Stock Code: 601689 Abbr.: Tuopu Group

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026

August 2026

Important Notes

• 1. The Board of Directors, the Directors and the senior management of the Company warrant that this Semi-annual Report is true, accurate and complete, and contains no false record, misleading statement or material omission, and undertake individual and joint liability.
• 2. All Directors attended the Board meeting.
• 3. This Semi-annual Report has not been audited.
• 4. Wu Jianshu, the person in charge of the Company, and Hong Tieyang, who is both the person in charge of accounting affairs and the head of the accounting department, declare that the financial statements in this Semi-annual Report are true, accurate and complete.
• 5. Profit distribution plan or plan for capitalization of capital reserve for the Reporting Period approved by resolution of the Board None
• 6. Risk statement regarding forward-looking statements

□ Applicable √ Not applicable

• 7. Whether there was any non-operating appropriation of funds by the controlling shareholder or other related parties No
• 8. Whether there was any external guarantee provided in violation of the prescribed decisionmaking procedures No
• 9. Whether more than half of the Directors are unable to warrant the truthfulness, accuracy and completeness of the Semi-annual Report disclosed by the Company No
• 10. Material risk warning

There were no material risk events during the Reporting Period. The material risks that may adversely affect the Company's future development and the achievement of the Company's business objectives are described in this Report; please refer to Section 3, Management Discussion and Analysis.

• 11. Others √ Applicable □ Not applicable

During the Reporting Period, on 31 March 2026 the Company applied to The Stock Exchange of Hong Kong Limited to issue and list overseas listed shares (H shares) and published the application materials. In accordance with the relevant requirements, the Company has filed the record-filing materials for this issue and listing with the China Securities Regulatory Commission, which accepted them in June

2026. The issue and listing still requires record-filing, approval or authorization from the relevant regulators, and depends on market conditions. It therefore remains uncertain.

Contents

• SECTION 1 DEFINITIONS ..............................................................................................................5
• SECTION 2 COMPANY PROFILE AND KEY FINANCIAL INDICATORS ................................5
• SECTION 3 MANAGEMENT DISCUSSION AND ANALYSIS ......................................................8
• SECTION 4 CORPORATE GOVERNANCE, ENVIRONMENT AND SOCIETY .......................32
• SECTION 5 SIGNIFICANT EVENTS ............................................................................................34
• SECTION 6 CHANGES IN SHARES AND SHAREHOLDERS ....................................................74
• SECTION 7 BOND-RELATED INFORMATION ..........................................................................79
• SECTION 8 FINANCIAL REPORT ...............................................................................................80

Section 1 Definitions

In this Report, unless the context otherwise requires, the following terms have the meanings set out below:

Section 2 Company Profile and Key Financial Indicators

• 1. Company information

• 2. Contact persons and contact details

• 3. Summary of changes in basic information

• 4. Summary of changes to the place of information disclosure and document availability

• 5. Summary of the shares of the Company

• 6. Other relevant information

□ Applicable √ Not applicable

• 7. Key accounting data and financial indicators of the Company

• (1) Key accounting data Unit: RMB

• (2) Key financial indicators

Notes to the key accounting data and financial indicators of the Company

□ Applicable √ Not applicable

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

□ Applicable √ Not applicable

9. Non-recurring profit or loss items and amounts

√ Applicable □ Not applicable

Unit: RMB

Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public sets out which items are non-recurring. Reasons must be given where the Company treats an unlisted item as non-recurring and the amount is material, or treats a listed item as recurring.

