of revenue recognition in financial statements.

The majority of the revenue of Shanghai Zhenhua Heavy Industries Co., Ltd. comes from contracts for the custom production of large-sized port equipment, heavy equipment and steel structure for customers. We identified the revenue recognition as a key audit matter since the operating revenue is one of the key performance indicators of ZPMC and there is a significant risk of material misstatement due to the management’s premature revenue recognition to achieve specific targets or expectations. In 2025, in the consolidated financial statements, the operating revenue was RMB 36.26 billion; in the financial statements of the Company, the operating revenue was RMB 32.65 billion. The accounting policy and other disclosures regarding the operating revenue are stated in Note III (24), Note III (33), Note V (50) and Note XV (4) of the financial statements.

IV. Other Information

The management of Shanghai Zhenhua Heavy Industries Co., Ltd. shall be responsible for other information. The other information comprises information of the annual report, but excludes the financial statements and our auditors’ report. Our opinion on the financial statements does not cover the other information, and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’ report, we conclude that there is a material misstatement of this other information, we are required to report that fact. In this regard, we have nothing to report.

V. Responsibilities of the Management and Those Charged with Governance for the Financial Statements

The management is responsible for preparing the financial statements in accordance with the requirements of Accounting Standards for Business Enterprises to achieve a fair presentation, and for designing, implementing and maintaining internal control that is necessary to ensure that the financial statements are free from material misstatements, whether due to frauds or errors.

In preparing the financial statements, the management is responsible for assessing the Company’s going-concern ability, disclosing the matters related to going concern (if applicable) and using the going-concern assumption, unless the management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for supervising the Company’s financial reporting process.

VI. Responsibilities of Certified Public Accounts for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the audit standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

During the process of an audit conducted in accordance with audit standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• (1)Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• (2)Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
• (3)Evaluate the appropriateness of accounting policies used by and the reasonableness of accounting estimates and related disclosures made by the management.
• (4)Conclude on the appropriateness of the management’s use of the going concern basis of accounting. Based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of Shanghai Zhenhua Heavy Industries Co., Ltd. to continue as a going concern. If we conclude that a material uncertainty exists, we are required to, in our auditors' report, draw attention of the users of statements to the related disclosures in the financial statements; if such disclosures are inadequate, we should modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause Shanghai Zhenhua Heavy Industries Co., Ltd. to cease to continue as a going concern.

• (5)Evaluate the overall presentation, structure and content (including the disclosures) of the financial statements, and evaluate whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• (6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit, and bear full responsibility for our audit opinion.

We communicate with those charged with governance regarding the planned scope and timing of the audit, significant audit findings and other matters, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them in regard to all relationships and other matters that may reasonably be thought to affect our independence, and related safeguards (if applicable).

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

(Intentionally left blank)

Ernst & Young Hua Ming LLP Certified Public Accountant of China: You Fei (Engagement Partner)

Certified Public Accountant of China: Huang Hongwei

Beijing, China March 30, 2026

II. Financial Statements

Consolidated Balance Sheet December 31, 2025

Prepared by: Shanghai Zhenhua Heavy Industries Co., Ltd.

Unit: RMB, Currency: CNY

Item Note December 31, 2025 December 31, 2024 Current assets:

Monetary funds VII (1) 4,570,277,131 5,866,827,212 Settlement provisions Lending funds Held-for-trading financial assets VII (2) 403,446,171 534,200,582 Derivative financial assets VII (3) 8,438,278 8,438,278 Notes receivable VII (4) 149,325,265 50,000,000 Accounts receivable VII (5) 8,485,823,809 7,365,793,461 Receivables financing VII (7) 485,369,280 650,260,884 Advances to suppliers VII (8) 822,235,371 1,031,617,859 Premiums receivable Reinsurance accounts receivable Reserves for reinsurance contract receivable Other receivables VII (9) 704,236,518 780,170,637 Including: Interest receivable

Dividends receivable Financial assets purchased under agreements to resell Inventories VII (10) 23,864,978,518 24,554,584,666 Including: Data resources Contract assets VII (6) 3,069,918,477 3,897,647,216 Assets held for sale VII (11) 12,327,736 Non-current assets due within one year VII (12) 888,580,054 1,346,060,900 Other current assets VII (13) 1,338,624,990 858,154,532

Total current assets 44,803,581,598 46,943,756,227

Non-current assets: Disbursement of loans and advances Debt investment VII (14) Other debt investments VII (15) Long-term receivables VII (16) 1,262,789,513 1,081,258,063 Long-term equity investments VII (17) 1,786,371,955 1,767,152,609 Other equity instrument investment VII (18) 211,195,841 190,530,888 Other non-current financial assets VII (19) Investment properties VII (20) 371,596,566 406,737,755 Fixed assets VII (21) 22,908,296,058 23,690,697,203 Construction in progress VII (22) 1,443,133,460 1,301,728,801 Productive biological assets Oil and gas assets Right-of-use assets VII (25) 17,568,182 37,979,304 Intangible assets VII (26) 4,395,845,113 4,388,171,283 Including: Data resources Development expenditures Including: Data resources Goodwill VII (27) 269,293,046 271,896,748 Long-term deferred expenses VII (28) 1,960,379 1,593,447 Deferred income tax assets VII (29) 952,783,587 877,269,033 Other non-current assets VII (30) 4,610,288,207 4,808,691,840

Total non-current assets 38,231,121,907 38,823,706,974 Total assets 83,034,703,505 85,767,463,201

Item Note December 31, 2025 December 31, 2024 Current liabilities:

Short-term borrowings VII (32) 3,686,556,417 2,297,334,457 Borrowings from the Central Bank Borrowing funds Held-for-trading financial liabilities Derivative financial liabilities Notes payable VII (35) 4,688,600,816 4,584,675,393 Accounts payable VII (36) 12,732,696,709 10,603,482,116 Advances from customers VII (37) 57,376,888 Contract liabilities VII (38) 21,579,188,821 21,485,833,167 Financial assets sold for repurchase Deposits from customers and interbank Acting trading securities Acting underwriting securities Payroll payable VII (39) 40,089,178 40,189,914 Tax payable VII (40) 435,826,655 344,230,174 Other payables VII (41) 1,132,892,320 890,050,528 Including: Interest payable

Dividends payable 105,244,272 6,593 Fees and commissions payable Dividend payable for reinsurance Liabilities held for sale Non-current liabilities due within one year VII (43) 4,309,086,267 6,745,720,647 Other current liabilities

Total current liabilities 48,662,314,071 46,991,516,396

Non-current liabilities: Reserve fund for insurance contracts Long-term borrowings VII (45) 13,050,181,140 17,785,704,495 Bonds payable Including: Preferred stock

Perpetual bond Lease liabilities VII (47) 10,443,321 10,445,787 Long-term payables VII (48) 1,461,252,947 1,717,210,910 Long-term payroll payable Estimated liabilities VII (50) 302,749,809 208,887,331 Deferred income VII (51) 343,244,081 341,562,085 Deferred income tax liabilities VII (29) 178,639,702 137,688,522 Other non-current liabilities VII (52) 270,818,174 251,996,220

Total non-current liabilities 15,617,329,174 20,453,495,350 Total liabilities 64,279,643,245 67,445,011,746

Owners’ equity (or shareholders’ equity):

Paid-in capital (or share capital) VII (53) 5,268,353,501 5,268,353,501 Other equity instruments VII (54) 500,000,000 500,000,000 Including: Preferred stock

Perpetual bond 500,000,000 500,000,000 Capital reserves VII (55) 4,733,496,022 4,709,186,687 Less: treasury stock VII (56) 29,008,907 Other comprehensive income VII (57) 75,744,687 77,752,796 Special reserves VII (58) 9,252,566 16,731,029 Surplus reserves VII (59) 1,774,994,373 1,753,183,750 General risk preparation Undistributed profits VII (60) 3,843,674,786 3,542,325,737 Total owners’ equity (or shareholders’ equity) attributable to the owners of the parent company

16,176,507,028 15,867,533,500 Minority equity 2,578,553,232 2,454,917,955

Total owners’ equity (or shareholders’ equity) 18,755,060,260 18,322,451,455 Total liabilities and owners’ equity (or shareholders’ equity)

83,034,703,505 85,767,463,201

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

Balance Sheet of the Parent Company December 31, 2025

Prepared by: Shanghai Zhenhua Heavy Industries Co., Ltd.

Unit: RMB, Currency: CNY

Item Note December 31, 2025 December 31, 2024 Current assets:

Monetary funds 2,735,541,181 3,827,553,785 Held-for-trading financial assets 103,401,780 138,755,008 Derivative financial assets Notes receivable 62,755,353 Accounts receivable XIX (1) 16,622,067,830 20,307,096,833 Receivables financing 338,588,845 342,741,773 Advances to suppliers 2,001,808,140 1,871,468,396 Other receivables XIX (2) 2,591,815,489 3,273,122,746 Including: Interest receivable

Dividends receivable Inventories 20,573,659,221 18,996,871,002 Including: Data resources Contract assets 1,955,194,261 2,460,999,689 Assets held for sale 12,327,736 Non-current assets due within one year Other current assets 1,119,675,225 606,275,744

Total current assets 48,116,835,061 51,824,884,976

Non-current assets: Debt investment Other debt investments Long-term receivables Long-term equity investments XIX (3) 10,883,591,725 10,351,021,410 Other equity instrument investment 211,195,841 190,530,888 Other non-current financial assets Investment properties 358,064,066 392,376,734 Fixed assets 4,213,476,418 4,015,302,414 Construction in progress 1,097,499,349 1,056,661,914 Productive biological assets Oil and gas assets Right-of-use assets 3,050,645 9,166,128 Intangible assets 1,323,959,348 1,362,202,411 Including: Data resources Development expenditures Including: Data resources Goodwill Long-term deferred expenses 31,376 94,129 Deferred income tax assets 885,522,954 855,067,411 Other non-current assets 732,100,657 663,482,258

Total non-current assets 19,708,492,379 18,895,905,697 Total assets 67,825,327,440 70,720,790,673

Item Note December 31, 2025 December 31, 2024 Current liabilities:

Short-term borrowings 2,396,556,417 889,334,457 Held-for-trading financial liabilities Derivative financial liabilities Notes payable 4,531,346,956 3,861,379,521 Accounts payable 8,711,667,852 7,419,221,155 Advances from customers 57,376,888 Contract liabilities 21,057,242,399 20,061,938,867 Payroll payable 29,374,048 29,258,184 Tax payable 226,550,279 235,344,747 Other payables 955,408,562 1,086,104,964 Including: Interest payable

Dividends payable 105,244,272 6,593 Liabilities held for sale Non-current liabilities due within one year 3,805,385,064 6,415,625,514 Other current liabilities

Total current liabilities 41,770,908,465 39,998,207,409

Non-current liabilities: Long-term borrowings 10,323,453,100 14,913,247,504 Bonds payable Including: Preferred stock

Perpetual bond Lease liabilities 40,490 1,788,323 Long-term payables Long-term payroll payable Estimated liabilities 271,157,342 181,513,116 Deferred income 258,120,297 240,784,101 Deferred income tax liabilities Other non-current liabilities 273,644 5,687,798

Total non-current liabilities 10,853,044,873 15,343,020,842 Total liabilities 52,623,953,338 55,341,228,251

Owners’ equity (or shareholders’ equity):

Paid-in capital (or share capital) 5,268,353,501 5,268,353,501 Other equity instruments 500,000,000 500,000,000 Including: Preferred stock

Perpetual bond 500,000,000 500,000,000 Capital reserves 4,931,360,781 4,907,051,446 Less: treasury stock 29,008,907 Other comprehensive income 63,989,065 48,144,596 Special reserves 3,408,332 2,165,658 Surplus reserves 1,774,486,100 1,752,675,477 Undistributed profits 2,688,785,230 2,901,171,744

Total owners’ equity (or shareholders’ equity) 15,201,374,102 15,379,562,422 Total liabilities and owners’ equity (or shareholders’ equity)

67,825,327,440 70,720,790,673

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

Consolidated Income Statement January-December 2025

Unit: RMB, Currency: CNY

Item Note 2025 2024

• I. Total operating revenue 36,260,458,326 34,456,420,181 Including: Operating revenue VII (61) 36,260,458,326 34,456,420,181

Interest income Premiums earned Fee and commission income

• II. Total operating cost 34,556,017,475 33,273,059,405 Including: Operating costs VII (61) 31,278,160,080 30,060,171,301

Interest expenses Fee and commission expense Surrender value Net amount of compensation payout Net reserves for insurance liabilities Policy holder dividend expense Reinsurance expenses Taxes and surcharges VII (62) 357,214,357 334,432,807 Selling and distribution expenses VII (63) 236,909,842 232,654,482 General and administrative expenses VII (64) 837,981,962 818,457,672 Research and development expenditures VII (65) 1,515,374,795 1,502,397,344 Financial expenses VII (66) 330,376,439 324,945,799 Including: Interest expenses 641,183,627 812,901,300

Interest income 353,481,891 389,180,961

Plus: Other income VII (67) 157,299,740 145,576,944 Income from investment (loss expressed with “-”) VII (68) 144,556,726 78,121,431 Including: Income from investment of joint venture and cooperative enterprise

75,525,126 38,722,269

Income from derecognition of financial assets measured at amortized cost

-11,574,005 -54,613,813

Exchange gain (loss expressed with “-”) Net exposure hedging gain (loss expressed with “-”) Income from fair value change (loss expressed with “-”) VII (70) -7,820,546 13,425,987 Credit impairment loss (loss expressed with “-”) VII (71) -545,528,648 -418,414,816 Assets impairment losses (loss expressed with “-”) VII (72) -386,685,061 -200,815,539 Income from disposal of assets (loss expressed with “-”) VII (73) 42,148,850 106,961,574

• III. Operating profits (loss expressed with “-”) 1,108,411,912 908,216,357 Plus: Non-operating income VII (74) 25,842,164 53,998,945 Less: Non-operating expenditure VII (75) 18,230,062 24,786,050

• IV. Total profits (total loss expressed with “-”) 1,116,024,014 937,429,252 Less: Income tax expenses VII (76) 113,096,668 157,484,483

• V. Net profits (net loss expressed with “-”) 1,002,927,346 779,944,769

• (I) Classified by business continuity

• 1. Net profits from ongoing operation (net loss expressed with “-”) 1,002,927,346 779,944,769
• 2. Net profits from discontinuing operation (net loss expressed with “-”)

• (II) Classified by ownership

• 1. Net profit attributable to the shareholders of parent company (net

loss expressed with “-”)

731,841,793 533,524,077

• 2. Minority interests (net loss expressed with “-”) 271,085,553 246,420,692

Item Note 2025 2024

• VI. Net of tax of other comprehensive income VII (77) -21,613,168 30,472,971

• (I) Net amount of after-tax other comprehensive income attributable

to the owners of the parent company

-2,008,109 21,757,460

• 1. Other comprehensive income that cannot be reclassified into

profit and loss

17,565,210 4,565,955

• (1) Remeasurement of defined benefit plan
• (2) Other comprehensive income that cannot be reclassified into profit and loss in the invested enterprise under equity method
• (3) Fair value change of other equity instrument investments 17,565,210 4,565,955
• (4) Fair value change of enterprise credit risks

• 2. Other comprehensive income that will be reclassified into profit

and loss

-19,573,319 17,191,505

• (1) Other comprehensive income that will be reclassified into profit

and loss in the invested enterprise under equity method

-828,505 14,646,563

• (2) Fair value change of other debt investments
• (3) Amount of financial assets reclassified into other comprehensive income
• (4) Provision for credit impairment of other debt investments
• (5) Cash flow hedging reserve
• (6) Translation reserve -18,744,814 2,544,942
• (7) Others

• (II) Net of tax of other comprehensive income attributable to the

minority shareholders

-19,605,059 8,715,511

• VII. Total comprehensive income 981,314,178 810,417,740

• (I) Total comprehensive income attributable to the owners of the

parent company

729,833,684 555,281,537

• (II) Total comprehensive income belonging to minority shareholders 251,480,494 255,136,203

• VIII. Earnings per share:

• (I) Basic earnings per share (RMB/share) 0.14 0.10
• (II) Diluted earnings per share (RMB/share) 0.14 0.10

In case of business combination under common control in current period, the net profit realized by the combined party before combination was RMB 0, and the net profit realized by the combined party in the previous period was RMB 0.

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

Income Statement of Parent Company January-December 2025

Unit: RMB, Currency: CNY

Item Note 2025 2024

• I. Operating revenue XIX (4) 32,649,978,661 34,566,920,628 Less: Operating costs XIX (4) 29,862,491,371 31,446,805,557

Taxes and surcharges 253,116,315 254,780,250 Selling and distribution expenses 163,373,271 155,409,738 General and administrative expenses 431,730,668 454,544,585 Research and development expenditures 1,073,396,668 1,092,525,439 Financial expenses 383,413,874 299,533,226 Including: Interest expenses 446,048,294 565,802,063

Interest income 59,710,611 80,198,004

Plus: Other income 39,017,864 67,785,887 Income from investment (loss expressed with “-”) XIX (5) 313,712,049 113,104,491 Including: Income from investment of joint venture and cooperative enterprise 75,525,126 38,775,117

Income from derecognition of financial assets measured at amortized cost -11,574,005 -54,613,813 Net exposure hedging gain (loss expressed with “-”) Income from fair value change (loss expressed with “-”) -29,425,185 -39,555,311 Credit impairment loss (loss expressed with “-”) -283,482,797 -383,046,479 Assets impairment losses (loss expressed with “-”) -357,776,552 -209,486,005 Income from disposal of assets (loss expressed with “-”) 24,503,331 8,240,262

• II. Operating profits (loss expressed with “-”) 189,005,204 420,364,678 Plus: Non-operating income 17,711,237 19,258,466 Less: Non-operating expenditure 18,157,712 1,803,355

• III. Total profits (total loss expressed with “-”) 188,558,729 437,819,789 Less: Income tax expenses -29,547,501 19,032,738

• IV. Net profits (loss expressed with “-”) 218,106,230 418,787,051

• (I) Net profits from ongoing operation (net loss expressed with “-”) 218,106,230 418,787,051
• (II) Net profits from discontinuing operation (net loss expressed with “-”)

• V. Net of tax of other comprehensive income 15,844,469 19,740,226

• (I) Other comprehensive income that cannot be reclassified into profit and loss 17,565,210 4,565,955

• 1. Remeasurement of defined benefit plan
• 2. Other comprehensive income that cannot be reclassified into profit and loss in the invested enterprise under equity method
• 3. Fair value change of other equity instrument investments 17,565,210 4,565,955
• 4. Fair value change of enterprise credit risks

• (II) Other comprehensive income that will be reclassified into profit and loss -1,720,741 15,174,271

• 1. Other comprehensive income that will be reclassified into profit and loss in the

invested enterprise under equity method

-828,505 14,646,563

• 2. Fair value change of other debt investments
• 3. Amount of financial assets reclassified into other comprehensive income
• 4. Provision for credit impairment of other debt investments
• 5. Cash flow hedging reserve
• 6. Translation reserve -892,236 527,708
• 7. Others

• VI. Total comprehensive income 233,950,699 438,527,277

• VII. Earnings per share:

• (I) Basic earnings per share (RMB/share)
• (II) Diluted earnings per share (RMB/share)

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

Consolidated Statement of Cash Flows January-December 2025

Unit: RMB, Currency: CNY

Item Note 2025 2024

• I. Cash flow from operating activities: Cash from selling commodities or offering labor 37,356,265,364 37,435,656,876 Net increase of customer deposit and deposit from other banks Net increase of borrowings from central bank Net increase of borrowing funds from other financial institutions Cash from obtaining original insurance contract premium Net cash received from reinsurance business Net increase in the deposits and investment of insured Cash from interest, handling charges and commissions Net increase of borrowing funds Net increase of repurchase of business funds Net cash from acting trading securities Refund of tax and levies 685,232,714 652,174,743 Other cash received related to operating activities 421,976,056 519,372,156

Subtotal cash inflows from operating activities 38,463,474,134 38,607,203,775 Cash paid for goods purchased and services received 27,904,261,186 29,307,515,856 Net increase of customer loans and advances Net increase of amount due from central bank and interbank Cash paid for original insurance contract claims payment Net increase of lending funds Cash paid for interest, handling charges and commissions Cash paid for policy dividend Cash paid to and for employees 2,746,218,784 2,626,047,540 Taxes and fees paid 996,630,533 718,326,527 Other cash paid related to operating activities 567,059,250 679,434,974

Subtotal cash outflows from operating activities 32,214,169,753 33,331,324,897 Net cash flows from operating activities 6,249,304,381 5,275,878,878

• II. Cash flows from investment activities: Cash from investment withdrawal 162,984,720 421,989,782 Cash from investment income 98,825,502 113,205,574

Net cash received from disposal of fixed assets, intangible assets and other long-term assets

189,161,706 148,958,016

Net cash from disposal of subsidiaries and other business units Net cash from purchase of subsidiaries 12,022,181

Other cash received related to investment activities 125,703,163 232,413,226 Subtotal cash inflows from investment activities 576,675,091 928,588,779 Cash paid for purchase of fixed assets, intangible assets and other long-term assets

1,049,783,500 1,061,984,214

Cash paid for investments 88,358,925 Net increase in hypothecated loan Net cash paid for obtaining subsidiaries and other business units Other cash paid related to investment activities

Subtotal cash outflows from investment activities 1,049,783,500 1,150,343,139 Net cash flows from investment activities -473,108,409 -221,754,360

Item Note 2025 2024

• III. Cash flows from financing activities: Cash from absorption of investments 28,132,880 49,240,000

Including: Cash received from subsidies’ absorption of minority shareholders’ investment

28,132,880 49,240,000

Cash received from issuance of other equity instruments 500,000,000 Cash received from borrowings 9,365,393,463 15,944,699,596 Other cash received related to financing activities 1,682,508,625 1,942,418,735

Subtotal cash inflows from financing activities 11,576,034,968 17,936,358,331 Cash repayments of amounts borrowed 15,142,807,946 17,647,258,576 Cash paid for distribution of dividends, profits or interest expenses 1,003,833,684 1,207,097,103 Including: Dividends and profits paid by subsidiaries to minority shareholders

55,988,784 98,052,888 Other cash paid related to financing activities 2,455,566,049 3,385,153,914 Subtotal cash outflows from financing activities 18,602,207,679 22,239,509,593 Net cash flows from financing activities -7,026,172,711 -4,303,151,262

• IV. Impact of exchange rate movements on cash and cash equivalents -30,997,458 40,032,787

• V. Net increase of cash and cash equivalents -1,280,974,197 791,006,043 Plus: Beginning balance of cash and cash equivalents 5,823,175,948 5,032,169,905

• VI. Ending balance of cash and cash equivalents 4,542,201,751 5,823,175,948

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

Statement of Cash Flows of the Parent Company January-December 2025

Unit: RMB, Currency: CNY

Item Note 2025 2024

• I. Cash flow from operating activities: Cash from selling commodities or offering labor 33,406,974,912 32,363,081,440 Refund of tax and levies 670,995,867 635,668,940 Other cash received related to operating activities 343,874,045 344,116,999

Subtotal cash inflows from operating activities 34,421,844,824 33,342,867,379 Cash paid for goods purchased and services received 26,293,121,817 26,790,765,500 Cash paid to and for employees 1,375,079,362 1,385,075,473 Taxes and fees paid 324,760,192 174,514,929 Other cash paid related to operating activities 466,855,854 463,694,875

Subtotal cash outflows from operating activities 28,459,817,225 28,814,050,777 Net cash flows from operating activities 5,962,027,599 4,528,816,602

• II. Cash flows from investment activities: Cash from investment withdrawal 86,978,898 531,587,245 Cash from investment income 268,863,449 135,346,793

Net cash received from disposal of fixed assets, intangible assets and other long-term assets

24,503,331 8,240,262

Net cash from disposal of subsidiaries and other business units Other cash received related to investment activities

Subtotal cash inflows from investment activities 380,345,678 675,174,300 Cash paid for purchase of fixed assets, intangible assets and other long-term assets

476,129,347 341,835,549

Cash paid for investments 550,750,450 1,459,478,925 Net cash paid for obtaining subsidiaries and other business units Other cash paid related to investment activities

Subtotal cash outflows from investment activities 1,026,879,797 1,801,314,474 Net cash flows from investment activities -646,534,119 -1,126,140,174

• III. Cash flows from financing activities: Cash from absorption of investments Cash received from borrowings 7,508,133,416 13,270,759,931 Cash received from issuance of other equity instruments 500,000,000 Other cash received related to financing activities 1,593,157,375 1,897,394,119

Subtotal cash inflows from financing activities 9,601,290,791 15,168,154,050 Cash repayments of amounts borrowed 13,196,268,552 15,581,580,228 Cash paid for distribution of dividends, profits or interest expenses 749,492,736 851,526,505 Other cash paid related to financing activities 2,074,679,487 2,042,588,113

Subtotal cash outflows from financing activities 16,020,440,775 18,475,694,846 Net cash flows from financing activities -6,419,149,984 -3,307,540,796

• IV. Impact of exchange rate movements on cash and cash equivalents 6,584,894 6,174,253

• V. Net increase of cash and cash equivalents -1,097,071,610 101,309,885 Plus: Beginning balance of cash and cash equivalents 3,813,514,842 3,712,204,957

• VI. Ending balance of cash and cash equivalents 2,716,443,232 3,813,514,842

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

IV. Closing balance 5,268,353,501 500,000,000 4,733,496,022 29,008,907 75,744,687 9,252,566 1,774,994,373 3,843,674,786 16,176,507,028 2,578,553,232 18,755,060,260

• 1. Amount withdrawn in the current year 77,940,404 77,940,404 6,002,090 83,942,494
• 2. Amount used in the current year -85,418,867 -85,418,867 -8,657,249 -94,076,116

(V) Special reserves -7,478,463 -7,478,463 -2,655,159 -10,133,622

• 3. Distribution of owners (or shareholders) -394,997,121 -394,997,121 -55,988,784 -450,985,905
• 4. Others -13,685,000 -13,685,000 -13,685,000

• 4. Others 670,318 29,008,907 -28,338,589 -97,334,154 -125,672,743
• 5. Capital reduced by other equity instrument holders -500,000,000 -500,000,000 -500,000,000

equity 23,639,017 23,639,017 23,639,017

(III) Profit distribution 21,810,623 -430,492,744 -408,682,121 -55,988,784 -464,670,905

• 1. Common stock invested by the owners 28,132,880 28,132,880
• 2. Capital invested by other equity instrument holders 500,000,000 500,000,000 500,000,000
• 3. Amount of share-based payment included in the owners

(II) Owners invested and decreased capital 24,309,335 29,008,907 -4,699,572 -69,201,274 -73,900,846

• II. Beginning balance in current year 5,268,353,501 500,000,000 4,709,186,687 77,752,796 16,731,029 1,753,183,750 3,542,325,737 15,867,533,500 2,454,917,955 18,322,451,455
• III. Increase/decrease in the current year (“-” for decrease) 24,309,335 29,008,907 -2,008,109 -7,478,463 21,810,623 301,349,049 308,973,528 123,635,277 432,608,805

(I) Total comprehensive income -2,008,109 731,841,793 729,833,684 251,480,494 981,314,178

I. Balance at the end of the last year 5,268,353,501 500,000,000 4,709,186,687 77,752,796 16,731,029 1,753,183,750 3,542,325,737 15,867,533,500 2,454,917,955 18,322,451,455

equity Total owners’

equity Paid-in capital

Minority

profits Others Sub-totalPreferred

• 1. Withdrawal of surplus reserves 21,810,623 -21,810,623
• 2. Withdrawal of general risk preparation

preparation Undistributed

reserves General risk

Consolidated Statement of Changes in Owners’ Equity

reserves Surplus

Equity attributable to the owners of the parent company

2025

income Special

January-December 2025

comprehensive

stock Other

reserves Less: treasury

Capital

bond Others

Other equity instruments

stock Perpetual

(or share

capital)

1. Carryforward retained earnings in variation of defined

1. Carryforward retained earnings of other comprehensive

• 2. Earned surplus transfer to paid-in capital (or capital stock)
• 3. Earned surplus covering the deficit

1. Capital surplus transfer to paid-in capital (or capital stock)

(IV) Internal transfer of owners equity

Plus: Changes in accounting policies

Prior period error correction

Others

benefit plan

(VI) Others

1. Others

income

III. Increase/decrease in the current year (“-” for decrease) -173,404,091 18,752,494 6,205,935 41,878,705 217,547,663 110,980,706 -655,465,046 -544,484,340

1. Others -185,548,189 -185,548,189 -863,886,878 -1,049,435,067

(II) Owners invested and decreased capital -173,404,091 -173,404,091 -814,646,878 -988,050,969

1. Amount of share-based payment included in the owners equity 12,144,098 12,144,098 12,144,098

• 1. Common stock invested by the owners 49,240,000 49,240,000
• 2. Capital invested by other equity instrument holders

(I) Total comprehensive income 21,757,460 533,524,077 555,281,537 255,136,203 810,417,740

II. Beginning balance in current year 5,268,353,501 500,000,000 4,882,590,778 59,000,302 10,525,094 1,711,305,045 3,324,778,074 15,756,552,794 3,110,383,001 18,866,935,795

I. Balance at the end of the last year 5,268,353,501 500,000,000 4,882,590,778 59,000,302 10,525,094 1,711,305,045 3,324,778,074 15,756,552,794 3,110,383,001 18,866,935,795

(III) Profit distribution 41,878,705 -318,981,380 -277,102,675 -98,052,888 -375,155,563

• 3. Distribution of owners (or shareholders) -263,417,675 -263,417,675 -98,052,888 -361,470,563
• 4. Others -13,685,000 -13,685,000 -13,685,000

• 1. Amount withdrawn in the current year 94,703,880 94,703,880 6,724,447 101,428,327
• 2. Amount used in the current year -88,497,945 -88,497,945 -4,625,930 -93,123,875

IV. Closing balance 5,268,353,501 500,000,000 4,709,186,687 77,752,796 16,731,029 1,753,183,750 3,542,325,737 15,867,533,500 2,454,917,955 18,322,451,455

(V) Special reserves 6,205,935 6,205,935 2,098,517 8,304,452

equity Total owners’

equity Paid-in capital

Minority

profits Others Sub-totalPreferred

• 1. Withdrawal of surplus reserves 41,878,705 -41,878,705
• 2. Withdrawal of general risk preparation

(IV) Internal transfer of owners equity -3,004,966 3,004,966

• 5. Carryforward retained earnings of other comprehensive income -3,004,966 3,004,966
• 6. Others

preparation Undistributed

General risk

reserves Surplus reserves

Equity attributable to the owners of the parent company

2024

income Special

comprehensive

stock Other

treasury

Capital reserves Less:

stock Perpetual bond Others

Other equity instruments

(or share

capital)

1. Carryforward retained earnings in variation of defined benefit plan

• 2. Earned surplus transfer to paid-in capital (or capital stock)
• 3. Earned surplus covering the deficit

1. Capital surplus transfer to paid-in capital (or capital stock)

Plus: Changes in accounting policies

Prior period error correction

Others

(VI) Others

Item

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

(III) Profit distribution 21,810,623 -430,492,744 -408,682,121

1. Others -13,685,000 -13,685,000

29,008,907 -28,338,5894. Others 670,318

1. Capital reduced by other equity instrument holders -500,000,000 -500,000,000

(II) Owner’s invested and decreased capital 24,309,335 29,008,907 -4,699,572

1. Distribution of owners (or shareholders) -394,997,121 -394,997,121

III. Increase/decrease in the current year (“-” for decrease) 24,309,33529,008,90715,844,469 1,242,674 21,810,623 -212,386,514 -178,188,320

IV. Closing balance 5,268,353,501 500,000,000 4,931,360,78129,008,90763,989,065 3,408,332 1,774,486,100 2,688,785,230 15,201,374,102

(I) Total comprehensive income 15,844,469 218,106,230 233,950,699

(V) Special reserves 1,242,674 1,242,674

1. Amount used in the current year -31,412,529 -31,412,529

I. Balance at the end of the last year 5,268,353,501 500,000,000 4,907,051,446 48,144,596 2,165,658 1,752,675,477 2,901,171,744 15,379,562,422

II. Beginning balance in current year 5,268,353,501 500,000,000 4,907,051,446 48,144,596 2,165,658 1,752,675,477 2,901,171,744 15,379,562,422

• 2. Capital invested by other equity instrument holders 500,000,000 500,000,000
• 3. Amount of share-based payment included in the owner’s

1. Amount withdrawn in the current year 32,655,203 32,655,203

equity 23,639,017 23,639,017

profits Total owners’

Preferred equity

1. Withdrawal of surplus reserves 21,810,623 -21,810,623

reserves Undistributed

reserves Surplus

income Special

comprehensive

Statement of Changes in Owners’ Equity of the Parent Company

stock Other

2025

Capital reserves Less: treasury

January-December 2025

stock Perpetual bond Others

Other equity instruments

Paid-in capital

(or share

capital)

1. Carryforward retained earnings in variation of defined

1. Carryforward retained earnings of other comprehensive

• 2. Earned surplus transfer to paid-in capital (or capital stock)
• 3. Earned surplus covering the deficit

1. Capital surplus transfer to paid-in capital (or capital stock)

1. Common stock invested by the owners

(IV) Internal transfer of owner’s equity

Plus: Changes in accounting policies

Prior period error correction

benefit plan

Others

(VI) Others

1. Others

income

III. Increase/decrease in the current year (“-” for decrease) 12,144,098 16,735,260 743,364 41,878,705 102,810,637 174,312,064

I. Balance at the end of the last year 5,268,353,501 500,000,000 4,894,907,348 31,409,3361,422,2941,710,796,772 2,798,361,107 15,205,250,358

II. Beginning balance in current year 5,268,353,501 500,000,000 4,894,907,348 31,409,3361,422,2941,710,796,772 2,798,361,107 15,205,250,358

• (I) Total comprehensive income 19,740,226 418,787,051 438,527,277
• (II) Owner’s invested and decreased capital 12,144,098 12,144,098

IV. Closing balance 5,268,353,501 500,000,000 4,907,051,446 48,144,596 2,165,658 1,752,675,477 2,901,171,744 15,379,562,422

• 2. Distribution of owners (or shareholders) -263,417,675 -263,417,675
• 3. Others -13,685,000 -13,685,000

• 3. Amount of share-based payment included in the owner’s equity 12,144,098 12,144,098
• 4. Others

(III) Profit distribution 41,878,705 -318,981,380 -277,102,675

• 1. Amount withdrawn in the current year 49,774,318 49,774,318
• 2. Amount used in the current year -49,030,954 -49,030,954

(V) Special reserves 743,364 743,364

profits Total owners’

Preferred equity

• 5. Carryforward retained earnings of other comprehensive income -3,004,966 3,004,966
• 6. Others

1. Withdrawal of surplus reserves 41,878,705 -41,878,705

(IV) Internal transfer of owner’s equity -3,004,966 3,004,966

reserves Undistributed

reserves Surplus

income Special

comprehensive

Other

2024

treasury

stock

reserves Less:

Capital

bond Others

(or share capital) Other equity instruments

stock Perpetual

Paid-in capital

1. Carryforward retained earnings in variation of defined benefit

• 2. Earned surplus transfer to paid-in capital (or capital stock)
• 3. Earned surplus covering the deficit

1. Capital surplus transfer to paid-in capital (or capital stock)

1. Capital invested by other equity instrument holders

1. Common stock invested by the owners

Plus: Changes in accounting policies

Prior period error correction

Others

(VI) Others

Item

plan

Legal representative of the Company: You Ruikai Person in charge of accounting work: Li Zhen Person in charge of accounting agency: Wang Minfei

III. Company profile

1. Company profile

√ Applicable Not applicable

Shanghai Zhenhua Heavy Industries Co., Ltd. (hereinafter referred to as “the Company”) is a joint-stock company limited established on September 8, 1997 through restructuring Shanghai Zhenhua Port Machinery Company Limited (hereinafter referred to as “Zhenhua Company”). Both the registration place and the address of the headquarters are in Shanghai City, P. R. China.

As approved by ZWFZ (1997) No.42 Document issued by the Securities Commission under the State Council, the Company issued 100 million domestically-listed shares held by the foreign investors (B-share) from July 15, 1997 till July 17, 1997. The B-shares were listed for trading at Shanghai Stock Exchange on August 5, 1997.

As approved by ZJFXZ (2000) No. 200 Document of China Securities Regulatory Commission, the Company additionally issued 88,000,000 common shares (RMB denominated) (A-share) held by the domestic investors in December 2000. The A-shares were listed for trading at Shanghai Stock Exchange on Dec. 21, 2000.

As approved by ZJFXZ (2004) No. 165 Document of China Securities Regulatory Commission, the Company additionally issued 114,280,000 A-shares held by the domestic investors in December 23, 2004. The additionally issued A-shares were listed at Shanghai Stock Exchange respectively for trading on December 31, 2004 and January 31, 2005.

• As approved by ZJFXZ (2007) No. 346 Document of China Securities Regulatory Commission, the Company additionally issued 125,515,000 A-shares held by the domestic investors in October 15, 2007. The additionally issued A-shares were listed at Shanghai Stock Exchange respectively for trading on October 23, 2007 and January 23, 2008.

• As approved by ZJXKZ (2009) No.71 Document of China Securities Regulatory Commission, the Company privately placed 169,794,680 A-shares on Sept. 22, 2008 to its controller China Communications Construction Co., Ltd. (hereinafter referred to as “China Communications Corporation”). A-shares privately placed were the tradable shares with limited trading conditions. From March 20, 2012 on, the term of trading limitation expired for above-mentioned A-shares which were listed at Shanghai Stock Exchange for trading.

By December 31, 2025, after all issuances of the shares and bonus shares distributed in the past year, the total shares of the Company amounted to 5,268,353,501 shares, par value per share was RMB 1. The share capital totaled up to RMB 5,268,353,501.

On December 18, 2005, China Road and Bridge Construction Group General Company and the Company’s former controlling shareholder China Harbor Construction (Group) General Company were merged into China Communications Construction (Group) Co. Ltd after restructuring (hereafter referred to as “CCCG”). In accordance with the Official Reply to Overall Reorganization and Overseas-listed and Domestically-listed Share of China Communications Construction Co., Ltd. (GZGG [2006] No.1063 Document) by State-owned Assets Supervision and Administration Commission of the State Council on Aug. 16, 2006, the reorganization proposal of China Communications Construction (Group) Co., Ltd approved in the Official Reply to the Issues Concerning Management of State-owned Stock Equity of China Communications Construction Co., Ltd. (GZCQ [2006] No.1072 Document) on Sept. 30, 2006 and the Official Reply to Approval of China Communications Construction Co., Ltd.’s Announcement of Purchase Report of Road and Bridge Construction Co., Ltd. and Shanghai Zhenhua Port Machinery (Group) Co., Ltd. and Exemption of Their Obligations for Purchase by Offer (ZJGSZ [2006] No. 227 Document), CCCG solely initiated the incorporation of China Communications Construction Co., Ltd. on Oct. 8, 2006 and invested the stock equity of the Company held into the newly incorporated China Communications Co., Ltd. With the completion of reorganization, China Communications Co., Ltd thus became the controlling shareholder of the Company.

In 2016, the Company was granted the Uniform Social Credit Code of 91310000607206953D.

On July 18, 2017, the Board of Directors of China Communications Construction Co., Ltd. discussed and approved the Proposal for Transfer of Some Shares of Shanghai Zhenhua Heavy Industries (Group) Co., Ltd by Agreement and Associated Transaction and agreed to transfer totally 1,316,649,346 shares of the Company held by it to CCCG and CCCG (Hong Kong) Holdings Co., Ltd. (hereinafter referred to as “CCCG Hong Kong”), accounting for 29.990% of the total

shares of the Company, after that, China Communications Construction Co., Ltd. held 16.239% of the stock equity of the Company. The transfer and registration of shares was accomplished on December 27, 2017. On the date of the transfer of shares, CCCG directly held 552,686,146 A-shares of the Company (accounting for 12.589% of the total shares of the Company), indirectly held 763,963,200 B-shares of the Company through CCCG (Hong Kong) (accounting for 17.401% of the total shares of the Company) and held 712,951,703 A-shares of the Company through China Communications Construction Co., Ltd. (accounting for 16.239% of the total shares of the Company), as a result, it became the controlling shareholder of the Company.

The Company and its subsidiaries (hereinafter collectively referred to as “the Group”) were mainly engaged in the design, manufacture, installation and contracting of large-scale port handling systems and equipment, offshore heavy-duty equipment, engineering machinery, engineering vessels and large-scale metal structures and their components; the sale of self-manufactured products; and international shipping utilizing specialized transport vessels and specialized contracting for steel structure engineering.

The financial statements were approved by the resolution of the Board of Directors of the Company on March 30, 2026.

IV. Basis of preparation for financial statements

• 1. Basis of preparation The Company’s financial statements are prepared on a going concern basis.
• 2. Going concern √ Applicable Not applicable These financial statements are presented on a going concern basis.

• As of December 31, 2025, the Group’s current liabilities exceeded its current assets by approximately RMB 3.859 billion. In preparing these financial statements, in view of the Group’s available bank credit facilities, established track record in obtaining financing, sound cooperative relationships with major banks and financial institutions, and operating performance, the Board of Directors believes that the Group will continue to obtain sufficient financing sources and operating cash flows to meet its funding requirements for operations, repayment of maturing debts, and capital expenditures during the 12-month period commencing January 1, 2025. Accordingly, the Board of Directors is satisfied that the Group will continue as a going concern and has prepared these financial statements on a going concern basis.

These financial statements are prepared on the historical cost principle, except for some financial instruments. If the assets are impaired, corresponding impairment provision should be accrued according to relevant provisions.

V. Significant accounting policies and accounting estimates Specific accounting policies and accounting estimates tips √ Applicable Not applicable

The Group determines the specific accounting policies and accounting estimates based on actual production and operation characteristics, which are mainly reflected in the inventory valuation methods, income recognition and measurement and so on.

1. Statement on compliance with the Accounting Standards for Business Enterprises

The financial statements prepared by the Company meet the requirements of the Accounting Standards for Business Enterprises, and truly and completely reflect the financial position, operating results, changes in shareholders’ equity and cash flows of the Company.