• □ Applicable √ Not applicable

• 10. Companies with share incentive schemes or employee shareholding plans may elect to disclose net profit excluding the effect of share-based payments

□ Applicable √ Not applicable

• 11. Others

• □ Applicable √ Not applicable

Section 3 Management Discussion and Analysis

1. Description of the industry in which the Company operates and the principal business of the Company during the Reporting Period

(I) Industry overview In the first half of 2026 global passenger vehicle sales were approximately 40.814 million, down 1.2%

YoY. Of these, electric vehicles accounted for approximately 10.460 million units, up 10.2% YoY and

represent 25.6% of total global passenger vehicle sales. In the domestic market, China's vehicle sales were 15.017 million units, down 4.1% YoY: domestic sales were 9.921 million units, down 21.1%, while vehicle exports reached 5.096 million units, up 65.3%, making exports an important support for the industry; domestic electric vehicle sales were 7.446 million units, up 7.3% YoY, representing 49.6% of total new vehicle sales. The global market data were retrieved from MarkLines and the domestic data were from the China Association of Automobile Manufacturers. Against a background of subdued domestic demand and accelerating vehicle exports with overseas localization, auto components suppliers with a global manufacturing footprint and ability to deliver a full product matrix outside China encounter a tailwind with structural opportunity.

(II) Principal business and business model

1. Principal business

The Company's principal business is the research and development, manufacture, and sale of automotive parts, embodied intelligence components, and liquid cooling products. Automotive parts business spans eight product lines: air suspension systems, intelligent driving systems, thermal management systems, smart cockpit components, chassis systems, body lightweight system, vibration control systems, and interior and exterior systems. Embodied artificial intelligence business centers on robot actuators and is extending into other key components such as body structural parts. Liquid cooling business draws on the Company's automotive-grade thermal management technology to supply core components for data centers, energy storage, and similar applications. The Company's principal customers include international and domestic intelligent electric vehicle OEMs, traditional automobile OEMs, embodied intelligence companies, and data center customers.

Both the embodied intelligence and liquid cooling businesses extend from the electric drive, electronic control, precision manufacturing, and thermal management technologies the Company has accumulated in automotive parts and are expected to support future growth. To accelerate the commercialization of the embodied intelligence business, the Company has established a robot actuator division with a dedicated management structure and team.

The Company is guided by the principle of creating value for customers, committed to research and innovation, continues to advance digital and intelligent manufacturing and globalization strategies, and strengthens overall competitiveness, with the aim of becoming a more trusted partner for automobile OEMs, embodied intelligence companies and others.

1. Business processes and business model

1. The Company's principal operations by industry, product and region during the Reporting Period were as follows:

Description of significant new non-principal businesses during the Reporting Period

□ Applicable √ Not applicable

2. Discussion and analysis of operations

During the Reporting Period the Company overcame changes in the global economy, trading environment, and industry, to continue optimizing operating efficiency. Faced with falling demand in the domestic passenger vehicle market, the Company drew on strengths built up in the intelligent electric vehicle industry - including broad product range, systems development capability, and innovative business model - together with global manufacturing footprint covering North America, South America, Europe and South-East Asia, to effectively offset the impact of market volatility. The Company took on the localization requirements of international OEMs and the overseas supply requirements of Chinese OEMs at the same time, achieving revenue growth against the headwind and growth in both customer coverage and supply share. The decline in net profit for the period was mainly due to the Company's product category expansion, increased labor costs and depreciation in new factories, and temporary effects of higher raw material prices and exchange losses. These effects are expected to ease as the new capacity comes on stream and economies of scale take hold. At the same time, emerging businesses such as robot actuators and data center liquid cooling are entering commercialization phase, providing new momentum for the Company's medium and long-term growth. Works across all areas of management are progressing in an orderly manner, as set out below:

(1) Market and sales

During the Reporting Period the Company's Tier 0.5 innovative business model and the platformbased product lines worked together to generate synergies effect and entered a phase of large-scale implementation. Guided by the philosophy of rapid response and full cooperation, the Company creates

value for customers through QSTP products and services. In the domestic market, cooperation continued to expand with OEMs including Seres, Xiaomi, Geely, BYD, Chery, Li Auto, NIO, Great Wall Motor and Xpeng, with steady increases in both value per vehicle and order volumes. In international markets, cooperation in electric vehicles progressed well with Customer A, an innovative US OEM, and with RIVIAN, Ford, GM, BMW, Stellantis and Mercedes-Benz. Cooperation with RIVIAN in particular continued to deepen, extending across several product lines, and stands out as a successful example of the Tier 0.5 model being adopted by an international customer.

The Company is steadfast in adopting a platform-based product strategy. Supported by research and innovation with digital and intelligent manufacturing, the competitiveness of products like interior functional components, lightweight chassis, and thermal management improved continuously. Mechatronic system products including air suspension, smart cockpit, IBS and EPS all entered volume production, further improving the product matrix and laying a foundation for the Company's long-term development.

The Company accelerated the globalization strategy. With Chinese vehicle exports growing strongly and international OEMs accelerating their shift to electrification, the strategic value of the Company's global manufacturing footprint has become increasingly clear. Civil works at the phase I plant in Thailand are completed and some production lines are already operating; once fully operational, the Company will cover the entire current product range outside China. Capacity utilization at the Mexico plant is rising steadily and a phase II project is being planned. Planning and design have also begun for the phase II Poland plant, laying the groundwork for more European orders. A global footprint helps the Company respond flexibly to changes in the international trading environment and reduce operating risk, allowing the Company to supply customers locally and quickly.

In the domestic market, Wuhu Tuopu Automobile Parts Co., Ltd., formerly Wuhu Changpeng Auto Parts Co., Ltd., has been fully integrated into the Company's interior and exterior system unit, integration has gone smoothly, and it has now reached the stage of stable contribution, with supply to customers such as Chery and Leapmotor progressing steadily.

(2) Research, development and innovation

During the Reporting Period the Company increased R&D spending and resources to maintain a leading position. R&D expenses were RMB791 million, up 12.17% YoY and 5.57% of revenue. A new R&D building at the Company's headquarters has been completed, with a floor area of 71,000 square meters and capacity for 2,500 research staff. Together with the existing R&D center, testing center, tooling center and prototyping center, it forms an integrated center for teams working on automotive parts, liquid cooling, energy storage, robot components and software development. Air suspension, smart cockpit, IBS and EPS have all entered volume production, and a next generation of products - active suspension, EMB and RBS - is taking shape.

In interior and exterior systems, the Company focused on advanced materials and new processes development. MOFs (metal-organic frameworks) are now in volume production for headliners, carpets and spare wheel covers, where the adsorption properties of the material can effectively suppress odor and reduce VOC emissions. Bamboo material fiber board has been applied to luggage compartment side panels and tailgate trim substrates. High-imitation leather headliners feature on premium models such as the AITO M9 starlight roof, and recycled polyester fiber (rPET) interior materials have extended from carpets to headliners and side trim panels, now fitted to several NIO and Geely models. The Company's lowpressure injection molding process won a new headliner nomination from Leapmotor. In exterior products, the sealing strip project at the Malaysia site is about to enter production.

In chassis systems, the Company's forged aluminum ball joint control arm passed six million wear cycles with zero failures, meeting the customer's technical requirements in all aspects. During the Reporting Period the customer base extended to Volkswagen, FAW Toyota and Jaguar Land Rover, beyond existing customers of Seres, Xiaomi, Xpeng, Great Wall Motor, Chery, BYD, Changan, SAIC, Customer A, BMW, LUCID and SCOUT. The business also won several important nominations: the Poland plant was nominated by Leapmotor International, the joint venture between Leapmotor and Stellantis, and further nominations came from European premium brands.

In body lightweight systems, the Company expanded the light alloy structural components business, winning projects from Jaguar Land Rover, Ford, GAC, Xiaomi, LUCID and SCOUT, and additional nominations for longitudinal beams and shock towers from European premium brands.

In suspension systems, the Company was the first in China to supply closed-loop air suspension (CECAS) in large-scale volume production and has built full in-house capability from core components - air tanks, air springs, ASU and ECAS - to single, dual and triple-chamber air suspension systems. With orders growing quickly, air suspension capacity reached about 1.3 million units a year by the end of the Reporting Period, and the target of about 1.5 million units for the full year is unchanged. Air suspension customers now include Seres, Xiaomi, Li Auto, SAIC, ZEEKR, TANK, BYD, Leapmotor and GAC. The Company also launched ASU 2.0, a second-generation closed-loop air supply unit using active heating dehydration and molecular sieve regeneration for long-life moisture control, improving performance while reducing cost and supporting multiple electrical interfaces and vehicle platforms; it has already been nominated. In active suspension, the Company has developed a hydraulic active suspension system and an 800V active stabilizer bar and is one of the few companies worldwide with in-house capability across the full range of active suspension core components - air suspension, hydraulic active suspension and active stabilizer bar.