2. Accounting period

The Company adopts calendar year as the accounting year, which commences on January from the 1, and ends on December 31 of each year.

• 3. Operating cycle Applicable √ Not applicable
• 4. Functional currency The Company adopts RMB as the base currency for bookkeeping.
• 5. Determination method and selection basis of significance standards √ Applicable Not applicable

Item Significance standards Significant accounts receivable with provision for bad debts accrued on an individual basis

The amount of provision accrued on an individual basis accounts for more than 10% of the total bad debt provision of accounts receivable and the amount is greater than RMB 40 million

Other significant receivables with provision for bad debts accrued on an individual basis

The amount of provision accrued on an individual basis accounts for more than 10% of the total bad debt provision of various other receivables and the amount is greater than RMB 40 million

Recovery or reversal of provision for bad debts on significant receivables

The amount of individual recovery or reversal accounts for more than 10% of the total amount of various receivables and the amount is greater than RMB 40 million

The amount of individual write-off accounts for more than 10% of the total bad debt provision of various receivables and the amount is greater than RMB 40 million

Actual write-off of significant receivables

Significant changes in the book value of contract assets

The amount of change in the book value of contract assets accounts for more than 30% of the balance of contract assets at the beginning of the period

Significant contractual liability with the aging over more than 1 year

An individual contractual liability with the aging over 1 year accounts for more than 10% of the total contract liabilities and the amount is greater than RMB 100 million

Significant changes in the book value of contractual liability

The amount of change in the book value of contractual liability accounts for more than 30% of the balance of contractual liability at the beginning of the period

An individual account payable with the aging over 1 year accounts for more than 10% of the total accounts payable and the amount is greater than RMB 100 million

Significant accounts payable

An individual other account payable with the aging over than 1 year accounts for more than 10% of the total accounts payable and the amount is greater than RMB 100 million

Other significant payables

Significant construction in progress The budget of a single project is greater than RMB 300 million Significant estimated liabilities

Estimated liabilities of a single type account for more than 10% of the total estimated liabilities and the amount is greater than RMB 100 million

The net assets of a subsidiary account for more than 5% of the net assets of the group, or the minority interests of a single subsidiary account for more than 1% of the net assets of the group and the amount is greater than RMB 100 million

Significant non-wholly-owned subsidiaries

The ending balance of a single project accounts for more than 10% of the ending balance of development expenditure and the amount is greater than RMB 100 million

Significant capitalized R&D projects

Significant outsourced research projects A single project accounts for more than 10% of the total R&D investment

The amount of changes/adjustments accounts for more than 30% of the original contract amount, and the amount of impact on the current period’s revenue accounts for more than 1% of the total revenue of the current period

Significant contract changes

An individual investment activity accounts for more than 10% of the total cash inflows or outflows received or paid for investment activities and exceeds RMB 300 million in value.

Significant investment activities

The book value of long-term equity investment in a single investee accounts for more than 5% of the group’s net assets and the amount is greater than RMB 100 million, or the investment profit and loss of long-term equity investment under the equity method accounts for more than 10% of the group’s consolidated net profit

Significant joint ventures or associates

The net assets of a subsidiary account for more than 5% of the group’s net assets, or the net profit of a subsidiary accounts for more than 10% of the group’s consolidated net profit

Significant subsidiaries

Activities that do not involve current cash receipts and payments, and have an impact on current statements greater than 10% of net assets, or are expected to have an impact on future cash flows greater than 10% of the corresponding total cash inflows or outflows

Major activities not involving current cash receipts and payments

6. Accounting treatment of business combination under common control and not under common control √ Applicable Not applicable

Business combinations are classified into business combinations involving entities under common control and business combinations not involving entities under common control. Business combination under common control

The business combination under common control is a business combination in which all of the combining enterprises are ultimately controlled by the same party or the same parties both before and after the business combination and on which the control is not temporary. The assets and liabilities that the combining party obtains in a business combination under common control(including the goodwill formed by the acquisition of the combined party by the ultimate controlling party), are subject to the corresponding accounting treatment in accordance with the carrying amount in the financial statements of the ultimate controlling party on the combination date. The difference between the carrying amount of the net assets obtained from the combination and the carrying amount of the consideration paid (or total par value of the shares issued) for the combination is treated as an adjustment to capital premium in the capital reserves and the capital reserves carried out under the former system. If the capital premium is not sufficient to absorb the difference, the remaining balance is adjusted against retained earnings.

Business combination not under common control

The business combination not under common control is a business combination in which all of the combining enterprises are not controlled by the same party or the same parties before and after the combination. Regarding consolidation not under the same control, the recognizable assets, liabilities and contingent liabilities of the seller are measured upon fair value on the purchase day. The balance of the consolidation costs greater than the fair value of the recognizable net assets of the seller is confirmed as goodwill, and subsequently measured at cost less accumulated impairment losses. In case the consolidation costs are less than the fair value of the recognizable net assets of the seller, the fair value of all recognizable assets, liabilities and contingent liabilities of the seller, and the measurement of the consolidation costs is re-examined; the balance between the consolidation costs less than the fair value of recognizable net assets of the seller after the re-examination is recognized in current profits and losses.

7. Judgment criteria of control and preparation method of consolidated financial statements √ Applicable Not applicable

The consolidation scope of the consolidated financial statements is determined based on control and includes the financial statements of the Company and all of its subsidiaries. Subsidiary refers to the entity controlled by the Company (including separable parts of enterprises and the invested entity as well as structured entities controlled by the Company). If and only if the three elements below are met, it can be deemed that an investor controls an invested party: the investor possesses the power over the invested party; the investor is entitled to changeable returns due to participation in related activities of the invested party; the investor has the ability to influence the amount of return by exercising its power over the invested party.

If the accounting policies or accounting periods adopted by a subsidiary and the Company are inconsistent, when preparing the consolidated financial statements, the necessary adjustments shall be made to the subsidiary’s financial statements based on the accounting policies and accounting periods of the Company. The assets, liabilities, equity, incomes, expenses and cash flow arising from transactions among companies within the Group are eliminated in full upon consolidation.

If the current losses attributable to minority shareholders of a subsidiary exceed the minority interest in the subsidiary’s opening equity, such excess continues to be charged against the minority interest.

For the subsidiaries acquired in business combination not under common control, the operating results and the cash flows of the acquiree shall be included in the consolidated financial statements on the date of acquisition of control till the termination of control. When preparing the consolidated financial statements, the financial statements of subsidiaries shall be adjusted based on the fair value of various identifiable assets, liabilities and contingent liability confirmed on the acquisition date.

For subsidiaries acquired through business combinations involving entities under common control, the operating results and cash flows of the acquiree are included in the consolidated financial statements as of the beginning of the reporting period in which the combination occurs. When preparing comparative consolidated financial statements, the relevant items in the prior-period financial statements are adjusted as if the reporting entity resulting from the combination had existed continuously since the date on which the ultimate controlling party first obtained control.

If changes in relevant facts and circumstances result in changes to one or more elements of control, the Group reassesses whether it controls the investee. Without lose of the control right, change of the minority equity is deemed as capital transaction.

• 8. Classification of joint venture arrangement and methods of joint operation accounting treatment Applicable √ Not applicable
• 9. Recognition criteria of cash and cash equivalents

Cash equivalents are short-term (with a maturity of three months or less from the date of acquisition) and highly liquid investments that are readily convertible to a known amount of cash, and that are subject to an insignificant risk of changes in value.

• 10. Foreign currency transactions and transaction of financial statements denominated in foreign currency √ Applicable Not applicable

In the case of a foreign currency transaction, the Group translates the amount of foreign currency into the amount of the recording currency.

• At the time of initial recognition, the amount of foreign currency transaction shall be translated into the amount of the recording currency at the spot rate of the transaction date (unless exchange rate fluctuations make the use of such exchange rate inappropriate, in which case the spot exchange rate on the transaction date will be used for conversion), but the capital invested by the investor in a foreign currency shall be converted using the spot exchange rate on the transaction date. On the date of balance sheet, the currency exchange rate of the currency denominated items shall be translated at the spot rate on the date of balance sheet. The transaction difference of settlement and monetary items arising therefrom, in addition to the difference arising from foreign currency special borrowing relating to the assets of which the purchase and construction are eligible for capitalization, which shall be handled in accordance with the principle of capitalization of borrowing costs, shall be included in the current profit or loss. The foreign currency noncurrency items calculated on historical cost basis are still translated at exchange rate at the initial recognition not changing the amount of its recording currency. The foreign currency non-monetary items measured at fair value shall be translated at the spot rate on fair value determination date, and the difference arising therefrom shall be included in the current profit or loss or other comprehensive income according to the nature of the non-monetary items.

In the case of overseas business, the Group translates its recording currency into RMB in preparing the financial statements: for assets/liabilities in the balance sheet, spot exchange rate on the date of balance sheet is used for translation. As for the items under the shareholders’ equity, except for those under “undistributed profits”, other items are translated using the spot exchange rate at the time of occurrence; the income and expense items in the income statement shall be translated at the spot exchange rate of the transaction. The conversion difference of foreign currency statements arising from above translation shall be recognized as other comprehensive income. When disposing overseas operations, other comprehensive income related to the overseas operation shall be transferred into the current profits and losses, partial disposal shall be calculated according to the proportion of disposal.

Foreign currency cash flows are translated at the spot exchange rates prevailing on the dates of the cash flows. The cash flows of overseas subsidiaries are translated at the average exchange rates for the period in which the cash flows occur (unless exchange rate fluctuations render the use of such rates inappropriate, in which case the spot exchange rates on the dates of the cash flows are used). The effect of exchange rate changes on cash amount is presented separately in the statement of cash flows as a reconciliation item.

• 11. Financial instruments √ Applicable Not applicable

Financial instrument is the contract that forms the financial assets of an enterprise and the financial liabilities or equity instruments of the other entities.

• (1) Recognition and de-recognition of financial instruments The Group recognizes a financial asset or financial liability when becoming a party to a financial instrument contract.

A financial asset (or part of a financial asset, or part of a portfolio of similar financial assets) is derecognized, and removed from the balance sheet, when any of the following conditions is met:

• (1)The right to receive cash flows from financial assets expires;
• (2)The right to receive the cash flow from financial asset has been transferred, or have assumed the obligation in the “pass-through agreement” to pay the collected cash flow timely to the third party in full; and has transferred substantially almost all the risks and rewards of ownership of the financial asset, or although does not transfer or retain substantially nearly all of the risks and rewards of ownership of the financial asset, but has given up the control over the financial asset.

A financial liability is derecognized when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another financial liability from the same creditor on substantially different terms, or the terms of an existing liability are substantially modified, such replacement or modification is accounted for as the derecognition of the original liability and the recognition of a new liability, and the difference is recognized in profit or loss for the current period.

Regular-way purchases and sales of financial assets are recognized and derecognized using trade date accounting. Regular-way purchases and sales of financial assets refer to purchases or sales of financial assets under contracts whose terms require delivery of the financial assets within the time frame established generally by regulations or market convention. Trade date refers to the date on which the Group commits to purchase or sell a financial asset.

• (2) Classification and measurement of financial assets

• At the initial recognition, the Group’s financial assets, based on the Group’s management model of financial assets and the contract cash flow characteristics of financial assets, are classified as financial assets measured at amortized cost, financial assets measured at fair value through the other comprehensive income and financial assets measured at fair value through the current profit or loss.

Financial assets are measured at fair value at initial recognition, while the accounts receivable or notes receivable arising from sales of goods or rendering of services, excluding the significant financing composition or the financial composition for over one year, are initially measured at the transaction price.

For financial assets measured at fair value through the current profit or loss, relevant transaction costs are directly included in the current profit or loss, while the transaction costs relevant to other financial assets are included in the initial recognition amount.

The subsequent measurement of financial assets depends on the classification thereof: Investment in debt instruments measured at amortized cost

Financial assets meeting both of the following conditions are classified as the financial assets measured at amortized cost: the management model of such financial assets aims at the collection of contract cash flows; according to the terms in the contract for such financial assets, the cash flows generating on the special date are paid at the interest for the principal and the unpaid principal. Such financial assets are recognized as interest income by the effective rate method, and the gains or losses from the derecognition, modification or impairment thereof are included in the current profit or loss.

Investment in debt instruments measured at fair value through other comprehensive income

Financial assets meeting both of the following conditions are classified as financial assets at fair value through other comprehensive income: the Group’s management model of such financial assets aims at the collection of contract cash flows and sales of financial assets; according to the terms in the contract for such financial assets, the cash flows generating on the special date are paid at the interest for the principal and the unpaid principal. The interest income of

such financial assets is recognized by the effective interest method. Except for interest income, impairment losses, and exchange differences recognized in profit or loss for the current period, all other changes in fair value are recognized in other comprehensive income. At derecognition of financial assets, the accumulated gains or losses previously included in other comprehensive income are transferred from the other comprehensive income to the current profit or loss.

Investment in equity instruments measured at fair value through the other comprehensive income

The Group irrevocably chooses to designate some non-trading equity instruments as the financial assets measured at fair value through the other comprehensive income, and only include the relevant dividends revenue (except for that partially recovered as the investment cost) in the current profit or loss, and the subsequent changes in fair values in the other comprehensive income, without the provision for impairment. At derecognition of financial assets, the accumulated gains or losses previously included in other comprehensive income are transferred from the other comprehensive income to the retained earnings.

Financial assets measured at fair value through the current profit or loss

The financial assets other than the financial assets measured at amortized cost and the financial assets measured at fair value through the other comprehensive income are classified as the financial assets measured at fair value through the other comprehensive income. For such financial assets, the subsequent measurement is made at fair value, and changes in fair value are included in the current profit or loss.

• (3) Classification and measurement of financial liabilities

At the initial recognition, the Group’s financial liabilities are classified as: financial liabilities measured at fair value through the current profit or loss and financial liabilities measured at amortized cost. For financial liabilities measured at fair value through the current profit or loss, relevant transaction costs are directly included in the current profit or loss, while the transaction costs relevant to financial liabilities measured at amortized cost are included in the initial recognition amount. The subsequent measurement of financial liabilities depends on the classification thereof: Financial liabilities measured at fair value through the current profit or loss

Financial liabilities measured at fair value through the current profit or loss include the trading financial liabilities (including the derivative instruments belonging to financial liabilities), and the financial liabilities measured at fair value through the current profit or loss. The subsequent measurement of the trading financial liabilities (including the derivative instruments belonging to financial liabilities) is made at fair value, and changes in fair value are included in the current profit or loss. For the financial liabilities measured at fair value through the current profit or loss, the subsequent measurement is made at fair value, and the changes in fair value are included in the current profit or loss except that the changes in fair value caused by the changes in the Group’s credit risks are included in the other comprehensive income; if including the changes in fair value caused by the changes in the Group’s credit risks in the other comprehensive income may cause or exacerbate the accounting mismatch in profit or loss, the Group will include all changes in fair value (including the amounts affected by the changes in the Group’s credit risks) in the current profit or loss.

Financial liabilities measured at amortized cost The subsequent measurement of such financial liabilities is made at amortized cost by the effective rate method.

• (4) Impairment of financial instruments Determination and accounting treatment of the expected credit loss

Based on the expected credit losses, the Group makes the provision for impairment and recognizes the loss provisions for the financial assets measured amortized cost and the investment in debt instruments measured at fair value through the other comprehensive income.

For the receivables excluding significant financing component, the Group measures the loss provision based on the amount equivalent to the expected credit loss over the whole duration by the simplified measurement method.

Except for the above financial assets subject to the simplified measurement method, on each balance sheet date, the Group makes assessment on whether the credit risk in financial assets has had significant increase after the initial recognition. If the credit risk does not significantly increase after the initial recognition, standing at the first level, the Group will measure the loss provision based on the amount of expected credit loss over the next 12 months , and

calculate the interest income based on the book balance at the effective interest rate; if the credit risk has significantly increased after the initial recognition without any credit impairment, standing at the second level, the Group will measure the loss provision based on the amount equivalent to the expected credit loss over the whole duration; in case of any credit impairment after the initial recognition, standing at the third level, the Group will measure the loss provision based on the amount of expected credit loss over the whole duration, and calculate the interest income based on the amortized cost at the effective interest rate. For financial instruments only with relatively low credit risk on the balance sheet date, the Group assumes that such credit risk does not significantly increase after the initial recognition.

For the Group’s disclosure of the judgment standards for significant increase of credit risk and definition of assets with credit impairment, see Note XII for details.

The factors reflected in the Group’s approach to measuring expected credit losses on financial instruments include the unbiased probability weighted average amount determined by evaluating a range of possible outcomes, the time value of money, and reasonable and substantiated information about past events, current conditions and projections of future economic conditions that is available at the balance sheet date without undue additional cost or effort.

Portfolio categories and determination basis for provision for impairment based on credit risk characteristics

The Group considers the credit risk characteristics of different customers and assesses the expected credit losses of receivables and contract assets based on aging portfolios with shared risk characteristics. The Group has established the following portfolios: Related-party customer portfolio, private enterprise customer portfolio, government entity customer portfolio, and other customer portfolio.

Aging calculation method based on aging recognition of credit risk characteristics portfolio The Group determines the aging of trade receivables based on the date of initial recognition of the receivables. Judgment criteria for determination of provision accrued on an individual basis based on the provision for impairment accrued on an individual basis Where the credit risk characteristics of a counterparty differ significantly from those of other counterparties within the portfolio, loss provisions are recognized on an individual basis for amounts due from that counterparty. The Group identifies account receivables and contract assets involving customers in financial difficulty or contracts under dispute as assets accrued on an individual basis. Write-off of provision for impairment When the Group no longer reasonably expects to recover all or part of the contract cash flows of a financial asset, it directly writes down the gross carrying amount of the financial asset.

• (5) Financial instrument offset

Financial assets and financial liabilities are presented in the balance sheet at the net amount after mutual offset when the following conditions are met simultaneously: possess the legal right to offset the recognized amount and such right is currently executable; intend to settle at net amount, or cash such financial assets or liquidate such financial liabilities.

• (6) Transfer of financial instruments

If the Group has transferred nearly all the risks and rewards associated with the ownership of financial assets to the transferee, such financial assets will be de-recognized; if the Group retains nearly all the risks and rewards associated with the ownership of financial assets, such financial assets will be continuously recognized.

If the Group neither transfers nor retains nearly all the risks and rewards associated with the ownership of the financial assets, the following treatments will be adopted based on different circumstances: if the Group has given up its control over the financial assets, the financial assets will be derecognized, and the assets and liabilities arising therefrom will be recognized; if the Group does not give up its control over the financial assets, the financial assets will be recognized to the extent of its continuing involvement in the transferred financial assets, while relevant liabilities are recognized accordingly.

• 12. Notes receivable Applicable √ Not applicable

• 13. Accounts receivable Applicable √ Not applicable
• 14. Receivables financing Applicable √ Not applicable
• 15. Other receivables Applicable √ Not applicable
• 16. Inventories √ Applicable Not applicable Inventory categories, delivery pricing methods, inventory management systems, and amortization methods for low-value consumables and packaging materials √ Applicable Not applicable Inventories include the raw materials, outsourcing components and parts, goods in process and stock commodities.

Inventories are initially measured at the cost. The inventory cost includes the procurement cost, processing cost and other cost. The actual cost of raw materials in transit is determined by the weighted average method. The actual cost of finished products in transit is determined by the weighted average method and individual valuation method.

Perpetual inventory system is adopted for inventories.

On the balance sheet date, the inventory is measured at its cost or its net realizable value, whichever is lower; if the cost is higher than the net realizable value, the provision for inventory depreciation will be made and included in the current profit or loss. The net realizable value, in the routine activities, refers to amount of the estimated selling price of inventory minus the estimated cost to completion, estimated selling expense and relevant taxes and surcharges. At the time of making the provision for inventory depreciation, the provision for depreciation of raw materials is made by category, and that of goods in process and stock commodities is made by each single inventory item.

Contract performance costs classified as current assets are presented under inventories. Method of recognizing and accruing provision for inventory depreciation

Applicable √ Not applicable The portfolio categories and determination basis for making accruing provision inventory depreciation according to the portfolio, and the determination basis for the net realizable value of different categories of inventory

Applicable √ Not applicable The calculation method and determination basis of the net realizable value of inventory based on inventory aging Applicable √ Not applicable

• 17. Contract assets √ Applicable Not applicable Recognition method and criteria of contract assets √ Applicable Not applicable

The Group presents contract assets or liabilities in the balance sheet according to the relationship between the performance of contract obligations and customer payments. After offsetting the contract assets and contract liabilities under the same contract, the Group presents them in net amount.

Contract assets

A contract asset is recognized when an entity transfers goods or services to a customer prior to the customer’s payment of consideration or before the payment is due, provided that the entity’s right to consideration is conditional upon factors other than the passage of time. Upon obtaining an unconditional right to payment, the contract asset is reclassified as a

trade receivable. Portfolio categories and determination basis for provisions for bad debts based on credit risk characteristics

Applicable √ Not applicable Aging calculation method based on aging recognition of credit risk characteristics portfolio

Applicable √ Not applicable Judgment criteria for determination of provision accrued on an individual basis based on the provision for bad debts accrued on an individual basis

Applicable √ Not applicable

• 18. Held-for-sale non-current assets or disposal groups √ Applicable Not applicable Recognition criteria and accounting treatment methods for held-for-sale non-current assets or disposal groups √ Applicable Not applicable

A non-current asset or disposal group is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. A non-current asset or disposal group is classified as held for sale when both of the following conditions are met: it is available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets or disposal groups; and its sale is highly probable, meaning that the entity has made a decision on a sale plan and obtained a firm purchase commitment, with the sale expected to be completed within one year (where approval by the relevant authority or regulatory body is required, such approval has been obtained).

For non-current assets or disposal groups classified as held for sale (other than financial assets and deferred tax assets), where the book value exceeds the fair value less costs to sell, the book value is written down to fair value less costs to sell, with the write-down recognized as an impairment loss in profit or loss for the current period, and a corresponding provision for impairment for assets held for sale is recognized. Non-current assets included in held-for-sale non-current assets or disposal groups are not depreciated or amortized, nor are they accounted for using the equity method.

Recognition criteria and presentation methods for discontinuing operation √ Applicable Not applicable

A discontinued operation is a separately identifiable component that has either been disposed of or classified as held for sale and meets one of the following conditions: it represents a separate major line of business or a separate major geographical area of operations; it is part of a single coordinated plan to dispose of a separate major line of business or a separate major geographical area of operations; or it is a subsidiary acquired exclusively with a view to resale.

The results of discontinued operations are presented separately from those of continuing operations in the income statement. Impairment losses and reversals, together with gains or losses on disposal relating to discontinued operations, are presented as discontinued operations. For discontinued operations presented in the current period, the Group restates the information previously presented as continuing operations in the current financial statements as comparative information for discontinued operations.

• 19. Long-term equity investments √ Applicable Not applicable Long-term equity investments include the equity investments in subsidiaries, joint ventures and associates.

Long-term equity investments are initially measured at the initial investment cost. The initial investment cost of a longterm equity investment acquired through the business combination under common control is recognized at book value of owners’ equity acquired from the combined party on the combination date in the consolidated financial statements of the ultimate controller; the difference between the initial investment cost and the book value of the combination consideration is used to adjust the capital reserves (if the capital reserves are insufficient to offset, the retained earnings will be offset).

The initial investment cost of a long-term equity investment acquired through business combination not under common control is recognized at the combination cost (if the business combination not under common control is realized through several transactions by step, the sum of the book value of the equity investment of the acquiree held before the acquisition date and the cost of investment newly added on the acquisition date is recognized as the initial investment cost). For long-term equity investments acquired not through business combination, their initial investment costs are determined by the following ways: if the long-term equity investment is acquired through cash payment, the initial investment cost will be the sum of the acquisition price actually paid and the costs, taxes and other necessary costs, which are directly relevant to the long-term equity investment; if the long-term equity investment is acquired by issuing equity securities, the initial investment cost will be the fair value of the equity securities issued.

The long-term equity investments where the Company could control the investee shall be accounted in individual financial statements of the Company under the cost method. Control means the power owned over the investee and enjoys the variable return through participating in activities related to the investee, and has the ability to affect its return by using the power over the investee.

Under the cost method, long-term equity investments are valuated at initial investment cost. The Company shall increase or recover the investment to adjust the cost of long-term equity investments. Cash dividends or profits declared and distributed by the investee should be recognized as investment income in the current period.

If the Group has joint control over or significant influence on the investees, long-term equity investments are accounted for with the equity method. Joint control refers to the control shared over an arrangement in accordance with the relevant stipulations, and the decision-making of related activities of the arrangement should not be made before the party sharing the control right agrees the same. Significant influence refers to the power to participate in making decisions on the financial and operating policies of the investee, but not the power to control, or jointly control, the formulation of such policies with other parties.

For long-term equity investments measured under the equity method, if the initial investment costs are higher than the investor’s attributable share of the fair value of the investee’s identifiable net assets, the initial costs of the long-term equity investments shall be recognized; if the initial investment costs are lower than the investor’s attributable share of the fair value of the investee’s identifiable net assets, the difference shall be recognized in current profit and loss and at the same time the adjustment will be made to the initial costs of the long-term equity investments.

Where the equity method is adopted, after the long-equity investments are acquired, the Company shall, according to the shares of net profit and loss and other comprehensive income realized by the investee which the Company shall enjoy or bear, recognize the profit and loss on the investments and other comprehensive income and adjust the book value of the long-term equity investments. When recognizing the share of net profit or loss of the investee that the Group shall enjoy, based on fair value of various identifiable assets and others of the investee on acquisition and according to accounting policies and accounting periods of the Group, the Group shall write off the part of incomes from internal transactions with associates and joint ventures which are attributable to the investor according to the shareholding ratio (but the loss from internal transactions is the asset impairment loss, its total amount shall be recognized) and then recognize the profit and loss on investments on such basis, except those assets investments or sale constitute business. The Group shall, in the light of the profits or cash dividends that the investee declares to distribute, calculate the part it should share and reduce the book value of the long-term equity investment correspondingly. Recognition of the net loss in the investee shall be within the limit that the book value of long-term equity investments and other long-term interests which substantially form the net investment in the investee are reduced to zero, unless the Group is obliged to bear extraneous losses; For other changes in shareholder’s equity of the investee excluding net losses or profits, other comprehensive income or profit distribution, the book value of long-term equity investments will be adjusted and included in shareholder’s equity.

20. Investment properties

(1) If the cost measurement model is used: Depreciation or amortization method Investment property refers to the real estate held for generating rent and/or capital appreciation.

The investment property shall be initially measured at cost. Subsequent expenses related to investment properties, if the economic benefits associated are likely to flow in and its cost can be measured reliably, should be recorded in the cost of investment property. Otherwise, such subsequent expenses should be included in current profits or losses upon occurrence.

The subsequent measurement of an investment property shall be conducted by the Group under the cost method, and the land use right and buildings shall be amortized and depreciated according to the expected useful life and net residual rate of the investment property. The expected useful lives, net residual value rate and annual depreciation (amortization) rate of the investment properties are as follows:

Estimated useful lives Estimated net residual value rate Annual depreciation (amortization) rate Buildings and constructions 30 years 0% 3.3% Land use right Land useful lives 0%

Determined according to the estimated net residual value and useful life for the land useful lives

The Group shall review estimated useful lives, estimated net residual value and depreciation (amortization) methods of the investment properties at the end of each year and shall make adjustment when necessary.

When an investment property is changed for self-use, upon change, the investment property shall be converted into fixed assets or intangible assets. When the self-use property is changed to earn rentals or for capital appreciation, upon change, fixed assets or intangible assets shall be converted into investment properties. When there is a conversion, the book value before the conversion shall be regarded as the book value after the conversion.

21. Fixed assets

• (1) Recognition criteria √ Applicable Not applicable

Fixed assets will only be recognized when the economic benefits relating to the fixed assets may flow into the Group and the costs of the fixed assets can be measured reliably. If the subsequent disbursements relevant to a fixed asset meet the recognition conditions, they shall be recorded in the cost of fixed asset, and the book value of the replaced part shall be derecognized; otherwise, they shall be recorded in the current profits and losses.

Fixed assets are initially measured at cost. The costs of externally acquired fixed assets comprise their purchase prices, related taxes and surcharges and any attributable expenditure incurred to prepare the asset for its intended use.

• (2) Depreciation method √ Applicable Not applicable

Category Depreciation method Useful lives (year) Residual value rate Annual depreciation rate Buildings and constructions Straight-line method 20-40 years 0% 2.5%-5% Mechanical equipment Straight-line method 3-20 years 0% 5%-33.3% Office and electronic equipment Straight-line method 3-5 years 0% 20%-33.3% Transportation facilities (excluding ship) Straight-line method 5 years 0% 20% Vessel Straight-line method 10-30 years 5%/10% 3%-9.5%

The Group shall review useful lives, estimated net residual value and depreciation methods of the fixed assets at the end of each year and shall make adjustment when necessary.

22. Construction in progress √ Applicable Not applicable

The Group recognizes the cost of the construction in progress at the actually incurred expenditures, including all types of necessary expenditures incurred during the construction period, the capitalized borrowing costs incurred prior to the time when the construction is brought to the expected conditions for use and other relevant costs.

The construction in progress is converted into fixed assets after it reaches the expected conditions for use.

Category Standard for carrying forward fixed assets

Houses and buildings have passed the preliminary acceptance and reached the expected usable state, or they are actually put into use, whichever is earlier

Buildings and constructions

They meet the design requirements or are actually put into use after installation and commissioning, whichever is earlier

Mechanical equipment

They meet the design requirements or are actually put into use after installation and commissioning, whichever is earlier

Office and electronic equipment

They meet the design requirements or are actually put into use after installation and commissioning, whichever is earlier

Transportation facilities (excluding ship)

They meet the design requirements or are actually put into use after installation and commissioning, whichever is earlier

Vessel

• 23. Borrowing costs √ Applicable Not applicable

The borrowing costs that can directly attributable to the acquisition and construction or production of assets eligible for capitalization, shall be capitalized and other borrowing costs shall be included into current profit and loss. When capital expenditure and borrowing costs have incurred and acquisition and construction or production activities necessary for the assets to reach the intended use or sale has begun, the Company will capitalize borrowing costs.

Capitalization of borrowing costs should cease when the acquired and constructed or produced assets eligible for capitalization have reached the working condition for their intended use or sale. The borrowing costs incurred thereafter shall be included in the current profit or loss.

During the period of capitalization, the capitalized amount on interest of each accounting period shall be determined in accordance with the following provisions: The interest of special borrowings to be capitalized should be determined according to the actually incurred interest expenses in the current period less the interest income on deposits or the investment income; the interest of general borrowings to be capitalized should be calculated by multiplying the weighted average of asset disbursements of the part of accumulated asset disbursements exceeding special borrowings by the weighted average rate of used general borrowings.

If the acquisition and construction or production activities of assets eligible for capitalization are abnormally interrupted due to the matters other than necessary procedures for such assets to reach the working conditions for its intended use or sale and such circumstance lasts for more than three months, the capitalization of borrowing costs should be suspended. Borrowing costs incurred during the interruption are recognized as the current profit or loss and continue to be capitalized until the acquisition, construction or production of the asset restarts.

• 24. Biological assets Applicable √ Not applicable
• 25. Oil and gas assets Applicable √ Not applicable
• 26. Intangible assets

• (1) The useful life and its judgment basis, estimation conditions, amortization method, or review procedures √ Applicable Not applicable The useful life of intangible assets is as follows at the straight-line method over its useful life.

Category Useful life Judgment basis Land use right Land useful lives The period of land use rights Software use fees 5 years Service life of software Proprietary technology 10 years The expected service life in combination with the product lifecycle Concession rights 27 years Concession period granted

• (2) Allocation scope and related accounting method for R&D expenditure √ Applicable Not applicable

The Group’s expenditures for its internal research and development projects are classified into research expenditures and development expenditures. The expenditures in research phase will be included in the current profit or loss on occurrence. The development expenditures will be capitalized only when all of the following conditions are satisfied simultaneously: It is feasible technically to finish intangible assets for use or sale; It is intended to finish and use or sell the intangible assets; The usefulness of methods for intangible assets to generate economic benefits shall be proved, including being able to prove that there is a potential market for the products manufactured by applying the intangible assets or there is a potential market for the intangible assets itself or the intangible assets will be used internally; It is able to finish the development of the intangible assets, and able to use or sell the intangible assets, with the support of sufficient technologies, financial resources and other resources; and the expenditures attributable to the intangible asset during its development phase can be measured reliably. Development expenditures that do not meet the above conditions are included in the current profit or loss on occurrence.

• 27. Long-term asset impairment √ Applicable Not applicable

The Group recognizes the asset impairment under the following methods except for inventories, contract assets and assets related to contract cost, deferred income tax, financial assets and assets held for sale. The Group shall, on the balance sheet date, make a judgment on whether there is any indication that the assets may impair. If such indication does exist, the Group shall estimate the recoverable amount and carry out an impairment test. Impairment tests for goodwill caused by business combination, intangible assets with indefinite useful lives, and intangible assets not reaching usable condition shall be conducted at the end of every year whether they have signs of impairment or not.

The recoverable amounts of assets are the higher of their fair values less costs to sell and the present values of the future cash flows expected to be derived from the assets. The Group shall, on the basis of single item assets, estimate the recoverable amount. Where it is difficult to do so, it shall determine the recoverable amount of the group assets on the basis of the asset group to which the asset belongs. The recognition of an asset group shall be based on whether the main cash inflow generated from the asset group is independent of those generated from other assets or other group assets.

Where the recoverable amount of an asset or an asset group is lower than its book value, the book value of the asset or asset group shall be written down to their recoverable amounts. The write-downs are recorded into the current profit or loss and the provision for asset impairment are made accordingly at the same time.

When the Company makes an impairment test of goodwill, it shall, as of the purchasing day, apportion the book value of the goodwill to the relevant asset groups or combination of asset groups by a reasonable method. The related asset group or combination of asset groups shall be the asset group or combination of asset groups that can benefit from the synergy effect of business combination, and shall be smaller than the operating segments as determined by the Group.

The asset group or combination of asset groups containing the goodwill shall be compared by their book value and recoverable amount, and if the recoverable amount is less than book value, the amount of impairment loss is first allocated to offset the book value of the goodwill in the asset group or the combination of asset groups, and then will be used to offset the book value of other assets pro rata in accordance with the proportion of the book value of other assets other than goodwill in the asset groups and that of the combination of asset groups.

Once recognized, the above impairment losses are not reversed in subsequent accounting periods.

• 28. Long-term deferred expenses √ Applicable Not applicable

Long-term deferred expenses shall be amortized at the straight-line method, and the amortization period is set out as follows:

Amortization period

Improvement of fixed assets acquired under the operating lease Expected beneficial period

• 29. Contract liabilities √ Applicable Not applicable

The Group presents contract assets or liabilities in the balance sheet according to the relationship between the performance of contract obligations and customer payments. After offsetting the contract assets and contract liabilities under the same contract, the Group presents them in net amount.

Contract liabilities A contract liability is recognized when an entity receives consideration or has an unconditional right to receive it with an obligation to transfer goods or services to the customer, in advance of transferring goods or services to the customer.

• 30. Employee compensation

• (1) Accounting treatment of short-term compensation √ Applicable Not applicable

During the accounting period of an employee’ providing services, the short-term compensation actually incurred is recognized as liabilities and includes them in the current profit or loss or the related asset costs.

• (2) Accounting treatment of post-employment benefits √ Applicable Not applicable

The employees of the Group participated in the endowment insurance and unemployment insurance managed by the local government, and also participated in the enterprise annuity, and the corresponding expenses were included in the relevant asset costs or the current profit or loss when incurred.

• (3) Accounting treatment of termination benefits Applicable √ Not applicable

• (4) Accounting treatment of other long-term employee benefits Applicable √ Not applicable

• 31. Estimated liabilities √ Applicable Not applicable

Except for contingent consideration and contingent liabilities assumed in business combination not under the same control, when the obligations related to contingencies meet the following conditions, the Group recognizes them as estimated liabilities: this obligation is a present obligation of the Group; the performance of such obligation is likely to result in outflow of economic benefits from the Group; the amount of the obligation can be measured reliably.

The estimated liabilities are initially measured as the best estimate of expenses required for the performance of relevant present obligations by considering comprehensively the risks with respect to contingencies, uncertainties and the time value of money. The book value of estimated liabilities will be checked and properly adjusted on balance sheet date so as to reflect the current best estimate.

• 32. Share-based payment √ Applicable Not applicable

A share-based payment transaction must be classified as either an equity-settled transaction or a cash-settled transaction. An equity-settled share-based payment transaction means a share-based payment transaction in which the Group receives services as consideration for its own shares or other equity instruments.

An equity-settled share-based payment in exchange for services provided by the employee is measured at the fair value of the equity instrument granted to such employee. If it is immediately exercisable upon grant, it shall be included in the relevant costs or expenses at fair value on the grant date and the capital reserves shall be increased accordingly. If it is exercisable only after completing the services within the vesting period or achieving the specified performance

conditions, services received during the current period shall be included in the relevant costs or expenses at the fair value on the grant date and the capital reserves shall be increased accordingly, based on the optimum estimates of the number of exercisable equity instruments on each balance sheet date during the vesting period.

If the terms and conditions of equity-settled share-based payment transactions are modified, the services received shall be recognized as if those terms and conditions had not been modified at the least. In addition, all modifications that increase the fair value of equity instruments granted or are beneficial to the employee on the modification date are recognized as an increase in the services received.

When an equity-settled share-based payment transaction is cancelled, it is treated as an acceleration of vesting on the cancellation date and the remaining expense is recognized immediately. If employees or other parties have the choice to fulfill a non-vesting condition, the failure to meet such condition during the vesting period is regarded as a cancellation of equity-settled share-based payment transaction. However, if new equity instruments are granted and on the date when those new equity instruments are granted, they are identified as a replacement for the cancelled, the entity shall account for the granting of replacement equity instruments in the same way as a modification of terms and conditions of the original equity instruments.

A cash-settled share-based payment is measured at the fair value of the liability the Group assumes based on shares or other equity instruments. If it is immediately exercisable upon grant, it shall be included in the relevant costs or expenses at the fair value of the assumed liability on the grant date and the liabilities shall be increased accordingly. If it is exercisable only after completing the services within the vesting period or achieving the specified performance conditions, services received during the current period shall be included in the relevant costs or expenses and corresponding liability at the fair value of the assumed liability on the grant date, based on the optimum estimates of the exercisable conditions on each balance sheet date during the vesting period. Fair value of the liability is re-measured on each balance sheet date before settlement of the relevant liability and the settlement date, and the changes are included in the current profits and losses.

• 33. Preferred shares, perpetual bonds and other financial instruments √ Applicable Not applicable

After the maturity of the perpetual bonds issued by the Group, the Group has the right to extend them for an unlimited number of times. For the coupon interest of the perpetual bonds, the Group has the right to postpone the payment, and the group has no contractual obligation to pay cash or other financial assets. They are classified as equity instrument.

• 34. Revenue

• (1) Accounting policies for revenue recognition and measurement disclosed by business type √ Applicable Not applicable

The Group recognizes revenue when it fulfills the performance obligation in the contract, that is, when the customer obtains control over the relevant goods or services. The acquisition of control of relevant goods or services means to be able to dominate the use of the goods or the rendering of the services and obtain almost all the economic benefits from them.

Manufacturing contracts on large-sized port equipment, heavy equipment and steel structure products

The manufacturing contracts on large-sized port equipment, heavy equipment and steel structure products between the Group and customers usually only include the performance obligations of transferring large-sized port machinery and equipment, heavy equipment and steel structure products customized for customers.

The large-sized port equipment, heavy equipment and steel structure products provided by the Group during the performance of the contract are irreplaceable, however, most of the large-sized port equipment, heavy equipment sales contracts and the manufacturing contracts of some steel structure products do not stipulate that the Group has the right to collect money for the performance part that has been completed so far in the whole contract period. This part of the contract does not meet the performance obligation conditions within a certain period of time, and the Group takes it as the performance obligation at a certain point of time. The Group generally recognizes the revenue at the time point of

control transfer of relevant port machinery and equipment, heavy equipment and steel structure products on the basis of comprehensive consideration of the following factors: the current right to receive payment of goods, the transfer of main risks and rewards in the ownership of goods, the transfer of legal ownership of goods, the transfer of physical assets of goods, and the acceptance of the goods by customers.

In addition, based on the terms of sales contracts on individual large-sized port equipment and heavy equipment and the manufacturing contracts on some steel structure products, the Group has the right to collect money for the performance part that has been completed so far during the whole contract period. The Group takes it as the performance obligation to perform in a certain period of time, and recognizes the revenue according to the performance progress, except the cases where the performance progress cannot be reasonably determined. Based on input method, the Group determines the corresponding performance progress of large-sized port equipment and heavy equipment contracts according to the proportion of the cost incurred in the total estimated cost. Based on output method, the Group determines the performance progress of the steel structure manufacturing contract according to the proportion of the accumulated processing tons to the estimated total processing tons. Where the performance progress cannot be reasonably determined, and the cost incurred by the Group is expected to be reimbursed, the revenue shall be recognized according to the amount of the cost that has incurred until the performance progress can be reasonably determined.

Contracts on rendering of shipping and lifting services

The service contracts between the Group and its customers mainly involve special shipping services and hoisting services. The revenue of special shipping services rendered by the Group is recognized by time period method, and the progress of performance obligations is determined according to the proportion of the number of days transported in the total estimated days of transportation. The revenue of shipping service shall be recognized when the service is completed.

Material sales contract

The material sales contract between the Group and customers usually only includes the performance obligation of transferring spare parts and other materials. The Group generally recognizes the revenue at the time of control transfer of relevant spare parts and other materials on the basis of comprehensive consideration of the following factors: the current right to receive payment of goods, the transfer of main risks and rewards in the ownership of goods, the transfer of legal ownership of goods, the transfer of physical assets of goods, and the acceptance of the goods by customers.