In intelligent driving, several IBS projects have reached volume production; a Hongqi electric vehicle fitted with the Tuopu IBS braking system recorded a 100 km/h braking distance of 29.68 meters. IBS 2.0, which offers better cost performance, is progressing steadily. The Company's brake-by-wire technology path continues to develop: the EMB project with Hongqi and Seres is progressing well, and the newly developed RBS redundant braking system uses a dual braking control architecture that backs up the ESC,

natively supports Level 3 and above autonomous driving, and is expected to reach volume production in

• 2027.

In the smart cockpit area, the world's first automotive-grade oxygen concentrator developed by the Company entered volume production in March 2026 and made its global debut on the Leapmotor D19. It uses vacuum pressure swing adsorption (VPSA), delivers up to 8 L/min at a stable oxygen concentration of 90% or above, meets medical oxygen standards, and supports both cabin-wide diffusion and nasal delivery. Power consumption is below 320 W, energy efficiency 0.66 kWh/m³ and in-cabin noise as low

• as 38 dB, all better than industry limits. During development the Company carried out more than twenty system optimizations with the customer in an NVH laboratory, cutting noise from around 72 dB at the outset. The product has passed altitude testing from sea level to 5,000 meters and, in nasal mode, raises blood oxygen saturation from 72% to above 90% in about 100 seconds; the vehicle has completed CATARC in-cabin oxygen certification. The product fills a gap in the industry and extends the health functions of the smart cockpit. The Company is leading work on a national standard for in-vehicle oxygen concentrators.

On quality and certification, the IBS with redundant braking unit (RBU) has passed ISO 26262 ASIL D functional safety certification, and the air suspension system (ASU) is working through ISO 26262 ASIL B. The Company holds 64 software copyrights together with a number of invention patents and utility model patents.

(3) Robotics business segment

Driven by the rapid development of artificial intelligence, the humanoid robot industry is now moving from technology validation to large-scale production phase. On policy aspect, after embodied intelligence appeared in the Government Work Report for the first time in 2025, the 2026 Government Work Report set out further measures, listing it among the future industries to be cultivated and, for the first time, calling for a new form of intelligent economy and faster adoption of intelligent robots and other next-generation intelligent terminals. On industry side, 2026 is widely regarded as the first year of humanoid robot volume production: leading overseas companies are bringing production plans into effect and planning large-scale capacity, shipments from several domestic manufacturers are growing quickly, and applications are moving from demonstrations toward industrial manufacturing, commercial services and other real work. On technology, the deep integration of multimodal large language models with embodied intelligence has markedly improved motion control, environmental perception and task execution, and the path to reducing the cost of core components at scale is becoming clearer. Institutional forecasts suggest that robots will eventually take on jobs currently held by several hundred million people worldwide, and that the global robotics industry could reach a scale of RMB100 trillion. With frontier technologies such as AI advancing rapidly and populations aging, the robotics industry has entered a period of accelerated development and is a leading example of new quality productive forces.

The Company has developed IBS brake-by-wire systems for many years, building deep expertise in mechanics, reduction mechanisms, motors, electronic control and software, and extending it to thermal management, steer-by-wire, air suspension, smart cockpit actuators and robot electric drive actuators. Actuators are the core component of a robot and fall into two types: linear and rotary. To reproduce the coordination and multi-degree-of-freedom flexibility of human movement, an actuator must be light, compact and low in power consumption, and must push against many limits of engineering design to integrate and communicate between motors, reduction mechanisms, encoders, drivers and controllers. The structure is complex and the technology highly concentrated.

The Company's core strengths in robot actuators are: first, in-house development of permanent magnet servo motors, frameless motors and other motor types; second, experience in integrating motors, reduction mechanisms and controllers; third, precision machining capability; and fourth, the ability to coordinate R&D and testing resources. Each humanoid robot requires dozens of motion actuators, giving a high value per unit and a substantial market. The Company's growing competitive advantage should secure a larger share of that market and more business from existing customers.