Rendering of building services The building service contract between the Group and customers usually includes the performance obligation of infrastructure construction. As the customer can control the assets under construction during the performance by the Group, the Group takes them as the performance obligations within a certain period of time, and recognizes the revenue according to the performance progress, except that the performance progress cannot be reasonably determined. Based on input method, the Group determines the performance progress of the services based on the cost incurred. Where the performance progress cannot be reasonably determined, and the cost incurred by the Group is expected to be reimbursed, the revenue shall be recognized according to the amount of the cost that has incurred until the performance progress can be reasonably determined. Build and transfer contract (BT contract)

Activities under the BT contracts usually include build and transfer. With respect to the building services provided by the Group, during the building period, the revenue of construction service contracts is recognized in accordance with the above accounting policies. The construction contract revenue is measured at the fair value of the consideration receivable, and the “long-term receivables” are recognized and measured at the same time by effective interest rate method and the amortized cost, and offset upon receipt of payment of the project owner.

PPP project contract

PPP project contract refers to the contract concluded between the Group and the government party on PPP project cooperation in accordance with laws and regulations, which also meets the following characteristics (hereinafter referred to as “dual characteristics”):

• (1) The Group uses PPP project assets to provide public goods and services on behalf of the government party during the contracted operation period;

• (2) The Group is compensated for the public goods and services it provides within the contracted period.

Activities under the PPP contracts usually include construction, operation and transfer. During the building period, the Group determines whether the Group is the principal responsible person or the agent in accordance with the accounting policy of the principal responsible person/agent below. If the Group is the principal responsible person, contract revenue from construction services and contract assets are recognized accordingly, and the revenue of construction contract is measured at the fair value of the consideration received or receivable. During the operating phase, the Group carries out accounting treatment as follows accordingly:

• (1) Pursuant to the contractual provisions of the PPP project, during the project operation, if the conditions for collection of the cash (or other financial assets) of a definite amount can be met, the amount of consideration of relevant PPP project assets or the recognized amount of construction revenue is recognized as contract assets until the Group has the right to receive the consideration (which depends only on the passage of time). When the Company has the right to collect such consideration (which depends only on the passage of time), the amount of consideration of relevant PPP project assets or the recognized amount of construction revenue is recognized as accounts receivable, and subject to the accounting treatment specified in the accounting policy for financial instruments. When the PPP project assets reach their expected usable conditions, the difference of the amount of consideration of relevant PPP project assets or the recognized amount of construction revenue in excess of the cash (or other financial assets) of a definite amount is recognized as intangible assets.
• (2) Pursuant to the contractual provisions of the PPP project, the Group has the right to collect payments from the recipient of public goods and services, but such right shall not be an unconditional collection right if the payment amount is uncertain. When the PPP project assets reach their expected usable conditions, the amount of consideration of relevant PPP project assets or recognized amount of construction revenue is recognized as an intangible asset and subject to the accounting treatment specified in the accounting policy for intangible assets above.

In the operation stage, when services are provided, recognize the corresponding revenue; Daily maintenance or repair expenses incurred shall be recognized as current expenses. Daily maintenance or repair expenses incurred shall be recognized as current expenses.

The Group presents the construction expenditures incurred during the construction period of PPP projects accounted as intangible assets as cash flows from investing activities. The Group presents the construction expenditures incurred during the construction period of PPP projects other than those mentioned above as cash flows from operating activities. Variable consideration

If there is variable consideration in the contract, the Group shall determine the best estimate of variable consideration according to the expected value or the most likely amount, but the transaction price including variable consideration shall not exceed the amount that the accumulated recognized revenue is highly unlikely to have a significant reversal when the relevant uncertainty is eliminated. On each balance sheet date, the Group re-estimates the amount of variable consideration to be included in the transaction price.

Consideration payable to customers

In the case of consideration payable to customers, the Group shall use such consideration payable to offset the transaction price and then offset the current income at the later of the recognition of the relevant income and the payment (or commitment to pay) of the customer consideration, unless the consideration payable to customers is for the purpose of obtaining other clearly distinguishable goods or services from the customer.

Warranty obligations

According to the contract and legal provisions, the Group provides quality assurance for the goods sold or the assets built. For the guarantee type quality assurance that the goods sold to customers meet the established standards, the Group shall perform accounting treatment in accordance with Note V (31). For the service quality assurance for a separate service provided in addition to guaranteeing that the goods sold meet the established standards, the Group shall take it as a single performance obligation, allocate part of the transaction price to the service quality assurance according to relative proportion of the single selling price of the goods and service quality assurance, and recognize the revenue when the customer acquires service control right. In assessing whether quality assurance provides a separate service in addition

to ensuring that the goods sold meet established standards, the Group shall consider whether the quality assurance is legal requirement, quality assurance period and the nature of the Group’s commitment to perform the tasks. Principal responsible person/agent

The Group determines whether it is the principal responsible person or the agent in the transaction according to whether it has the right to control the goods or services before transferring them to customers. In case the Group can control the goods and other products before transferring them to customers, the Group shall be the principal responsible person and recognize the revenue according to the total consideration received or receivable. Otherwise, the Group shall be the agent and recognize the revenue according to the amount of commission fees or handling charges that it is expected to be entitled to receive, and the amount shall be recognized according to the net amount of the total consideration received or receivable after deducting the price payable to other relevant parties, or according to the fixed commission amount or proportion.

• (2) Different operating models for similar businesses involve different revenue recognition methods and measurement methods

Applicable √ Not applicable

• 35. Contract cost √ Applicable Not applicable

The Group’s assets related to contract cost include contract performance cost and contract acquisition cost. According to the liquidity, they are presented in inventories, other current assets and other non-current assets respectively. If the incremental cost incurred by the Group to get the contract is expected to be recovered, it shall be recognized as an asset as the contract acquisition cost, unless the amortization period of the asset does not exceed one year.

The cost incurred by the Group in performing the contract, which is not applicable to the specification scope of inventories, fixed assets or intangible assets and meets the following conditions simultaneously, shall be recognized as an asset as the contract performance cost:

• (1)The cost is directly related to a current or expected contract, including direct labor, direct materials, manufacturing expenses (or similar expenses), costs clearly borne by the customer and other costs incurred solely as a result of the contract;
• (2)The cost increases the enterprise’s resources for fulfilling its performance obligations in the future;
• (3)The cost is expected to be recovered.

The Group’s assets related to contract cost are amortized on the same basis as the recognition of income related to the assets, and are included in the current profit or loss. If the book value of the assets related to contract cost is higher than the difference between the following two items, the Group will make provision for impairment of the excess part and recognize it as the loss of asset impairment:

• (1)The remaining consideration expected to be obtained by the enterprise due to the transfer of goods or services related to the assets;
• (2)The cost expected to be incurred for the transfer of relevant goods or services.

• 36. Government subsidies √ Applicable Not applicable

Government subsidies shall be recognized only if the Company is able to comply with the conditions for the government subsidies, and is likely to receive the government subsidies. If a government subsidy is a monetary asset, it shall be measured at the amount received or receivable. If a government subsidy is a non-monetary asset, it shall be measured at its fair value; and if its fair value cannot be obtained in a reliable way, it shall be measured at a nominal amount.

If the government subsidies shall be used for the acquisition, construction, or other formation of the long-term assets as required by the government documents, they are the assets-related government subsidies; if government documents

have no relevant provisions, and such government subsidies are based on the condition of the acquisition, construction, or other formation of the long-term assets judged on the basis of basic conditions required for obtaining such government subsidies, they shall be deemed as the assets-related government subsidies, other government subsidies in addition to the said ones shall be deemed as the income-related government subsidies.

Income-related government subsidies which are used to compensate for relevant costs, expenses, or losses to be incurred in subsequent periods will be recognized as deferred income and included in profit or loss over the periods in which the relevant costs, expenses, or losses are recognized; those used to compensate for relevant costs, expenses, or losses already incurred are included directly in profit or loss for the current period.

If assets-related government subsidies are recognized as deferred income, they shall be included in profit or loss by stages by a reasonable and systematic method within the useful lives of relevant assets. (However, the government subsidies measured at nominal amounts are directly included in the current profit or loss); if the relevant assets are sold, transferred, scrapped or damaged before the end of their useful lives, the undistributed balance of relevant deferred income is transferred to the profit or loss from the current period of asset disposal.

• 37. Deferred income tax assets/deferred income tax liabilities √ Applicable Not applicable

Deferred income tax is accrued under the balance sheet liability method by the Group based on the temporary difference between book value of assets and liabilities on the balance sheet date and tax base, as well as the balance between the book value of items which have not been recognized as assets or liabilities but the tax base can be determined according to the tax law and the tax base.

Taxable temporary differences are recognized as deferred income tax liabilities, except that

• (1) The taxable temporary differences generate in the following transactions: the initial recognition of goodwill, or the initial recognition of assets or liabilities arising from transactions with the following characteristics: the transaction is not a business combination and will not affect accounting profits, nor affect the taxable income or deductible losses when the transaction occurs, and initial recognition of assets and liabilities does not lead to the generation of equal taxable temporary differences and deductible temporary differences.
• (2) For taxable temporary differences related to the investments in subsidiaries, joint ventures and associates, the time for the reversal of the taxable temporary differences can be controlled and the taxable temporary differences are likely not to be reversed in the foreseeable future.

For deductible temporary differences, deductible losses and tax credits that can be carried forward to subsequent periods, deferred tax assets arising therefrom are recognized to the extent that future taxable income will be probable to be available against the deductible temporary differences, deductible losses and tax credits, unless the deductible temporary differences arise from the following transactions:

• (1) The deductible temporary difference is generated in the following transaction: the transaction is not a business combination and will not affect accounting profits, nor affect the taxable income or deductible losses when the transaction occurs, and initial recognition of assets and liabilities does not lead to the generation of equal taxable temporary differences and deductible temporary differences.
• (2) For the deductible temporary differences arising from investments in subsidiaries, associates and joint ventures, the temporary differences may be reversed in the foreseeable future and they can be used to offset the taxable income of deductible temporary differences in the future.

On the balance sheet date, the Company shall measure deferred income tax assets and deferred income tax liabilities at the applicable tax rate during the period for expected recovery of assets or settlement of liabilities and reflect the impacts of the income tax by means of expected recovery of assets or settlement of liabilities on the balance sheet date.

On the balance sheet date, the Group reviews the book value of deferred income-tax assets. If it is unlikely to obtain sufficient taxable income to offset the benefit of the deferred income-tax assets, the book value of the deferred incometax assets will be written down. On the balance sheet date, the Group re-evaluates unrecognized deferred income tax assets, and deferred income tax assets are recognized to the extent that it is likely to obtain sufficient taxable income for

all or part of the deferred income tax assets to be reversed.

Deferred income tax assets and deferred income tax liabilities meeting both of the following conditions will be presented by net amount after offset: the Group has a legally enforceable right to offset current tax assets against current tax liabilities; and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity, or on different taxable entities that intend either to settle current tax assets and current tax liabilities on a net basis or to realize the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or deferred tax liabilities are expected to be reversed.

• 38. Lease √ Applicable Not applicable

Judgment basis and accounting treatment method for simplified treatment of short-term leases and low-value asset leases as a lessee √ Applicable Not applicable Except for short-term leases and low-value asset leases, the Group recognizes right-of-use assets and lease liabilities for leases.

At the commencement date of the lease term, the Group recognizes its right to use the leased asset over the lease term as a right-of-use asset, which is initially measured at cost. The right-of-use assets include: the initial measurement amount of the lease liability, the lease payments made on or before the commencement date of the lease term, leasing the amount related to the lease incentive already taken; initial direct costs incurred by the lessee; the costs expected to be incurred by the lessee to disassemble and remove the leased asset, restore the site where the leased asset is located, or restore the leased asset to the condition agreed in the lease terms. If the Group remeasures the lease liability due to changes in lease payments, the book value of the right-of-use asset is adjusted accordingly. The Group subsequently depreciates right-of-use assets under straight-line method. If it can be reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the leased asset will be depreciated over the remaining useful life. If it is impossible to reasonably certain that the ownership of the leased asset will be obtained at the expiration of the lease term, the leased asset will be depreciated over the shorter of the lease term and the remaining useful life.

At the commencement date of the lease term, the Group recognizes the present value of the outstanding lease payments as a lease liability, except for short-term leases and low-value asset lease. Lease payments include fixed payments and substantially fixed payments net of lease incentives, variable lease payments that depend on an index or rate, amounts expected to be payable based on the residual value of guarantee, and also include the exercise price of the purchase option or amounts to be paid upon exercise of a lease termination option if the Group is reasonably certain that the option will be exercised or the lease term reflects that the Group will exercise the lease termination option. Variable lease payments not included in the measurement of lease liabilities are recognized in profit or loss for the current period when incurred, unless otherwise provided for in the cost of the relevant assets. When there is a change in the substantial fixed payment, a change in the estimated payable amount of the guaranteed residual value, a change in the index or ratio used to determine the lease payment, or a change in the evaluation result or actual exercise of the purchase option, renewal option or termination option, the Group remeasures the lease liability at the present value of the changed lease payment. The Group recognizes the lease with a lease term of no more than 12 months from the commencement date and excluding the purchase option as a short-term lease; a lease with a low value when a single leased asset is a new asset is recognized as a low-value asset lease. The Group chooses not to recognize right-of-use assets and lease liabilities for short-term leases and low-value asset leases. During the lease term, the relevant asset costs or current profits or losses are recognized on a straight-line basis for each period.

Lease classification standards and accounting treatment method as a lessor √ Applicable Not applicable

A lease is classified as a finance lease whenever the terms of the lease transfer substantially all the risks and rewards of asset ownership to the lessee on the commencement date. All leases other than financial leases are classified as operating leases.

Rental income from the operating lease in each stage during the lease term should be recognized as the current profit or loss by the straight-line method, and the variable lease payments not included in the lease receipts are recognized in profit or loss when they are actually incurred. Initial direct costs are capitalized and amortized over the lease term on the same basis as the recognition of rental income, and are included in current profit or loss.

• 39. Other significant accounting policies and accounting estimates √ Applicable Not applicable Work safety expenses

The Company withdraws the work safety expenses according to provisions, includes them in the cost of related products or the current profit or loss, and includes them in special reserves at the same time. The costs are handled separately depending on whether they form fixed assets: when withdrawn work safety expenses are used within the prescribed range and belong to expenses, such costs shall be directly deducted from special reserves; where a fixed asset is formed, the expenses incurred through collection are recognized as the fixed asset when it is ready for its intended use, and the equivalent special reserve is written off and the equivalent accumulated depreciation is confirmed.

Fair value measurement

For assets and liabilities measured at or disclosed by their fair value in the financial statements, the level of the measurement result of fair value shall subject to the lowest level which the input having great significance to the entire measurement of fair value belongs to: Level 1 inputs refer to quoted prices (unadjusted) in active markets for identical assets or liabilities available on the measurement date; Level 2 inputs refer to inputs that are directly or indirectly observable for the assets or liabilities other than Level 1 inputs; Level 3 inputs refer to unobservable inputs of the relevant assets or liabilities.

On each balance sheet date, the Group reevaluates the assets and liabilities continuously measured at fair value and recognized in the financial statements in order to determine whether there is a conversion among the levels of fair value measurement.

Asset securitization

The Group securitizes part of its accounts receivable and contract assets (“trust property”) and entrusts the assets to a structured entity, which issues senior asset-backed securities to investors. After paying the trust tax burden and relevant expenses, trust property is given priority to pay to principal and interest of senior asset-backed securities. After paying all principal and interest, remaining trust property will be regarded as earnings of subordinated asset-backed securities, which belongs to the holders of subordinated asset-backed securities.

For the financial asset securitization business, the Group first analyzes whether the structured entity should be consolidated based on the subordinated shares held, the performance remuneration enjoyed, and the rights held. If the Group retains the contractual right to receive cash flows from financial assets but assumes the contractual obligation to pay the cash flows received to one or more final recipients, the Group shall determine the relevant accounting treatment in accordance with Note V considering the risk and reward of the assets transferred to other entities if and only if the following three conditions are met at the same time, otherwise the Group continues to recognize the transferred financial assets: the Group is obliged to pay the cash flows to the final recipient only when it receives equivalent cash flows from the financial assets; the transfer contract prohibits the Group from selling or pledging such financial assets, but the Group can use it as a guarantee for the obligation to pay cash flows to the final recipient; and the Group is obliged to transfer all cash flows collected on behalf of the final recipient to the final recipient in a timely manner without significant delay.

Significant accounting judgment and estimate

Preparation of the financial statements requires the management to make judgment, estimation and hypothesis that will have an impact on the presentation amounts and disclosure of the incomes, expenses, assets and liabilities, and the disclosure of contingent liabilities on the balance sheet date. The result incurred due to uncertainty of these hypotheses and estimates may cause significant adjustment of book values of those assets or liabilities influenced in the future.

Judgment In the application of the Group’s accounting policies, the management has made the following judgments that have a

material impact on the amounts recognized in the financial statements: Determination of the performance progress of construction contracts (only applicable to transfer of control over a period of time)

For construction projects, port machinery and heavy equipment construction contracts, the Group determines the performance progress according to the proportion of the cumulative actual construction cost to the estimated total cost, while the cumulative actual cost includes the direct cost and indirect cost in the process of transferring goods to customers; for steel structure and related construction contracts, the Group determines the performance progress based on the proportion of the cumulative actual output tonnage to the estimated total tonnage. The Group believes that the construction contract price with customers is determined on the basis of construction cost or output tonnage, and the proportion of the actual construction cost or comprehensive tonnage to the estimated total cost can or estimated total tonnage can truly reflect the performance progress of construction services. In view of the long duration of construction contracts, which may span several accounting periods, the Group will recheck and revise the budget with the progress of the construction contracts, and adjust the amount of revenue recognized accordingly.

Uncertainty of estimation

The following are other key sources of the uncertainty of the key assumptions and estimates in the future on the balance sheet date, which may lead to major adjustments in the book value of the assets and liabilities of future accounting periods.

Impairment of financial instruments and contract assets

The Group adopts the expected credit loss model to assess the impairment of financial instruments and contract assets. The application of the expected credit loss model requires significant judgments and estimates. It must consider all reasonable and evidence-based information, including forward-looking information. In making such judgments and estimates, the Group infers expected changes in debtors’ credit risk based on historical repayment data combined with economic policies, macroeconomic indicators, industry risks and other factors. Different estimates may affect the provision for impairment, and the amount of impairment that has been provided may be not equal to the actual amount of future impairment losses.

Inventory depreciation reserves

The management shall estimate the net realizable value of inventories in time so as to estimate the provision for depreciation of inventories. If any event or circumstance changes, it is necessary to use the estimate to make the provision for depreciation of inventories if the inventory is not likely to realize the relevant value. If the expected amount is different from the original estimate, the relevant difference will affect the book value of the inventories and the impairment loss during the estimated change.

Impairment of goodwill

The Group tests whether the goodwill is impaired at least annually. This requires an estimate of the present value of the future cash flows of the asset group or combination of asset groups to which goodwill is allocated. When estimating the present value of future cash flows, the Group needs to estimate the cash flow generated by future asset groups or combination of asset groups, and select the appropriate discount rate to determine the present value of future cash flows. See Note VII (27) for details.

Fair value of unlisted equity investments

The Group uses the market approach to determine the fair value of unlisted equity investments. This requires the Group to identify comparable listed companies, select market multipliers, estimate liquidity discounts, etc. and is therefore subject to uncertainty.

Impairment of non-current assets other than financial assets (other than goodwill)

On the balance sheet date, the Group judges whether there are any signs of possible impairment of non-current assets other than financial assets. Non-current assets other than financial assets are tested for impairment when there is an indication showing that their book amounts are irrecoverable. When the book value of an asset or asset group is higher than the recoverable amount, that is, the higher of the net amount from fair value less the disposal expense and the

present value of the estimated future cash flow, it indicates that the impairment occurred. The net amount after the fair value minus the disposal expenses is determined by reference to the sales agreement price of similar assets in the fair trade or the observable market price, minus the incremental cost directly attributable to the disposal of the asset. When estimating the present value of future cash flows, management must estimate the expected future cash flows of the asset or asset group and select an appropriate discount rate to determine the present value of future cash flows.

• 40. Changes in significant accounting policies and accounting estimates

For details, see “Analysis and explanation of the Company of the causes and the impacts of the major changes in accounting policies and accounting estimates or correction of significant accounting errors” under “Important Events.”

• 41. First-time implementation of new accounting standards or interpretations of standards from 2025 onwards involves adjustments to the financial statements at the beginning of the year of first-time implementation

Applicable √ Not applicable

• 42. Others Applicable √ Not applicable

VI. Taxes

• 1. Main tax categories and tax rates Main tax categories and tax rates √ Applicable Not applicable

Category of tax Basis of tax computation Tax rate

VAT is applicable to the sales of the Group’s products. The taxable income from the sales of the products in domestic market is subject to the output tax as per 13%; the products for export adopt the method of “tax exemption, tax deduction and tax reimbursement” and the applicable tax rate is 13%. The Group’s income from the marine transport is applicable to VAT, and the output tax is calculated as per 9%; the income from leasing of the equipment is applicable to VAT and the output tax is calculated as per 13% of the taxable income; the income from the sales of the equipment is applicable to the simple collection measures of VAT and the tax rate is subject to the reduced tax rate of 2%; the Group’s income from the leasing of the housing is applicable to the simple collection measures of VAT and the tax rate is 5%; the item “B-T” is applicable to VAT and the output tax on the taxable income is collected at 9%. The above output tax shall calculate and pay VAT after deducting the amount of input tax deductible, except for the applicable VAT’s simple collection method.

The difference between the output tax calculated by applicable tax rate, after deducting the deductible input tax

VAT

Urban maintenance and construction tax and education surcharge

The amount of value-added tax actually paid and exempted upon the official approval by the State Administration of Taxation

Calculated and paid according to 7% and 3% of the turnover tax actually paid and exempted upon the official approval by the State Administration of Taxation.

The enterprise income tax is calculated and paid in accordance with the Enterprise Income Tax Law of People’s Republic of China (hereinafter referred to as the “Income Tax Law”). In accordance with the relevant provisions of the Measures for the Administration of the Certification of High-tech Enterprises (GKFH [2016] No. 32) and the Guidelines for the Administration of the Certification of High-Tech Enterprises (GKFH [2016] No. 195), the Company was awarded a new High-tech Enterprise Certificate (Certificate Number: GR202331007094) in December 2023 after reexamination, with the valid term of 3 years. The Company actually applied the enterprise income tax rate of 15% this year (2024: 15%).

Enterprise income tax Taxable income

Disclosure regarding taxpayers subject to different enterprise income tax rates √ Applicable Not applicable

The Company 15% Shanghai Zhenhua Port Machinery Heavy Industries Co., Ltd. 15% Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. 16.5% Shanghai Zhenhua Shipping Co., Ltd. 25% Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. 15% Shanghai Zhenhua Heavy Industries Group (Nantong) Transmission Machinery Co., Ltd. 15% Shanghai Zhenhua Heavy Industries Technology Co., Ltd. (formerly known as: ZPMC Electric Co., Ltd.) 15% Shanghai Zhenhua Ocean Engineering Service Co., Ltd. 25% ZPMC Machinery Equipment Services Co., Ltd. 25% Shanghai Zhenhua Heavy Industries Port Machinery General Equipment Co., Ltd. 25% Shanghai Port Machinery Heavy Industry Co., Ltd. 25% ZPMC Zhangjiagang Port Machinery Co., Ltd. 25% ZPMC Qidong Marine Engineering Co., Ltd. 25% Jiahua Shipping Co., Ltd. 16.5% Zhenhua Pufeng Wind Energy (HongKong) Co., Ltd. 16.5% Nanjing Ninggao New Channel Construction Co., Ltd. 25% CCCC Investment & Development Qidong Co., Ltd. 25% CCCC Liyang Urban Investment and Construction Co., Ltd. 25% CCCC (Huaian) Construction Development Co., Ltd. 25% CCCC Zhenjiang Investment Construction Management Development Co., Ltd. 25% CCCC Rudong Construction Development Co., Ltd. 25% ZPMC Netherlands Coöperatie U.A. 25.8% ZPMC Netherlands B.V. 25.8% Verspannen B.V. 25.8% ZPMC Espana S.L. 25% ZPMC Italia S.r.l. 24% ZPMC GmbH Hamburg 32.25% ZPMC Lanka Company (Private) Limited 30% ZPMC North America Inc. 29% ZPMC Korea Co., Ltd. 20% ZPMC Engineering Africa (Pty) Ltd. 28% ZPMC Engineering (India) Private Limited 25.17% ZPMC Southeast Asia Holding Pte. Ltd. 17% ZPMC Engineering (Malaysia) Sdn. Bhd. 24% ZPMC Australia Company (Pty) Ltd. 30% ZPMC Brazil Serviço Portuários LTD. 25% ZPMC Limited Liability Company 25% ZPMC NA East Coast lnc. 33% ZPMC Middle East FZE 0% ZPMC UK LD 19% Greenland Heavylift (Hong Kong) Limited 16.5% GPO Grace Limited 0% GPO Amethyst Limited 0% GPO Sapphire Limited 0% GPO Emerald Limited 0% GPO Heavylift Limited 0% GPO Heavylift AS 22% GPO Heavylift Pte Ltd 17% ZPMC Latin America Holding Corporation 5% Terminexus Co., Ltd. 16.5%

ZPMC Southeast Asia Pte. Ltd 17% CCCC Yongjia Construction Development Co., Ltd. 25% CCCC Zhenhua Lvjian Technology (Ningbo) Co., Ltd. 25% Shanghai Zhenhua Smart Commercial Management Co., Ltd. (formerly known as: ZPMC Hotel Co., Ltd.) 25% Xiong’an Zhenhua Co., Ltd. 25% ZPMC Fuzhou Offshore Construction Co., Ltd. 25% CCCC (Dongming) Investment and Construction Co., Ltd. 25% CCCC Zhenhua Intelligent Parking (Hengyang) Co., Ltd. 25% ZPMC Group (Hainan) Co., Ltd. 25% CCCC Zhenhua Offshore Hoisting and Pipe-Laying Core Equipment Engineering Technology (Shanghai) Co., Ltd. 25%

• 2. Tax preferences √ Applicable Not applicable

Shanghai Zhenhua Port Machinery Heavy Industries Co., Ltd. obtained the “Hi-tech Enterprise Certificate” (No.: GR202231000204) in October 2022 and the renewed “Hi-tech Enterprise Certificate” (No.: GR202531004770) in December 2025, with the valid term of 3 years. Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. obtained the “Hitech Enterprise Certificate” (No.: GR202132001798) in November 2021 and the renewed “Hi-tech Enterprise Certificate” (No.: GR202432005214) in November 2024, with the valid term of 3 years. Shanghai Zhenhua Heavy Industries Group (Nantong) Transmission Machinery Co., Ltd. obtained the “Hi-tech Enterprise Certificate” (No.: GR202232002981) in 2022 and the renewed “Hi-tech Enterprise Certificate” (No.: GR202532004317) in November 2025, with the valid term of 3 years. Shanghai Zhenhua Heavy Industries Technology Co., Ltd. (formerly known as: ZPMC Electric Co., Ltd.) obtained the “Hi-tech Enterprise Certificate” (No.: GR202331003809) in December 2023, with the valid term of 3 years. In accordance with relevant provisions in Article 28 of the Enterprise Income Tax Law, these companies actually applied the enterprise income tax rate of 15% this year (2024: 15%).

• 3. Others Applicable √ Not applicable

VII. Notes to the main items of the consolidated financial statements

1. Monetary funds

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Cash on hand 244,362 266,397 Bank deposits 3,412,074,224 4,102,990,169 Other monetary funds 28,075,380 43,651,264 Deposits with finance companies 1,129,883,165 1,719,919,382 Total 4,570,277,131 5,866,827,212 Including: Total amount of overseas deposits 928,960,722 701,158,127

Other description: None

2. Held-for-trading financial assets

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Reasons and basis for designation Financial assets measured at fair value through the current profit or loss 403,446,171 534,200,582 / Including: Investment in listed company stocks 403,446,171 534,200,582 / Financial assets designated to be measured at fair value through the current profit or loss Total 403,446,171 534,200,582 /

Item Closing balance Opening balance

Other description: √ Applicable Not applicable As at December 31, 2025, the listed company share investments held by the Group include 2.03% equity of Jiangxi Huawu Brake Co., Ltd. and 0.94% equity of CRSC.

3. Derivative financial assets

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Derivative financial instruments 8,438,278 8,438,278 Total 8,438,278 8,438,278

Other description:

As at December 31, 2025, the derivative financial assets – equity options held by the Group refers to the fair value of the right obtained at the time of acquiring Greenland Heavylift (Hong Kong) Limited to purchase 1% of its equity of at the price of USD 1.

4. Notes receivable

• (1) Presentation of notes receivable by category √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Banker’s acceptance bills 149,325,265 Commercial acceptance bills - 50,000,000 Total 149,325,265 50,000,000

• (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 at the end of the period and not yet due on the balance sheet date

Applicable √ Not applicable

• (4) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Provision for bad debts by portfolio: Applicable √ Not applicable Provision for bad debts is calculated based on the general model of expected credit loss

Applicable √ Not applicable Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of notes receivable with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (5) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (6) Notes receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant notes receivable: Applicable √ Not applicable Explanation of write-off of notes receivable:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

5. Accounts receivable

• (1) Disclosure by aging √ Applicable Not applicable

Unit: RMB, Currency: CNY

Aging Ending book balance Beginning book balance Within 1 year (including 1 year) 5,353,736,518 5,329,641,004 Sub-total of items within 1 year 5,353,736,518 5,329,641,004

• 1-2 years 2,247,149,762 1,303,771,299
• 2-3 years 967,413,970 755,148,515 Over 3 years
• 3-4 years 689,020,179 364,667,805
• 4-5 years 210,386,723 748,692,080 Over 5 years 2,502,568,257 1,881,684,558 Total 11,970,275,409 10,383,605,261

• (2) Disclosure by bad debt calculation method √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024 Book balance Provision for bad debts

Book balance Provision for bad debts

Category

Book value Amount

Book value

Proportion of provision (%)

Proportion (%)

Proportion of provision (%)

Proportion (%)

Amount

Amount

Amount

Provision for bad debts accrued on an individual basis

1,049,616,927 9 1,049,616,927 100 - 900,605,325 9 829,355,994 92 71,249,331

Including: Provision for bad debts accrued on an individual basis

1,049,616,927 9 1,049,616,927 100 - 900,605,325 9 829,355,994 92 71,249,331

Provision for bad debts by portfolio

10,920,658,482 91 2,434,834,673 22 8,485,823,809 9,482,999,936 91 2,188,455,806 23 7,294,544,130

Including: Aging portfolio 10,920,658,482 91 2,434,834,673 22 8,485,823,809 9,482,999,936 91 2,188,455,806 23 7,294,544,130 Total 11,970,275,409 / 3,484,451,600 / 8,485,823,809 10,383,605,261 / 3,017,811,800 / 7,365,793,461

Individual provision for bad debts: √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 Book balance Provision for bad debts Proportion of provision (%) Reason for provision

Name

Provision for bad debts accrued on an individual basis

1,049,616,927 1,049,616,927 100 Counterparty financial shortage Total 1,049,616,927 1,049,616,927 100 /

Description of individual provision for bad debts: √ Applicable Not applicable

December 31, 2024 Book balance Provision for bad debts Proportion of provision (%) Reason for provision

Name

Provision for bad debts accrued on an individual basis

900,605,325 829,355,994 92 Counterparty financial shortage Total 900,605,325 829,355,994 92 /

Provision for bad debts by portfolio: √ Applicable Not applicable Items accrued by portfolio: Aging portfolio

Unit: RMB, Currency: CNY

December 31, 2025

Name

Book balance Provision for bad debts Proportion of provision (%) Within 1 year 5,353,736,517 283,155,658 5

• 1-2 years 2,247,149,762 354,974,615 16
• 2-3 years 962,856,071 239,366,401 25
• 3-4 years 688,979,679 268,777,079 39
• 4-5 years 197,941,272 120,069,438 61 Over 5 years 1,469,995,181 1,168,491,482 79 Total 10,920,658,482 2,434,834,673

Explanation of provision for bad debts accrued by portfolio: Applicable √ Not applicable Provision for bad debts is calculated based on the general model of expected credit loss Applicable √ Not applicable

Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of accounts receivable with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (3) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: There were no recoveries or reversals of provision for bad debts with significant amount in the year.

• (4) Accounts receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant accounts receivable Applicable √ Not applicable Explanation of write-off of accounts receivable: Applicable √ Not applicable

• (5) Top 5 accounts receivable and contract assets in terms of ending balance presented by debtor Applicable √ Not applicable

Other description: √ Applicable Not applicable Accounts receivable with provision for bad debts accrued by credit risk features portfolio are as follows:

December 31, 2025 December 31, 2024

Expected credit loss for the entire duration

Expected credit loss for the entire duration

Carrying amount of estimated credit losses arising from default

Carrying amount of estimated credit losses arising from default

Proportion of provision (%)

Proportion of provision (%)

Within 1 year 5,353,736,517 5 283,155,658 5,329,749,390 5 286,132,100

• 1-2 years 2,247,149,762 16 354,974,615 1,299,177,300 17 226,038,205
• 2-3 years 962,856,071 25 239,366,401 755,108,015 24 179,470,493
• 3-4 years 688,979,679 39 268,777,079 354,323,959 56 199,934,817
• 4-5 years 197,941,272 61 120,069,438 649,274,788 66 427,222,231 Over 5 years 1,469,995,181 79 1,168,491,482 1,095,366,484 79 869,657,960 Total 10,920,658,482 2,434,834,673 9,482,999,936 2,188,455,806

There were no recoveries or reversals of provision for bad debts with significant amount in the year. As at December 31, 2025, the top five accounts receivable and contract assets are as follows:

Closing balance of provision for bad debts of accounts receivable and provision for impairment of contract assets

Proportion in total closing balance of accounts receivable and contract assets (%)

Closing balance of accounts receivable and contract assets

Closing balance of accounts receivable

Closing balance of contract assets

• Customer 1 432,582,000 309,938,522 742,520,522 5 -
• Customer 2 128,713,924 582,720,851 711,434,775 5 589,114,972
• Customer 3 562,466,589 110,038,073 672,504,662 4 107,191,201
• Customer 4 484,585,738 10,732,978 495,318,716 3 100,185,865
• Customer 5 - 481,487,143 481,487,143 3 Total 1,608,348,251 1,494,917,567 3,103,265,818 20 796,492,038

6. Contract assets

• (1) Particulars about contract assets √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item

December 31, 2025 December 31, 2024

Book balance

Provision for bad debts

Book value Book balance

Provision for bad debts

Book value

Warranty balance recognized at the time of control transfer (Note 1)

847,001,790 121,690,787 725,311,003 1,433,787,685 144,525,603 1,289,262,082

Outstanding payments for construction completed (Note 2)

2,873,226,853 528,619,379 2,344,607,474 2,750,387,249 142,002,115 2,608,385,134

Total 3,720,228,643 650,310,166 3,069,918,477 4,184,174,934 286,527,718 3,897,647,216

• Note 1: The Group sells equipment to customers and provides related installation services, which constitute a single performance obligation. When the Group recognizes revenue at the time of fulfilling its performance obligations, the Company’s unconditional (i.e., only depending on the passage of time) right to collect consideration from customers shall be presented as receivables. The non-invoiced contract warranty balance is the right to conditionally collect the consideration from the customer. Therefore, the Company recognizes the non-invoiced contract receivables as contract assets, and the contract assets will form unconditional collection right after the expiration of the warranty and will be transferred to the receivables.
• Note 2: The Group provides customers with manufacturing of large port machinery and equipment, infrastructure construction services, and steel structure and heavy equipment product manufacturing, and recognizes revenue within a period of time to form contract assets. The contract assets will form unconditional collection right at the time of project settlement and are transferred in receivables. The customers shall settle accounts with the Group on the performance progress of the delivery of large port machinery and equipment, engineering construction services and steel structure and heavy equipment products under contract provisions, and pay the contract price according to the credit period specified in the contract after settlement. The part of the income amount recognized by the Group according to the performance progress exceeding the settled price is recognized as contract assets, and the part of the settled price exceeding the income amount recognized by the Group according to the performance progress is recognized as contract liabilities.

• (2) Amount of and reason for significant changes in book value during the reporting period Applicable √ Not applicable

• (3) Disclosure by bad debt calculation method √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024 Book balance Provision for bad debts

Book balance Provision for bad debts

Category

Book value Amount

Book value

Proportion (%)

Proportion of provision (%)

Proportion (%)

Proportion of provision (%)

Amount

Amount

Amount

Provision for bad debts accrued on an individual basis

582,720,851 16 460,401,048 79 122,319,803

Including: Provision for bad debts by portfolio

3,137,507,792 84 189,909,118 6 2,947,598,674 4,184,174,934 100 286,527,718 7 3,897,647,216

Including: Total 3,720,228,643 / 650,310,166 / 3,069,918,477 4,184,174,934 / 286,527,718 / 3,897,647,216

Individual provision for bad debts: √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025

Name

Book balance Provision for bad debts Proportion of provision (%) Reason for provision Contract asset 1 582,720,851 460,401,048 79 Counterparty financial shortage Total 582,720,851 460,401,048 79 /

Description of individual provision for bad debts:

Applicable √ Not applicable Provision for bad debts by portfolio: √ Applicable Not applicable Items accrued by portfolio: Contract assets

Unit: RMB, Currency: CNY

December 31, 2025

Name

Book balance Provision for bad debts Proportion of provision (%) Within 1 year 2,585,786,780 106,808,357 4

• 1-2 years 365,608,771 76,347,172 21
• 2- 3 years 186,112,241 6,753,589 4 Over 3 years - - Total 3,137,507,792 189,909,118

Explanation of provision for bad debts accrued by portfolio Applicable √ Not applicable Provision for bad debts is calculated based on the general model of expected credit loss

Applicable √ Not applicable Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of contract assets with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (4) Provision for bad debts of contract assets of the current period √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item

December 31, 2024

Increase/decrease in the current period

December 31, 2025

Provision in Reason

the current period

Recovery or reversal in the current period

Write-off/ charge-off in the current period

Other changes

Warranty balance recognized at the time of control transfer

144,525,603 227,598,050 -250,432,866 - - 121,690,787

Outstanding payments for construction completed

142,002,115 389,571,028 - -2,953,764 - 528,619,379 Total 286,527,718 617,169,078 -250,432,866 -2,953,764 - 650,310,166 /

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (5) Contract assets actually written off in the current period Applicable √ Not applicable

Write-off of significant contract assets

Note to contract asset write-off:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

7. Receivables financing

• (1) Receivables financing presented by category √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Banker’s acceptance bills 178,884,505 106,533,734 Digital debt voucher of accounts receivable 306,484,775 543,727,150 Total 485,369,280 650,260,884

• (2) Receivables financing pledged by the Company at the end of the period Applicable √ Not applicable

• (3) Receivables financing that has been endorsed or discounted by the Company and is not due at the balance sheet date at the end of the period √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Derecognition amount at the end of period Amount not derecognized at the end of period

Banker’s acceptance bills 507,329,316 Digital debt voucher of accounts receivable 31,172,179 Total 538,501,495

• (4) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Description of individual provision for bad debts: Applicable √ Not applicable Provision for bad debts by portfolio: Applicable √ Not applicable Provision for bad debts is calculated based on the general model of expected credit loss

Applicable √ Not applicable Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of receivables financing with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (5) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

None

• (6) Receivables financing actually written off in the current period Applicable √ Not applicable

Write-off of significant receivables financing

Applicable √ Not applicable Note to write-off:

Applicable √ Not applicable

• (7) Increase or decrease and changes in fair value of receivables financing in the current period: Applicable √ Not applicable

• (8) Other description Applicable √ Not applicable

8. Advances to suppliers

• (1) Presentation of advances to suppliers by aging √ Applicable Not applicable

Unit: RMB, Currency: CNY

Aging

December 31, 2025 December 31, 2024

Amount Proportion (%) Amount Proportion (%) Within 1 year 624,263,865 76 841,302,248 82

• 1-2 years 125,548,407 15 129,466,008 12
• 2-3 years 43,577,058 5 10,069,526 1 Over 3 years 28,846,041 4 50,780,077 5 Total 822,235,371 100 1,031,617,859 100

Explanation of the reasons why the advances to suppliers with the aging over one year and a significant amount is not settled in time:

As at December 31, 2025, the advances to suppliers of the Company with the aging over one year was RMB 197,971,506 (as at December 31, 2024: RMB 190,315,611), mainly the advances to suppliers for the procurement of imported parts, which has not been yet settled because the purchased imported parts have not yet been received.