During the Reporting Period the robotics business made important progress: linear actuators, rotary actuators and dexterous hand motors entered small-batch delivery. Body structural parts, foot shock absorbers and electronic flexible skin are being brought to production readiness in parallel, and a platformbased product matrix is taking shape. The first phase of the robot components industrial base is largely complete, providing the capacity for larger-scale delivery.

Alongside developing the eight product lines for intelligent electric vehicles, the Company has taken the opportunity presented by the rapid growth of the robotics industry, focusing on and steadily expanding key products and core technologies in the robotics supply chain. Intelligent vehicle components and robot components now develop together, providing a foundation for the Company to keep growing quickly.

(4) Thermal management systems and liquid cooling business

The Company has built full R&D and manufacturing capability for thermal management modules and components, and is capable of producing all the core sub-components of the v2.0 thermal management modules: multi-port valves, electronic water pumps, electronic expansion valves, solenoid valves, heat exchangers, flow plates, check valves, gas-liquid separators, accumulators and controllers. Beyond demonstrating the Company's technical strength in thermal management, optimizing the system design delivers clear value to users:

• 1. Longer range. Intelligent control extends driving range by more than 20% in extreme conditions such as winter, substantially improving vehicle efficiency.
• 2. Lighter design. New materials and structural optimization cut overall weight by 25%, reducing energy consumption while improving handling.
• 3. Intelligent control. The thermal management controller uses an integrated design, supports

• OTA updates and adapts energy consumption to operating conditions.
• 4. Better reliability. An optimized system layout reduces refrigerant and coolant lines by 30%, lowering the risk of leaks and improving stability and reliability.
• 5. Quieter operation. Advanced vibration isolation gives the module an isolation rate above 20 dB, markedly improving vehicle NVH performance.

During the Reporting Period the Company completed a strategic investment in Shanghai Aiweilan New Energy Technology Co., Ltd., a leading domestic manufacturer of electric scroll compressors, whose products cover battery electric, plug-in hybrid and 800V high-voltage platforms. The investment completes the Company's capability of compressor plus heat pump assembly. Two companies will together develop integrated delivery capability for third-generation thermal management system based on deep compressor integration with a secondary loop architecture, and prepare for the next generation of technology using natural refrigerants such as R290. The Tuopu energy flow module, the first product from the collaboration, uses single-piece brazing to integrate the flow plate, LCC, chiller and accumulator, reducing sealing interfaces at source and markedly lowering the risk of refrigerant leakage. The module carries a two-in-one compressor with integrated PTC and hot-gas bypass control, achieving a 20% weight reduction and a 3% efficiency gain, with 8 kW heating capacity and COP of 2.0 or above at −20°C, and stable operation down to −40°C. An intelligent domain controller supports 12V and 48V platforms and OTA updates, and the module takes about 50% less packaging space than a conventional solution.

In AI liquid cooling, the rapid development of large AI models is accelerating data center construction worldwide. AI chip power consumption and per-rack power density continue to rise, conventional air cooling is approaching its physical limits, and liquid cooling is shifting from an option to a requirement for high-density computing. Industry forecasts put liquid cooling penetration in domestic AI servers above 50% in 2026, with the global data center liquid cooling market reaching the scale of USD10 billion, as the industry enters volume growth. Drawing on technology and products developed for automotive-grade thermal management and IBS, the Company has moved quickly to develop liquid cooling pumps, flow control valves, gas-liquid separators and liquid cooling flow plates. Because customers design based on standardized and platform-based principles, the Company's automotive thermal management technology can be reused in data centers setting. Automotive-grade reliability standards and large-scale manufacturing capabilities are what differentiate the Company when entering the computing-power cooling supply chain.

In energy storage, as cell capacity increases and installed capacity at storage plants grows quickly, liquid cooling is becoming the mainstream approach for large storage systems, offering higher cooling efficiency and lower operating energy consumption. Drawing on platform-based thermal management products, the Company has extended multi-port valves, electronic water pumps, heat exchangers and controllers into energy storage temperature control, opening further room for growth in the thermal management business.