• (2) Top 5 advances to suppliers in terms of ending balance presented by prepaid object √ Applicable Not applicable

Unit: RMB, Currency: CNY

Name December 31, 2025 Proportion in total ending balance of prepayment(%) Total advances to suppliers of top 5 balances 349,322,747 42 Total 349,322,747 42

Other description: None Other description:

Applicable √ Not applicable

9. Other receivables Item presentation

Item December 31, 2025 December 31, 2024 Interest receivable Dividends receivable Other receivables 704,236,518 780,170,637 Total 704,236,518 780,170,637

Other description:

Applicable √ Not applicable Interest receivable

• (1) Classification of interest receivable Applicable √ Not applicable

• (2) Significant overdue interest Applicable √ Not applicable

• (3) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Description of individual provision for bad debts: Applicable √ Not applicable Provision for bad debts by portfolio: Applicable √ Not applicable

• (4) Provision for bad debts is calculated based on the general model of expected credit loss Applicable √ Not applicable

Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of interests receivable with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (5) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (6) Interests receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant interest receivable

Applicable √ Not applicable Note to write-off:

Applicable √ Not applicable

Applicable √ Not applicable Dividends receivable

• (7) Dividends receivable Applicable √ Not applicable

• (8) Significant dividends receivable aging over 1 year Applicable √ Not applicable

• (9) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Description of individual provision for bad debts: Applicable √ Not applicable Provision for bad debts by portfolio: Applicable √ Not applicable

• (10) Provision for bad debts is calculated based on the general model of expected credit loss Applicable √ Not applicable

Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of dividends receivable with loss provision changes in the current period:

Applicable √ Not applicable

• (11) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (12) Dividends receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant dividends receivable

Applicable √ Not applicable Note to write-off:

Applicable √ Not applicable Other description:

Applicable √ Not applicable Other receivables

• (13) Disclosure by aging

Aging Ending book balance Beginning book balance Within 1 year (including 1 year) 594,424,667 508,829,137 Sub-total of items within 1 year 594,424,667 508,829,137

• 1-2 years 149,672,829 241,190,490
• 2-3 years 36,691,808 50,907,248 Over 3 years
• 3-4 years 25,156,181 6,025,630
• 4-5 years 5,909,666 2,506,517 Over 5 years 229,351,947 228,793,347 Total 1,041,207,098 1,038,252,369

(14) Classification by nature of funds √ Applicable Not applicable

Unit: RMB, Currency: CNY

Nature of funds Ending book balance Beginning book balance Unpaid taxes receivable 454,366,095 466,217,590 Receivables from third parties 175,513,997 93,031,724 Secured repayment 164,124,678 164,124,678 Customs deposits 42,995,456 38,282,346 Bid and performance bonds 40,525,698 64,665,781 Export rebates 9,403,237 14,877,279 Money on call of on-site product service 9,284,072 14,527,162 Lease payment receivable 8,984,183 11,849,430 Staff loan receivable 6,160,325 9,565,349 Others 129,849,357 161,111,030 Total 1,041,207,098 1,038,252,369

(15) Provision for bad debts √ Applicable Not applicable

Unit: RMB, Currency: CNY

Stage I Stage II Stage III

Expected credit loss for the entire duration (no credit impairment)

Expected credit loss for the entire duration (credit

Provision for bad debts

Expected credit losses Total over the next 12 months

impairment occurred) Balance as of January 1, 2025 65,136,458 192,945,274 258,081,732 Balance as of January 1, 2025 during the reporting period

• --Transferred to Stage II
• --Transferred to Stage III -65,227,268 65,227,268

--Reversal to Stage II

--Reversal to Stage I Provision in the current period 11,103,628 68,814,568 79,918,196 Reversal in the current period -1,029,348 -1,029,348 Write-off in the current period Charge-off in the current period Other changes Balance as of December 31, 2025 9,983,470 326,987,110 336,970,580

Basis for division of each stage and proportion of provision for bad debt None Description of significant changes in book balance of other receivables with changes in loss provision in the current period:

Applicable √ Not applicable The amount of provision for bad debts in the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly:

Applicable √ Not applicable

• (16) Movements in provision for bad debts Applicable √ Not applicable

The reversed or recovered provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (17) Other receivables actually written off in the current period Applicable √ Not applicable

Write-off of other significant accounts receivable: Applicable √ Not applicable Explanation of write-off of other receivables: Applicable √ Not applicable

• (18) Top 5 other receivables in terms of ending balance presented by debtor √ Applicable Not applicable

Unit: RMB, Currency: CNY

Name

December 31, 2025

Proportion in the total balance of other receivables (%)

Nature Aging

Balance of provision for bad debts as at December 31, 2025

ZPMC-Red Box Energy Services Limited

164,124,678 16

Guarantee payment receivable under letter of guarantee

Over 5 years 164,124,678

Anhui Shenghua Construction Engineering Co., Ltd.

119,826,653 12

Advances paid on behalf of third parties receivable

1-2 years 68,814,568

Shandong Lanqiao Petrochemical Co., Ltd.

65,227,269 6 Unpaid taxes receivable Over 5 years 65,227,269

Cinda Financial Leasing Co., Ltd. 54,820,885 5 Unpaid taxes receivable Within 1 year Shanghai Customs of the People’s Republic of China

42,995,456 4 Customs deposits Within 1 year Total 446,994,941 43 / / 298,166,515

• (19) Presented in other receivables due to centralized fund management Applicable √ Not applicable

Other description: Applicable √ Not applicable

10. Inventories

• (1) Classification

Item

Book balance

December 31, 2025 December 31, 2024

Provision for inventory depreciation/ provision for impairment of contract performance cost

Book value Book balance

Provision for inventory depreciation/ provision for impairment of contract performance cost

Book value

Raw materials 3,561,532,717 51,081,418 3,510,451,299 3,551,885,045 48,398,643 3,503,486,402 Goods in process 20,241,057,348 239,485,922 20,001,571,426 20,903,827,913 348,283,907 20,555,544,006 Stock commodities 44,303,325 44,303,325 43,070,855 43,070,855 Revolving materials Consumptive biological assets Contract performance cost

308,652,468 308,652,468 452,483,403 452,483,403

Total 24,155,545,858 290,567,340 23,864,978,518 24,951,267,216 396,682,550 24,554,584,666

• (2) Data resources recognized as inventory Applicable √ Not applicable

• (3) Provision for inventory depreciation and provision for impairment of contract performance cost √ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase in the current period Decrease in the current period

December 31, 2024

December 31, 2025

Item

Provision Others Reversal or write- off Others Raw materials 48,398,643 10,691,409 -8,008,634 51,081,418 Goods in process 348,283,907 141,621,159 -250,419,144 239,485,922 Stock commodities Revolving materials Consumptive biological assets Contract performance cost Total 396,682,550 152,312,568 -258,427,778 290,567,340

Reasons for reversing or writing off the provision for inventory depreciation in the current period

Applicable √ Not applicable Accrual of provision for inventory depreciation by portfolio √ Applicable Not applicable

Unit: RMB, Currency: CNY

Ending Beginning Book balance

Name of portfolio

Depreciation provision

Ratio of provision for inventory depreciation (%)

Depreciation provision

Ratio of provision for inventory depreciation (%)

Book balance

Within 1 year 3,180,870,602 3,047,281,403

• 1-2 years 92,969,043 249,237,321
• 2-3 years 83,822,161 4,191,108 5 57,420,060 2,871,003 5 Over 3 years 203,870,911 46,890,310 23 197,946,261 45,527,640 23 Total 3,561,532,717 51,081,418 3,551,885,045 48,398,643

Standards of accrual of provision for inventory depreciation by portfolio Applicable √ Not applicable

• (4) Amount of capitalized borrowing costs included in ending balance of inventories and its calculation standards and basis

Applicable √ Not applicable

• (5) Description of the current amortization amount of contract performance cost Applicable √ Not applicable

Other description: √ Applicable Not applicable Information about inventory depreciation reserves:

Reasons for reversing or writing off the provision for inventory depreciation in the year

Specific basis for determination of net realizable values

Raw materials and outsourced parts and components

Difference between the net realizable value of raw materials and outsourced parts and components and their book value resulting from product price fall

Value recovery, consuming or external sales

Difference between the net realizable value and the book value of goods in process

Goods in process

Value recovery, transferred for self-use or external sales

Total amount of possible penalties for failure to fulfill the obligations as contracted:

2025 2024 Valid letter of guarantee signed by the bank 18,063,416,868 17,995,858,329 Letter of guarantee not signed by the bank 6,833,913,584 8,171,573,376 Total 24,897,330,452 26,167,431,705

11. Assets held for sale

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Estimated disposal costs

Expected disposal date

December 31, 2025

Provision for impairment

Book value at the end of the period

Fair value

Item

Buildings, constructions, land use rights, and mechanical equipment

12,327,736 12,327,736 52,569,961 April 2026 Total 12,327,736 12,327,736 52,569,961 /

Other description: None

12. Non-current assets due within one year

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Debt investment due within one year Other debt investments due within one year Long-term receivables due within one year 888,580,054 1,346,060,900 Total 888,580,054 1,346,060,900

Debt investment due within one year Applicable √ Not applicable Other debt investments due within one year Applicable √ Not applicable Other description on non-current assets due within one year: None

13. Other current assets

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Contract acquisition cost Return cost receivable Input tax to be deducted 1,335,138,235 853,758,031 Prepaid income tax 3,486,755 4,396,501 Total 1,338,624,990 858,154,532

Other description: None

14. Debt investment

• (1) Particulars about debt investment Applicable √ Not applicable

Changes in provision for impairment of debt investments in the current period Applicable √ Not applicable

• (2) Significant debt investment at the end of the period Applicable √ Not applicable

• (3) Provision for impairment Applicable √ Not applicable

Basis for division of each stage and proportion of provision for impairment: None Explanation of significant changes in the book balance of debt investments with changes in provisions for losses in the current period:

Applicable √ Not applicable The amount of provision for impairment in the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly

Applicable √ Not applicable

• (4) Actual write-off of debt investments in the current period Applicable √ Not applicable

Write-off of significant debt investments Applicable √ Not applicable Explanation of write-off of debt investments:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

15. Other debt investments

• (1) Particulars about other debt investments Applicable √ Not applicable

Changes in provision for impairment of other debt investments in the current period Applicable √ Not applicable

• (2) Other significant debt investment at the end of the period Applicable √ Not applicable

• (3) Provision for impairment Applicable √ Not applicable

Basis for division of each stage and proportion of provision for impairment: None Explanation of significant changes in the book balance of other debt investments with changes in provisions for losses in the current period:

Applicable √ Not applicable The amount of provision for impairment in the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly

Applicable √ Not applicable

• (4) Other debt investments actually written off in the current period Applicable √ Not applicable

Write-off of other significant debt investments Applicable √ Not applicable Explanation of write-off of other debt investments:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

16. Long-term receivables

• (1) Particulars about long-term receivables √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item

December 31, 2025 December 31, 2024

Discount rate

Provision for bad debts

Provision for bad debts

Book balance range

Book value Book balance

Book value

Financing lease Including: Unrealized financing income Goods sold on installment 189,446,337 189,446,337 272,270,359 272,270,359 Including: Unrealized financing income -6,425,303 -6,425,303 -16,883,031 -16,883,031 Services provided on installment Receivables from “Build-Transfer” project

• - Principal 1,414,230,352 1,414,230,352 1,780,292,870 1,780,292,870
• - Interest receivable 547,692,878 547,692,878 374,755,734 374,755,734 Less: Long-term receivables due within one year 888,580,054 888,580,054 1,346,060,900 1,346,060,900 Total 1,262,789,513 1,262,789,513 1,081,258,063 1,081,258,063 /

As at December 31, 2025 and December 31, 2024, the principal of receivables under the “Build-Transfer (BT)” projects represented the funds invested by the Group in the BT projects, and the interest receivable represented the financing return recognized in accordance with the contracts.

As at December 31, 2025, long-term receivables of RMB 1,015,896,808 (December 31, 2024: RMB 1,140,307,484) had been pledged to banks as security for long-term borrowings of RMB 3,053,934,248 (December 31, 2024: long-term borrowings of RMB 3,031,253,334).

• (2) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Description of individual provision for bad debts: Applicable √ Not applicable Provision for bad debts by portfolio: Applicable √ Not applicable

• (3) Provision for bad debts is calculated based on the general model of expected credit loss Applicable √ Not applicable

Basis for division of each stage and proportion of provision for bad debt None Description of significant changes in the book balance of long-term receivables with changes in provisions for losses in the current period:

Applicable √ Not applicable The amount of provision for bad debts in the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly

Applicable √ Not applicable

• (4) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (5) Long-term receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant long-term accounts receivable Applicable √ Not applicable Explanation of write-off of long-term receivables:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

17. Long-term equity investments

(1) Long-term equity investments √ Applicable Not applicable

Unit: RMB, Currency: CNY

Ending balance

impairment Further

of provision for

Sub-total 1,398,871,547 -40,050,855 74,416,185 -828,505 670,318 -16,096,738 1,416,981,952

Total 1,767,152,609 -40,050,855 75,525,126 -828,505 670,318 -16,096,738 1,786,371,955

CCCC Yancheng Construction Development Co., Ltd. 402,530,473 19,681,108 422,211,581

CCCC Estate Yixing Co., Ltd. 203,058,465 -10,388,856 192,669,609

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd 367,895,744 1,494,259 369,390,003

Sub-total 368,281,062 1,108,941 369,390,003

CCCC Xiongan Urban Construction Development Co., Ltd. (iii) 7,609,896 491,363 8,101,259

Ending

value)

China communications Construction USA Inc. 62,247,180 2,374 -1,364,199 60,885,355

CCCC Financial Leasing Co., Ltd. (ii) 661,178,256 53,729,432 535,694 670,318 -12,247,158 703,866,542

Balance (book

ZPMC Changzhou Coatings Co., Ltd. 24,395,594 8,701,592 -3,849,580 29,247,606

impairment Others

Provision for

declared to be

distributed

Cash dividends

or profit

Increase/decrease in the current period

Changes in

other equity

Adjustment

comprehensive

of other

income

ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi 385,318 -385,318

Profit or loss

on investments

method

under the equity

CCCC Photovoltaic Technology Co., Ltd. 37,851,683 -40,050,855 2,199,172

investment Reduced

investment

provision for

impairment

balance of

Opening

Investee Beginning

value)

Balance (book

Shanghai Xingyi Construction Technology Co., Ltd.

ZPMC-Red Box Energy Services Limited (i)

ZOSG-OTL Marine Contractor Limited

I. Joint ventures

II. Associates

principally engaged in vessel transportation services. Based on the relevant provisions of the shareholders’ agreement of the company, major corporate matters require

engaged in engineering construction. According to the relevant provisions of the company’s articles of association, the Company is entitled to appoint one director to

(iii) On June 23, 2020, the Company participated in the establishment of CCCC Xiongan Urban Construction Development Co., Ltd. through an equity investment. The

(i) On May 5, 2014, a subsidiary of the Company and its partner invested to establish ZPMC-Red Box Energy Services Limited (hereinafter referred to as “ZPMC-RB”). The

registered capital of the company is USD 5,969,998, of which the Company’s subsidiary contributed USD 3,044,699, representing a 51% stock equity. The company is

(ii) In 2025, the Company held a 5.82% stock equity in CCCC Financial Leasing Co., Ltd. According to the relevant provisions of the company’s articles of association, the

registered capital of the company is RMB 100,000,000, of which the Company subscribed RMB 15,000,000, representing a 15% stock equity. The company is principally

the approval of shareholders holding no less than 75% of the voting shares. Hence, the Group has no control over the company but jointly controls it with the partner.

Company is entitled to appoint one director to the company and is able to exercise significant influence over it.

the company and is able to exercise significant influence over it.

(2) Impairment test of long-term equity investments

Applicable √ Not applicable

Other description:

Joint ventures

Associates

• 18. Other equity instrument investment

Unit: RMB, Currency: CNY

(1) Particulars about other equity instrument investment

√ Applicable Not applicable

Reasons for financial assets

designated to be measured

at fair value through other

21st Century Science and Technology Investment Co., Ltd. -30,000,000 Strategic investment, long-

Jiangsu Zhangjinggao Bridge Co., Ltd. 75,410,000 75,410,000 Strategic investment, long-

Shanghai Longchang Lifting Equipment Co., Ltd. 739,815 -739,815 -800,000 Strategic investment, long-

Strategic investment, long-

Shenyang Weichen Crane Equipment Co., Ltd. 9,058,100 -650,558 8,407,542 6,907,541 Strategic investment, long-

Strategic investment, long-

Ningbo Weilong Port Machinery Co., Ltd. 24,208,224 9,088,405 33,296,629 30,000,629 Strategic investment, long-

Hunan Fengri Power & Electric Co., Ltd. 33,199,200 12,794,405 45,993,605 171,626 25,995,445 Strategic investment, long-

comprehensive income Further

term holding

term holding

term holding

Nezha Port and Shipping Smart Technology (Shanghai) Co., Ltd. 26,798,909 -3,501,381 23,297,528 -6,441,396Strategic investment, long-term holding

term holding

term holding

term holding

term holding

term holding

Total 190,530,888 25,556,707 -4,891,754 211,195,841 171,626 72,194,153 -37,241,396 /

Accumulated

losses included

comprehensive

in other

income

Accumulated

Technology and Equipment Co., Ltd. 7,937,621 1,617,638 9,555,259 3,155,260

Ltd. 13,179,019 2,056,259 15,235,278 6,135,278

comprehensive

gains included

in other

income

income

recognized

in the current

period

Dividend

Ending

Balance

Others

comprehensive

Losses included

income in the

in other

current period

Increase/decrease in the current period

comprehensive

Gains included

income in the

in other

current period

investment

investment Reduced

Item Beginning

Balance

CCCC Highway Bridges National Engineering Research Centre Co.,

CCCC National Engineering Research Center of Dredging

(2) Derecognition in the current period

Applicable √ Not applicable

Applicable √ Not applicable

Other description:

1. Other non-current financial assets

Applicable √ Not applicable

Applicable √ Not applicable

Other description:

• 20. Investment properties Measurement model of investment properties

(1) Investment properties using cost measurement mode

Unit: RMB, Currency: CNY

Item Buildings and constructions Land use right Construction in progress Total

• I. Original book value

• 1. Balance as at December 31, 2024 580,667,465 209,845,794 790,513,259
• 2. Increase in current period

• (1) Outsourcing
• (2) Transfer-in of inventories, fixed assets and construction in progress
• (3) Increase in business combination

• 3. Decrease in current period -77,014,533 -9,490,610 -86,505,143

• (1) Disposal
• (2) Transferred to assets held for sale -77,014,533 -9,490,610 -86,505,143
• (3) Other transfer-out

• 4. Balance as at December 31, 2025 503,652,932 200,355,184 704,008,116

• II. Accumulative depreciation and amortization

• 1. Balance as at December 31, 2024 290,738,491 93,037,013 383,775,504
• 2. Increase in current period 17,468,975 5,344,478 22,813,453

(1) Provision or amortization 17,468,975 5,344,478 22,813,453

• 3. Decrease in current period -65,362,589 -8,814,818 -74,177,407

• (1) Disposal
• (2) Transferred to assets held for sale -65,362,589 -8,814,818 -74,177,407
• (3) Other transfer-out

• 4. Balance as at December 31, 2025 242,844,877 89,566,673 332,411,550

• III. Provision for impairment

• 1. Balance as at December 31, 2024
• 2. Increase in current period

• (1) Provision

• 3. Decrease in current period

• (1) Disposal
• (2) Other transfer-out

• 4. Balance as at December 31, 2025 IV. Book value

1. Book value at the end of the period 260,808,055 110,788,511 371,596,566 2. Book value at the beginning of the period 289,928,974 116,808,781 406,737,755

• (2) Investment property without certificate of title Applicable √ Not applicable

• (3) Impairment test of investment properties using cost measurement model Applicable √ Not applicable

Other description: Applicable √ Not applicable

• 21. Fixed assets

Item presentation Applicable √ Not applicable

Other description:

Applicable √ Not applicable Fixed assets

(1) Particulars about fixed assets √ Applicable Not applicable

Item

• I. Original book value:

• 1. Balance as at December 31, 2024 11,671,940,827 7,077,278,826 411,081,894 250,233,897 21,406,653,850 40,817,189,294
• 2. Increase in current period 69,661,774 318,998,531 36,362,390 5,053,807 349,615,756 779,692,258

• (1) Purchase 25,378,696 106,704,402 36,223,296 4,996,285 32,274,206 205,576,885
• (2) Transfer-in of construction in progress 44,283,078 212,174,767 57,522 317,341,550 573,856,917
• (3) Increase in business combination
• (4) Exchange rate changes 119,362 139,094 258,456

• 3. Decrease in current period -4,271,358 -194,541,064 -19,909,295 -12,814,370 -213,739,991 -445,276,078

• (1) Disposal or scrap -4,271,358 -194,541,064 -19,909,295 -12,814,370 -121,982,759 -353,518,846
• (2) Exchange rate changes -91,757,232 -91,757,232

• 4. Balance as at December 31, 2025 11,737,331,243 7,201,736,293 427,534,989 242,473,334 21,542,529,615 41,151,605,474

• II. Accumulated depreciation

• 1. Balance as at December 31, 2024 5,682,039,292 5,483,353,346 318,290,224 162,978,655 5,479,830,574 17,126,492,091
• 2. Increase in current period 379,822,541 251,432,680 28,966,962 13,002,453 772,023,968 1,445,248,604

• (1) Provision 379,822,541 251,432,680 28,966,962 13,002,453 772,023,968 1,445,248,604
• (2) Exchange rate changes

• 3. Decrease in current period -2,872,264 -192,182,575 -19,037,982 -12,211,692 -102,126,766 -328,431,279

• (1) Disposal or scrap -2,872,264 -192,081,301 -18,569,921 -12,211,692 -80,549,227 -306,284,405
• (2) Exchange rate changes -101,274 -468,061 - -21,577,539 -22,146,874

• 4. Balance as at December 31, 2025 6,058,989,569 5,542,603,451 328,219,204 163,769,416 6,149,727,776 18,243,309,416

• III. Provision for impairment

• 1. Balance as at December 31, 2024
• 2. Increase in current period

(1) Provision

• 3. Decrease in current period

• (1) Disposal or scrap

1. Balance as at December 31, 2025 IV. Book value

• 1. Book value at the end of the period 5,678,341,674 1,659,132,842 99,315,785 78,703,918 15,392,801,839 22,908,296,058
• 2. Book value at the beginning of the period 5,989,901,535 1,593,925,480 92,791,670 87,255,242 15,926,823,276 23,690,697,203

• (2) Temporary idle fixed assets Applicable √ Not applicable

• (3) Fixed assets leased out through operating lease √ Applicable Not applicable

Buildings and constructions

Mechanical equipment

Office and electronic

equipment

Transportation facilities (excluding ship)

Unit: RMB, Currency: CNY

Vessel Total

Unit: RMB, Currency: CNY

Item Book value at the end of the period Vessel 3,059,506,943

• (4) Fixed assets without certificate of title √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Book value Reasons for pending certificate of title Buildings and constructions 177,169,792 Related procedures are still in process

• (5) Impairment test of fixed assets Applicable √ Not applicable

Other description: √ Applicable Not applicable As at December 31, 2025, the following fixed assets were taken as loan mortgage:

Borrowings Nature Amount

Original price Book value

Vessel 2,911,782,265 2,294,086,970 Long-term payables 1,149,794,159

Liquidation of fixed assets Applicable √ Not applicable

22. Construction in progress

Item presentation

Applicable √ Not applicable Other description:

Applicable √ Not applicable Construction in progress

• (1) Particulars about construction in progress √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item

December 31, 2025 December 31, 2024

Book balance

Provision for impairment

Book value Book balance

Provision for impairment

Book value

Large machinery and engineering equipment of the base under construction

971,408,359 971,408,359 960,273,753 960,273,753

Infrastructure construction of Changxing Base 182,442,580 182,442,580 180,920,080 180,920,080 Infrastructure construction of Nantong Base 269,132,436 269,132,436 136,668,794 136,668,794 Large mechanical reconstruction and upgrading project

18,162,541 18,162,541 23,821,184 23,821,184

Infrastructure construction of Nanhui Base 1,987,544 1,987,544 44,990 44,990 Total 1,443,133,460 1,443,133,460 1,301,728,801 1,301,728,801

• (2) Changes of significant construction in progress √ Applicable Not applicable

Unit: RMB, Currency: CNY

Capitalization rate for the interest in the current period (%)

Including: Capitalization of the interest in the current

Proportion of cumulative project investment in budget (%)

Other decreases in the current period

Amount transferred into fixed assets in the current period

Cumulative amount of interest capitalized

Fund source

Construction progress

Ending Balance

Beginning Balance

Increase in the current period

Item Budget

period

Infrastructure construction of Nantong Base

Selfowned funds

8,555,716,771 136,668,794 218,466,292 -86,002,650 269,132,436 84 84

Selfowned funds and bank loans

Infrastructure construction of Changxing Base

9,109,560,500 180,920,080 52,695,707 -51,173,207 182,442,580 80 80 31,366,066 4,634,772 2.14

Large machinery and engineering equipment of the base under construction

Selfowned funds and bank loans

13,027,963,390 960,273,753 413,594,611 -402,460,005 971,408,359 80 80 359,989,831 16,589,566 1.54

Infrastructure construction of Nanhui Base

Selfowned funds

562,287,425 44,990 1,942,554 1,987,544 88 88

Large mechanical reconstruction and upgrading project

Selfowned funds

3,179,166,710 23,821,184 28,562,412 -34,221,055 18,162,541 63 63

Total 34,434,694,796 1,301,728,801 715,261,576 -573,856,917 1,443,133,460 / / 391,355,897 21,224,338 / /

• (3) Provision for impairment of construction in progress in the current period Applicable √ Not applicable

• (4) Impairment test of constructions in progress Applicable √ Not applicable

Other description:

Applicable √ Not applicable Engineering materials

• (5) Particulars about engineering materials Applicable √ Not applicable

23. Productive biological assets

• (1) Productive biological assets using cost measurement model Applicable √ Not applicable

• (2) Impairment test of productive biological assets using cost measurement model Applicable √ Not applicable

• (3) Productive biological assets measured at fair value Applicable √ Not applicable

Other description: Applicable √ Not applicable

24. Oil and gas assets

• (1) Particulars about oil and gas assets Applicable √ Not applicable

• (2) Impairment test of oil and gas assets Applicable √ Not applicable

Other description: None

25. Right-of-use assets

(1) Particulars about right-of-use assets √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Buildings and constructions Other equipment Total

• I. Original book value

• 1. Balance as at December 31, 2024 83,818,121 4,036,336 87,854,457
• 2. Increase in current period 5,943,773 5,943,773

(1) Additions 5,943,773 5,943,773

• 3. Decrease in current period -4,456,910 -4,456,910

(1) Disposal -4,456,910 -4,456,910

• 4. Balance as at December 31, 2025 85,304,984 4,036,336 89,341,320

• II. Accumulated depreciation

• 1. Balance as at December 31, 2024 46,327,861 3,547,292 49,875,153
• 2. Increase in current period 26,282,175 72,720 26,354,895

(1) Provision 26,282,175 72,720 26,354,895

• 3. Decrease in current period -4,456,910 -4,456,910

(1) Disposal -4,456,910 -4,456,910

• 4. Balance as at December 31, 2025 68,153,126 3,620,012 71,773,138

• III. Provision for impairment

• 1. Balance as at December 31, 2024
• 2. Increase in current period

(1) Provision

• 3. Decrease in current period

• (1) Disposal

1. Balance as at December 31, 2025 IV. Book value

1. Book value at the end of the period 17,151,858 416,324 17,568,182 2. Book value at the beginning of the period 37,490,260 489,044 37,979,304

• (2) Impairment test of right-of-use assets Applicable √ Not applicable

Other description: None

26. Intangible assets

(1) Particulars about intangible assets √ Applicable Not applicable

Unit: RMB, Currency: CNY

Concession rights

Contract assets related to PPP projects (Note 1)

Total

Item Land use right Software use fees Patent right

• I. Original book value

• 1. Balance as at December 31, 2024 4,147,926,622 150,972,213 65,296,171 1,407,723,184 5,771,918,190
• 2. Increase in current period 11,989,694 1,511,539,882 124,981,379 1,648,510,955

• (1) Purchase 11,989,694 124,981,379 136,971,073
• (2) Internal R&D
• (3) Increase in business combination
• (4) Conversion of contract assets of PPP projects 1,511,539,882 1,511,539,882

Concession rights

Contract assets related to PPP projects (Note 1)

Item Land use right Software use fees Patent right

Total

• 3. Decrease in current period -118,731 -1,511,539,882 -1,511,658,613

• (1) Disposal -118,731 -118,731
• (2) Conversion of contract assets of PPP projects -1,511,539,882 -1,511,539,882

• 4. Balance as at December 31, 2025 4,147,926,622 162,843,176 65,296,171 1,511,539,882 21,164,681 5,908,770,532

• II. Accumulated amortization

• 1. Balance as at December 31, 2024 1,221,064,184 97,480,916 65,201,807 1,383,746,907
• 2. Increase in current period 84,904,841 16,400,731 27,991,479 129,297,051

(1) Provision 84,904,841 16,400,731 27,991,479 129,297,051

• 3. Decrease in current period -118,539 -118,539

(1) Disposal -118,539 -118,539

• 4. Balance as at December 31, 2025 1,305,969,025 113,763,108 65,201,807 27,991,479 1,512,925,419

• III. Provision for impairment

• 1. Balance as at December 31, 2024
• 2. Increase in current period

(1) Provision

• 3. Decrease in current period

• (1) Disposal

1. Balance as at December 31, 2025 IV. Book value

• 1. Book value at the end of the period 2,841,957,597 49,080,068 94,364 1,483,548,403 21,164,681 4,395,845,113
• 2. Book value at the beginning of the period 2,926,862,438 53,491,297 94,364 1,407,723,184 4,388,171,283

As of the end of the reporting period, intangible assets generated through the Company’s internal R&D accounted for 0% of the balance of intangible assets.

Note 1: This item represents the portion that recognizes the consideration amount or the recognized construction revenue amount of relevant PPP project assets as intangible assets in accordance with the requirements of “Interpretation of Accounting Standards for Business Enterprises No. 14”, and the contract assets recognized during the relevant construction period should be presented in the “Intangible assets” item in the balance sheet. As of December 31, 2025, the Group still had one PPP project under the intangible asset model that was under construction. The total planned investment of the project is RMB 1.02 billion, with cumulative investment amounting to RMB 20 million.

As at December 31, 2025, intangible assets of RMB 1,483,548,403 (December 31, 2024: RMB 1,387,620,730) had been pledged to banks as security for long-term borrowings of RMB 3,053,934,248 (December 31, 2024: long-term borrowings of RMB 3,031,253,334).

In 2025, total technology research and development expenses of the Group amounted to RMB 1,515,374,795 (2024: RMB 1,502,397,344). None of such technology research and development expenses was capitalized.

• (2) Data resources recognized as intangible assets Applicable √ Not applicable

• (3) Land use right without certificate of title Applicable √ Not applicable

• (4) Impairment test of intangible assets Applicable √ Not applicable

Other description: Applicable √ Not applicable

27. Goodwill

• (1) Original book value of goodwill √ Applicable Not applicable

Unit: RMB, Currency: CNY

Name of the invested entity or the matters forming goodwill

Balance as at December 31, 2024

Increase in current period Decrease in current period Balance as at December 31, 2025

Formed by business combination

Others Disposal Others (Note 1)

ZPMC Qidong Marine Engineering Co., Ltd. 149,212,956 149,212,956 Verspannen B.V. 5,412,807 5,412,807 Greenland Heavy lift (Hong Kong) Limited 117,270,985 2,603,702 114,667,283 Total 271,896,748 2,603,702 269,293,046

Note 1: The decrease during the current year was attributable to exchange differences arising on translation of foreign currency financial statements.

• (2) Provision for impairment of goodwill Applicable √ Not applicable

• (3) Information about the asset group or portfolio of the goodwill Applicable √ Not applicable

Changes in asset group or combination of asset groups

Applicable √ Not applicable Other description:

Applicable √ Not applicable

• (4) Specific method for determining the recoverable amount The recoverable amount is determined based on the net amount after deducting disposal costs from the fair value

Applicable √ Not applicable The recoverable amount is determined based on the present value of expected future cash flows

Applicable √ Not applicable Reasons for discrepancies between the foregoing information and the information used in impairment test in previous years or external information

Applicable √ Not applicable Reasons for discrepancies between the information used in impairment test in previous years by the Company and the actual conditions of the current year

Applicable √ Not applicable

• (5) Performance commitment and corresponding goodwill impairment

There is a performance commitment when goodwill is formed and the reporting period or the period before the reporting period is within the performance commitment period

Applicable √ Not applicable Other description: √ Applicable Not applicable As at December 31, 2025, the Group had no provision for the impairment of goodwill. When the impairment test is conducted, the book value of goodwill is amortized to the asset group portfolio expected to benefit from the synergistic effect of business combination.

The goodwill acquired through business combination has been distributed to the following asset groups for impairment test: Heavy equipment asset group

• Semi-submerged ship transport assets group of Greenland Heavylift (Hongkong) Limited (GHHL) Heavy equipment asset group

The heavy equipment asset portfolio is mainly composed of various types of heavy equipment produced in collaboration by various production bases, which is consistent with the combination of asset groups determined by the impairment test of previous years. The beneficiary of the synergy effect from the acquisition of ZPMC Qidong Marine Engineering Co., Ltd. and Verspannen B.V. is the entire combination of asset groups of heavy equipment, and it is difficult to allocate to each asset group, so the goodwill is allocated to the combination of asset groups of heavy equipment. The recoverable amount of heavy equipment asset group is measured based on the five-year budget approved by the management and shall be measured using a cash flow forecast method. Cash flows beyond the five-year period are extrapolated using a perpetual growth rate.

Key assumptions adopted under the discounted future cash flow method:

Growth rate during forecast period 5.82%-11.16% Perpetual growth rate 2.00% Gross profit rate 13.21%-14.29% Pre-tax discount rate 12.72%

GHHL semi-submerged ship transport assets group

The combination of asset group of GHHL semi-submersible vessel transport is primarily composed of four semisubmersible vessels., which is consistent with the combination of asset groups determined by the impairment test of previous years. The recoverable amount is determined based on the expected future cash flow of the combination of asset group, and the expected future cash flow is determined according to the cash flow forecast based on the transport service contract revenue expected to be obtained within the service life of vessel.

Key assumptions adopted under the discounted future cash flow method:

Number of customized short-distance and long-distance transport service contracts expected to be obtained 4/year/vessel Vessel utilization rate of general charter party 70.00%-79.68% Charter rate of general charter party USD 99,000/day Pre-tax discount rate 11.00%

The distributions of the book value of goodwill to asset groups are as follows:

Heavy equipment asset group GHHL semi-submerged ship transport assets group Total

2025 2024 2025 2024 2025 2024 Book amount of goodwill 154,625,763 154,625,763 114,667,283 117,270,985 269,293,046 271,896,748

The perpetual growth rate adopted by management does not exceed the industry’s long-term average growth rate. Based on the historical experience and the forecasts of market development, the management determines the budget gross profit rate and adopts the pretax interest rate which can reflect the specific risk of relevant asset group portfolio as the discount rate. The above assumptions are used to analyze the recoverable amount of the asset group portfolio.

28. Long-term deferred expenses

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase in the current period

Amortization in the current period

Item December 31, 2024

Other decreases December 31, 2025

Improvement expenditure of fixed assets under operating lease

1,593,447 1,421,364 -1,054,432 1,960,379

Total 1,593,447 1,421,364 -1,054,432 1,960,379

Other description: None

29. Deferred income tax assets/deferred income tax liabilities

(1) Deferred income tax assets before offsetting √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024

Item

Deductible temporary differences

Deferred income tax assets

Deductible temporary differences

Deferred income tax

assets Provision for impairment of assets 4,252,584,275 640,608,988 3,461,041,250 520,335,376 Deductible loss 1,697,313,944 254,597,092 2,291,484,194 343,722,629 Estimated liabilities 293,237,822 43,985,673 181,513,116 27,226,967 Unrealized profits of internal transactions 234,105,767 35,115,865 134,528,300 20,179,245 Wages and salaries unpaid 66,156,819 9,923,523 29,257,710 4,388,657 Lease liabilities 17,568,182 2,635,227 37,979,304 5,696,896 Unrealized contract gross profit 14,840,612 2,226,092 37,559,913 5,633,987 Interest unpaid 8,805,887 1,320,883 14,976,485 2,246,474 Total 6,584,613,308 990,413,343 6,188,340,272 929,430,231

(2) Deferred income tax liabilities before offsetting √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024

Item

Taxable temporary differences

Deferred income tax liabilities

Taxable temporary differences

Deferred income tax

liabilities Depreciation of fixed assets 1,129,901,920 179,715,003 934,599,097 147,493,299 Changes in fair value of held-for-trading financial assets 99,151,290 14,872,694 128,576,476 19,365,924 Right-of-use assets 17,568,182 2,635,227 37,979,304 5,696,896 Valuation of enterprise combination assets not under the same control

62,024,143 9,303,621 71,002,874 10,650,431

Changes in fair value of other equity instruments 64,952,756 9,742,913 44,287,803 6,643,170 Total 1,373,598,291 216,269,458 1,216,445,554 189,849,720

(3) Deferred income tax assets or liabilities presented by net amount after offset √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024

Offset amount of deferred income tax assets and liabilities

Balance of deferred income tax assets and liabilities after offset

Offset amount of deferred income tax assets and liabilities

Balance of deferred income tax assets and liabilities

Item

after offset Deferred income tax assets 37,629,756 952,783,587 52,161,198 877,269,033 Deferred income tax liabilities 37,629,756 178,639,702 52,161,198 137,688,522

(4) Details of unrecognized deferred income tax assets √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Deductible temporary differences 1,093,836,905 837,136,068 Deductible loss 718,759,053 1,071,390,149 Total 1,812,595,958 1,908,526,217

• (5) The deductible losses on the unrecognized deferred income tax assets will become due in the following years √ Applicable Not applicable

Unit: RMB, Currency: CNY

Year December 31, 2025 December 31, 2024 Remark

• 2025 228,570,806
• 2026 184,898,613 269,170,078
• 2027 203,723,820 225,569,918
• 2028 208,328,358 210,141,543
• 2029 68,123,988 137,937,804
• 2030 53,684,274 Total 718,759,053 1,071,390,149 /

Other description: Applicable √ Not applicable

30. Other non-current assets

√ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024 Book balance

Item

Provision for impairment

Provision for impairment

Book value

Book value Book balance

Contract acquisition cost Contract performance cost Return cost receivable Contract assets PPP projects completed but not settled 3,549,858,559 3,549,858,559 3,876,980,634 3,876,980,634 Contract warranty balance receivable 1,151,301,454 90,871,806 1,060,429,648 1,022,960,486 91,249,280 931,711,206 Total 4,701,160,013 90,871,806 4,610,288,207 4,899,941,120 91,249,280 4,808,691,840

Other description:

As at December 31, 2025, other non-current assets of RMB 3,492,464,663 (December 31, 2024: RMB 3,819,083,104) had been pledged to banks as security for long-term borrowings of RMB 3,053,934,248 (December 31, 2024: long-term borrowings of RMB 3,031,253,334).

The changes in the provision for impairment of the contract warranty balance receivable are as follows:

Opening balance Provision in the current year Reversal in the current year Closing balance 2025 91,249,280 60,937,978 -61,315,452 90,871,806 2024 59,009,205 82,407,827 -50,167,752 91,249,280

31. Assets with ownership or use rights restricted

√ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024

Item

Restriction type

Restriction type

Book balance

Restriction

Restriction Book balance Book value

Book value

Special fund, L/C deposits, L/G deposits, etc. in the overseas supervision account

Special fund, L/C deposits, L/G deposits, etc. in the overseas supervision account

43,651,264 43,651,264 Others

Monetary funds 28,075,380 28,075,380 Others

Notes receivable Inventories

December 31, 2025 December 31, 2024

Item

Restriction type

Restriction type

Book balance

Restriction

Restriction Book balance Book value

Book value

Including: Data resources

Fixed assets 2,911,782,265 2,294,086,970 Mortgage Mortgage borrowings 2,944,891,835 2,416,269,819 Mortgage Mortgage borrowings Intangible assets 1,511,539,882 1,483,548,403 Pledge Pledged borrowings 1,387,620,730 1,387,620,730 Pledge Pledged borrowings Including: Data resources Other non-current assets

3,492,464,663 3,492,464,663 Pledge Pledged borrowings 3,819,083,104 3,819,083,104 Pledge Pledged borrowings

Long-term receivables

1,015,896,808 1,015,896,808 Pledge Pledged borrowings 1,140,307,484 1,140,307,484 Pledge Pledged borrowings

Accounts receivable 357,764,154 357,764,154 Pledge Pledged borrowings 352,782,386 352,782,386 Pledge Pledged borrowings Contract assets 193,452,361 193,452,361 Pledge Pledged borrowings 203,952,618 203,952,618 Pledge Pledged borrowings Total 9,510,975,513 8,865,288,739 / / 9,892,289,421 9,363,667,405 / /

Other description: None

• 32. Short-term borrowings

• (1) Classification of short-term borrowings √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Pledged borrowings Mortgage borrowings Guaranteed borrowings Fiduciary borrowings 3,686,556,417 2,297,334,457 Total 3,686,556,417 2,297,334,457

Description of the classification of short-term borrowings: None

• (2) Overdue outstanding short-term borrowings Applicable √ Not applicable

The significant overdue outstanding short-term borrowings are as follows:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

• 33. Held-for-trading financial liabilities Applicable √ Not applicable

Other description: Applicable √ Not applicable

• 34. Derivative financial liabilities Applicable √ Not applicable
• 35. Notes payable

(1) Presentation of notes payable

Type December 31, 2025 December 31, 2024 Commercial acceptance bills Banker’s acceptance bills 4,688,600,816 4,584,675,393 Total 4,688,600,816 4,584,675,393

The total amount of notes payable due but unpaid at the end of the period is RMB 0.

36. Accounts payable

• (1) Presentation of accounts payable √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Payables for material purchase and product manufacturing 11,726,396,457 9,280,899,772 Infrastructure payables 544,498,518 810,462,550 Quality guarantee deposit payable 371,468,112 350,540,185 Equipment and vessel purchase payables 86,896,191 158,211,216 Port charge payable 3,437,431 3,368,393 Total 12,732,696,709 10,603,482,116

• (2) Significant accounts payable with the aging over 1 year or overdue Applicable √ Not applicable

Other description: √ Applicable Not applicable As of 2025, there were no significant accounts payable with the aging over 1 year or overdue (2024: nil).

37. Advances from customers

• (1) Presentation of advances from customers √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024

Advances received for asset disposals 57,376,888 Total 57,376,888

• (2) Significant advances from customers with the aging over 1 year Applicable √ Not applicable

• (3) Amount of and reason for significant changes in book value during the reporting period Applicable √ Not applicable

Other description: √ Applicable Not applicable In 2025, there were no significant advances from customers with the aging over 1 year (2024: nil). The increase in the closing balance of advances from customers was mainly due to advances received for asset disposals.

38. Contract liabilities

• (1) Particulars about contract liabilities

Item December 31, 2025 December 31, 2024 Advances from customers for goods 20,504,493,417 20,468,881,119 Amount settled for uncompleted work 1,074,695,404 1,016,952,048 Total 21,579,188,821 21,485,833,167

• (2) Significant contract liability with the aging over more than 1 year Applicable √ Not applicable

• (3) Amount of and reason for significant changes in book value during the reporting period Applicable √ Not applicable

Other description: √ Applicable Not applicable

In 2025, there were no significant contract liabilities with the aging over 1 year (2024: nil). The increase in the closing balance of advances from customers was due to the increase in advance payments for products received but not yet delivered.

39. Payroll payable

(1) Presentation of payroll payable √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2024

Increase in current period

Decrease in current period

December 31, 2025

Item

• I. Short-term compensation 40,189,914 2,368,260,883 -2,368,361,619 40,089,178
• II. Post-employment benefits - defined contribution plans 377,443,515 -377,443,515
• III. Dismissal benefits
• IV. Other benefits due within one year Total 40,189,914 2,745,704,398 -2,745,805,134 40,089,178

(2) Presentation of short-term compensation √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2024

Increase in current period

Decrease in current period

December 31, 2025

Item

• I. Salaries, bonuses, allowances and subsidies 1,891,400,526 -1,891,400,526
• II. Employee welfare 84,222,267 -84,222,267
• III. Social insurance premium 151,232,740 -151,232,740 Including: Medical insurance premium 128,954,356 -128,954,356

Work-related injury insurance premium 12,134,049 -12,134,049 Maternity insurance premium 10,144,335 -10,144,335

• IV. Housing provident funds 473 171,755,268 -171,755,741
• V. Union expenditures and employee education expenses 40,189,441 34,456,474 -34,556,737 40,089,178
• VI. Short-term paid absence
• VII. Short-term profit sharing plan
• VIII. Other short-term compensation 35,193,608 -35,193,608 Total 40,189,914 2,368,260,883 -2,368,361,619 40,089,178

• (3) Presentation of defined contribution plans √ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase in current period

Decrease in current period

Item December 31, 2024

• 1. Basic endowment insurance premium 247,409,841 -247,409,841
• 2. Unemployment insurance premium 7,741,754 -7,741,754
• 3. Enterprise annuity payment
• 4. Supplementary endowment insurance

122,291,920 -122,291,920 Total 377,443,515 -377,443,515

premium

December 31, 2025

Other description: Applicable √ Not applicable

40. Tax payable

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 VAT 151,510,805 70,408,947 Urban maintenance and construction tax 108,398,668 111,162,731 Education surtax 78,701,963 79,862,503 Enterprise income tax 42,584,210 29,004,265 Individual income tax 30,232,364 30,646,014 Others 24,398,645 23,145,714 Total 435,826,655 344,230,174

Other description: None

41. Other payables

• (1) Item presentation √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Interest payable Dividends payable 105,244,272 6,593 Other payables 1,027,648,048 890,043,935 Total 1,132,892,320 890,050,528

Other description: Applicable √ Not applicable

• (2) Interest payable Presentation by category

Applicable √ Not applicable Overdue significant interests payable:

Applicable √ Not applicable Other description:

(3) Dividends payable Presentation by category √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 CCCG (HK) Holding Limited 18,335,116 China Communications Construction Company Ltd. 17,110,841 China Communications Construction Group Co., Ltd. 13,264,468 Macau Zhenhua Harbour Construction Co., Ltd. 6,593 6,593 Other entities 56,527,254 Total 105,244,272 6,593

Other explanations, including significant dividends payable that have not been paid for more than one year, the reasons for non-payment shall be disclosed:

As at December 31, 2025, the reason for the dividend payable with the aging over 1 year amounting to RMB 6,593 (as at December 31, 2024: RMB 6,593) was that the shareholders of the Company had not requested for actual payment by the Group.

(4) Other payables Other payables presented by nature √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Engineering deposit and quality guarantee deposit 478,262,406 415,415,658 Customer collection under asset-backed special program 174,681,826 121,352,624 Amounts due to related parties 43,587,637 61,706,639 Special payables 14,963,440 14,963,440 Others 316,152,739 276,605,574 Total 1,027,648,048 890,043,935

Other important payables with the aging over 1 year or overdue

Applicable √ Not applicable Other description: √ Applicable Not applicable As at December 31, 2025, there were no other significant payables with the aging over 1 year or overdue.

• 42. Liabilities held for sale Applicable √ Not applicable
• 43. Non-current liabilities due within one year

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Long-term borrowings due within one year 4,136,304,041 6,568,218,962 Bonds payable due within one year Long-term payables due within one year 155,230,522 151,299,725 Lease liabilities due within one year 17,551,704 26,201,960 Total 4,309,086,267 6,745,720,647

Other description: None

• 44. Other current liabilities Other current liabilities

Applicable √ Not applicable Increase or decrease of short-term bonds payable:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

• 45. Long-term borrowings

(1) Classification of long-term borrowings √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Pledged borrowings 3,053,934,248 3,031,253,334 Mortgage borrowings Guaranteed borrowings Fiduciary borrowings 14,132,550,933 21,322,670,123 Less: Long-term borrowings due within one year Fiduciary borrowings 3,803,795,992 6,411,176,087 Pledged borrowings 332,508,049 157,042,875 Total 13,050,181,140 17,785,704,495

Description of the classification of long-term borrowings: None Other description: √ Applicable Not applicable As at December 31, 2025, the annual interest rates of the above borrowings ranged from 1.0% to 5.05% (December 31, 2024: 1.0% to 4.9%).

As at December 31, 2025, multiple bank borrowings secured by pledges totaling RMB 3,053,934,248 (December 31, 2024: RMB 3,031,253,334) were pledged by the Group’s long-term receivables from PPP projects, other non-current assets, intangible assets, contract assets and accounts receivable. Interest is payable quarterly, and the principal is repayable between January 1, 2026 and March 25, 2050 (December 31, 2024: between January 10, 2025 and March 25, 2050).

• 46. Bonds payable

• (1) Bonds payable Applicable √ Not applicable

• (2) Details of bonds payable: (Excluding other financial instruments such as preferred stocks and perpetual capital securities classified as financial liabilities)

Applicable √ Not applicable

• (3) Description of convertible corporate bonds Applicable √ Not applicable

Accounting treatment and judgment basis for equity transfer

• (4) Description of other financial instruments classified as financial liabilities

Basic information of outstanding preferred shares, perpetual bonds and other financial instruments at the end of the period

Applicable √ Not applicable Changes in outstanding preferred shares, perpetual bonds and other financial instruments at the end of the period Applicable √ Not applicable Description of the basis for classifying other financial instruments as financial liabilities:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

47. Lease liabilities

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Buildings and constructions 27,544,864 36,417,411 Other equipment 450,161 230,336 Less: Lease liabilities due within one year Buildings and constructions -17,402,247 -26,118,764 Other equipment -149,457 -83,196 Total 10,443,321 10,445,787

Other description: None

48. Long-term payables

Item presentation √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Leaseback financing fund (i) 1,149,794,159 1,328,207,385 “Build-Transfer” and PPP project fund (ii) 207,669,506 262,957,217 Project quality guarantee deposit 259,019,804 277,346,033 Less: Leaseback financing fund due within one year -155,230,522 -151,299,725 Total 1,461,252,947 1,717,210,910

Other description: √ Applicable Not applicable

• (i) As at December 31, 2025, long-term payables of RMB 1,149,794,159 (December 31, 2024: RMB 1,328,207,385) arose from sale-and-leaseback transactions of vessels with a book value of RMB 2,294,086,970 (December 31, 2024: RMB 2,416,269,819) entered into with finance leasing companies, with maturities ranging from January 24, 2026 to July 24, 2033 (December 31, 2024: from January 24, 2025 to July 24, 2033). The Group makes scheduled payments of the leaseback financing to the finance leasing companies in accordance with the contractual terms each year. The Group accounts for the above series of transactions as mortgage borrowings.
• (ii) The Group has agreed with the construction contractors of the Build-Transfer (BT) and PPP projects that part of the construction payments will be made within a specified period after the completion and final acceptance of the BT projects.

Long-term payables

• (1) Presentation of long-term payables by nature Applicable √ Not applicable

Special payables

• (2) Presentation of special payables by nature Applicable √ Not applicable

• 49. Long-term payroll payable Applicable √ Not applicable
• 50. Estimated liabilities

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Causes External guarantee Pending litigation Product quality guarantee deposit Restructuring obligations Loss contracts to be executed (i) 49,408,004 Refund payable Estimated after-sale service cost (ii) 253,341,805 208,887,331 Others Total 302,749,809 208,887,331 /

Other description, including relevant important assumptions and estimates of important estimated liabilities:

• (i) The Group estimates the expected contract losses based on the estimated sales amount and estimated total cost of the products, recognizes provisions when losses are identified through the estimation process, and reduces such provisions as the related product revenue is actually recognized.
• (ii) The Group determines the budgeted after-sales service costs based on the actual historical after-sales service costs incurred for similar products in comparable sales areas, recognizes provisions based on the budgeted amount upon product sales, and reduces the provisions as the actual after-sales service costs are incurred.

• 51. Deferred income Deferred income √ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase in current period

Decrease in current period

December 31, 2025 Causes

Item December 31, 2024

Government subsidies 309,644,884 68,319,339 -65,637,343 312,326,880 Land compensation 31,917,201 -1,000,000 30,917,201 Total 341,562,085 68,319,339 -66,637,343 343,244,081 /

Other description: √ Applicable Not applicable Among the above government subsidies, some projects are government subsidies related to assets, and the rest are related to income. Land compensation refers to the land compensation acquired by a subsidiary of the Company, which shall be amortized over the 50 years’ land use term.

52. Other non-current liabilities

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Output tax to be carried forward 270,818,174 251,996,220 Total 270,818,174 251,996,220

Other description: On balance sheet date, the revenue of some construction contracts and interest income of “Build-Transfer” projects of the Company had not reached the time point of the VAT liability.

53. Share capital

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase/decrease (+/-)

December 31, 2024

Issue New December 31, 2025 shares issued

Capitalized shares

Others Sub-total

Share donation

Total shares 5,268,353,501 5,268,353,501

Other description: None

54. Other equity instruments

(1) Basic information of outstanding preferred shares, perpetual bonds and other financial instruments at the end of the period

Applicable √ Not applicable

(2) Changes in outstanding preferred shares, perpetual bonds and other financial instruments at the end of the period √ Applicable Not applicable

Unit: RMB, Currency: CNY

Beginning Increase in current period Decrease in current period Ending Quantity Book value Quantity Book value Quantity Book value Quantity Book value

Outstanding financial instruments

Shanghai Zhenhua Heavy Industries Co., Ltd. 2025 Public Offering of Perpetual Corporate Bonds to Professional Investors (First Tranche)

5,000,000 500,000,000 5,000,000 500,000,000

Shanghai Zhenhua Heavy Industries Co., Ltd. 2022 mediumterm notes series I

5,000,000 500,000,000 -5,000,000 -500,000,000

Total 5,000,000 500,000,000 5,000,000 500,000,000 -5,000,000 -500,000,000 5,000,000 500,000,000

Description of the increase and decrease of other equity instruments in the current period, reasons for changes, and basis for relevant accounting treatment:

Applicable √ Not applicable Other description: √ Applicable Not applicable

The Group issued the perpetual notes on August 24, 2022, with a term of 3+N (3) years, which will survive for a long time before the Group redeems in accordance with the terms of issue, and will mature when the issuer redeems in accordance with the terms of issue. The initial coupon of perpetual notes is 3.22%. In accordance with the terms of issue of medium-

term notes, the Company has the right to distribute cash interest annually at annual interest rate and has no contractual obligation to repay the principal or pay any interest free of charge. Except for compulsory interest payment, on each interest payment date of medium-term notes, the Group may, at its own option, postpone the payment of current interest and all deferred interest and its fruits in accordance with this clause to the next interest payment date, and is not limited by the number of deferred interest payments. On the reset date of the coupon rate of medium-term notes, the Company has the right to redeem the medium-term notes at face value plus interest payable (including all deferred interest payments). The Group deems that the notes do not meet the definition of financial liabilities and therefore classifies it as other equity instruments.

The Group issued the perpetual notes on September 11, 2025, with a term of 3+N (3) years, which will survive for a long time before the Group redeems in accordance with the terms of issue, and will mature when the issuer redeems in accordance with the terms of issue. The initial coupon of perpetual notes is 2.15%. In accordance with the terms of issue, the Company has the right to distribute cash interest annually at annual interest rate and has no contractual obligation to repay the principal or pay any interest free of charge. Except for compulsory interest payment, on each interest payment date of notes, the Group may, at its own option, postpone the payment of current interest and all deferred interest and its fruits in accordance with this clause to the next interest payment date, and is not limited by the number of deferred interest payments. On the reset date of the coupon rate of notes, the Company has the right to redeem the notes at face value plus interest payable (including all deferred interest payments). The Group deems that the notes do not meet the definition of financial liabilities and therefore classifies it as other equity instruments.

55. Capital reserves

√ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2024

Increase in current period

Decrease in current period

December 31,

Item

2025 Share premium 4,537,774,553 4,537,774,553 Other equity changes in investees accounted for by the equity method -19,561,335 670,318 -18,891,017 Business combination under common control -16,203,111 -16,203,111 Purchase of minority interest -178,598,151 -178,598,151 Absorption of minority shareholders’ investments by subsidiaries 245,571,072 245,571,072 Share payment expenses 12,144,098 23,639,017 35,783,115 Transfer-in of capital reserves under the original system 128,059,561 128,059,561 Total 4,709,186,687 24,309,335 4,733,496,022

Other description, including the increase and decrease in the current period and the reasons for changes: None

56. Treasury stock

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2024 Increase in current period Decrease in current period December 31, 2025 Ordinary shares 29,008,907 29,008,907 Total 29,008,907 29,008,907

Other description, including the increase and decrease in the current period and the reasons for changes: None

57. Other comprehensive income

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period

Less: Amount previously included in the other comprehensive income and

Less: Amount previously included in the other comprehensive income and currently transferred to the profit or loss

Attributable to the minority equity after tax

Attributable to the parent company after tax

Beginning Balance

Ending Pre-tax Balance

Item

Less: Income tax expenses

amount

currently transferred to retained

earnings

• I. Other comprehensive income that cannot

be reclassified into profit and loss

8,174,922 20,664,953 3,099,743 17,565,210 25,740,132

Including: Remeasurement of defined benefit plan

Other comprehensive income that cannot be reclassified into profit and loss in the invested enterprise under equity method

Fair value change of other equity instrument investments

8,174,922 20,664,953 3,099,743 17,565,210 25,740,132

Fair value change of enterprise credit risks

• II. Other comprehensive income that will be

69,577,874 -39,178,378 -19,573,319 -19,605,059 50,004,555

reclassified into profit and loss

Including: Other comprehensive income that will be reclassified into profit and loss in the invested enterprise under equity method

7,415,091 -828,505 -828,505 6,586,586

Fair value change of other debt investments

Amount of financial assets r e c l a s s i f i e d i n t o o t h e r comprehensive income

Provision for credit impairment of other debt investments

Cash flow hedging reserve Translation reserve 62,162,783 -38,349,873 -18,744,814 -19,605,059 43,417,969

Total other comprehensive income 77,752,796 -18,513,425 3,099,743 -2,008,109 -19,605,059 75,744,687

Other description, including the adjustment of the initial recognition amount of the effective part of profit or loss of cash flow hedging converted into the hedged item: None

58. Special reserves

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2024 Increase in current period Decrease in current period December 31, 2025 Work safety expenses 16,731,029 77,940,404 -85,418,867 9,252,566 Total 16,731,029 77,940,404 -85,418,867 9,252,566

Other description, including the increase and decrease in the current period and the reasons for changes:

According to the relevant requirements of the “Administrative Measures for the Withdrawal and Use of Work Safety Expenses”, the enterprises engaged in large-scale machinery manufacture and engineering construction shall withdraw the work safety expenses according to the standards. The increase or decrease in current year was the work safety expenses withdrawn and used by the Group for the reporting year in accordance with relevant requirements.

59. Surplus reserves

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2024 Increase in current period Decrease in current period December 31, 2025 Statutory surplus reserves 1,460,805,082 21,810,623 1,482,615,705 Discretionar y surplus reserves

292,378,668 292,378,668

Reserve fund Enterprise development fund Others Total 1,753,183,750 21,810,623 1,774,994,373

Description of surplus reserves, including the increase and decrease in current period and the reasons for changes:

The increase in the surplus reserve for the year was appropriated in accordance with the Company Law of the People’s Republic of China, the Company’s Articles of Association and a resolution of the Board of Directors, whereby 10% of the annual net profit was transferred to the statutory surplus reserve.

The statutory surplus reserves can be used to compensate loss upon approval, or to increase share capital. The statutory surplus reserves withdrawn by the Company amounted to RMB 21,810,623 in 2025 (2024: RMB 41,878,705).

60. Undistributed profits

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Current period Previous period Undistributed profits at the end of previous period before adjustment 3,542,325,737 3,324,778,074 Total undistributed profits at the beginning of the adjustment period (increase +, decrease -) 3,542,325,737 3,324,778,074 Plus: Net profit attributable to the owners of the parent company in current period 731,841,793 533,524,077 Carryforward retained earnings of other comprehensive income 3,004,966 Less: Withdrawal of statutory surplus reserves 21,810,623 41,878,705

Withdrawal of discretionary surplus reserves Withdrawal of general risk preparation Common stock dividends converted to share capital 394,997,121 263,417,675 Distribution of cash dividends on common stock 13,685,000 13,685,000

Distribution of interest on the perpetual medium-term notes 3,843,674,786 3,542,325,737

Details of undistributed profit at the beginning of adjustment period:

• 1. Due to the retroactive adjustment of “Accounting Standards for Business Enterprises” and related new regulations, the impact on undistributed profits at the beginning of the period was RMB 0.
• 2. The impact of changes in accounting policies on undistributed profits at the beginning of the period was RMB 0.
• 3. The impact of correction of major accounting errors on undistributed profits at the beginning of the period was RMB 0.
• 4. The impact of change of consolidation scope caused by the common control on undistributed profits at the beginning of the period was RMB 0.
• 5. The total impacts of other adjustment on undistributed profits at the beginning of the period were RMB 0.

61. Operating revenue and operating costs

• (1) Operating revenue and operating costs √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item

Amount incurred in the current period Amount incurred in the previous period

Revenue Cost Revenue Cost Main business 36,103,346,597 31,149,539,706 34,277,325,984 29,925,258,993 Other business 157,111,729 128,620,374 179,094,197 134,912,308 Total 36,260,458,326 31,278,160,080 34,456,420,181 30,060,171,301

• (2) Breakdown of operating income and operating cost √ Applicable Not applicable

Unit: RMB, Currency: CNY

Classification of Contract

XXX-Division Total

Operating revenue Operating costs Operating revenue Operating costs Type of goods

Port machinery 22,776,108,389 19,303,237,872 Heavy equipment 7,382,674,206 6,822,593,786 Steel structure and related income 3,396,764,185 3,178,636,007 Shipping and lifting services 1,877,356,761 1,143,708,154 Lease income 368,120,414 242,798,624 Engineering construction projects 285,913,696 374,896,137 Sales of materials and others 173,520,675 212,289,500

By region of operation

Chinese Mainland 19,830,304,826 17,580,671,459 Asia (excluding Chinese Mainland) 7,035,536,493 5,553,303,262 North America 3,150,614,443 2,863,379,602 Europe 2,846,772,292 2,459,593,417 Africa 2,393,015,993 1,994,999,174 Chinese Mainland (export sales) 551,014,260 471,458,410 South America 432,392,071 337,554,197 Oceania 20,807,948 17,200,559

Market or customer type Contract type By time of goods transfer

Transfer at a certain point 27,974,515,516 24,110,732,177 Transfer within a certain period 8,285,942,810 7,167,427,903

By contract term By sales channel Total 36,260,458,326 31,278,160,080

Other description: Applicable √ Not applicable

• (3) Performance obligations Applicable √ Not applicable

• (4) Apportionment to remaining performance obligations Applicable √ Not applicable

• (5) Major contract changes or major transaction price adjustments Applicable √ Not applicable

Other description: The revenue recognized in the current year and included in the book value of contract liabilities at the beginning of the year is as follows:

2025 2024 Advances from customers for goods 11,904,232,282 8,896,160,050 Settled amount with unfinished construction 665,832,772 737,930,271 Total 12,570,065,054 9,634,090,321

The revenue recognized in the current year for performance obligations that have been fulfilled (or partially fulfilled) in the previous period is as follows:

2025 2024 Steel structure and related income 1,001,149,409 1,391,656,219 Engineering construction projects 285,913,696 413,546,349 Total 1,287,063,105 1,805,202,568

The information related to performance obligations of the Group is as follows: Sales of port machinery, heavy equipment and steel structure products

For the port machinery production contract that meets the performance obligations within a certain period of time, the Group performs its performance obligations within the time of manufacturing and transferring the port machinery; for the port machinery production contract that does not meet the performance obligations within a certain period of time, the Group performs its obligations when delivering port machinery to customers and obtaining pre-delivery certificate or other relevant delivery certificates. For the heavy equipment production contract that meets the performance obligations within a certain period of time, the Group performs its performance obligations within the time of manufacturing and transferring the heavy equipment; for the heavy equipment production contract that does not meet the performance obligations within a certain period of time, the Group performs its obligations when delivering heavy equipment to customers and obtaining the handover protocol or other relevant delivery certificate. For the steel structure product manufacturing contract that meets the performance obligations within a certain period of time, the Group performs its performance obligations within the time of manufacturing and transferring the steel structure product; for the steel structure product manufacturing contract that does not meet the performance obligation within a certain period of time, the Group performs its performance obligations when the steel structure product is delivered and signed by the owner. The contract price is usually paid according to the payment schedule agreed in the contract. After the delivery of the goods, the customer usually retains a certain proportion of the quality guarantee deposit, which is usually paid after the expiration of the quality guarantee period. The Group provides guaranteed warranty for the above products.

Construction services

The Group performs its performance obligations within the time of providing services, and the contract price is usually paid within 30 days after the settlement of the project. The customer usually retains a certain proportion of the quality guarantee deposit, which is usually paid after the expiration of the quality guarantee period.

Shipping services The Group performs its performance obligations within the time of providing transportation services. The contract price is usually paid within the period from 3 days before unloading to 30 days after unloading.

As at December 31, 2025, the aggregate amount of revenue expected to be recognized in relation to performance obligations under contracts that had been entered into but not yet performed, or partially performed, amounted to RMB 50.669 billion. The Group expects to recognize this amount as revenue over the next 24 months in line with the progress of project completion.

62. Taxes and surcharges

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Consumption tax Sales tax Urban maintenance and construction tax 145,305,488 135,840,528 Education surtax 107,978,375 97,372,565 Resource tax Housing property tax 55,697,087 55,296,637 Land use tax 18,427,255 18,047,122 Vehicle and vessel use tax Stamp duty 25,641,826 26,312,149 Others 4,164,326 1,563,806 Total 357,214,357 334,432,807

Other description: None

63. Selling and distribution expenses

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Employee compensation 156,947,638 145,189,192 Travel expenses 17,445,521 17,381,404 Warehousing service fees 16,810,098 23,300,999 Entertainment expenses 15,289,511 13,281,060 Advertising and publicity costs 14,125,952 9,680,974 Regional operating expenses 4,744,723 8,382,699 Office expenses 3,583,828 2,567,767 Bidding and tendering expenses 2,792,424 1,419,902 Sales and service fees 379,586 Others 5,170,147 11,070,899 Total 236,909,842 232,654,482

Other description: None

64. General and administrative expenses

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Employee compensation 497,050,367 446,623,111 Office expenses 58,834,672 60,199,065 Amortization of intangible assets 51,068,168 57,695,436 Depreciation of fixed assets 44,551,061 40,905,205 Travel expenses 36,607,087 30,612,547 Management and security fees 23,812,872 18,707,219 Informatization expenses 22,876,408 18,915,043 Expenses from employment of intermediaries 22,189,121 43,063,570 Management and cleaning fees 16,121,595 15,453,423

Item Amount incurred in the current period Amount incurred in the previous period Consulting fees 15,126,644 24,779,731 Entertainment expenses 8,926,934 10,504,423 Maintenance cost 8,509,894 16,786,128 Insurance expenses 7,082,302 6,798,582 Others 25,224,837 27,414,189 Total 837,981,962 818,457,672

Other description: None

65. Research and development expenditures

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Employee compensation 684,102,793 679,993,523 Materials and processing expenses 667,863,928 656,385,286 Depreciation expenses 80,230,701 87,025,975 Product design expenses 3,291,356 1,673,459 Others 79,886,017 77,319,101 Total 1,515,374,795 1,502,397,344

Other description: None

66. Financial expenses

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Interest expenses 662,407,965 849,205,155 Less: Interest income 353,481,891 389,180,961 Less: Capitalized amount of interest 21,224,338 36,303,855 Exchange gains 16,931,773 -124,588,833 Others 25,742,930 25,814,293 Total 330,376,439 324,945,799

Other description: The capitalized amounts of borrowing costs have been included in the construction in progress and intangible assets.

67. Other incomes

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Classification by nature Amount incurred in the current period Amount incurred in the previous period Fiscal appropriation 105,686,303 103,404,892 Technological subsidy 40,181,540 33,434,470 Fiscal appropriation 10,431,897 7,737,582 Land compensation 1,000,000 1,000,000 Total 157,299,740 145,576,944

Other description: None

• 68. Investment income

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item

Amount incurred in the current period

Amount incurred in the

previous period Income from long-term equity investment calculated under the equity method 75,525,126 38,722,269 Investment income from disposal of long-term equity investment Investment income from held-for-trading financial assets during the holding period 22,571,835 22,966,818 Dividend income from other equity instrument investment during holding 171,626 1,602,665 Interest income from debt investment during holding Interest income from other debt investment during holding Investment income from disposal of held-for-trading financial assets 66,536,385 84,624,225 Investment income from disposal of other equity instrument investment Investment income from disposal of debt investment Investment income from disposal of other debt investment Income from debt restructuring Investment loss resulting from disposal of long-term equity investment -5,668,458 -11,152,053 Losses on derecognition of financial assets measured at amortized cost -11,574,005 -54,613,813 Others -3,005,783 -4,028,680 Total 144,556,726 78,121,431

Other description: The Group derecognized some financial assets measured at amortized cost this year, recognized a loss of RMB 11,574,005 (2024: loss of RMB 54,613,813) and included it in investment income.

• 69. Net exposure hedging gain Applicable √ Not applicable
• 70. Income from fair value change

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Sources of income from fair value change

Amount incurred in the current period

Amount incurred in the previous period

Held-for-trading financial assets Including: Income from fair value change of derivative financial instruments Held-for-trading financial liabilities Investment property measured at fair value Investment in listed company stocks -7,820,546 13,425,987 Total -7,820,546 13,425,987

Other description: None

• 71. Credit impairment loss

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period

Amount incurred in the previous period

Item

Loss on bad debts of notes receivable Loss on bad debts of accounts receivable 466,639,800 445,560,896 Loss on bad debts of other receivables 78,888,848 -27,146,080

Amount incurred in the current period

Amount incurred in the previous period

Item

Loss on impairment of debt investment Loss on impairment of other debt investment Loss on bad debts of long-term receivables Impairment loss related to financial guarantees Total 545,528,648 418,414,816

Other description: None

72. Assets impairment losses

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period

Amount incurred in the previous period

Item

• I. Impairment loss of contract assets 366,358,738 111,128,139
• II. Loss on price falling of inventory and impairment loss of contract

performance costs

20,326,323 89,687,400

• III. Impairment loss of long-term equity investment
• IV. Impairment loss of investment property
• V. Impairment loss of fixed assets
• VI. Impairment loss of engineering materials
• VII. Impairment loss of construction in progress
• VIII. Impairment loss of productive biological assets
• IX. Impairment loss of oil and gas assets
• X. Impairment loss of intangible assets
• XI. Goodwill impairment loss
• XII. Others Total 386,685,061 200,815,539

Other description: None

73. Income from disposal of assets

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Income from disposal of fixed assets 42,148,850 106,961,574 Total 42,148,850 106,961,574

Other description: None

74. Non-operating income Non-operating income √ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period

Amount incurred in the previous period

Amount included in non-recurring profit or loss in current period

Item

Total gains from disposal of non-current assets Including: Gains from disposal of fixed assets

Gains from disposal of intangible assets Gains from exchange of non-monetary assets

Amount incurred in the current period

Amount incurred in the previous period

Amount included in non-recurring profit or loss in current period

Item

Accepting donations Government subsidies Amercement gains 15,071,058 26,216,701 15,071,058 Revenue from insurance indemnity 4,691,483 4,010,243 4,691,483 Government subsidies irrelevant to daily activities 189,199 8,714,965 189,199 Others 5,890,424 15,057,036 5,890,424 Total 25,842,164 53,998,945 25,842,164

Other description: Applicable √ Not applicable

75. Non-operating expenditure

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period

Amount incurred in the previous period

Amount included in non-recurring profit or loss in current period

Item

Total loss on disposal of non-current assets Including: Loss on disposal of fixed assets

Loss on disposal of intangible assets Loss on exchange of non-monetary assets External donations 1,370,000 946,500 1,370,000 Overdue fine payment 698,581 911,324 698,581 Others 16,161,481 22,928,226 16,161,481 Total 18,230,062 24,786,050 18,230,062

Other description: None

76. Income tax expenses

(1) Table of income tax expenses √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Current income tax expenses 148,344,785 134,405,256 Deferred income tax expenses -35,248,117 23,079,227 Total 113,096,668 157,484,483

(2) Accounting profit and income tax expenses adjustment process √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Total profits 1,116,024,014 The income tax expenses calculated based on statutory/applicable tax rates 167,403,602 Influences caused by different tax rates adopted by subsidiaries 44,401,608 Influences caused by adjustment on income tax of previous periods 14,069,500 Influences on non-taxable income Influences caused by non-deductible cost, expenses and losses 1,297,913 Influences caused by non-confirmation of deductible losses of deferred income tax assets -59,301,992

Item Amount incurred in the current period Influences caused by non-confirmation of deductible temporary differences or deductible losses in current period

37,329,702

Profit or loss attributable to joint ventures and associates -11,328,769 Tax-free income -25,542,321 Additional deduction of technological development expenses -55,232,575 Income tax expenses 113,096,668

Other description: Applicable √ Not applicable

• 77. Other comprehensive income √ Applicable Not applicable See Note VII (57) for details.
• 78. Cash flow statement items

• (1) Cash related to operating activities Other cash received related to operating activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Other cash received related to operating activities Customs deposit recovered 205,359,329 218,320,851 Cash received from government subsidies and rewards 161,911,335 129,539,412 Cash received from the revenue from fines 15,071,058 26,216,701 Employee loan recovered 3,405,024 2,735,462 Others 36,229,310 142,559,730 Total 421,976,056 519,372,156

Description of other cash received related to operating activities: None Other cash paid related to operating activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Other cash paid related to operating activities Customs deposit paid 298,690,027 377,102,560

Expenditures on selling and distribution expenses, general and administrative expenses, and research and development expenses

210,072,439 209,046,699

Financial expenses and handling charges 25,732,272 26,126,007 Subsidy for research and development paid to cooperative units

2,740,400 2,740,400

Others 29,824,112 64,419,308 Total 567,059,250 679,434,974

Description of other cash paid related to operating activities: None

(2) Cash related to investment activities Cash received related to significant investment activities

Applicable √ Not applicable Cash paid related to significant investment activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Cash paid for purchase of fixed assets, constructions in progress and intangible assets

1,049,783,500 1,061,984,214 Total 1,049,783,500 1,061,984,214

Explanation of cash paid related to significant investment activities None Other cash received related to investing activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Interest income 125,703,163 232,413,226 Total 125,703,163 232,413,226

Description of other cash received related to investing activities: None Other cash paid related to investing activities

Applicable √ Not applicable

(3) Cash relating to financing activities Other cash received relating to financing activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Other cash received relating to financing activities Payments received from asset-backed securities business 1,593,157,375 1,897,394,119 Loans received from related parties 84,345,600 40,000,000 Leaseback payments received 5,005,650 5,024,616

• Total 1,682,508,625 1,942,418,735

Description of other cash received related to financing activities: None Other cash paid related to financing activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Other cash paid related to financing activities Repayment of collections from asset-backed securities business 1,539,828,173 2,035,828,278 Repayment of principal of perpetual bonds 500,000,000 Third-party loan repaid 150,452,721 149,318,445 Related-party loan repaid 124,345,600 114,035,638 Minority shareholder disinvestment 97,334,154 46,710,558

Item Amount incurred in the current period Amount incurred in the previous period Repurchase of treasury stock 29,008,907 Purchase of minority shareholders’ equity 1,005,641,953 Others 14,596,494 33,619,042

• Total 2,455,566,049 3,385,153,914

Description of other cash paid related to financing activities: None Changes in various liabilities arising from financing activities √ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase in current period Decrease in current period

December 31, Cash changes 2025

December 31, 2024

Item

Non-cash changes

Non-cash changes

Cash changes

Long-term loans (including long-term loans due within one year)

24,353,923,457 2,157,249,019 9,323,885,462 801,833 17,186,485,181

Long-term payables - leaseback financing (including long-term payables due within one year - leaseback financing)

1,328,207,385 5,005,650 150,452,721 32,966,155 1,149,794,159

Lease liabilities (including lease liabilities due within one year)

36,647,747 5,943,772 14,596,494 27,995,025

Other payables (asset-backed securities business funds)

121,352,624 1,593,157,375 1,539,828,173 174,681,826

Other payables (minority shareholders’ loans)

40,000,000 84,345,600 124,345,600

Short-term borrowings 2,297,334,457 7,208,144,444 5,818,922,484 3,686,556,417 Total 28,177,465,670 11,047,902,088 5,943,772 16,972,030,934 33,767,988 22,225,512,608

• (4) Description of cash flows presented on a net basis Applicable √ Not applicable

• (5) Significant activities and financial impacts that do not involve current cash receipts and payments but affect the Company’s financial position or may affect the Company’s cash flows in the future √ Applicable Not applicable

In 2025, the Group endorsed bank acceptance bills received from the sale of goods and rendering of services for payment of purchases of goods and receipts of services in the amount of RMB 7,414,669,766 (2024: RMB 5,784,477,500).

79. Further information on cash flow statement

• (1) Further information on cash flow statement √ Applicable Not applicable

Unit: RMB, Currency: CNY

Further information 2025 2024

• 1. Reconciliation from net profits to cash flows from operating activities: Net profit 1,002,927,346 779,944,769 Plus: Provision for impairment of assets 386,685,061 200,815,539 Credit impairment loss 545,528,648 418,414,816 Depreciation of investment properties and fixed assets 1,468,062,057 1,379,488,320 Amortization of right-of-use assets 26,354,895 30,046,209 Amortization of intangible assets and long-term deferred expenses 130,351,483 99,542,830 Loss on disposal of fixed assets, intangible assets and other long-term assets (gains expressed with “-”) -42,148,850 -106,961,574 Share payment expenses 23,639,017 12,144,098

• Further information 2025 2024 Loss on retirement of fixed assets (gains expressed with “-”) Loss on changes in fair value (gains expressed with “-”) 7,820,546 -13,425,987 Non-operating income -1,914,106 Financial expenses (gains expressed with “-”) 318,699,194 471,666,124 Investment losses (gains expressed with “-”) -158,253,890 -136,763,924 Decrease of deferred income tax assets (increase expressed with “-”) -73,099,554 18,844,863 Increase of deferred tax liabilities (decrease expressed with “-”) 37,851,437 4,234,364 Decrease of inventory (increase expressed with “-”) 669,292,462 -361,372,013 Decrease/(increase) in construction contract amount 720,470,753 -1,593,129,626 Operating receivables (increase expressed with “-”) -1,287,294,286 681,297,942 Increase of operating payables (decrease expressed with “-”) 2,482,551,684 3,384,701,782 (Decrease)/increase in special reserves -10,133,622 8,304,452 Others Net cash flows from operating activities 6,249,304,381 5,275,878,878
• 2. Significant investment and financing activities not involving cash deposit and withdrawal: Conversion of debt into capital Convertible bonds due within one year Fixed assets under financing lease

• 3. Net changes in cash and cash equivalents: Ending balance of cash 4,542,201,751 5,823,175,948 Less: Beginning balance of cash 5,823,175,948 5,032,169,905 Plus: Ending balance of cash equivalents Less: Beginning balance of cash equivalents Net (decrease)/increase in cash and cash equivalents -1,280,974,197 791,006,043

• (2) Net cash paid to acquire subsidiaries in current period Applicable √ Not applicable

• (3) Net cash received from disposal of subsidiaries in current period Applicable √ Not applicable

• (4) Composition of cash and cash equivalents √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024

• I. Cash 4,542,201,751 5,823,175,948 Including: Cash on hand 244,362 266,397

Bank deposit readily available for payment 4,541,957,389 5,822,909,551 Other monetary capital readily available for payment Deposits with central bank available for payment Deposits in other banks Borrowings from other banks

• II. Cash equivalents Including: Bond investment due within three months
• III. Balance of cash and cash equivalents at the end of period 4,542,201,751 5,823,175,948

Including: Restricted cash and cash equivalents of parent company or subsidiaries within the Group

• (5) Cash and cash equivalents presented as such despite restrictions on their use Applicable √ Not applicable

• (6) Monetary fund not classified into cash and cash equivalents √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Reason Judicial frozen funds 17,442,421 10,041,923 Capital frozen Guarantee and L/C deposit 9,799,801 33,571,450 Margin Funds in overseas regulatory accounts 833,158 37,891 Restricted use Total 28,075,380 43,651,264 /

Other description: √ Applicable Not applicable Supplier finance arrangements The Group conducts the reverse factoring businesses through three supply chain financial service platforms, i.e. CCB Supply Chain Finance, CCCC E-Credit, and CloudChain. The original creditor (the Group’s supplier) may launch an application through the platform and provides information on receivables and trade background. After review by the platform, an electronic debt voucher is generated and submitted to the Group for confirmation. The Group’s obligation to make payment under such electronic debt voucher is unconditional and irrevocable, and is not affected by any commercial dispute among the parties involved in the transfer of such voucher. The Group does not assert offset or defense against such payment obligation. The Group will transfer the amount equivalent to the electronic debt voucher on the payment date in accordance with the business rules of the platform. Information on financial liabilities related to supplier financing is as follows:

2025 2024 Carrying amount

Comparable maturity range of accounts payable

Carrying amount

Including: Amount received by the supplier

Maturity range

Accounts payable 301,846,835 107-181 107-181 325,658,140

• 80. Notes to items in statement of changes in owner’s equity State the name of "other" items and the amount of adjustment to the ending balance of previous year:

Applicable √ Not applicable

• 81. Foreign currency monetary items

• (1) Foreign currency monetary items √ Applicable Not applicable

Unit: RMB

Item Ending foreign currency balance Conversion exchange rate Ending balance converted into RMB Monetary funds - Including: USD 274,433,325 7.0288 1,928,936,955 EUR 67,611,531 8.2355 556,814,764 SGD 14,426,235 5.4586 78,747,046 MAD 30,986,767 0.7709 23,887,699 ZAR 37,839,605 0.4224 15,983,449 KRW 3,131,372,408 0.0049 15,343,725 AUD 2,858,328 4.6892 13,403,272 RUB 149,058,943 0.0881 13,132,093 INR 136,988,148 0.0783 10,726,172 GBP 643,470 9.4346 6,070,882 BRL 4,265,199 1.2776 5,449,218

• MYR 2,855,239 1.7319 4,944,988

SAR 2,117,745 1.8680 3,955,948 AED 2,026,534 1.9071 3,864,803 HKD 566,361 0.9032 511,537 MOP 491,818 0.8763 430,980 COP 94,799,049 0.0018 170,638 KES 732,992 0.0572 41,927 SEK 18,702 0.7617 14,245 GHS 11,780 0.8754 10,312 CAD 52 5.1142 266 NZD 5 4.0520 20 LKR - 0.0227 JPY - 0.0448 Accounts receivable - Including: USD 1,388,250,345 7.0288 9,757,734,025 EUR 138,305,536 8.2355 1,139,015,242 SGD 40,346,743 5.4586 220,236,731 MOP 179,659,248 0.8763 157,435,399 GBP 11,313,687 9.4346 106,740,111 INR 876,881,903 0.0783 68,659,853 RUB 717,746,599 0.0881 63,233,475 LKR 2,641,485,734 0.0227 59,961,726 KRW 11,729,293,028 0.0049 57,473,536 AED 23,902,269 1.9071 45,584,017 ZAR 81,860,527 0.4224 34,577,887 CAD 4,842,537 5.1142 24,765,703 QAR 11,629,784 1.9282 22,424,550 HKD 21,584,436 0.9032 19,495,063 SAR 6,132,462 1.8680 11,455,439

• MYR 3,324,265 1.7319 5,757,295 AUD 959,954 4.6892 4,501,416 BRL - 1.2776 Other receivables - Including: USD 8,922,276 7.0288 62,712,893 EUR 31,446,791 8.2355 258,980,046 HKD 85,417,924 0.9032 77,149,469 SGD 887,476 5.4586 4,844,376 ZAR 11,210,543 0.4224 4,735,333 LKR 140,792,363 0.0227 3,195,987 INR 23,214,738 0.0783 1,817,714 KRW 365,977,693 0.0049 1,793,291 AUD 367,288 4.6892 1,722,288 BRL 596,492 1.2776 762,078 OMR 4,832 18.2559 88,213 RUB - 0.0881 Accounts payable - Including: USD 258,675,144 7.0288 1,818,175,852 EUR 128,237,992 8.2355 1,056,103,983 SGD 16,492,460 5.4586 90,025,742 KRW 9,303,306,651 0.0049 45,586,203 INR 467,339,985 0.0783 36,592,721

GBP 3,689,905 9.4346 34,812,778 RUB 300,874,096 0.0881 26,507,008 ZAR 44,749,669 0.4224 18,902,260 AUD 4,022,753 4.6892 18,863,493 LKR 750,650,170 0.0227 17,039,759 JPY 275,423,791 0.0448 12,338,986 BRL 1,366,312 1.2832 1,753,252 HKD 1,096,315 0.9032 990,192 NZD 31,309 4.0520 126,864 CAD 22,295 5.1142 114,021 Other payables - Including: USD 19,291,806 7.0288 135,598,246 SGD 7,503,879 5.4586 40,960,674 KRW 3,264,182,305 0.0049 15,994,493 LKR 306,190,949 0.0227 6,950,535 EUR 756,789 8.2355 6,232,536 RUB 16,354,696 0.0881 1,440,849 GBP 84,147 9.4346 793,893 BRL 315,416 1.2776 402,975 ZAR 801,965 0.4224 338,750 INR 3,560,180 0.0783 278,762 HKD 15,260 0.9032 13,783 Long-term payables due within one year USD 22,084,925 7.0288 155,230,522 Long-term payables USD 141,135,973 7.0288 992,016,527

Other description: None

• (2) Description of overseas business entities, including the disclosure of main overseas business locations, recording currency and selection basis for important overseas business entities, as well as the reasons for changes in recording currency

Applicable √ Not applicable

82. Lease

• (1) As a lessee √ Applicable Not applicable

2025 2024 Interest expense of lease liabilities 1,047,394 1,924,958 Short-term lease expenses with simplified treatment included in the current profit or loss 213,536,195 223,116,372 Total cash outflows related to leases 228,132,689 286,559,845 Cash outflow from leaseback 150,452,721 157,310,318

The leased assets leased by the Group include buildings and constructions, machinery and equipment, transportation equipment and other equipment used in the course of operations, and the lease term is usually 1-3 years. The lease contract usually stipulates that the Group cannot sublet the leased assets. A few lease contracts include the option of renewal.