In digital and intelligent manufacturing, by combining a range of system simulation software with experience built up in mechatronic systems, the Company completed the first electronic heat pump production line in only four months, earning customer recognition for automation, vision inspection, product traceability and quality control. The Company's first fully automated digital flexible production line for electronic expansion valves handles several product variants and has delivered more than 500,000 units since start-up.

During the Reporting Period the Company's thermal management technology and products were adopted in liquid-cooled servers, energy storage, robotics and other emerging fields, with cumulative orders in these businesses rising to RMB1.75 billion. The Company continues to promote these products to data center operators in China and overseas. Thermal management now has a multi-scenario platform covering electric vehicles and these emerging fields, and it is becoming a new source of growth for the Company.

(5) Production capacity layout

During the Reporting Period, phase 9 plant at Hangzhou Bay and the Guangzhou plant were completed and brought into production. Civil works at the phase I plant in Thailand are complete and some production lines are already operating. Planning and design have begun for phase II of the Poland plant. Equipment commissioning at the Kentucky plant in the United States is expected to be completed during the year. The first phase of the robot components industrial base is largely complete and ready for production.

Building these plants creates some cost pressure in the short term, but electric vehicles and embodied intelligence are both growing quickly, and the Company's capacity expansion follows rigorous analysis and a disciplined decision-making process. The global capacity footprint has moved from the investment phase into the production ramp-up phase, and as the new plants reach full output, they will provide a solid basis for winning international orders and for margin recovery.

(6) Cost control

During the Reporting Period, against raw material price volatility, rising labor costs and external factors such as exchange rates and tariffs, the Company controlled costs through scale procurement, technical innovation, process optimization and strict budget management, pursuing cost reduction and efficiency gains, improving operating performance and keeping the gross margin relatively stable.

On technical cost reduction, the Company lowered costs through design optimization and greater integration. Lightweighting cut the automotive-grade oxygen concentrator from about 9 kg to about 7.8 kg, reducing both cost and vehicle energy consumption. Integrating the control circuit board reduced the number of main control chips required. The Company is also substituting domestically produced components for key electronic parts, further improving the supply chain cost structure.

The Company has built a number of plants in recent years, so administrative and manufacturing expenses run high during ramp-up and trial production, averaging several tens of millions of RMB a year per plant. As these projects reach full output, the plants will move from loss to profit, and the drag on the Company's profit will gradually disappear and turn into a positive contribution.

R&D expenses have grown steadily as the Company has run more projects and recruited technical staff each year. Capital expenditure has been high to support capacity expansion, so depreciation and amortization account for a relatively large share of revenue. As mechatronic system products such as air suspension and brake-by-wire reach full volume and utilization of the new capacity improves, economies of scale will take effect; together with an improving product mix, there is extra room for the gross margin to rise in the future.

(7) Manufacturing improvement The Company's aim to accelerate digitalizing factories with IT-based management, TPS tools and

MES. Digital plants built on this basis give effective control over quality, product traceability, lean production and equipment management, connect data across the Company, customers and the supply chain, and take the Company toward Industry 4.0 smart factories.

On quality control, the Company has built error-proofing by integrating control plans with the traceability system and has digitized quality management across the whole production process. Production line design begins with the customer at the project development stage, and process parameters are monitored and calibrated throughout, giving comprehensive error-proofing in manufacturing. Every product generates about 0.5 GB of process data as it comes off the line, allowing quality issues to be traced quickly and located precisely. All key data feeds in real time into the operations management platform, so managers have a live and complete view of quality, cost and delivery, the three core QCD indicators, to support decision-making. During the Reporting Period, on the strength of consistent quality and delivery, the Company received NIO's Award for Excellence in Quality and GAC Toyota's Outstanding Quality Award, and the Brazil plant received General Motors' Supplier Quality Excellence Award.

In advanced manufacturing, DFM production simulation gives the Company an optimal planning platform. The technology is now used throughout plant construction and production line upgrades, simulating quality, traceability, automation, vision inspection, energy use and carbon emissions to ensure the best balance of product quality and cost and to shorten time to volume production substantially.