Variable lease payments not included in the measurement of lease liabilities Applicable √ Not applicable

Simplified short-term leases or lease expenses of low-value assets √ Applicable Not applicable The simplified treatment of short-term lease and low-value assets lease is detailed in Note V (38). Leaseback transactions and judgment basis √ Applicable Not applicable

The Group usually enters into leaseback transactions for the purchase price of large ships or equipment, where the transfer of the assets is not a sale. The Group continues to recognize the transferred assets together with a financial liability equal to the transfer income. The Group takes such leaseback transactions as mortgage loans for accounting treatment. The Group makes scheduled payments of the leaseback financing to the finance leasing companies in accordance with the contractual terms each year.

Total cash outflows related to leases amounted to 228,132,689 (Unit: RMB, Currency: CNY)

• (2) As a lessor Operating lease as the lessor

Applicable √ Not applicable Financing lease as the lessor

Applicable √ Not applicable Reconciliation of undiscounted lease receipts and net lease investment Applicable √ Not applicable Undiscounted lease receipts for the next five years Applicable √ Not applicable

• (3) Profit or loss of financing lease sales as a manufacturer or distributor Applicable √ Not applicable

Other description: Operating lease The profit or loss related to operating leases is presented as follows:

2025 2024 Lease income 368,120,414 384,134,037

According to the lease agreement signed with the lessee, the undiscounted minimum lease receipts are as follows:

2025 2024 Within 1 year (including 1 year) 519,660,875 417,480,850 1 to 2 years (including 2 years) 461,027,590 291,092,371

• 2-3 years (including 3 years) 362,703,366 233,509,892
• 3-4 years (including 4 years) 236,474,132 137,080,479
• 4-5 years (including 5 years) 104,978,363 110,913,100 Over 5 years 43,384,725 127,300,221 Total 1,728,229,051 1,317,376,913

• 83. Data resources Applicable √ Not applicable
• 84. Others

VIII. R&D expenditure

• 1. Presented by nature of expense

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Employee compensation 684,102,793 679,993,523 Materials expenses 667,863,928 656,385,286 Depreciation and amortization 80,230,701 87,025,975 Product design expenses 3,291,356 1,673,459 Others 79,886,017 77,319,101 Total 1,515,374,795 1,502,397,344 Including: Expensed R&D expenditure 1,515,374,795 1,502,397,344

Capitalized R&D expenditure

Other description: For the year 2025, none of the above R&D expenditures were capitalized.

• 2. Development expenditures of R&D projects eligible for capitalization Applicable √ Not applicable

Significant capitalized R&D projects Applicable √ Not applicable Provision for development expenditure impairment

Applicable √ Not applicable Other description: None

• 3. Significant outsourced research projects Applicable √ Not applicable

IX. Changes in consolidation scope

• 1. Business combination not under common control Applicable √ Not applicable
• 2. Business combination under common control Applicable √ Not applicable
• 3. Counter purchase Applicable √ Not applicable
• 4. Disposal of subsidiaries Whether there are transactions or events leading to loss of control over subsidiaries in the current period

Other description:

Applicable √ Not applicable Whether the control of subsidiary’s investment is lost in the current period in step-to-step disposal through multiple transactions

Applicable √ Not applicable Other description:

Applicable √ Not applicable

• 5. Changes in consolidation scope due to other reasons

Description of the changes (such as new subsidiary, liquidation of subsidiary) in consolidation scope due to other reasons and relevant information: √ Applicable Not applicable

During the year, ZPMC Morocco Co., Ltd., CCCC Zhenhua Offshore Hoisting and Pipe-Laying Core Equipment Engineering Technology (Shanghai) Co., Ltd., and ZPMC Group (Hainan) Co., Ltd. were newly established, while Zhenhua Haitong Intelligent Equipment Co., Ltd. and Shanghai Zhenhua Smart Enterprise Management Co., Ltd. were deregistered.

• 6. Others Applicable √ Not applicable

X. Interests in other entities

1. Interests in subsidiaries

• (1) Subsidiaries of the Group √ Applicable Not applicable

Subsidiary Name

Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd.

Shanghai Zhenhua Heavy Industries Group (Nantong) Transmission Machinery Co., Ltd.

Shanghai Zhenhua Heavy Industries Port Machinery General Equipment Co., Ltd.

CCCC Liyang Urban Investment and Construction Co., Ltd. (Note 1)

Principal place of business

Registered capital

Registration place

Nantong City, Jiangsu Province

Nantong City, Jiangsu Province

Jiangsu Province Jiangsu Province

Chongming, Shanghai

Liyang City, Jiangsu Province

Chongming, Shanghai

Liyang City, Jiangsu Province

Greenland Heavylift (Hongkong) Limited

Singapore Hong Kong

Business nature

Unit: RMB, Currency: CNY

Shareholding ratio (%)

Acquisition mode Direct Indirect

Machine manufacturing

100.00% 0.00%

Establishment by investing

Machine manufacturing

100.00% 0.00%

Establishment by investing

Machine manufacturing

100.00% 0.00%

Engineering construction

Marine transport

48.00% 0.00%

50.00% 0.00%

Business combination u n d e r c o m m o n control

Establishment by investing

Business combination not under common control

Description of the difference between the shareholding ratio and the proportion of voting right ratio in subsidiaries: None

The basis for holding half or less of the voting rights but still controlling the invested entity, and the basis for holding more than half of the voting rights but not controlling the invested entity: None The basis for control of the significant structured entities included in the consolidation scope: None Basis for determining whether the Company is an agent or a principal: None Other description:

Note 1: Pursuant to the acting-in-concert agreement entered into with CCCC Shanghai Dredging Co., Ltd. and CCCC East China Investment Co., Ltd., the Group obtained an aggregate of 76% of the voting rights at the general meeting of shareholders and 71% of the voting rights at the board of directors of the company. In accordance with the provisions of the articles of association of the company, the Group obtained control over the company and therefore included it within the scope of consolidation. Pursuant to the articles of association, one of the shareholders of the company, Jiangsu Sukong Urban Investment and Construction Co., Ltd., does not participate in profit distribution and holds a 20% stock equity.

• (2) Significant non-wholly-owned subsidiaries √ Applicable Not applicable

Unit: RMB, Currency: CNY

Balance of minority shareholders’ equity at the end

Dividends declared to minority shareholders in current period

Profit or loss attributable to

Shareholding ratio of minority shareholder Proportion

Capital invested/ (withdrawn) by minority shareholders

the minority shareholder in current period

Name of subsidiary

of the period Greenland Heavylift (Hongkong) Limited 50.00% 174,131,441 -10,912,384 712,256,166 CCCC Investment & Development Qidong Co., Ltd.

50.42% 26,491,551 447,435,989

CCCC Liyang Urban Investment and Construction Co., Ltd.

52.00% 22,868,161 -39,950,000 358,529,120

CCCC Rudong Construction Development Co., Ltd.

33.50% -28,132,880 2,209,494 234,312,462

Description of the difference between the shareholding ratio of minority shareholders and the proportion of voting right ratio in subsidiaries:

Applicable √ Not applicable Other description:

Applicable √ Not applicable

Unit: RMB, Currency: CNY

• (3) Main financial information of significant non-wholly-owned subsidiaries

√ Applicable Not applicable

liabilities Total liabilities

liabilities Non-current

Current

subsidiary December 31, 2025 December 31, 2024

assets Total assets

Non-current

liabilities Total liabilities Current assets

liabilities Non-current

Current

assets Total assets

assets Non-current

Current

Name of

Qidong Co., Ltd. 605,356,684 817,716,774 1,423,073,458 -327,322,257 -207,669,506 -534,991,763 447,631,306 829,935,643 1,277,566,949 -120,976,077 -321,011,959 -441,988,036

Limited 400,376,841 2,294,113,151 2,694,489,992 -272,436,280 -992,016,527 -1,264,452,807 206,779,915 2,418,262,487 2,625,042,402 -339,210,936 -1,174,360,550 -1,513,571,486

Greenland Heavylift

CCCC Liyang Urban

CCCC Investment

& Development

(Hong Kong)

Ltd. 757,437,355 325,970,175 1,083,407,530 -214,662,621 -2,547,110 -217,209,731 1,061,100,769 76,234,920 1,137,335,689 -225,761,183 -2,547,110-228,308,293

Construction Co.,

Investment and

CCCC Rudong

Ltd. 247,467,384 978,489,942 1,225,957,326 -224,749,930 -297,569,030 -522,318,960 196,702,360 1,122,414,225 1,319,116,585 -263,463,831 -390,987,314 -654,451,145

Development Co.,

Construction

income Cash flows from

Greenland Heavylift (Hong Kong) Limited 821,565,161 359,777,140 329,478,656 460,290,999 742,478,465 212,288,745 222,425,649 489,796,961

operating activities

CCCC Investment & Development Qidong Co., Ltd. 101,268,795 52,502,782 52,502,782 228,752,921 4,107,471 48,932,050 48,932,050 474,079,714

Name of subsidiary Amount incurred in the current period Amount incurred in the previous period

Total

comprehensive

operating activities Operating revenue Net profit

income Cash flows from

Total

comprehensive

revenue Net profit

Operating

Co., Ltd. 4,671,881 57,170,402 57,170,402 -50,422,504 636,641 42,723,235 42,723,235 149,962,165

CCCC Rudong Construction Development Co., Ltd. 970,000 10,840,046 10,840,046 74,677,703 17,215,638 20,624,770 20,624,770 233,544,119

CCCC Liyang Urban Investment and Construction

Other description: None

(4) Significant restrictions on the use of the assets of the Group or the settlement of the liabilities of the Group

Applicable √ Not applicable

(5) Financial support or other supports provided to structured entities included in the scope of consolidated financial statements

Applicable √ Not applicable

Applicable √ Not applicable

Other description:

2. Transactions in which the owner’s equity share of a subsidiary changes and the subsidiary is still under control

Applicable √ Not applicable

3. Equity in joint ventures and associates √ Applicable Not applicable

• (1) Significant joint ventures or associates √ Applicable Not applicable

Name of joint venture or associate

Principal place of business

Registration place

Business nature

Shareholding ratio (%) Accounting

treatment Direct Indirect

Joint ventures Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

Jiangsu

Nantong, Jiangsu

Marine engineering construction

50.00% - Equity method

ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi

Istanbul, Turkey Istanbul, Turkey

Technical service for port equipment

50.00% - Equity method ZPMC-Red Box Energy Services Limited Hong Kong Hong Kong Marine transport - 51.00% Equity method

ZOSG-OTL Marine Contractor Limited (formerly known as: ZPMC-OTL Marine Contractor Limited)

Hong Kong Hong Kong Marine transport - 50.00% Equity method

Associates CCCC Estate Yixing Co., Ltd. Jiangsu Wuxi, Jiangsu Real estate development 20.00% - Equity method

ZPMC Changzhou Coatings Co., Ltd. Jiangsu

Changzhou, Jiangsu

Paint manufacture 20.00% - Equity method

CCCC Financial Leasing Co., Ltd. Shanghai

Pudong New Area, Shanghai

Finance lease 5.82% - Equity method

CCCC Yancheng Construction Development Co., Ltd.

Jiangsu

Yancheng, Jiangsu

Engineering project construction

25.00% - Equity method

China Communications Construction USA Inc. USA USA

Port, channel, highway and bridge construction

24.00% - Equity method

Shanghai Xingyi Construction Technology Co., Ltd.

Shanghai Shanghai Building engineering - 30.00% Equity method

CCCC Xiongan Urban Construction Development Co., Ltd.

Hebei Xiongan, Hebei

Engineering project construction

15.00% - Equity method

Description of the difference between shareholding ratio and proportion of voting rights in a joint venture or associate: None Basis for holding less than 20% of voting rights but having significant influence, or holding 20% or more of voting rights but not having significant influence: None

• (2) Main financial information of significant joint ventures: Applicable √ Not applicable

• (3) Main financial information of significant associates: √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025/Amount incurred in the current period

December 31, 2024/Amount incurred in the previous period

CCCC Financial Leasing Co., Ltd.

CCCC Financial Leasing Co., Ltd.

CCCC Financial Leasing Co., Ltd.

CCCC Financial Leasing Co., Ltd.

Current assets 37,068,077,369 35,222,090,045 Non-current assets 30,509,707,592 32,482,617,238 Total assets 67,577,784,961 67,704,707,283 Current liabilities -26,631,383,550 -27,518,659,535 Non-current liabilities -23,648,188,424 -24,049,807,860 Total liabilities -50,279,571,974 -51,568,467,395 Minority equity 4,211,179,385 3,740,413,338 Other equity instrument - Perpetual bond 1,000,000,000 1,000,000,000 Shareholders’ equity attributable the parent company 12,087,033,602 11,395,826,550 Share of net assets held based on shareholding ratio 703,866,542 661,178,256 Adjustments

• - Goodwill
• - Unrealized profits of internal transactions
• - Others Book value of equity investment in associates 703,866,542 661,178,256 Fair value of equity investment in associates with public offer Operating revenue 4,266,367,761 4,089,094,301 Financial expenses-interest income 6,331,079 18,720,184 Financial expenses - interest expenses 622,633 1,308,000 Income tax expenses 456,583,408 454,780,922 Net profit 1,393,952,161 1,346,380,151 Net profit from discontinuing operation Net of tax of other comprehensive income 9,204,360 -4,081,897 Other comprehensive income Total comprehensive income 1,403,156,521 1,342,298,254 Total comprehensive income attributable to the parent company 932,390,474 928,198,186 Dividends distributed 239,662,813 191,591,692 Dividends received from associates this year

Other description: None

• (4) Summary of financial information of insignificant joint ventures and associates √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025/Amount incurred in the current period

December 31, 2024/Amount incurred in the previous period

Joint ventures: Total book value of investment 369,390,003 368,281,062 Total number of following items by shareholding ratio

-- Net profit 1,108,941 1,406,295

-- Other comprehensive income

-- Total comprehensive income 1,108,941 1,406,295 Associates: Total book value of investment 713,115,410 737,693,291 Total number of following items by shareholding ratio

-- Net profit 20,686,753 -16,942,727 -- Other comprehensive income -1,364,199 42,741 -- Total comprehensive income 19,322,554 -16,899,986

Other description: None

• (5) Description of the significant restrictions on the ability of joint ventures or associates to transfer funds to the Company Applicable √ Not applicable

• (6) Excess loss of joint ventures or associates Applicable √ Not applicable

• (7) Unrecognized commitments related to joint venture investment Applicable √ Not applicable

• (8) Contingent liabilities related to investment in joint ventures or associates Applicable √ Not applicable

• 4. Significant joint operation Applicable √ Not applicable
• 5. Equity in structured entities not included in the scope of consolidated financial statements Description of structured entities not included in the scope of consolidated financial statements:

Applicable √ Not applicable

• 6. Others Applicable √ Not applicable

XI. Government subsidies

1. Government subsidy not recognized by amount receivable by the end of reporting period Applicable √ Not applicable

Reasons for failure to receive the estimated amount of government subsidy at the estimated time Applicable √ Not applicable

2. Liabilities involving government subsidies

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount included in non-operating income in current period

Amount included in other income in current period

New subsidy amount in current period

December 31, 2025

Assets related / income related

Financial Statement Item

December 31, 2024

Other changes

Partly assets related and the remainder income related Total 309,644,884 68,319,339 -65,637,343 312,326,880 /

Deferred income 309,644,884 68,319,339 -65,637,343 312,326,880

3. Government subsidy recognized in current profits or losses

√ Applicable Not applicable

Unit: RMB, Currency: CNY

type Amount incurred in the current period Amount incurred in the previous period Assets related 11,431,897 8,737,582 Income related 146,057,042 145,554,327 Total 157,488,939 154,291,909

Other description: The Group had no government subsidies returned during the current year.

XII. Risks related to financial instruments

• 1. Financial instrument risks √ Applicable Not applicable The book values of various financial instruments on the balance sheet date: 2025 Financial assets

Financial assets measured at fair value through other comprehensive

Financial assets measured at fair value through the current profit or loss

Financial assets measured at amortized cost

income Total

Standard Designated Standard Designated Monetary funds - - 4,570,277,131 - - 4,570,277,131 Held-for-trading financial assets 403,446,171 - - - - 403,446,171 Derivative financial instruments 8,438,278 - - - - 8,438,278 Notes receivable - - 149,325,265 - - 149,325,265 Receivables financing - - - 485,369,280 - 485,369,280 Accounts receivable - - 8,485,823,809 - - 8,485,823,809 Other receivables - - 704,236,518 - - 704,236,518 Non-current assets due within one year

• - 888,580,054 - - 888,580,054

Other equity instrument investment

• - - - 211,195,841 211,195,841

Long-term receivables - - 1,262,789,513 - - 1,262,789,513 Total 411,884,449 - 16,061,032,290 485,369,280 211,195,841 17,169,481,860

Financial liabilities

Financial liabilities measured at fair value through the

current profit or loss Financial liabilities measured at amortized cost

Total

Standard Designated Short-term borrowings - - 3,686,556,417 3,686,556,417 Notes payable - - 4,688,600,816 4,688,600,816 Accounts payable - - 12,732,696,709 12,732,696,709 Other payables - - 1,132,892,320 1,132,892,320 Non-current liabilities due within one year

• - 4,291,534,563 4,291,534,563

Long-term borrowings - - 13,050,181,140 13,050,181,140 Long-term payables - - 1,461,252,947 1,461,252,947 Total - - 41,043,714,912 41,043,714,912

• 2024 Financial assets

Financial assets measured at fair value through other

Financial assets measured at fair value through the current profit or loss

Financial assets measured at amortized cost

comprehensive income Total Standard Designated Standard Designated

Monetary funds - - 5,866,827,212 - - 5,866,827,212 Held-for-trading financial assets 534,200,582 - - - - 534,200,582 Derivative financial instruments 8,438,278 - - - - 8,438,278 Notes receivable - - 50,000,000 - - 50,000,000

Financial assets measured at fair value through the current profit or loss

Financial assets measured at fair value through other

Financial assets measured at amortized cost

comprehensive income Total

Standard Designated Standard Designated Receivables financing - - - 650,260,884 - 650,260,884 Accounts receivable - - 7,365,793,461 - - 7,365,793,461 Other receivables - - 780,170,637 - - 780,170,637 Non-current assets due within one year

• - 1,346,060,900 - - 1,346,060,900

Other equity instrument investment - - - - 190,530,888 190,530,888 Long-term receivables - - 1,081,258,063 - - 1,081,258,063 Total 542,638,860 - 16,490,110,273 650,260,884 190,530,888 17,873,540,905

Financial liabilities

Financial liabilities measured at fair value

through the current profit or loss Financial liabilities measured at amortized cost

Total Standard Designated

Short-term borrowings - - 2,297,334,457 2,297,334,457 Notes payable - - 4,584,675,393 4,584,675,393 Accounts payable - - 10,603,482,116 10,603,482,116 Other payables - - 890,050,528 890,050,528 Non-current liabilities due within one year - - 6,717,754,646 6,717,754,646 Long-term borrowings - - 17,785,704,495 17,785,704,495 Long-term payables - - 1,717,210,910 1,717,210,910 Total - - 44,596,212,545 44,596,212,545

Financial instrument risks Various financial instrument risks the Group faces during the routine activities mainly include the credit risk, liquidity risk and market risk. The Group’s overall risk management plan is targeted at the unpredictability of financial market, trying to minimize the potential adverse influence on the Group’s financial results. Credit risk

The Group only trades with authorized third parties and related parties in good standing. Credit risks are managed in a centralized manner by customer/counterparty, geographic region and industry. As the Group’s customers of accounts receivable, contract assets and long-term receivables are widely dispersed across sectors and industries, there is no significant credit risk concentration within the Group. The Group holds collateral or other credit enhancements for the balances of some accounts receivable, other receivables and long-term receivables.

As the counterparties of monetary funds, receivables financing and derivative financial instruments are banks in good standing and having relatively higher credit ratings, these financial instruments have low credit risk.

Other financial assets of the Group include commercial acceptance bill, accounts receivable, other receivables and longterm receivables, the credit risks of these financial assets and contract assets are from the counterpart’s default, and the maximum exposure is equal to the book amount of these instruments.

The Group has set relevant policies to control the credit risk exposure. The Group, based on the customers’ financial positions, the possibility of obtaining guarantees from the third party, credit records and other factors such as the current market conditions, evaluates the credit qualifications of customers and set the credit period accordingly. The Group will monitor customers’ credit records periodically; as for the customers with bad credit records, the Group will take measures, such as requesting a payment in writing, shortening the credit period or canceling the credit term, to ensure that the Group’s overall credit risks are within the controllable scope.

Judgment criteria for significant increase in credit risk On each balance sheet date, the Group will evaluate the credit risks of relevant financial instruments to confirm whether

they have had significant increase or not after the initial recognition. The main criteria for the Group to judge a significant increase in credit risk are significant changes in one or more of the following indicators: Significant adverse changes in the debtor’s operating environment, internal and external credit ratings, actual or expected operating results, etc.

Definition of assets with credit impairment

The main criteria for the Group to judge that credit impairment has occurred is that in certain circumstances, if internal or external information shows that the contract amount may not be fully recovered before considering any credit enhancement held, the Group will also regard it as credit impairment.

The credit impairment of financial assets may be caused by several events, not just one event which can be individually identified. Parameters for the measurement of expected credit loss

Based on the information whether the credit risk has had significant increase or there is credit impairment, the Group makes the provision for impairment of expected credit losses of various assets for 12 months or the entire duration. Key parameters for the measurements of expected credit loss include the probability of default, loss given default and exposure at default. Considering the quantitative analysis on historical statistical data (including the rating of the counterpart, way of guarantee and category of collateral) and prospective information, the Group builds models for probability of default, loss given default and exposure at default.

Relevant definitions:

• (1) The probability of default refers to the possibility that the debtor will not be able to fulfill its payment obligation in the next 12 months or the whole remaining duration. The Group’s probability of default is adjusted based on the credit loss model, adding the prospective information to reflect the debtor's probability of default in the current macroeconomic environment;
• (2) The loss given default refers to the expectation made by the Group regarding the degree of loss on default risk exposure. As the type of counterpart, way of recourse and priority as well as collateral may be different, the loss given default may also be different. The loss given default refers to the percentage of the risk exposure loss at default, calculated based on the term over the next 12 months or the entire duration;
• (3) The exposure at default refers to the amount paid by the Group at default over the next 12 months or the entire remaining duration.

The prospective information is involved in the evaluation on significant change in credit risk and the calculation of expected credit loss. Through the historical data analysis, the Group identifies the key economic indicators affecting the credit risks in various types of business and the expected credit loss.

The impact of these economic indicators on the probability of default and the loss given default is different for different type of business. In such course, the Group makes the reference to the authoritative predictive values, expect these economic indicators based on results of those values, and determine the impact of these economic indicators on the probability of default and the loss given default.

The maximum risk exposure and the year-end classification of credit risk degrees regarding the Group’s financial assets and contract assets are as follows:

• 2025

Expected credit loss over the next 12 months Expected credit loss in the entire lifecycle

Expected credit loss for the entire duration

Total Stage I Stage II Stage III Simple method

Monetary funds 4,570,277,131 - - - 4,570,277,131 Held-for-trading financial assets 403,446,171 - - 403,446,171 Derivative financial instruments 8,438,278 - - - 8,438,278 Notes receivable - - - 149,325,265 149,325,265 Accounts receivable - - - 8,485,823,809 8,485,823,809 Contract assets - - - 3,069,918,477 3,069,918,477

Expected credit loss over the next 12 months Expected credit loss in the entire lifecycle

Expected credit loss for the entire duration

Total Stage I Stage II Stage III Simple method

Receivables financing 485,369,280 - - - 485,369,280 Other receivables 651,560,067 1,663,948 - - 653,224,015 Non-current assets due within one year 888,580,054 - - - 888,580,054 Other non-current assets - - - 4,610,288,207 4,610,288,207 Long-term receivables 1,262,789,513 - - - 1,262,789,513 Total 8,270,460,494 1,663,948 - 16,315,355,758 24,587,480,200

• 2024

Expected credit loss over the next 12 months Expected credit loss in the entire lifecycle

Expected credit loss for the entire duration

Total Stage I Stage II Stage III Simple method

Monetary funds 5,866,827,212 - - - 5,866,827,212 Held-for-trading financial assets 534,200,582 - - - 534,200,582 Derivative financial instruments 8,438,278 - - - 8,438,278 Notes receivable - - - 50,000,000 50,000,000 Accounts receivable - - - 7,365,793,461 7,365,793,461 Contract assets - - - 3,897,647,216 3,897,647,216 Receivables financing 650,260,884 - - - 650,260,884 Other receivables 776,028,943 4,141,694 - - 780,170,637 Non-current assets due within one year 1,346,060,900 - - - 1,346,060,900 Other non-current assets - - - 4,808,691,840 4,808,691,840 Long-term receivables 1,081,258,063 - - - 1,081,258,063 Total 10,263,074,862 4,141,694 - 16,122,132,517 26,389,349,073

Liquidity risk

The Group’s objective is to utilize a diversified mix of financing instruments to maintain an appropriate balance between the continuity and flexibility of funding. The Group’s operational funding is primarily supported by cash flows generated from operating activities and borrowings. Subsidiaries within the Group are responsible for their own cash-flow prospects. The financial section of the head office continues to monitor the short-term and long-term capital demands at the group level after collecting the cash flows prospects of all subsidiaries, to guarantee the sufficient cash reserve and cashable securities. Meanwhile, the financial section of the head office continues to monitor the financial and non-financial indicators prescribed in credit-granting agreements and loan agreements, to ensure that the Group can get sufficient line of credit from major financial institutions, so as to satisfy the short-term and long-term capital demands of all subsidiaries of the Group.

As at December 31, 2025, the contractual undiscounted cash flows (including principal and interest) of the Group’s financial liabilities are presented by contractual maturity as follows:

• 2025

2025

Within 1 year 1-2 years 2-5 years Over 5 years Total Short-term borrowings 3,693,302,986 - - - 3,693,302,986 Notes payable 4,688,600,816 - - - 4,688,600,816 Accounts payable 12,732,696,709 - - - 12,732,696,709 Other payables 1,132,892,320 - - - 1,132,892,320 Non-current liabilities due within one year 4,201,948,692 - - - 4,201,948,692 Long-term borrowings 299,169,078 8,956,217,875 2,140,753,222 2,704,962,122 14,101,102,297 Long-term payables - 681,208,711 520,210,696 423,083,521 1,624,502,928 Total 26,748,610,601 9,637,426,586 2,660,963,918 3,128,045,643 42,175,046,748

• 2024

2024

Within 1 year 1-2 years 2-5 years Over 5 years Total Short-term borrowings 2,342,266,624 - - - 2,342,266,624 Notes payable 4,584,675,393 - - - 4,584,675,393 Accounts payable 10,603,482,116 - - - 10,603,482,116 Other payables 890,050,528 - - - 890,050,528 Non-current liabilities due within one year 6,693,097,224 - - - 6,693,097,224 Long-term borrowings - 4,893,471,523 11,205,372,091 2,046,981,390 18,145,825,004 Long-term payables - 756,277,609 658,042,851 534,000,816 1,948,321,276 Total 25,113,571,885 5,649,749,132 11,863,414,942 2,580,982,206 45,207,718,165

Market risk Interest rate risk

The Group’s interest rate risk is mainly from such long-term interest-bearing liabilities as long-term bank borrowings and long-term payables. Floating-rate financial liabilities expose the Group to cash flow interest rate risk while fixedrate financial liabilities expose the Group to fair value interest rate risk. The Group determines the relative proportion of contracts with fixed interest rate and contracts with floating interest rate according to the current market environment. As at December 31, 2025, the Group’s long-term interest-bearing liabilities mainly were the floating rate contracts denominated in USD, the floating rate contracts denominated in RMB, and the fixed rate contracts denominated in RMB.

The Group’s exposure to changes in market interest rates primarily relates to its long-term liabilities bearing floating interest rates. The Group manages its interest rate risk by closely monitoring changes in interest rates and regularly reviewing borrowings.

The finance department at the Group headquarters continuously monitors the Group’s interest rate levels. The increase in interest rate will increase the costs of the new interest-bearing debts and the interest expenses of interest-bearing debts failing to be paid up by the Group and subject to the interest calculation at floating interest rate, and will, significantly and adversely, affect the Group's financial results; the management will control partial interest rate risk based on the newest market situation through the swap contract and other interest rate swap arrangements. In 2024 and 2025, the Group had no interest rate swap arrangement.

The following table shows the sensitivity analysis of the interest rate risk, reflecting the effect of the reasonable and possible changes in the interest rate on net profit or loss (through the impact on loan with floating interest rate) and the net amount of other comprehensive income after tax, based on the assumption of no change in other variables.

• 2025

Base point Increase/(Decrease)

Net profit or loss Increase/(Decrease)

Net of tax of other comprehensive income Increase/(Decrease)

Total shareholders’ equity

Increase/(Decrease) RMB 100 (124,363,450) - (124,363,450) RMB (100) 124,363,450 - 124,363,450

• 2024

Base point Increase / (Decrease)

Net profit or loss Increase / (Decrease)

Net of tax of other comprehensive income Increase / (Decrease)

Total shareholders’ equity

Increase / (Decrease) RMB 100 (128,552,784) - (128,552,784) RMB (100) 128,552,784 - 128,552,784

Exchange rate risk

The Group is exposed to transactional exchange rate risk. Such risks are due to sales or purchases made by the operating entity in currencies other than its functional currency. The Group’s main production is within the territory of China, but its sales and purchase is settled in USD. However, there still were foreign exchange risks in the foreign currency assets and liabilities and future foreign currency transactions that have been recognized by the Group (foreign currency assets and liabilities and foreign currency transactions are priced mainly in USD). The finance department of the Headquarters of the

Group is responsible for supervising the scale of the Group’s foreign currency transactions and foreign currency assets and liabilities to minimize the foreign exchange risks.

The following table is a sensitivity analysis of exchange rate risk, reflecting the assumption that all other variables will remain the same, when the USD exchange rate changes reasonably and possibly, it will affect the net profit or loss (due to the change in fair value of monetary assets and liabilities) and other comprehensive income, net of tax (due to the change in fair value of forward foreign exchange contract).

• 2025

Net of tax of other comprehensive income Increase/(Decrease)

Total shareholders’ equity Increase/(Decrease)

USD exchange rate Increase/(Decrease)

Net profit or loss Increase/(Decrease)

Depreciation of Renminbi against US Dollar

1% 37,459,849 - 37,459,849

Appreciation of Renminbi against US Dollar

-1% (37,459,849) - (37,459,849)

• 2024

USD exchange rate Increase/(Decrease)

Net profit or loss Increase/(Decrease)

Net of tax of other comprehensive income Increase/(Decrease)

Total shareholders’ equity Increase/(Decrease)

Depreciation of Renminbi against US Dollar

1% 36,071,737 - 36,071,737

Appreciation of Renminbi against US Dollar

-1% (36,071,737) - (36,071,737)

Price risk of equity instrument investment

The price risk of equity instrument investment refers to the risk that the fair value of equity securities decreases due to the change of stock index level and individual securities value. As at December 31, 2025, the Group was exposed to the price risk of equity instrument investment arising from the individual equity instrument investment classified as equity instrument investment measured at fair value through the current profit or loss. The listed equity instrument investment held by the Group is listed on the stock exchanges of Shenzhen and Hong Kong, and measured at the market quotation on the balance sheet date.

The following table shows the sensitivity of the Group’s net profit or loss to the change of 1% of the fair value of equity instrument investment (based on the book value on the balance sheet date) under the assumption that all other variables remain unchanged.

• 2025

Equity instrument investment

Equity instrument investment measured at fair value through the current profit or loss

Investment in equity instruments measured at fair value through the other comprehensive income

Equity instrument investment Book value

Net profit or loss Increase/(Decrease)

Net of tax of other comprehensive income Increase/(Decrease)

Total shareholders’ equity Increase/(Decrease)

403,446,171 3,384,286 - 3,384,286

211,195,841 - 1,795,165 1,795,165

• 2024

Net of tax of other comprehensive income Increase/(Decrease)

Equity instrument investment Book value

Total shareholders’ equity Increase/(Decrease)

Net profit or loss Increase/(Decrease)

Equity instrument investment

Equity instrument investment measured at fair value through the current profit or loss

534,200,582 4,481,388 - 4,481,388

Investment in equity instruments measured at fair value through the other comprehensive income

Equity instrument investment Book value

Net profit or loss Increase/(Decrease)

Net of tax of other comprehensive income Increase/(Decrease)

Total shareholders’ equity Increase/(Decrease)

190,530,888 - 1,619,513 1,619,513

Capital management The main goal of the Group’s capital management is to guarantee the Group’s persistent operation and maintain a sound capital ratio to support business development and maximize shareholders’ interests. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The total capital of the Group is the shareholders’ equity as listed in the consolidated balance sheet. The Group is not subject to external mandatory capital requirements and makes use of the asset-liability ratio to monitor capital. This ratio is calculated by the net debt divided by total capital. The net debt is the total borrowing (including short-term borrowings listed in the consolidated balance sheet, other non-current liabilities due within one year (excluding lease liabilities), longterm borrowings, other payables and interest-bearing liabilities in long-term payables minus cash and cash equivalents). The total capital is the total shareholders’ equity plus net debt.

As at December 31, 2025 and December 31, 2024, the debt ratio of the Group is listed as follows:

2025 2024 Debt ratio 49% 55%

2. Hedging

• (1) The Company conducts hedging business for risk management Applicable √ Not applicable

Other description: Applicable √ Not applicable

• (2) The Company conducts eligible hedging business and applies hedging accounting Applicable √ Not applicable

Other description: Applicable √ Not applicable

• (3) The Company conducts hedging business for risk management, expects to achieve risk management objectives but does not apply hedging accounting

Applicable √ Not applicable Other description:

Applicable √ Not applicable

3. Transfer of financial asset

• (1) Classification of transfer method √ Applicable Not applicable

Unit: RMB, Currency: CNY

Nature of transferred financial assets

Amount of transferred financial assets

Derecognition Basis for judgment of derecognition

Transfer method

Amount derecognized

Already transferred almost all of its risks and remuneration

Note endorsement Receivables financing 507,329,316

Nature of transferred financial assets

Amount of transferred financial assets

Derecognition Basis for judgment of derecognition

Transfer method

Amount derecognized

Already transferred almost all of its risks and remuneration

Asset securitization (Note) Accounts receivable 1,445,348,948

Endorsement of debt certificates of digital accounts receivable

Amount derecognized

Already transferred almost all of its risks and remuneration

Receivables financing 31,172,179

Total / 1,983,850,443 / /

• (2) Financial assets derecognized due to transfer √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Method of financial asset transfer

Amount of financial assets derecognized

Profit or loss related to derecognition

Receivables financing Note endorsement 507,329,316 Accounts receivable Asset securitization 1,445,348,948 11,574,005

Receivables financing

Endorsement of debt certificates of digital accounts receivable

31,172,179 Total / 1,983,850,443 11,574,005

• (3) Transferred financial assets with continuing involvement Applicable √ Not applicable

Other description: √ Applicable Not applicable

Note: In 2025, the book balance of the derecognized accounts receivable was RMB 79,638,774 and the book balance of contract assets was RMB 499,061,498 (2024: RMB 1,089,002,945 of book balance of accounts receivable, RMB 487,995,000 of book balance of contract assets), and a loss of RMB 11,574,005 (2024: RMB 54,456,916) upon derecognition was included in investment income.

Transferred financial assets that have been derecognized in their entirety but with continuing involvement

As at December 31, 2025, the book value of bank acceptance bills endorsed by the Group to suppliers for settlement of accounts payable but not yet due as at the balance sheet date was RMB 507,329,316 (December 31, 2024: RMB 681,439,477). As at December 31, 2025, these bank acceptance bills had maturities ranging from 1 to 12 months. Pursuant to the relevant provisions of the Negotiable Instruments Law, if the accepting bank refuses payment, the holder may exercise recourse against any one or more, or all, of the parties liable on the bill, including the Group, without following the order of liability of the parties to the bill (the “continuing involvement”). The Group considered that it had transferred substantially all the risks and rewards of ownership and had therefore derecognized the bills and the related settled accounts payable in their entirety. The maximum exposure to loss arising from continuing involvement and repurchase, together with the related undiscounted cash flows, was equal to their book value. The Group considered the fair value of its continuing involvement to be insignificant.

The Group did not recognize any income or expense arising from continuing involvement in derecognized financial assets during the current year or on a cumulative basis. The endorsement of bank acceptance bills receivable occurred on a broadly even basis throughout the year.

XIII. Fair value disclosure

• 1. Ending fair value of assets and liabilities measured at fair value √ Applicable Not applicable

Item

• I. Recurring fair value measurements

• (I) Held-for-trading financial assets 403,446,171 8,438,278 411,884,449

• 1. Financial assets measured at fair value through the current

profit or loss

403,446,171 8,438,278 411,884,449

• (1) Debt instrument investment
• (2) Equity instrument investments
• (3) Derivative financial assets 8,438,278 8,438,278
• (4) Investment in listed company stocks 403,446,171 403,446,171

• 2. Financial assets designated to be measured at fair value through the current profit or loss

• (1) Debt instrument investment
• (2) Equity instrument investments

• (II) Other debt investment
• (III) Investment in other equity instruments 211,195,841 211,195,841
• (IV) Investment property

• 1. Land use right for lease
• 2. Buildings for lease
• 3. Land use right held for transfer after appreciation

• (V) Biological assets

• 1. Consumptive biological assets
• 2. Productive biological assets

• (VI) Receivables financing 485,369,280 485,369,280 Total assets measured at fair value on a recurring basis 403,446,171 485,369,280 219,634,119 1,108,449,570

• (VII) Held-for-trading financial liabilities

• 1. Financial liabilities measured at fair value through current profit or loss Including: Trading bonds issued

Derivative financial liabilities Others

• 2. Financial liabilities designated to be measured at fair value through the current 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

Level 1 fair value measurement

Unit: RMB, Currency: CNY

Ending fair value

Level 2 fair value measurement

Level 3 fair value measurement

Total

• 2. Basis for determining quoted market prices for recurring and non-recurring Level 1 fair value measurements √ Applicable Not applicable The fair value of listed equity instrument investments is determined by market quotations.
• 3. Qualitative and quantitative information about the valuation techniques and significant inputs used for

• recurring and non-recurring Level 2 fair value measurements √ Applicable Not applicable

The fair value of receivables financing is determined by the discounted future cash flow method, with the market yield of other financial instruments with similar contract terms, credit risks and remaining maturities as the discount rate.

• 4. Qualitative and quantitative information about the valuation techniques and significant inputs used for

• recurring and non-recurring Level 3 fair value measurements √ Applicable Not applicable

The Group’s finance department, headed by the finance manager, is responsible for establishing policies and procedures for measuring the fair value of financial instruments. The finance manager reports directly to the CFO. At each balance sheet date, the finance department analyzes changes in the value of financial instruments and determines the principal inputs applicable to the valuation. Valuations are subject to review and approval by the CFO. For the purpose of the annual financial statements, the valuation process and results are discussed with the Audit Committee once each year.

For unlisted equity instrument investments, fair value is estimated using the market approach based on unobservable assumptions regarding market prices or interest rates. The Group needs to identify comparable listed companies based on industry, size, leverage and strategy, and calculate appropriate market multiples, such as price-to-earnings ratio multiples, for each comparable listed company identified. Adjustments will be made based on the specific facts and circumstances of the enterprise, taking into account factors such as liquidity and size differences between comparable listed companies. The Group believes that the fair value and its changes estimated by valuation techniques are reasonable and are also the most appropriate value at the balance sheet date. For the fair value of unlisted equity instrument investments, the Group estimates the potential impact of using other reasonable and possible assumptions as inputs to the valuation model.

The following is a summary of the significant unobservable inputs used in Level 3 fair value measurements:

Fair value as at the end of the year

Valuation technique Unobservable inputs

Weighted average/

scope Level 3 2025: 2025: Derivative financial instruments 8,438,278

Discount cash flow model

Weighted average cost of capital

11% Liquidity discount 26%

Other equity instrument investment 211,195,841

Comparable company mode on the market

P/B ratio of comparable company

1.7-4.0 2024: 2024:

Derivative financial instruments 8,438,278

Discount cash flow model

Weighted average cost of capital

11% Liquidity discount 27%

Other equity instrument investment 190,530,888

Comparable company mode on the market

P/B ratio of comparable company

1.4-2.2

• 5. Reconciliation between the opening and ending book value of recurring Level 3 fair value measurements and sensitivity analysis of unobservable inputs

Applicable √ Not applicable

• 6. For recurring fair value measurements, where transfers between levels occurred during the current period, the reasons for such transfers and the policy for determining the timing of transfers

Applicable √ Not applicable

• 7. Changes in valuation techniques during the current period and the reasons for such changes Applicable √ Not applicable
• 8. Fair values of financial assets and financial liabilities not measured at fair value Applicable √ Not applicable

• 9. Others √ Applicable Not applicable Reconciliation of recurring Level 3 fair value measurements is as follows:

• 2025

Changes in unrealized gains or losses recognized in profit or loss during the

Total gains or losses for the current period

Closing balance

Opening balance

Transferred to Level 3

Transferred from Level 3

Recognized in other comprehensive income

Purchase Issue Sale Settlement

Recognized in profit or loss

reporting period related to assets still held at the year-end

Derivative financial instruments

8,438,278 - - - - - - - - 8,438,278 -

Other equity instruments

190,530,888 - - - 20,664,953 - - - - 211,195,841 -

Total 198,969,166 - - - 20,664,953 - - - - 219,634,119 -

2024

Changes in unrealized

Total gains or losses for the current period

gains or losses recognized in profit or loss during the reporting period related to assets still held at the year-end

Closing balance

Opening balance

Transferred to Level 3

Transferred from Level 3

Recognized in other comprehensive income

Purchase Issue Sale Settlement

Recognized in profit or loss

Derivative financial instruments

8,438,278 - - - - - - - - 8,438,278 -

Other equity instruments

104,859,374 - - - 4,747,843 88,358,925 - -7,435,254 - 190,530,888 -

Total 113,297,652 - - - 4,747,843 88,358,925 - -7,435,254 - 198,969,166 -

XIV. Related parties and related party transactions

1. Parent company

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Registered capital

Shareholding ratio in the Company (%)

Parent company

Registration place

Voting ratio in the Company (%)

Business nature

Port project contracting and related business

CCCG Beijing City

7,274,023,830 46 46

Description of the parent company of the Company None The final controlling party of the Company is the China Communications Construction Group Co., Ltd. Other description: None

2. Subsidiaries For details of the subsidiaries of the Company, please refer to Note X (1)

Applicable √ Not applicable

• 3. Joint ventures and associates For details of the significant joint ventures or associates of the Company, please refer to Note X (3)

Applicable √ Not applicable Other joint ventures or associates that have related party transactions with the Company in the current period or formed balance in the previous period are as follows.

Applicable √ Not applicable Other description:

Applicable √ Not applicable

• 4. Other related parties √ Applicable Not applicable

Name of other related parties Relationship with related party

Friede & Goldman, Llc. Controlled by the same parent company ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi Controlled by the same parent company Beijing Rate Electronic Technology Developing Co., Ltd. Controlled by the same parent company Guizhou CCCC Xinglu Expressway Development Co., Ltd. Controlled by the same parent company ZPMC Changzhou Coatings Co., Ltd. Controlled by the same parent company Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd Controlled by the same parent company Jiangsu CCCC Green Energy Photovoltaic Technology Co., Ltd. Controlled by the same parent company Jiujiang Education Consulting Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. Controlled by the same parent company Lekki Free Trade Zone Lekki Port Project Company Controlled by the same parent company Road and Bridge Construction Chongqing Fengfu Expressway Development Co., Ltd. Controlled by the same parent company Road and Bridge Construction Chongqing Fengshi Expressway Development Co., Ltd. Controlled by the same parent company Xiamen Jiehang Engineering Testing Technology Co., Ltd. Controlled by the same parent company Shanghai Jiangtian Industrial Co., Ltd. Controlled by the same parent company Shanghai Communications Construction Contracting Co., Ltd. Controlled by the same parent company Shanghai Xingyi Construction Technology Co., Ltd. Controlled by the same parent company Shanghai Zhensha Longfu Machinery Co., Ltd. Controlled by the same parent company China Transportation HEAD New Technology Co., Ltd. Controlled by the same parent company Shanghai China Communications Water Transportation Design & Research Co., Ltd. Controlled by the same parent company Tianjin Harbour Engineering Quality Inspection Center Co., Ltd. Controlled by the same parent company Wuhan Siyuan Xingye Real Estate Brokerage Co., Ltd. Controlled by the same parent company Cele International Trading Company Limited Controlled by the same parent company Zhenhua Engineering Co., Ltd. Controlled by the same parent company Yueyang Chenglingji New Port Co., Ltd. Controlled by the same parent company Zhejiang Lvzhou Photovoltaic Technology Co., Ltd. Controlled by the same parent company ZPMC-Red Box Energy Services Limited Controlled by the same parent company ZPMC-OTL Marine Contractor Limited Controlled by the same parent company China Harbour (Nigeria) Limited Controlled by the same parent company Macau Zhenhua Harbour Construction Co., Ltd. Controlled by the same parent company CCCC Tunnel Engineering Company Limited Controlled by the same parent company CCCC First Highway Fifth Engineering Co., Ltd. Controlled by the same parent company China Harbour Engineering Co., Ltd. Controlled by the same parent company China Highway Vehicle & Machinery Co., Ltd. Controlled by the same parent company China Highway Engineering Consulting Corporation Controlled by the same parent company China Communications Construction Company Ltd. Controlled by the same parent company China Communications Materials Co., Ltd. Controlled by the same parent company China Communications Information Technology Group Co., Ltd. Controlled by the same parent company

China Road & Bridge Corporation Controlled by the same parent company Chuwa Risheng (Beijing) International Trade Co., Ltd. Controlled by the same parent company Chuwa Bussan Co., Ltd. Controlled by the same parent company CCCC (Xiamen) Information Co., Ltd Controlled by the same parent company CCCC (Tianjin) Eco-environmental Protection Design & Research Institute Co., Ltd. Controlled by the same parent company CCCC Tianjin Dredging Co., Ltd. Controlled by the same parent company CCCC Finance Company Ltd. Controlled by the same parent company CCCC Industrial Investment Holding Company Ltd. Controlled by the same parent company CCCC Chenzhou Road Construction Machinery Co., Ltd. Controlled by the same parent company CCCC Urban Operation Management Co., Ltd. Controlled by the same parent company CCCC Second Highway Engineering Co., Ltd. Controlled by the same parent company CCCC Second Highway Consultants Co., Ltd. Controlled by the same parent company CCCC Second Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Third Highway Engineering Co., Ltd. Controlled by the same parent company CCCC Third Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Third Harbor Consultants Co., Ltd. Controlled by the same parent company CCCC Fourth Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Fourth Harbor Consultants Co., Ltd. Controlled by the same parent company CCCC First Highway Engineering Co., Ltd. Controlled by the same parent company CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC First Harbor Consultants Co., Ltd. Controlled by the same parent company CCCC Dingxin Equity Investment Management Co., Ltd. Controlled by the same parent company CCCC - SHEC Fourth Highway Engineering Co., Ltd. Controlled by the same parent company CCCC-SHEC Fifth Highway Engineering Co., Ltd. Controlled by the same parent company CCCC-SHEC First Highway Engineering Co., Ltd. Controlled by the same parent company CCCC-SHEC Railway Engineering Co., Ltd. Controlled by the same parent company CCCC-SHEC Railway Construction Co., Ltd. Controlled by the same parent company

• No.2 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. Controlled by the same parent company
• No.3 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. Controlled by the same parent company
• No.4 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Photovoltaic Technology Co., Ltd. Controlled by the same parent company CCCC Guangzhou Dredging Co., Ltd. Controlled by the same parent company CCCC International (Hong Kong) Holdings Limited Controlled by the same parent company CCCC Haifeng Wind Power Development Co., Ltd. Controlled by the same parent company CCCC Ocean Investment Holding Co., Ltd. Controlled by the same parent company CCCC East China Materials Co., Ltd. Controlled by the same parent company CCCC Electrical and Mechanical Engineering Co., Ltd. Controlled by the same parent company CCCG Controlled by the same parent company CCCG (HK) Holding Limited Controlled by the same parent company China Communications Construction Company (M) Sdn. Bhd. Controlled by the same parent company CCCC Construction Group Co., Ltd. Controlled by the same parent company CCCC Jetport Construction Technology (Shanghai) Co., Ltd. Controlled by the same parent company Road & Bridge East China Engineering Co., Ltd. Controlled by the same parent company CCCC Road & Bridge South China Engineering Co., Ltd. Controlled by the same parent company Road & Bridge International Co., Ltd. Controlled by the same parent company CCCC Road & Bridge South China Engineering Co., Ltd. Controlled by the same parent company CCCC Financial Leasing Co., Ltd. Controlled by the same parent company

• No.2 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. Controlled by the same parent company No.6 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. (Xiamen) Controlled by the same parent company
• No.3 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. Controlled by the same parent company

Xing An Ji Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Shanghai Dredging Co., Ltd. Controlled by the same parent company No.3 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company

• No.5 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company

• No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Capital Holdings Co., Ltd. Controlled by the same parent company CCCC Shanghai Channel Equipment Industry Co., Ltd. Controlled by the same parent company CCCC Shanghai Equipment Engineering Co., Ltd. Controlled by the same parent company CCCC Design Consulting Group Co., Ltd. Controlled by the same parent company CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd. Controlled by the same parent company CCCC Dredging (Group) Co., Ltd. Controlled by the same parent company CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd. Controlled by the same parent company CCCC Water Transportation Planning and Design Institute Co., Ltd. Controlled by the same parent company No. 2 Engineering Co., Ltd. of CCCC Fourth Highway Engineering Co., Ltd. Controlled by the same parent company Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Tunnel Engineering (Beijing) Real Estate Co., Ltd. Controlled by the same parent company CCCC Tianhe Mechanical Equipment Manufacturing Co., Ltd. Controlled by the same parent company Tianjin Port Engineering Institute Co. Ltd. of CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company CCCC Tianjin Industry and Trade Co., Ltd. Controlled by the same parent company CCCC Tianjin Dredging Co., Ltd. Controlled by the same parent company CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd. Controlled by the same parent company CCCC Property Service Co., Ltd. Controlled by the same parent company CCCC Xi’an Road Construction Machinery Co., Ltd. Controlled by the same parent company CCCC Xingyu Technology Co., Ltd Controlled by the same parent company CCCC Xiongan Urban Construction Development Co., Ltd. Controlled by the same parent company CCCC Xiongan Financial Leasing Co., Ltd. Controlled by the same parent company CCCC Yancheng Construction Development Co., Ltd. Controlled by the same parent company No. 6 Engineering Co., Ltd. of CCCC First Highway Engineering Co., Ltd. Controlled by the same parent company CCCC First Highway Electrification Engineering Co., Ltd. Controlled by the same parent company First Highway Engineering Group Co., Ltd. Controlled by the same parent company Chongqing Yongjiang Expressway Investment and Construction Co., Ltd. of FHEC of CCCC Controlled by the same parent company Installation Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company
• No.2 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Controlled by the same parent company CNPC & CCCC Petroleum Sales Co., Ltd. Controlled by the same parent company Chongqing Zhongwan Expressway Co., Ltd. Controlled by the same parent company

Other description: None

5. Related party transactions

• (1) Purchase and sales of goods, and rendering and receipt of labor services Purchase of goods/receipt of labor services √ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the previous period

Content of related party transaction

Amount incurred in the current period

Approved transaction limit (if applicable)

Exceeding transaction limit (if applicable)

Related parties

Procurement of Goods

CCCC Shanghai Equipment Engineering Co., Ltd.

422,729,175 346,647,152

Procurement of Goods

ZPMC Changzhou Coatings Co., Ltd.

77,118,847 186,232,564

Procurement of Goods

CNPC & CCCC Petroleum Sales Co., Ltd.

63,334,894 56,320,793

Procurement of Goods

CCCC (Xiamen) Information Co., Ltd

40,037,649 24,551,227

Procurement of Goods

Shanghai Zhensha Longfu Machinery Co., Ltd.

35,343,179 6,194,242

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Procurement of Goods

25,544,239 -

Procurement of Goods

CCCC Shanghai Channel Equipment Industry Co., Ltd.

19,247,788 -

Procurement of Goods

CCCC Dredging (Group) Co., Ltd.

10,718,766 35,652,451

Procurement of Goods

CCCC Third Harbor Engineering Co., Ltd.

4,987,967 -

Procurement of Goods

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

3,266,549 -

China Communications Information Technology Group Co., Ltd.

Procurement of Goods

2,815,382 26,936,300

CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd.

Procurement of Goods

2,482,982 9,324,480

CCCC (Tianjin) Eco-environmental Protection Design & Research Institute Co., Ltd.

Procurement of Goods

1,826,863 -

Procurement of Goods

CCCC Xingyu Technology Co., Ltd

1,244,799 -

Procurement of Goods

China Communications Materials Co., Ltd.

972,123 614,197

Procurement of Goods

China Highway Vehicle & Machinery Co., Ltd.

820,732 -

Procurement of Goods

CCCC Tianjin Industry and Trade Co., Ltd.

692,011 101,942,200

Procurement of Goods

Chuwa Risheng (Beijing) International Trade Co., Ltd.

• 48,904

Procurement of Goods

CCCC Urban Operation Management Co., Ltd.

• 1,133,933

Procurement of Goods

CCCC Second Highway Engineering Co., Ltd.

• 13,346,205

Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

Procurement of Goods

• 6,221,659

Installation Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

Procurement of Goods

• 4,607,547

Shanghai Communications Construction Contracting Co., Ltd.

Procurement of Goods

• 444,158

Procurement of Goods

CCCC Jetport Construction Technology (Shanghai) Co., Ltd.

• 395,000

Procurement of Goods

CCCC Tianjin Dredging Co., Ltd.

• 767,890

Procurement of Goods

CCCC Shanghai Dredging Co., Ltd.

• 4,036,870

Procurement of Goods

CCCC Property Service Co., Ltd.

• 198,383

Procurement of Goods

CCCC First Highway Engineering Co., Ltd.

• 8,443,812

Procurement of Goods

CCCC Design Consulting Group Co., Ltd.

• 518,091

Procurement of Goods

CCCC Yancheng Construction Development Co., Ltd.

• 611,451

Receipt of

CCCC Third Harbor Engineering Co., Ltd.

187,545,289 5,271,531

CCCC Tianjin Dredging Co., Ltd.

99,522,209 20,914,058

labor services

Receipt of labor services

CCCC Dredging (Group) Co., Ltd.

88,619,832 93,888,244

China Communications Information Technology Group Co., Ltd.

Receipt of labor services

44,285,359 46,315,012

Receipt of labor services

CCCC Third Highway Engineering Co., Ltd.

33,067,274 633,389,429

CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd.

Receipt of labor services

24,777,205 1,725,000

Receipt of labor services

Road & Bridge East China Engineering Co., Ltd.

22,707,987 9,651,703

Receipt of labor services

CCCC First Highway Engineering Co., Ltd.

20,294,905 164,687,077

Receipt of labor services

Road & Bridge International Co., Ltd.

16,054,006 44,462,018

Receipt of labor services

CCCC Urban Operation Management Co., Ltd.

14,512,701 11,246,696

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Receipt of labor services

8,854,717 -

Receipt of labor services

CCCC Construction Group Co., Ltd.

5,737,412 -

Receipt of labor services

CCCC Fourth Harbor Consultants Co., Ltd.

5,160,521 -

Shanghai Communications Construction Contracting Co., Ltd.

Receipt of labor services

3,974,214 -

CCCC Water Transportation Planning and Design Institute Co., Ltd.

Receipt of labor services

2,444,553 6,812,868

Receipt of labor services

CCCC Xingyu Technology Co., Ltd

2,369,417 96,600

Shanghai China Communications Water Transportation Design & Research Co., Ltd.

Receipt of labor services

1,942,264 99,000

Receipt of labor services

CCCC (Xiamen) Information Co., Ltd

1,815,100 858,209

Receipt of labor services

CCCC Property Service Co., Ltd.

1,474,214 1,107,521

ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi

Receipt of labor services

1,246,962 -

• No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

Receipt of labor services

770,642 -

Receipt of labor services

CCCC Third Harbor Consultants Co., Ltd.

728,038 4,510,883

Receipt of labor services

CCCC Shanghai Dredging Co., Ltd.

697,669 4,111,035

Receipt of labor services

CCCC Photovoltaic Technology Co., Ltd.

480,991 146,526

Tianjin Port Engineering Institute Co. Ltd. of CCCC First Harbor Engineering Co., Ltd.

Receipt of labor services

438,113 -

CCCC (Tianjin) Eco-environmental Protection Design & Research Institute Co., Ltd.

Receipt of labor services

332,075 -

Receipt of labor services

Guizhou CCCC Xinglu Expressway Development Co., Ltd.

197,975 -

Receipt of labor services

CCCC Second Harbor Engineering Co., Ltd.

154,759 39,671,589

Receipt of labor services

Wuhan Siyuan Xingye Real Estate Brokerage Co., Ltd.

94,340 -

Receipt of

China Harbour Engineering Co., Ltd.

66,038 -

CCCC Design Consulting Group Co., Ltd.

35,094 250,000

labor services

Receipt of labor services

CCCC Shanghai Equipment Engineering Co., Ltd.

• 654,818,621

No.3 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd.

Receipt of labor services

• 72,975,728

Installation Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

Receipt of labor services

• 18,026,376

Receipt of labor services

CCCC Road & Bridge South China Engineering Co., Ltd.

• 13,345,083

Receipt of labor services

CCCC Yancheng Construction Development Co., Ltd.

• 13,326,441

• No.2 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd.

Receipt of labor services

• 6,519,213

Receipt of labor services

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

• 4,818,682

Receipt of labor services

ZPMC Changzhou Coatings Co., Ltd.

• 4,358,819

Receipt of labor services

CCCC Second Highway Engineering Co., Ltd.

• 2,653,341

Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

Receipt of labor services

• 1,071,000

Receipt of labor services

CNPC & CCCC Petroleum Sales Co., Ltd.

• 852,870

Tianjin Harbour Engineering Quality Inspection Center Co., Ltd.

Receipt of labor services

• 480,679

Receipt of labor services

Xiamen Jiehang Engineering Testing Technology Co., Ltd.

• 440,000

Receipt of labor services

CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd.

• 410,949

Receipt of labor services

Chuwa Risheng (Beijing) International Trade Co., Ltd.

• 9,600

Sales of goods/rendering of labor services √ Applicable Not applicable

Unit: RMB, Currency: CNY

Content of related party transaction

Amount incurred in the current period

Amount incurred in the previous period

Related parties

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Sales of Goods 1,664,018,764 296,273,935

CCCC Financial Leasing Co., Ltd. Sales of Goods 231,970,938 200,708,000 CCCC Haifeng Wind Power Development Co., Ltd. Sales of Goods 228,672,566 CCCC Electrical and Mechanical Engineering Co., Ltd. Sales of Goods 113,491,947 396,222,550 CCCC Third Harbor Engineering Co., Ltd. Sales of Goods 109,702,142 87,262,341 CCCC First Harbor Engineering Co., Ltd. Sales of Goods 85,609,701 17,308,083 CCCC Second Highway Engineering Co., Ltd. Sales of Goods 63,630,673 87,417,725 Zhenhua Engineering Co., Ltd. Sales of Goods 63,238,232 CCCC Fourth Harbor Engineering Co., Ltd. Sales of Goods 55,964,602 Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

Sales of Goods 33,828,357 -

Road & Bridge International Co., Ltd. Sales of Goods 29,983,631 618,816,864 CCCC Tianhe Mechanical Equipment Manufacturing Co., Ltd. Sales of Goods 29,575,231 61,597,879 CCCC Tianjin Dredging Co., Ltd. Sales of Goods 24,278,245 China Harbour Engineering Co., Ltd. Sales of Goods 21,720,388 893,169,261

Content of related party transaction

Amount incurred in the current period

Amount incurred in the

Related parties

previous period CCCC Third Highway Engineering Co., Ltd. Sales of Goods 16,384,376 15,875,271 CCCC Road & Bridge South China Engineering Co., Ltd. Sales of Goods 15,411,948 CCCC Photovoltaic Technology Co., Ltd. Sales of Goods 7,800,702 305,825 CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd. Sales of Goods 3,936,655 1,868,009 Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd Sales of Goods 3,130,639 282,027,258 CCCC Shanghai Equipment Engineering Co., Ltd. Sales of Goods 3,072,567 15,362,832 Chuwa Bussan Co., Ltd. Sales of Goods 1,719,102 CCCC Water Transportation Planning and Design Institute Co., Ltd. Sales of Goods 1,599,057 No.5 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Sales of Goods 1,451,327 Road and Bridge Construction Chongqing Fengfu Expressway Development Co., Ltd.

Sales of Goods 1,447,417 1,949,610

CCCC International (Hong Kong) Holdings Limited Sales of Goods 1,146,433 Road and Bridge Construction Chongqing Fengshi Expressway Development Co., Ltd.

Sales of Goods 1,022,015 1,214,260

Chongqing Zhongwan Expressway Co., Ltd. Sales of Goods 813,205 1,669,662 Friede & Goldman, Llc. Sales of Goods 456,478 11,542,840 CCCC Guangzhou Dredging Co., Ltd. Sales of Goods 424,528 Yueyang Chenglingji New Port Co., Ltd. Sales of Goods 355,965 868,903 CCCG Sales of Goods 94,340 CCCC Chenzhou Road Construction Machinery Co., Ltd. Sales of Goods 83,028 CCCC Shanghai Channel Equipment Industry Co., Ltd. Sales of Goods 16,549 Chongqing Yongjiang Expressway Investment and Construction Co., Ltd. of FHEC of CCCC

Sales of Goods 8,891 8,095

No.2 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Sales of Goods 752 830,189 CCCC Second Harbor Engineering Co., Ltd. Sales of Goods - 417,029,958 China Road & Bridge Corporation Sales of Goods - 42,195,263 No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. Sales of Goods - 7,765,487 ZPMC Changzhou Coatings Co., Ltd. Sales of Goods - 6,566,672 CCCC First Highway Electrification Engineering Co., Ltd. Sales of Goods - 87,270 CCCC Financial Leasing Co., Ltd. Rendering of service 14,164,609 796,519 China Communications Construction Company (M) Sdn. Bhd. Rendering of service 8,531,551 ZPMC Changzhou Coatings Co., Ltd. Rendering of service 7,907,098 2,147 CCCG Rendering of service 4,339,622 1,603,774 CCCC Photovoltaic Technology Co., Ltd. Rendering of service 3,625,346 2,550,323 China Communications Construction Company Ltd. Rendering of service 2,204,009 1,396,226 China Communications Information Technology Group Co., Ltd. Rendering of service 1,548,451 604,127 Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd Rendering of service 1,409,991 4,511,437 CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Rendering of service 896,226 -

China Transportation HEAD New Technology Co., Ltd. Rendering of service 663,625 CCCC Second Harbor Engineering Co., Ltd. Rendering of service 264,151 CCCC Shanghai Equipment Engineering Co., Ltd. Rendering of service 109,679 640,129 CCCC Tianjin Dredging Co., Ltd. Rendering of service 94,340 CCCC Xi’an Road Construction Machinery Co., Ltd. Rendering of service 26,604 CCCC Shanghai Dredging Co., Ltd. Rendering of service 12,053 Jiangsu CCCC Green Energy Photovoltaic Technology Co., Ltd. Rendering of service - 12,005,642 CCCC Third Harbor Engineering Co., Ltd. Rendering of service - 11,929,732 Zhejiang Lvzhou Photovoltaic Technology Co., Ltd. Rendering of service - 9,128,920 Yueyang Chenglingji New Port Co., Ltd. Rendering of service - 73,451

Description of related party transactions of purchase and sales of goods, rendering and receipt of labor services Applicable √ Not applicable

• (2) Trusteeship/contracting and entrustment/outsourcing Trusteeship/contracting of the Company:

Applicable √ Not applicable Description of the trusteeship/contracting with related parties Applicable √ Not applicable Entrustment/outsourcing of the Company Applicable √ Not applicable Management/outsourcing with related parties Applicable √ Not applicable

• (3) Leases with related parties The Company as the lessor:

Applicable √ Not applicable The Company as the lessee:

Applicable √ Not applicable Description of leases with related parties Applicable √ Not applicable

• (4) Guarantees with related parties The Company as the guarantor

Applicable √ Not applicable The Company as the guaranteed party Applicable √ Not applicable Description of the guarantees with related parties Applicable √ Not applicable

• (5) Lendings with related parties Applicable √ Not applicable

• (6) Assets transfer and debt restructuring of related parties Applicable √ Not applicable

• (7) Remuneration of key management personnel √ Applicable Not applicable

Unit: RMB 10,000, Currency: CNY

Item Amount incurred in the current period Amount incurred in the previous period Remuneration of key management personnel 1,474 1,468

The Group had 19 key management personnel in 2025 (2024: 24). The remuneration of newly appointed and departing personnel arising from changes in office during the year is presented based on their respective terms of office, while the remuneration of all other personnel is presented for the current period.

• (8) Other related party transactions √ Applicable Not applicable

Distribution of dividends to related parties

2025 2024 CCCG 83,532,098 75,938,271 CCCC International (Hong Kong) Holdings Limited 50,421,571 45,837,792 CCCC Dingxin Equity Investment Management Co., Ltd. 1,470,600 Total 135,424,269 121,776,063

(Withdrawals of deposits from)/deposits with related parties

2025 2024 CCCC Finance Company Ltd. (590,036,217) 118,126,908

Borrowings from related parties

2025 2024 CCCC Finance Company Ltd. (Note) 514,000,000 36,840,000 Total 514,000,000 36,840,000

Note: During the current year, borrowings amounted to RMB 514,000,000 (2024: RMB 36,840,000), representing loans granted by CCCC Finance Co., Ltd. to the Company under the entrustment of China Communications Construction Group Co., Ltd., pursuant to an Entrusted Loan Agreement entered into among the three parties.

Interest collected from related parties

2025 2024 CCCC Finance Company Ltd. 5,279,882 1,721,539 Total 5,279,882 1,721,539

Interest paid to related parties

2025 2024 CCCC Finance Company Ltd. 7,357,128 13,389,638 CCCC Xiongan Financial Leasing Co., Ltd. - 1,656,944 Total 7,357,128 15,046,582

6. Outstanding balances with related parties, including receivables and payables

• (1) Receivables √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024 Book balance

Item Related parties

Provision for bad debts

Provision for bad debts

Book balance

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

432,582,000 179,173,555

Accounts receivable

Accounts receivable CCCC Haifeng Wind Power Development Co., Ltd. 228,128,812 22,503,000 Accounts receivable CCCC Third Harbor Engineering Co., Ltd. 205,329,401 159,610,898 Accounts receivable CCCC Electrical and Mechanical Engineering Co., Ltd. 129,234,686 111,556,570 Accounts receivable Road & Bridge International Co., Ltd. 117,284,139 92,164,048 Accounts receivable China Harbour Engineering Co., Ltd. 108,518,522 218,780,152 Accounts receivable CCCC First Harbor Engineering Co., Ltd. 102,325,125 87,629,848

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

84,024,577 195,687,694 Accounts receivable CCCC Second Highway Engineering Co., Ltd. 68,490,994 54,516,895 Accounts receivable

Accounts receivable

CCCC Road & Bridge South China Engineering Co., Ltd.

62,497,160 Accounts receivable China Harbour (Nigeria) Limited 54,915,805 -

Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

53,092,000 9,998,000

Accounts receivable

Accounts receivable CCCC Yancheng Construction Development Co., Ltd. 50,199,243 Accounts receivable CCCC Fourth Harbor Engineering Co., Ltd. 45,241,566 9,630,947 Accounts receivable China Road & Bridge Corporation 32,049,877 31,187,447 Accounts receivable China Communications Construction Company Ltd. 23,579,922 21,467,922

CCCC Tianhe Mechanical Equipment Manufacturing Co., Ltd.

19,240,873 20,694,119

Accounts receivable

Accounts receivable CCCC First Highway Engineering Co., Ltd. 18,952,395 18,952,395 Accounts receivable Friede & Goldman, Llc. 16,378,756 16,727,069

No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

15,400,000 18,530,000

Accounts receivable

Accounts receivable CCCC Second Harbor Engineering Co., Ltd. 14,611,315 50,548,475 Accounts receivable CCCC - SHEC Fourth Highway Engineering Co., Ltd. 13,833,457 13,833,457 Accounts receivable Zhenhua Engineering Co., Ltd. 13,789,809 -

ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi

12,803,717 13,091,953

Accounts receivable

Accounts receivable CCCC Tianjin Dredging Co., Ltd. 11,412,066 11,412,066 Accounts receivable ZPMC-OTL Marine Contractor Limited 9,252,446 18,068,949 Accounts receivable CCCC Third Highway Engineering Co., Ltd. 8,997,710 12,368,335 Accounts receivable CCCG 7,300,000 2,700,000 Accounts receivable CCCC Financial Leasing Co., Ltd. 7,287,178 75,945,067 Accounts receivable CCCC Photovoltaic Technology Co., Ltd. 7,251,604 16,017 Accounts receivable CCCC Dredging (Group) Co., Ltd. 4,568,720 -

No.6 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. (Xiamen)

3,900,000 -

Accounts receivable

Accounts receivable CCCC First Harbor Consultants Co., Ltd. 3,723,715 3,723,715 Accounts receivable CCCC Fourth Harbor Consultants Co., Ltd. 3,096,178 3,769,681 Accounts receivable CCCC Third Harbor Consultants Co., Ltd. 2,324,581 2,367,146 Accounts receivable Zhejiang Lvzhou Photovoltaic Technology Co., Ltd. 2,142,871 6,516,640

No. 6 Engineering Co., Ltd. of CCCC First Highway Engineering Co., Ltd.

2,000,000 2,000,000

Accounts receivable

China Communications Information Technology Group Co., Ltd.

1,874,099 640,375 Accounts receivable Chuwa Bussan Co., Ltd. 1,719,102 Accounts receivable

Accounts receivable

No.5 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

1,640,000 Accounts receivable CCCC-SHEC First Highway Engineering Co., Ltd. 1,228,915 10,147,312 Accounts receivable

Road and Bridge Construction Chongqing Fengfu Expressway Development Co., Ltd.

1,092,082 -

Jiangsu CCCC Green Energy Photovoltaic Technology Co., Ltd.

837,519 5,931,084 Accounts receivable Chongqing Zhongwan Expressway Co., Ltd. 813,205 796,381 Accounts receivable

Accounts receivable

Beijing Rate Electronic Technology Developing Co., Ltd.

741,517 741,517 Accounts receivable CCCC Tianjin Dredging Co., Ltd. 731,139 1,932,556 Accounts receivable

Road and Bridge Construction Chongqing Fengshi Expressway Development Co., Ltd.

719,729 Accounts receivable China Transportation HEAD New Technology Co., Ltd. 528,741 Accounts receivable

No.2 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

417,150 417,150 Accounts receivable ZPMC Changzhou Coatings Co., Ltd. 235,603 131,603

No.4 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

223,053 3,572,680

Accounts receivable

Installation Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

213,349 213,349

Accounts receivable

CCCC First Highway Electrification Engineering Co., Ltd.

125,022 125,022

Accounts receivable

CCCC Chenzhou Road Construction Machinery Co., Ltd.

93,822 -

Accounts receivable

Accounts receivable Yueyang Chenglingji New Port Co., Ltd. 84,575 Accounts receivable CCCC Construction Group Co., Ltd. 82,015 82,015 Accounts receivable CCCC-SHEC Railway Engineering Co., Ltd. 25,688 25,688 Accounts receivable CCCC-SHEC Railway Construction Co., Ltd. 23,980 23,980

Chongqing Yongjiang Expressway Investment and Construction Co., Ltd. of FHEC of CCCC

8,094 8,094

Accounts receivable

Accounts receivable CCCC Shanghai Equipment Engineering Co., Ltd. 548 548 Accounts receivable CCCC International (Hong Kong) Holdings Limited 40 -

CCCC Water Transportation Planning and Design Institute Co., Ltd.

• 1,000,000

Accounts receivable

CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd.

• 480,090

Accounts receivable

Accounts receivable First Highway Engineering Group Co., Ltd. - 118,779 Receivables financing CCCC Third Harbor Engineering Co., Ltd. 167,790,534 21,663,423

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

13,746,695 32,328,171

Receivables financing

CCCC Tianhe Mechanical Equipment Manufacturing Co., Ltd.

11,734,901 19,156,840

Receivables financing

Receivables financing CCCC Second Harbor Engineering Co., Ltd. 11,307,078 5,000,000 Receivables financing CCCC-SHEC First Highway Engineering Co., Ltd. 10,181,789 Receivables financing CCCC Second Highway Engineering Co., Ltd. 7,011,724 Receivables financing CCCC Third Highway Engineering Co., Ltd. 6,731,626 14,534,000 Receivables financing CCCC First Harbor Engineering Co., Ltd. 2,000,000 -

CCCC Road & Bridge South China Engineering Co., Ltd.

2,000,000 10,098,395

Receivables financing

No.3 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

500,000 -

Receivables financing

Receivables financing CCCC Electrical and Mechanical Engineering Co., Ltd. - 99,140,896 Receivables financing Road & Bridge International Co., Ltd. - 84,784,166 Receivables financing CCCC Haifeng Wind Power Development Co., Ltd. - 80,000,000 Receivables financing CCCC East China Materials Co., Ltd. - 1,500,000 Receivables financing CCCC Third Harbor Consultants Co., Ltd. - 768,332

CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd.

• 363,935

Receivables financing

Other receivables ZPMC-Red Box Energy Services Limited 164,124,678 164,124,678 164,124,678 164,124,678 Other receivables CCCC Third Harbor Engineering Co., Ltd. 64,418,118 53,625,531 Other receivables CCCC Second Harbor Engineering Co., Ltd. 34,051,971 35,649,319 Other receivables China Road & Bridge Corporation 29,228,920 29,228,919

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

20,616,526 6,673,978

Other receivables

Other receivables Road & Bridge International Co., Ltd. 14,861,556 13,030,041 Other receivables CCCC First Harbor Engineering Co., Ltd. 9,833,338 9,890,860 Other receivables CCCC-SHEC Fifth Highway Engineering Co., Ltd. 7,677,577 Other receivables CCCC Third Highway Engineering Co., Ltd. 5,234,699 6,412,639

Other receivables China Communications Construction Company Ltd. 4,746,754 4,746,754 Other receivables CCCC Fourth Harbor Engineering Co., Ltd. 3,538,071 -

CCCC Road & Bridge South China Engineering Co., Ltd.

2,660,154 Other receivables CCCC Second Highway Engineering Co., Ltd. 2,645,414 4,943,320 Other receivables

Other receivables

No.4 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

2,116,091 2,116,091

Other receivables CCCG 1,356,800 1,356,800 Other receivables CCCC Yancheng Construction Development Co., Ltd. 988,549 Other receivables CCCC Financial Leasing Co., Ltd. 857,655 Other receivables CCCC First Harbor Consultants Co., Ltd. 543,764 543,764

CCCC Xiongan Urban Construction Development Co., Ltd.

396,023 769,749 Other receivables CCCC Third Harbor Consultants Co., Ltd. 200,000 Other receivables

Other receivables

No.3 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

200,000 -

Other receivables China Harbour Engineering Co., Ltd. 195,858 1,051,012 Other receivables CCCC Design Consulting Group Co., Ltd. 100,000 Other receivables CCCC Tianjin Dredging Co., Ltd. 91,893 Other receivables CCCC Shanghai Dredging Co., Ltd. 79,405 72,133 Other receivables Shanghai Jiangtian Industrial Co., Ltd. 77,552 77,552 Other receivables ZPMC-OTL Marine Contractor Limited 44,389 45,510 Other receivables CCCC Urban Operation Management Co., Ltd. 43,552 37,361 Other receivables China Highway Vehicle & Machinery Co., Ltd. 19,800 -

CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd.

15,828 20,000 Other receivables ZPMC Changzhou Coatings Co., Ltd. 5,000 Other receivables

Other receivables

Jiujiang Education Consulting Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

1,800 1,800

Other receivables Shanghai Xingyi Construction Technology Co., Ltd. 189 Other receivables CCCC Xiongan Financial Leasing Co., Ltd. - 6,000,000

No.2 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

• 2,071,763

Other receivables

Installation Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd.

• 1,600,000

Other receivables

Other receivables CCCC-SHEC First Highway Engineering Co., Ltd. - 565,553 Other receivables CCCC Fourth Harbor Consultants Co., Ltd. - 520,895 Advances to suppliers CCCC Third Harbor Engineering Co., Ltd. 92,642,746 112,306,815 Advances to suppliers CCCG 4,027,918 1,641,000 Advances to suppliers CCCC Third Highway Engineering Co., Ltd. 2,000,800 2,000,800 Advances to suppliers CCCC Second Highway Consultants Co., Ltd. 850,000 850,000

China Communications Information Technology Group Co., Ltd.

484,200 16,099,913

Advances to suppliers

Advances to suppliers CCCC Ocean Investment Holding Co., Ltd. 15,200 15,200 Advances to suppliers CCCC Industrial Investment Holding Company Ltd. 4,000 4,000

CCCC Tunnel Engineering (Beijing) Real Estate Co., Ltd.

3,500 -

Advances to suppliers

No.3 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

1,600 -

Advances to suppliers

Advances to suppliers CCCC Shanghai Equipment Engineering Co., Ltd. 1,359 1,359 Advances to suppliers CCCC Second Highway Engineering Co., Ltd. 500 500

Advances to suppliers Yueyang Chenglingji New Port Co., Ltd. 400 Advances to suppliers CCCC Guangzhou Dredging Co., Ltd. 100 Advances to suppliers Road & Bridge International Co., Ltd. - 941,495

CCCC Worldcom (Chongqing) Heavy Industries Co., Ltd.

• 380,735

Advances to suppliers

CCCC Road & Bridge South China Engineering Co., Ltd.

• 351,487

Advances to suppliers

Advances to suppliers CCCC Xingyu Technology Co., Ltd - 102,959 Advances to suppliers CCCC Dredging (Group) Co., Ltd. - 9,100

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

367,237,518 24,058,066

Contract assets

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

309,938,522 96,609,056

Contract assets

Contract assets Road & Bridge International Co., Ltd. 72,999,447 79,180,837 Contract assets CCCC Second Harbor Engineering Co., Ltd. 66,087,828 161,080,684 Contract assets CCCC Third Harbor Engineering Co., Ltd. 58,236,097 45,280,803 Contract assets CCCC Tianjin Dredging Co., Ltd. 34,028,319 Contract assets CCCC Yancheng Construction Development Co., Ltd. 19,869,315 315,887 Contract assets CCCC First Harbor Engineering Co., Ltd. 13,206,716 56,573,210 Contract assets China Road & Bridge Corporation 11,541,856 3,852,069

CCCC Road & Bridge South China Engineering Co., Ltd.

4,354,331 -

Contract assets

Contract assets CCCC Second Highway Engineering Co., Ltd. 3,073,682 2,924,165 Contract assets CCCC Electrical and Mechanical Engineering Co., Ltd. 2,920,354 9,398,230 Contract assets China Harbour Engineering Co., Ltd. - 179,817,826 Contract assets CCCC Third Highway Engineering Co., Ltd. - 9,920,642

No.4 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd.

• 4,654,092

Contract assets

Contract assets CCCC-SHEC First Highway Engineering Co., Ltd. - 2,428,909 Other non-current assets

CCCC First Harbor Engineering Co., Ltd. 58,310,287 -

Other non-current assets

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

21,422,121 4,086,224

Other non-current assets

CCCC Third Harbor Engineering Co., Ltd. 17,846,296 19,676,660

Other non-current assets

CCCC Second Harbor Engineering Co., Ltd. 11,095,573 -

Other non-current assets

Zhenhua Engineering Co., Ltd. 6,347,830 -

Other non-current assets

China Road & Bridge Corporation 4,539,453 -

Other non-current assets

Road & Bridge International Co., Ltd. 4,354,331 4,306,525

Other non-current assets

CCCC-SHEC First Highway Engineering Co., Ltd. 2,428,909 -

• (2) Payables √ Applicable Not applicable

Unit: RMB, Currency: CNY

Ending book balance

Beginning book

Item Related parties

balance Accounts payable CCCC Third Harbor Engineering Co., Ltd. 245,874,364 275,932,763 Accounts payable CCCC Third Highway Engineering Co., Ltd. 210,810,639 366,104,528 Accounts payable CCCC Construction Group Co., Ltd. 206,086,364 145,478,903 Accounts payable CCCC Tianjin Dredging Co., Ltd. 199,684,485 51,600,984 Accounts payable CCCC First Highway Engineering Co., Ltd. 139,230,408 65,449,332 Accounts payable CCCC Shanghai Equipment Engineering Co., Ltd. 102,094,550 30,958,856 Accounts payable CCCC Dredging (Group) Co., Ltd. 45,720,762 Accounts payable CCCC Shanghai Channel Equipment Industry Co., Ltd. 39,799,104 1,111,000 Accounts payable ZPMC Changzhou Coatings Co., Ltd. 37,966,419 50,382,026 Accounts payable China Communications Information Technology Group Co., Ltd. 28,466,482 2,203,255 Accounts payable Road & Bridge East China Engineering Co., Ltd. 28,040,480 14,249,963 Accounts payable CCCC Second Harbor Engineering Co., Ltd. 23,563,375 153,026,470

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Accounts payable

17,563,160 -

Accounts payable Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd 13,396,129 33,083,852 Accounts payable CNPC & CCCC Petroleum Sales Co., Ltd. 12,192,479 10,826,167 Accounts payable Shanghai Zhensha Longfu Machinery Co., Ltd. 12,079,905 Accounts payable Road & Bridge International Co., Ltd. 10,839,686 Accounts payable CCCC East China Materials Co., Ltd. 10,411,231 Accounts payable CCCC (Xiamen) Information Co., Ltd 8,585,002 1,131,267 Accounts payable No. 2 Engineering Co., Ltd. of CCCC Fourth Highway Engineering Co., Ltd. 8,581,250 4,302,240 Accounts payable CCCC Water Transportation Planning and Design Institute Co., Ltd. 7,453,702 8,581,250 Accounts payable CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd. 7,319,744 Accounts payable Shanghai Communications Construction Contracting Co., Ltd. 4,690,248 8,113,473 Accounts payable CCCC Shanghai Dredging Co., Ltd. 3,549,662 4,601,001 Accounts payable No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. 3,291,462 15,714,811 Accounts payable CCCC Second Highway Engineering Co., Ltd. 2,774,835 80,500 Accounts payable CCCC First Harbor Engineering Co., Ltd. 2,298,606 1,210,111 Accounts payable CCCC (Tianjin) Eco-environmental Protection Design & Research Institute Co., Ltd. 2,016,355 Accounts payable ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi 1,821,488 131,763 Accounts payable CCCC Third Harbor Consultants Co., Ltd. 1,658,344 1,731,981 Accounts payable CCCC Tianjin Industry and Trade Co., Ltd. 1,453,945 Accounts payable CCCC Electrical and Mechanical Engineering Co., Ltd. 1,061,720 -

Shanghai China Communications Water Transportation Design & Research Co., Ltd.