As the global footprint expanded, the Company replicated manufacturing system worldwide to a common standard. Because tooling and equipment are designed and built in-house, the Company can construct production lines, commission equipment and resolve problems at overseas sites without relying on outside equipment suppliers, which shortens response times and reduces cost. New overseas plants are planned and built to a single digital standard, with MES and other systems deployed at the same time, so that business processes, quality standards and management systems are consistent across all plants. Experienced management and technical teams are sent to run overseas projects, ensuring they start

production on time and to a high standard, while connected and unified management information systems keep overseas operations under real-time control and in compliance. Together these measures replicate mature domestic intelligent manufacturing capability efficiently at plants worldwide, supporting rapid ramp-up and full output at new capacity.

(8) Sustainable development Management places a high priority on ESG and is building an ESG sustainability management system.

The Board sets and reviews ESG policy and strategy and oversees progress toward ESG targets. The Company has established an ESG risk assessment and management system, has embedded ESG compliance in day-to-day operations, and refines ESG practices through annual risk assessment.

The Company is pursuing low-carbon production and meeting social responsibilities on energy saving and emissions reduction, steadily increasing installed photovoltaic capacity and the use of green electricity. Photovoltaic generation reached 114.2 million kWh during the Reporting Period. By 2029 the Company plans to reduce energy consumption per unit of output value (per RMB10,000 of output value) by 2% against 2025, and to raise the share of renewable energy in total energy consumption by 30% against 2025.

The Company's commitment to the environment also shows in the products. Lightweight chassis and body products help reduce vehicle weight and energy consumption; thermal management systems extend winter range by more than 20%; and data center liquid cooling products markedly reduce cooling system energy consumption and carbon emissions compared with conventional air cooling. On green materials, recycled polyester fiber (rPET) interior materials are in volume production with recycled fiber content of 30% to 70%, and bamboo material fiber board, MOFs and other environmental materials are in volume use, raising the proportion of bio-based materials and improving cabin air quality.

The Company will continue to pursue eco-friendly development, embedding it throughout operations, leading through technological innovation, reducing carbon emissions through a range of measures, and working toward zero-carbon plants in support of China's carbon neutrality goals.

Significant changes in the Company's operations during the Reporting Period, and matters occurring during the Reporting Period that have had, or are expected to have, a material impact on the Company's operations □ Applicable √ Not applicable

• 3. Analysis of core competitiveness during the Reporting Period √ Applicable □ Not applicable

The Company has steadily strengthened overall competitiveness and raised the barriers of entry over

the past forty years since foundation. (1) Product platform advantages

The Company has followed industry trends, built depth in intelligent electric vehicles and continued to widen the product range, becoming a platform company. The automotive parts business now comprises eight product families: vibration control systems, interior and exterior systems, body lightweight system, smart cockpit components, thermal management systems, chassis systems, air suspension systems and intelligent driving systems, with value per vehicle reaching as much as about RMB30,000 with further room to extend the range. Building on existing technology, the Company has also moved into robot components, liquid cooling and other new products. These are core, high-growth fields with broad prospects, and will become the Company's new sources of earnings growth.

The breadth of the product range allows the Company to offer customers one-stop, system-level, modular products and services. This capability is rare in the global automotive parts industry, with few directly comparable companies. In an era of industry revolution and business model innovation, the combined strengths of a platform company allow deep collaboration with customers, meeting requirements more precisely, improving satisfaction and providing a solid basis for growth.

With a broad range covering suspension systems, air suspension, IBS and EPS, together with chassis tuning capability, the Company has all the elements needed to integrate a by-wire chassis and an intelligent chassis. A by-wire chassis is a prerequisite for advanced autonomous driving, and an intelligent chassis is the next step beyond it. The Company can provide customers with deeper engineering support, adapt to the evolution of vehicle E/E architecture and domain control, and respond quickly to new vehicle-building models as they emerge.