Accounts payable

978,800 -

Accounts payable CCCC Second Highway Consultants Co., Ltd. 848,827 9,637,173 Accounts payable Shanghai Jiangtian Industrial Co., Ltd. 846,373 809,544 Accounts payable CCCC Urban Operation Management Co., Ltd. 748,432 552,439 Accounts payable CCCC Property Service Co., Ltd. 398,990 Accounts payable China Highway Vehicle & Machinery Co., Ltd. 345,511 Accounts payable CCCC First Harbor Consultants Co., Ltd. 302,041 302,041 Accounts payable Guizhou CCCC Xinglu Expressway Development Co., Ltd. 199,301 Accounts payable CCCC Xingyu Technology Co., Ltd 142,340 78,491 Accounts payable Chuwa Risheng (Beijing) International Trade Co., Ltd. 78,491 Accounts payable Xiamen Jiehang Engineering Testing Technology Co., Ltd. 44,000 131,810 Accounts payable Installation Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. 33,849 13,011

Accounts payable CCCC Photovoltaic Technology Co., Ltd. 28,307 846,373 Accounts payable CCCC Jetport Construction Technology (Shanghai) Co., Ltd. 11,850 Accounts payable First Highway Engineering Group Co., Ltd. - 19,252,150 Accounts payable CCCC Capital Holdings Co., Ltd. - 16,619,656 Accounts payable ZPMC Southeast Asia Pte. Ltd - 11,312,732 Accounts payable No.3 Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. - 3,150,347 Accounts payable China Road & Bridge Corporation - 2,851,994 Accounts payable CCCC Fourth Harbor Consultants Co., Ltd. - 2,298,606

Chongqing Yongjiang Expressway Investment and Construction Co., Ltd. of FHEC of CCCC

Accounts payable

• 385,568 Accounts payable Chuwa Bussan Co., Ltd. - 178,380 Accounts payable

Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

• 33,849

Accounts payable Friede & Goldman, Llc. - 44,000 Notes payable CCCC Shanghai Equipment Engineering Co., Ltd. 87,847,670 194,750,113 Notes payable ZPMC Changzhou Coatings Co., Ltd. 24,810,043 12,456,633 Notes payable Shanghai Zhensha Longfu Machinery Co., Ltd. 12,744,092 497,948 Notes payable CNPC & CCCC Petroleum Sales Co., Ltd. 4,621,553 1,357,231 Notes payable CCCC Wuhan Zhixing International Engineering Consulting Co., Ltd. 4,575,000 Notes payable China Communications Materials Co., Ltd. - 184,380 Notes payable Chuwa Risheng (Beijing) International Trade Co., Ltd. - 58,504 Contract liabilities Cele International Trading Company Limited 448,132,433 Contract liabilities CCCC Third Harbor Engineering Co., Ltd. 159,608,693 Contract liabilities China Harbour Engineering Co., Ltd. 65,387,819 624,960

Jiangmen Hangtong Shipbuilding Co., Ltd. of CCCC Fourth Harbor Engineering Co., Ltd.

Contract liabilities

36,383,857 -

Contract liabilities Road & Bridge International Co., Ltd. 32,878,607 Contract liabilities CCCC Electrical and Mechanical Engineering Co., Ltd. 27,109,912 85,514,050 Contract liabilities China Road & Bridge Corporation 17,249,272 3,305,675

• Contract liabilities No.2 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. 12,928,237 Contract liabilities CCCC Haifeng Wind Power Development Co., Ltd. 8,955,039 61,299,221 Contract liabilities CCCC Second Harbor Engineering Co., Ltd. 8,662,492 25,132,743 Contract liabilities CCCC Financial Leasing Co., Ltd. 2,187,009 Contract liabilities China Communications Information Technology Group Co., Ltd. 1,479,671 Contract liabilities China Communications Construction Company Ltd. 399,000 399,000
• Contract liabilities No.3 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. 253,739 253,739 Contract liabilities CCCC Shanghai Equipment Engineering Co., Ltd. 100,548 100,548 Contract liabilities Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd 42,581 244,452,727 Contract liabilities Friede & Goldman, Llc. 858 -

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Contract liabilities

• 234,699,418

Contract liabilities CCCC International (Hong Kong) Holdings Limited - 63,453,174 Contract liabilities Zhenhua Engineering Co., Ltd. - 11,480,886 Contract liabilities CCCC - SHEC Fourth Highway Engineering Co., Ltd. - 9,381,153 Contract liabilities Lekki Free Trade Zone Lekki Port Project Company - 8,789,190 Contract liabilities CCCC-SHEC Fifth Highway Engineering Co., Ltd. - 2,326,834 Contract liabilities Xing An Ji Engineering Co., Ltd. of CCCC Third Harbor Engineering Co., Ltd. - 200,000 Contract liabilities ZPMC Changzhou Coatings Co., Ltd. - 20,303 Contract liabilities China Highway Engineering Consulting Corporation - 15,232 Other payables Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd 24,093,303 8,387,875

Other payables CCCC Second Harbor Engineering Co., Ltd. 3,900,134 Other payables CCCC Photovoltaic Technology Co., Ltd. 3,471,759 Other payables CCCC Financial Leasing Co., Ltd. 3,138,717 Other payables CCCC Tianjin Dredging Co., Ltd. 2,000,000 2,000,000 Other payables CCCG 1,600,544 1,600,544 Other payables CCCC Construction Group Co., Ltd. 1,335,036 Other payables CCCC Electrical and Mechanical Engineering Co., Ltd. 665,174 638,944 Other payables No.3 Engineering Co., Ltd. of CCCC Second Harbor Engineering Co., Ltd. 657,337 657,337 Other payables CCCC Urban Operation Management Co., Ltd. 601,313 101,313 Other payables ZPMC Changzhou Coatings Co., Ltd. 570,938 571,791 Other payables CCCC Xiongan Urban Construction Development Co., Ltd. 330,000 330,000 Other payables Xiamen Jiehang Engineering Testing Technology Co., Ltd. 292,437 64,237 Other payables CCCC Third Highway Engineering Co., Ltd. 257,975 359,068 Other payables CCCC Shanghai Equipment Engineering Co., Ltd. 217,192 100,000 Other payables CCCC Property Service Co., Ltd. 211,250 211,250

Shanghai China Communications Water Transportation Design & Research Co., Ltd.

Other payables

168,050 216,050

Other payables China Communications Information Technology Group Co., Ltd. 157,500 Other payables Shanghai Jiangtian Industrial Co., Ltd. 150,000 150,000 Other payables CCCC Dredging (Group) Co., Ltd. 123,993 100,988 Other payables CCCC Design Consulting Group Co., Ltd. 85,776 1,323,443 Other payables China Highway Vehicle & Machinery Co., Ltd. 19,800 Other payables CCCC (Xiamen) Information Co., Ltd 9,861 9,762 Other payables CCCC Third Harbor Engineering Co., Ltd. 9,750 3,350 Other payables CCCC Third Harbor Consultants Co., Ltd. 3,000 63,372 Other payables CCCC Water Transportation Planning and Design Institute Co., Ltd. 3,000 59,750 Other payables CCCC Shanghai Channel Equipment Industry Co., Ltd. 2,000 2,000

CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

Other payables

100 100

Other payables China Communications Construction Company Ltd. 21 19 Other payables CCCC Jetport Construction Technology (Shanghai) Co., Ltd. - 17,500 Non-current liabilities due within one year

CCCC Finance Company Ltd. - 544,332,444

Long-term payables CCCC Tianjin Dredging Co., Ltd. 207,669,506 Long-term payables CCCC Third Highway Engineering Co., Ltd. 121,330,525 Long-term payables CCCC Second Harbor Engineering Co., Ltd. 84,569,030 84,569,030 Long-term payables CCCC Construction Group Co., Ltd. 53,120,249 39,558,526 Long-term payables CCCC Xiongan Financial Leasing Co., Ltd. 2,547,110 Long-term payables CCCC Dredging (Group) Co., Ltd. - 262,957,217 Long-term payables CCCC Third Harbor Engineering Co., Ltd. - 37,952,715 Long-term payables No. 2 Engineering Co., Ltd. of CCCC Fourth Highway Engineering Co., Ltd. - 9,520,885 Long-term payables First Highway Engineering Group Co., Ltd. - 2,547,110 Long-term borrowings CCCC Finance Company Ltd. 550,840,000 36,851,257

• (3) Other items Applicable √ Not applicable

7. Commitments with related parties √ Applicable Not applicable Rendering of services for the Group by related parties

2025 2024 CCCC Third Highway Engineering Co., Ltd. 804,300,534 837,367,809 CCCC Third Harbor Engineering Co., Ltd. 611,351,331 611,351,330 CCCC First Highway Fifth Engineering Co., Ltd. 388,366,210 388,366,210 No. 2 Engineering Co., Ltd. of CCCC Fourth Highway Engineering Co., Ltd. 305,931,400 305,931,400 CCCC Tianjin Dredging Co., Ltd. 185,520,399 285,042,609 No.1 Engineering Co., Ltd. of CCCC First Harbor Engineering Co., Ltd. 56,568,996 56,568,996 CCCC Tunnel Engineering Company Limited 158,070 158,070 Shanghai Communications Construction Contracting Co., Ltd. - 2,631,313

• Total 2,352,196,940 2,487,417,737

Sale of products, provision of labor or leasing services to related parties

2025 2024 Cele International Trading Company Limited 1,417,681,477 CCCC First Harbor Engineering Co., Ltd. 492,391,944 509,700,028 Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd 245,834,691 547,586,806 CCCC Third Harbor Engineering Co., Ltd. 231,216,425 87,064,870 CCCC Second Harbor Engineering Co., Ltd. 199,915,683 137,435,931 CCCC National Engineering Research Center of Dredging Technology and Equipment Co., Ltd.

161,603,631 1,464,887,921

Road & Bridge International Co., Ltd. 107,937,051 171,204,420 CCCC Haifeng Wind Power Development Co., Ltd. 86,063,256 338,071,801 CCCC Second Highway Engineering Co., Ltd. 71,719,696 92,555,656 Zhenhua Engineering Co., Ltd. 51,220,800 China Harbour Engineering Co., Ltd. 41,381,072 138,308,741 China Road & Bridge Corporation 32,810,252 75,005,515 CCCC Financial Leasing Co., Ltd. - 200,708,000 CCCC Road & Bridge South China Engineering Co., Ltd. - 175,004,771 CCCC Electrical and Mechanical Engineering Co., Ltd. - 97,345,133

• Total 3,139,775,978 4,034,879,593

8. Others √ Applicable Not applicable Monetary funds deposited in the related parties

2025 2024 CCCC Finance Company Ltd. 1,129,883,165 1,719,919,382

XV. Share-based payment

1. Various equity instruments

• (1) Details Applicable √ Not applicable

• (2) Outstanding share options or other equity instruments at the end of the period √ Applicable Not applicable

Grantee Category

Stock options outstanding at the end of the period

Range of exercise price Remaining contract term

Managerial staff

R&D staff Production staff

Sales staff

Equity incentive plan in 2023 Exercise price: RMB 3.205 per share

• (2024: RMB 3.260 per share) Option incentive plan (reserved portion) in 2023 Exercise price: RMB 3.945 per share
• (2024: RMB 4.000 per share)

First unlocking period for the first and reserved grants: from the first trading day after 24 months from the completion of the grant registration to the last trading day within 36 months from the completion of the grant registration Second unlocking period for the first and reserved grants: from the first trading day after 36 months from the completion of the grant registration to the last trading day within 48 months from the completion of the grant registration Third unlocking period for the first and reserved grants: from the first trading day after 48 months from the completion of the grant registration to the last trading day within 60 months from the completion of the grant registration

Other description None

Other equity instruments outstanding at the end of the period

Range of exercise price

Remaining contract term

• 2. Equity-settled share-based payments

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Method for determining the fair value of equity instruments on the grant date

Option pricing model

Key inputs used in for measuring the fair value of equity instruments on the grant date

Dividend rate, expected volatility, risk-free rate, expected term of stock option

Basis of determination for the number of exercisable equity instruments

At each balance sheet date during the vesting period, the optimum estimate is made according to subsequent information such as assessment results to adjust the expected number of exercisable equity instruments

Reasons for significant differences between current and previous estimates

Cumulative amount of equity-settled share-based payments recognized in share premium

35,783,115

Other description: None

• 3. Cash-settled share-based payments Applicable √ Not applicable
• 4. Share-based payment expense for the current period √ Applicable Not applicable

Unit: RMB, Currency: CNY

Grantee Category Equity-settled share-based payment expenses Cash-settled share-based payment expenses

Managerial staff 12,733,132 R&D staff 7,306,159 Production staff 2,441,321 Sales staff 1,158,405 Total 23,639,017

Other description None

• 5. Modifications to and termination of share-based payments Applicable √ Not applicable
• 6. Others Applicable √ Not applicable

XVI. Commitments and contingencies

• 1. Significant commitments √ Applicable Not applicable Significant external commitments as of the balance sheet date: nature and amounts

Commitments related to capital expenditure contracted for but not provided in the financial statements as at the balance sheet date:

2025 2024 Buildings, constructions, and mechanical equipment 631,565,748 517,736,387

L/C commitments

The Group has entrusted banks to issue a number of letters of credit for the purchase of imported components. As at December 31, 2025, the outstanding amount under the L/Cs was about RMB 2,609,953,659 (as at December 31, 2024: RMB 3,534,296,423).

• 2. Contingencies

• (1) Significant contingencies on the balance sheet date Applicable √ Not applicable

• (2) Where the Company has no significant contingencies requiring disclosure, this fact shall also be stated: Applicable √ Not applicable

• 3. Others Applicable √ Not applicable

XVII. Post balance sheet events

• 1. Significant non-adjustment events Applicable √ Not applicable

• 2. Profit distribution Applicable √ Not applicable
• 3. Sales return Applicable √ Not applicable
• 4. Description of other post balance sheet events Applicable √ Not applicable

XVIII. Other significant events

• 1. Correction of previous accounting errors

For details, see “Analysis and explanation of the Company of the causes and the impacts of the major changes in accounting policies and accounting estimates or correction of significant accounting errors” under “Important Events.”

• 2. Significant debt restructuring Applicable √ Not applicable
• 3. Assets exchange

• (1) Non-monetary assets exchange Applicable √ Not applicable

• (2) Other assets exchange Applicable √ Not applicable

• 4. Pension plan Applicable √ Not applicable
• 5. Discontinued operations Applicable √ Not applicable
• 6. Segments

• (1) Basis for determining reportable segments and accounting policies √ Applicable Not applicable

The Group determines operating segments based on internal organization structure, management requirements and internal reporting system, determines reportable segments based on operating segments, and disclose the information of the segments.

An operating segment is a component of the Group that satisfies all of the following conditions: (1) it is capable of earning revenues and incurring expenses in the course of its ordinary activities; (2) its operating results are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the segment and assess its performance; and (3) separate accounting information is available regarding its financial position, operating results and cash flows. Two or more operating segments may be aggregated into a single operating segment if they have similar economic characteristics and meet certain specified conditions.

Based on the Group’s internal organizational structure, management requirements and internal reporting system, the Group identifies its business as a single operating segment for analysis and evaluation.

• (2) Financial information of reportable segments Applicable √ Not applicable

• (3) Where the Company has no reportable segments, or is unable to disclose the total assets and total liabilities of each reportable segment, the reasons shall be explained

Applicable √ Not applicable

• (4) Other description √ Applicable Not applicable Product and labor information Income from external transactions

2025 2024 Port machinery 22,776,108,389 20,593,596,470 Heavy equipment 7,382,674,206 8,292,575,548 Steel structure and related income 3,396,764,185 3,341,971,292 Shipping and lifting services 1,877,356,761 1,324,871,410 Lease income 368,120,414 384,134,037 Engineering construction projects 285,913,696 413,546,349 Sales of materials and others 173,520,675 105,725,075 Total 36,260,458,326 34,456,420,181

Geographic information Income from external transactions

2025 2024 Chinese Mainland 19,830,304,826 18,259,962,071 Asia (excluding Chinese Mainland) 7,035,536,493 9,789,555,392 North America 3,150,614,443 1,664,901,303 Europe 2,846,772,292 1,437,730,953 Africa 2,393,015,993 1,789,859,277 Chinese Mainland (export sales) 551,014,260 146,391,226 South America 432,392,071 1,194,357,090 Oceania 20,807,948 173,662,869 Total 36,260,458,326 34,456,420,181

The income from external transaction is attributable to where the customer is located. Total non-current assets

2025 2024 Chinese Mainland 17,416,764,503 15,285,643,528 Asia (excluding Chinese Mainland) 11,688,389,436 14,500,878,668 Others 33,245,819 38,792,150 Total 29,138,399,758 29,825,314,346

The non-current assets are attributable to where they are located, excluding financial assets, long-term equity investment, goodwill, deferred income tax assets and other non-current assets.

• 7. Other significant transactions and events affecting investors’ decision-making Applicable √ Not applicable
• 8. Others Applicable √ Not applicable

XIX. Notes to main items of the financial statements of the parent company

1. Accounts receivable

(1) Disclosure by aging √ Applicable Not applicable

Unit: RMB, Currency: CNY

Aging Ending book balance Beginning book balance Within 1 year (including 1 year) 14,519,895,536 18,424,966,163 Sub-total of items within 1 year 14,519,895,536 18,424,966,163

• 1-2 years 1,005,464,636 1,044,066,775
• 2-3 years 813,203,906 700,264,034 Over 3 years
• 3-4 years 654,120,468 332,151,118
• 4-5 years 203,752,381 745,320,707 Over 5 years 2,398,859,383 1,764,635,994 Total 19,595,296,310 23,011,404,791

(2) Disclosure by bad debt calculation method √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024 Book balance Provision for bad debts

Book balance Provision for bad debts

Category

Book Amount value

Book value

Proportion of provision (%)

Proportion of provision (%)

Proportion (%)

Proportion (%)

Amount

Amount

Amount

Provision for bad debts accrued on an individual basis

1,049,447,444 5 1,049,447,444 100 - 900,605,325 4 829,355,994 92 71,249,331

Including:

Provision for bad debts accrued on an individual basis

1,049,447,444 5 1,049,447,444 100 - 900,605,325 4 829,355,994 92 71,249,331

Provision for bad debts by portfolio

18,545,848,866 95 1,923,781,036 10 16,622,067,830 22,110,799,466 96 1,874,951,964 8 20,235,847,502

Including: Aging portfolio 18,545,848,866 95 1,923,781,036 10 16,622,067,830 22,110,799,466 96 1,874,951,964 8 20,235,847,502 Total 19,595,296,310 / 2,973,228,480 / 16,622,067,830 23,011,404,791 / 2,704,307,958 / 20,307,096,833

Individual provision for bad debts: √ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 Book balance Provision for bad debts Proportion of provision (%) Reason for provision

Name

Provision for bad debts accrued on an individual basis

Counterparty financial shortage Total 1,049,447,444 1,049,447,444 100 /

1,049,447,444 1,049,447,444 100

Description of individual provision for bad debts:

Applicable √ Not applicable Provision for bad debts by portfolio: √ Applicable Not applicable

Items accrued by portfolio: Aging portfolio

Unit: RMB, Currency: CNY

December 31, 2025

Name

Book balance Provision for bad debts Proportion of provision (%) Within 1 year 14,519,931,635 171,785,489 1

• 1-2 years 1,005,464,636 110,372,374 11
• 2-3 years 808,609,907 201,868,390 25
• 3-4 years 654,079,968 247,986,597 38
• 4-5 years 191,306,930 107,651,064 56 Over 5 years 1,366,455,790 1,084,117,122 79 Total 18,545,848,866 1,923,781,036

Explanation of provision for bad debts accrued by portfolio: Applicable √ Not applicable Provision for bad debts is calculated based on the general model of expected credit loss

Applicable √ Not applicable Basis for division of each stage and proportion of provision for bad debt Accounts receivable with provision for bad debts accrued by credit risk features portfolio are as follows:

2025 2024

Expected credit loss for the entire duration Within 1 year 14,519,931,635 1 171,785,489 18,425,074,548 1 134,263,979

Expected credit loss for the entire duration

Carrying amount of estimated credit losses arising from default

Carrying amount of estimated credit losses arising from default

Expected credit loss rate (%)

Expected credit loss rate (%)

• 1-2 years 1,005,464,636 11 110,372,374 1,039,472,776 18 190,653,182
• 2-3 years 808,609,907 25 201,868,390 700,223,534 23 162,280,222
• 3-4 years 654,079,968 38 247,986,597 321,807,272 57 183,234,561
• 4-5 years 191,306,930 56 107,651,064 645,903,415 66 426,779,591 Over 5 years 1,366,455,790 79 1,084,117,122 978,317,921 79 777,740,429 Total 18,545,848,866 1,923,781,036 22,110,799,466 1,874,951,964

Explanation of significant changes in the book balance of accounts receivable with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (3) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: There were no recoveries or reversals of provision for bad debts with significant amount in the year.

• (4) Accounts receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant accounts receivable Applicable √ Not applicable Explanation of write-off of accounts receivable: Applicable √ Not applicable

• (5) Top 5 accounts receivable and contract assets in terms of ending balance presented by debtor √ Applicable Not applicable

Unit: RMB, Currency: CNY

Ending balance of accounts receivable and contract assets

Proportion in total ending balance of accounts receivable and contract assets (%)

Ending balance of provision for

Balance of accounts receivable at the end of the period

Ending balance of contract assets

Name

bad debts

• Customer 1 8,393,533,256 - 8,393,533,256 38 -
• Customer 2 1,432,215,747 - 1,432,215,747 6 -
• Customer 3 1,254,933,802 - 1,254,933,802 6 -
• Customer 4 1,055,516,817 - 1,055,516,817 5 -
• Customer 5 734,729,903 - 734,729,903 3 Total 12,870,929,525 - 12,870,929,525 58 -

Other description: None Other description: √ Applicable Not applicable Changes in the provision for bad debts of accounts receivable are as follows:

Provision in the current year

Recovery or reversal in the year

Write-off in the year Closing balance 2025 2,704,307,958 784,654,133 (515,733,611) - 2,973,228,480

Opening balance

• 2024 2,332,223,279 860,737,529 (488,652,850) - 2,704,307,958

• 2. Other receivables Item presentation √ Applicable Not applicable

Unit: RMB, Currency: CNY

Item December 31, 2025 December 31, 2024 Interest receivable Dividends receivable Other receivables 2,591,815,489 3,273,122,746 Total 2,591,815,489 3,273,122,746

Other description:

Applicable √ Not applicable Interest receivable

• (1) Classification of interest receivable Applicable √ Not applicable

• (2) Significant overdue interest Applicable √ Not applicable

• (3) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Description of individual provision for bad debts: Applicable √ Not applicable

Provision for bad debts by portfolio: Applicable √ Not applicable

• (4) Provision for bad debts is calculated based on the general model of expected credit loss Applicable √ Not applicable

Basis for division of each stage and proportion of provision for bad debt None Explanation of significant changes in the book balance of interests receivable with changes in provisions for losses in the current period:

Applicable √ Not applicable

• (5) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (6) Interests receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant interest receivable

Applicable √ Not applicable Note to write-off:

Applicable √ Not applicable Other description:

Applicable √ Not applicable Dividends receivable

• (7) Dividends receivable Applicable √ Not applicable

• (8) Significant dividends receivable aging over 1 year Applicable √ Not applicable

• (9) Disclosure by bad debt calculation method Applicable √ Not applicable

Individual provision for bad debts: Applicable √ Not applicable

Description of individual provision for bad debts: Applicable √ Not applicable Provision for bad debts by portfolio: Applicable √ Not applicable

• (10) Provision for bad debts is calculated based on the general model of expected credit loss Applicable √ Not applicable

Basis for division of each stage and proportion of provision for bad debt None

Explanation of significant changes in the book balance of dividends receivable with loss provision changes in the current period:

Applicable √ Not applicable

• (11) Movements in provision for bad debts Applicable √ Not applicable

The recovered or reversed provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (12) Dividends receivable actually written off in the current period Applicable √ Not applicable

Write-off of significant dividends receivable

Applicable √ Not applicable Note to write-off:

Applicable √ Not applicable Other description:

Applicable √ Not applicable Other receivables

• (13) Disclosure by aging √ Applicable Not applicable

Unit: RMB, Currency: CNY

Aging Ending book balance Beginning book balance Within 1 year (including 1 year) 2,605,905,704 3,086,058,005 Sub-total of items within 1 year 2,605,905,704 3,086,058,005

• 1-2 years 22,997,585 209,809,641
• 2-3 years 31,859,656 34,422,810 Over 3 years
• 3-4 years 3,083,366 288,375
• 4-5 years 275,817 303,399 Over 5 years 8,924,113 8,908,993 Total 2,673,046,241 3,339,791,223

• (14) Classification by nature of funds √ Applicable Not applicable

Unit: RMB, Currency: CNY

Nature of funds Ending book balance Beginning book balance Current accounts between subsidiaries 2,188,141,147 2,893,197,219 Taxes on outstanding payment receivable 401,924,026 343,815,031 Customs deposits 42,995,456 38,282,346 Bid and performance bonds 16,534,477 30,880,890 Lease payment receivable 8,984,183 11,849,430 Money on call of on-site product service 8,243,627 12,074,961 Staff loan receivable 6,160,325 9,565,349 Others 63,000 125,997 Total 2,673,046,241 3,339,791,223

• (15) Provision for bad debts √ Applicable Not applicable

Unit: RMB, Currency: CNY

Provision for bad debts

Stage I Stage II Stage III Expected credit losses Total

over the next 12 months

Expected credit loss for the entire duration (no credit impairment)

Expected credit loss for the entire duration (credit

impairment occurred) Balance as of January 1, 2025 60,768,389 5,900,088 66,668,477 Balance as of January 1, 2025 during the reporting period

60,768,389 5,900,088 66,668,477

• --Transferred to Stage II
• --Transferred to Stage III -65,227,268 65,227,268 -

--Reversal to Stage II

--Reversal to Stage I Provision in the current period 12,423,527 3,458,649 15,882,176 Reversal in the current period -1,319,901 -1,319,901 Write-off in the current period Charge-off in the current period Other changes Balance as of December 31, 2025 6,644,747 74,586,005 81,230,752

Basis for division of each stage and proportion of provision for bad debt None Description of significant changes in book balance of other receivables with changes in loss provision in the current period:

Applicable √ Not applicable The amount of provision for bad debts in the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly:

Applicable √ Not applicable

• (16) Movements in provision for bad debts Applicable √ Not applicable

The reversed or recovered provision for bad debts with significant amount:

Applicable √ Not applicable Other description: None

• (17) Other receivables actually written off in the current period Applicable √ Not applicable

Write-off of other significant accounts receivable: Applicable √ Not applicable Explanation of write-off of other receivables: Applicable √ Not applicable

• (18) Top 5 other receivables in terms of ending balance presented by debtor √ Applicable Not applicable

Unit: RMB, Currency: CNY

Name

December 31, 2025

Proportion in the total balance of other receivables (%)

Nature Aging

Balance of provision for bad debts as of December 31, 2025

ZPMC Group (Hainan) Co., Ltd. 906,191,110 34

Transactions with subsidiaries

Within 1 year -

Shanghai Zhenhua Heavy Industries Port Machinery General Equipment Co., Ltd.

598,293,469 22

Transactions with subsidiaries

Within 1 year -

Shanghai Zhenhua Heavy Industries Technology Co., Ltd. (formerly known as: ZPMC Electric Co., Ltd.)

438,056,444 16

Transactions with subsidiaries

Within 1 year -

ZMPC Germany GmbH 109,236,707 4

Transactions with subsidiaries

Within 1 year -

Shandong Lanqiao Petrochemical Co., Ltd.

65,227,269 2 Unpaid taxes receivable Over 5 years 65,227,269 Total 2,117,004,999 79 / / 65,227,269

• (19) Presented in other receivables due to centralized fund management Applicable √ Not applicable

Other description: √ Applicable Not applicable

• 2025

Book balance Provision for bad debts

Book value Amount Proportion (%) Amount

Accruing proportion (%)

Provision for bad debts accrued on an individual basis

74,586,005 3 74,586,005 100 -

Provision for bad debts accrued by credit risk features portfolio

2,598,460,236 97 6,644,747 - 2,591,815,489

• Total 2,673,046,241 100 81,230,752 3 2,591,815,489

2024

Book balance Provision for bad debts

Book value Amount Proportion (%) Amount

Accruing proportion (%)

Provision for bad debts accrued on an individual basis

5,900,088 - 5,900,088 100 -

Provision for bad debts accrued by credit risk features portfolio

3,333,891,135 100 60,768,389 2 3,273,122,746

• Total 3,339,791,223 100 66,668,477 2 3,273,122,746

As at December 31, 2025, other significant receivables with provision for bad debts accrued on an individual basis were as follows: (2024: nil).

2025 Book balance Provision for bad debts Accruing proportion (%) Reason for provision

Counterparty financial shortage

Other receivables 1 65,227,269 (65,227,269) 100

Total 65,227,269 (65,227,269)

As at December 31, 2025, other receivables with provision for bad debts accrued by portfolio were as follows:

Book balance Provision for impairment Proportion of provision (%) Within 1 year 2,590,505,029 13,142 -

• 1-2 years 526,038 78,906 15
• 2-3 years 656,210 196,863 30
• 3-4 years 616,792 308,396 50
• 4-5 years 434,909 326,182 75 Over 5 years 5,721,258 5,721,258 100 Total 2,598,460,236 6,644,747

3. Long-term equity investments

√ Applicable Not applicable

Unit: RMB, Currency: CNY

December 31, 2025 December 31, 2024 Book balance

Item

Provision for impairment

Provision for impairment

Book value

Book value Book balance

Investment in subsidiaries 9,096,539,084 9,096,539,084 8,583,188,115 8,583,188,115 Investment in joint ventures and associates

1,787,052,641 1,787,052,641 1,767,833,295 1,767,833,295 Total 10,883,591,725 10,883,591,725 10,351,021,410 10,351,021,410

• (1) Investment in subsidiaries √ Applicable Not applicable

Unit: RMB, Currency: CNY

Ending balance of provision for impairment

Increase/decrease in the current period

Opening balance of provision for impairment

Closing balance (book value)

Opening balance (book value)

Investee

Further investment

Reduced investment

Provision for impairment

Others

Shanghai Zhenhua Heavy Industries Port Machinery General Equipment Co., Ltd.

2,201,094,108 - - - - 243,720 2,201,337,828 -

Nanjing Ninggao New Channel Construction Co., Ltd. 100,000,000 - - - - - 100,000,000 Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd.

2,500,007,364 - - - - 347,586 2,500,354,950 -

Shanghai Zhenhua Heavy Industries Group (Nantong) Transmission Machinery Co., Ltd.

1,506,125,799 - - - - 215,599 1,506,341,398 -

CCCC Zhenjiang Investment Construction Management Development Co., Ltd.

70,000,000 - - - - - 70,000,000 -

ZPMC Qidong Marine Engineering Co., Ltd. 203,000,000 - - - - 272,119 203,272,119 CCCC Liyang Urban Investment and Construction Co., Ltd. 363,000,000 - - - - - 363,000,000 Shanghai Zhenhua Shipping Co., Ltd. 140,273,619 - - - - 24,323 140,297,942 Shanghai Zhenhua Ocean Engineering Service Co., Ltd. 100,000,000 - - - - 307,084 100,307,084 Shanghai Zhenhua Heavy Industries Technology Co., Ltd. (formerly known as: ZPMC Electric Co., Ltd.)

50,074,440 - - - - 1,168,014 51,242,454 -

CCCC Investment & Development Qidong Co., Ltd. 297,500,000 - - - - - 297,500,000 ZPMC North America Inc. 18,564,520 - - - - - 18,564,520 ZPMC Netherlands Coöperatie U.A. 29,434,964 - - - - - 29,434,964 Shanghai Zhenhua Port Machinery Heavy Industries Co., Ltd.

12,423,578 - - - - 973,427 13,397,005 -

ZPMC Machinery Equipment Services Co., Ltd. 7,000,000 - - - - 48,647 7,048,647 ZPMC Lanka Company (Private) Limited 6,183,978 - - - - - 6,183,978 ZPMC Middle East Fze 5,271,120 - - - - - 5,271,120 ZPMC Zhangjiagang Port Machinery Co., Ltd. 4,518,000 - - - - - 4,518,000 ZPMC Limited Liability Company 10,172,070 - - - - - 10,172,070 ZPMC Southeast Asia Holding Pte. Ltd. 12,513,114 - - - - - 12,513,114 ZPMC Engineering Africa (Pty) Ltd. 3,084,000 - - - - - 3,084,000 -

Ending balance of provision for impairment

Increase/decrease in the current period

Opening balance of provision for impairment

Closing balance (book value)

Opening balance (book value)

Investee

Further investment

Reduced investment

Provision for impairment

Others

ZPMC Engineering (India) Private Limited 2,953,200 - - - - - 2,953,200 ZPMC Brazil Serviço Portuários LTD. 2,936,771 - - - - - 2,936,771 ZPMC Korea Co., Ltd. 6,398,059 - - - - - 6,398,059 ZPMC UK LD 2,797,921 - - - - - 2,797,921 ZPMC Australia Company (Pty) Limited 2,708,500 - - - - - 2,708,500 CCCC Rudong Construction Development Co., Ltd. 82,510,000 - - - - - 82,510,000 CCCC Yongjia Construction Development Co., Ltd. 315,867,200 - - - - - 315,867,200 CCCC Zhenhua Lvjian Technology (Ningbo) Co., Ltd. 4,000,000 - - - - - 4,000,000 ZPMC Latin America Holding Corporation 3,307,850 - - - - - 3,307,850 ZPMC GmbH Hamburg 207,940 - - - - - 207,940 ZPMC Fuzhou Offshore Construction Co., Ltd. 212,000,000 - - - - - 212,000,000 CCCC (Dongming) Investment and Construction Co., Ltd. 218,260,000 - - - - - 218,260,000 Zhenhua Haitong Intelligent Equipment Co., Ltd. 40,000,000 - - -40,000,000 - - - Shanghai Zhenhua Smart Enterprise Management Co., Ltd. 1,000,000 - - -1,000,000 - - - Xiong’an Zhenhua Co., Ltd. 15,000,000 - - - - - 15,000,000 CCCC Zhenhua Intelligent Parking (Hengyang) Co., Ltd. 33,000,000 - - - - - 33,000,000 ZPMC Group (Hainan) Co., Ltd. - - 500,000,000 - - - 500,000,000 CCCC Zhenhua Offshore Hoisting and Pipe-Laying Core Equipment Engineering Technology (Shanghai) Co., Ltd.

• - 50,000,000 - - - 50,000,000 -

ZPMC Morocco Co. Ltd. - - 750,450 - - - 750,450 Total 8,583,188,115 - 550,750,450 -41,000,000 - 3,600,519 9,096,539,084 -

• (2) Investment in joint ventures and associates √ Applicable Not applicable

Unit: RMB, Currency: CNY

Increase/decrease in the current period

Opening balance of provision for impairment

Cash

Ending Balance (book value)

Beginning Balance (book value)

dividends or profit declared

Adjustment of other comprehensive income

Profit or loss on investments under the equity method

Changes in other equity

Investee

Provision for impairment

Further investment

Reduced investment

Others

to be distributed

• I. Joint ventures

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd

367,895,744 1,494,259 369,390,003

ZPMC Mediterranean Liman Makinalari Ticaret Anonim Sirketi

385,318 -385,318 -

Sub-total 368,281,062 1,108,941 369,390,003

• II. Associates

CCCC Financial Leasing Co., Ltd.

661,178,256 53,729,432 535,694 670,318 -12,247,158 703,866,542

CCCC Yancheng Construction Development Co., Ltd.

402,530,473 19,681,108 422,211,581

CCCC Estate Yixing Co., Ltd. 203,058,465 -10,388,856 192,669,609 China communications Construction USA Inc.

62,247,180 2,374 -1,364,199 60,885,355

CCCC Photovoltaic Technology Co., Ltd.

37,851,683 -40,050,855 2,199,172

ZPMC Changzhou Coatings Co., Ltd.

25,076,280 8,701,592 -3,849,580 29,928,292

CCCC Xiongan Urban Construction Development Co., Ltd.

7,609,896 491,363 8,101,259

Sub-total 1,399,552,233 -40,050,855 74,416,185 -828,505 670,318 -16,096,738 1,417,662,638 Total 1,767,833,295 -40,050,855 75,525,126 -828,505 670,318 -16,096,738 1,787,052,641

Ending balance of provision for impairment

• (3) Impairment test of long-term equity investments Applicable √ Not applicable

Other description: None

4. Operating revenue and operating costs

(1) Operating revenue and operating costs √ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period Amount incurred in the previous period

Item

Revenue Cost Revenue Cost Main business 29,646,461,796 26,987,625,132 32,033,858,447 29,036,791,540 Other business 3,003,516,865 2,874,866,239 2,533,062,181 2,410,014,017 Total 32,649,978,661 29,862,491,371 34,566,920,628 31,446,805,557

(2) Breakdown of operating income and operating cost √ Applicable Not applicable

Unit: RMB, Currency: CNY

XXX-Division Total

Classification of Contract

Operating revenue Operating costs Operating revenue Operating costs Type of goods

Port machinery 21,033,363,587 18,526,817,384 Heavy equipment 5,496,832,220 5,423,269,472 Steel structure and related income 3,111,468,435 2,970,703,053 Sales of materials and others 2,559,172,564 2,571,488,237 Lease income 444,344,301 303,378,002 Engineering construction projects 4,797,554 66,835,223

By region of operation

Chinese Mainland 18,164,959,143 17,036,081,558 Asia (excluding Chinese Mainland) 6,366,839,847 5,721,427,974 North America 2,709,898,880 2,390,479,164 Europe 2,478,183,160 2,156,394,119 Africa 2,239,894,995 1,901,086,022 Chinese Mainland (export sales) 473,489,700 481,544,719 South America 215,566,503 171,624,628 Oceania 1,146,433 3,853,187

Market or customer type Contract type By time of goods transfer

Transfer at a certain point 27,116,833,606 24,447,021,505 Transfer within a certain period 5,533,145,055 5,415,469,866

By contract term By sales channel Total 32,649,978,661 29,862,491,371

Other description: √ Applicable Not applicable None

• (3) Performance obligations Applicable √ Not applicable

• (4) Apportionment to remaining performance obligations Applicable √ Not applicable

• (5) Major contract changes or major transaction price adjustments Applicable √ Not applicable

Other description: None

5. Investment income

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Amount incurred in the current period

Amount incurred in the

Item

previous period Income from long-term equity investments calculated under cost method 147,541,281 127,842,556 Income from long-term equity investment calculated under the equity method 75,525,126 38,775,117 Investment income from disposal of long-term equity investment Investment income from held-for-trading financial assets during the holding period 1,648,520 2,043,520 Dividend income from other equity instrument investment during holding 171,626 1,602,665 Interest income from debt investment during holding Interest income from other debt investment during holding Investment income from disposal of held-for-trading financial assets 109,073,742 11,751,531 Investment income from disposal of other equity instrument investment Investment income from disposal of debt investment Investment income from disposal of other debt investment Income from debt restructuring Investment loss resulting from disposal of long-term equity investment -5,668,458 -11,416,280 Losses on derecognition of financial assets measured at amortized cost -11,574,005 -54,613,813 Others -3,005,783 -2,880,805 Total 313,712,049 113,104,491

Other description: None

6. Others Applicable √ Not applicable

XX. Supplementary information

1. Items of non-recurring profit or loss in current period

√ Applicable Not applicable

Unit: RMB, Currency: CNY

Item Amount Remarks Profit or loss from disposal of non-current assets, including the write-off portion of the provision of asset impairment

36,480,392

Government subsidies included in current profits and losses except for government subsidies closely related to the normal operations of the Company, in line with national policies, and obtained according to determined standards, with a lasting impact on the Company’s profits and losses

157,488,939

Profit or loss from changes in fair value of financial assets and financial liabilities held by non-financial enterprises and from disposal of financial assets and financial liabilities, except for effective hedging operations associated with the Company’s normal operations

81,459,300

Capital occupation fees charged to the non-financial enterprises and included in current profit or loss Profit or loss from the assets entrusted to others for investment or management Profit or loss from external entrusted loans Losses of various assets caused by force majeure such as natural disasters Reversal of provision for impairment of receivables subject to separate impairment test

Profit generated when the Company’s investment cost in acquiring the subsidiary, affiliated company and joint venture is less than the fair value of the recognizable net assets of the invested unit at the time of acquiring

Current net profit or loss of the subsidiary generated from the business combination under common control from the beginning of the period to the combination date Profit or loss from non-monetary assets exchange Profit or loss from debt reorganization One-time expenses incurred by the enterprise due to the discontinuation of related business activities, such as the expenditure of employee resettlement, etc. One-time impact on the current profit and loss due to adjustments in laws and regulations of taxation and accounting Share payment expenses recognized once due to cancellation or modification of equity incentive plans Profits and losses resulting from changes in the fair value of employee compensation payable after the exercise date in terms of cash-settled share payments Profit or loss on changes in fair value of investment property by follow-up measurement in fair value mode Profits from transactions with obviously unfair transaction prices Profit or loss from the contingencies, unrelated to the normal business of the Company Custody fees of entrusted operation Other non-operating revenue and expenses except for the above- mentioned items 7,422,903 Other profit or loss items that conform to the definition of non- recurring profit or loss Less: Affected amount of income tax 43,453,352

Affected amount of minority equity (after tax) 6,495,631 Total 232,902,551

Explanations should be provided to the items not listed in the “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss”, but identified as non-recurring profit or loss items with significant amount by the Company, and the non-recurring profit or loss items listed in the “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss”, but defined as recurring profit or loss items by the Company.

Applicable √ Not applicable Other description:

Applicable √ Not applicable

• 2. Return on net assets and earnings per share √ Applicable Not applicable

Profit in the reporting period

Weighted average rate of return on net assets (%)

Earnings per share

Basic earnings per share

Diluted earnings per

share Net profit attributable to ordinary shareholders of the Company 4.69 0.14 0.14 Net profits attributable to the company’s common shareholders after deducting non-recurring profits and losses

3.19 0.09 0.09

• 3. Differences in accounting data under domestic and overseas accounting standards Applicable √ Not applicable
• 4. Others Applicable √ Not applicable

Chairman: You Ruikai

Revision information Applicable √ Not applicable

Date of reporting approved by the Board of Directors: March 30, 2026