The Company's automotive parts product lines are summarized below. 1. Vibration control systems, including powertrain mounts, drive motor shock absorbers, telescopic shock absorbers, torsional shock absorbers, subframe brackets and hydraulic bushings. 2. Interior and exterior systems, including door trim, headliners, main carpets, package trays, sound and heat insulation parts, luggage compartment insulation and other acoustic products, together with exterior products such as sealing strips and decorative strips. 3. Body lightweight system, including integrally formed front and rear floor panels, body structures, door structural parts and battery pack structural parts. 4. Smart cockpit components, including rotary screen controllers, power tailgate system, electric power sliding doors, seat comfort systems and in-cabin oxygen systems. 5. Thermal management systems, including integrated heat pump assembly, multi-port valves, electronic water pumps and electronic expansion valves. 6. Chassis systems, including front and rear steel and aluminum sub-frames, control arms, tie rods and knuckles. 7. Air suspension systems, including integrated air supply units and air springs. 8. Intelligent driving systems, including IBS, EPS and electrically adjustable steering columns.

In robotics, the Company's main products are linear actuators, rotary actuators, dexterous hand motors and assemblies, body structural parts, foot shock absorbers and electronic flexible skin. In liquid cooling, major products include liquid cooling pumps, flow control valves, gas-liquid separators and liquid cooling flow plates.

(2) Advantages in forward-looking research and development and cross-domain capability building

Building R&D and innovation capability is the only route to becoming a world-class automotive parts company. The Company has been committed to research and innovation throughout, and was among the first in the industry to adopt a forward-development strategy twenty years ago. Years of technical accumulation have produced system-level synchronous forward-development capability across every product line and across materials, mechanics, electronic control and software, accumulating a substantial portfolio of invention patents and other intellectual property. The Company continues to invest in R&D, spending averaging about 5% of revenue each year. As R&D competitiveness continues to improve and the product range extends further, and the Technology Tuopu strategy keeps strengthening the Company's core competitiveness.

R&D centers in North America, Europe, Shenzhen and Ningbo serve global customers and attract senior talent from China and abroad. The research team now exceeds 4,000 people, including nearly 350 holders of master's and doctoral degrees.

The Company has built cross-domain capability and strengthened overall competitiveness: (1) a connected development chain across materials, mechanics, motors, solenoid valves, electronic hardware and software; (2) a continually widening product range; (3) command of a full range of product processes; (4) a world-leading testing center with material-level, product-level, system-level and vehicle-level testing and validation capability, certified to ISO/IEC 17025 by CNAS; and (5) in-house design and manufacture of tooling and equipment, including automated production lines for IBS, EPS, air suspension and ball joints. As more vehicle OEMs are moving to an asset-light development model, they now require suppliers to have system-level testing and validation capability during development, and for production line development and capacity building to support a fast ramp-up in volume production. The Company can provide both, and that is the basis on which the Company takes on customers' front-loaded development and large-scale supply requirements.

An extensible underlying technology architecture also allows the Company to transfer technology across fields: NVH expertise underpins lightweight chassis solutions; chassis and electronic control technology underpin air suspension systems; the motor, electronic control, reduction mechanism and software capability built up on IBS extends to robot actuators; and automotive thermal management technology has opened the way into data center liquid cooling. Reusing and transferring technology allows the Company to extend the product range quickly at low marginal cost, creating a virtuous circle of crossdomain innovation.

(3) Customer base and business model advantages

Creating value for customers is the Company's core mission. In the intelligent electric era, the core competitiveness built on QSTP has established long-term, stable relationships with the major intelligent electric vehicle OEMs and traditional OEMs in China and overseas. Customer loyalty continues to strengthen and the Tuopu brand has grown in recognition and standing. At the same time, the Company

has actively improved the customer mix: customer concentration has fallen year by year and reliance on any single customer has steadily reduced.

These deeper relationships come from the Tier 0.5 model that the Company adopted. The model goes beyond a conventional supply relationship to a strategic partnership with the customer, helping OEMs to improve efficiency and reduce cost. It suits what the automotive industry needs today and sets a high competitive barrier. Under the model, the Company and the customer develop in parallel across R&D, manufacturing and validation, with the customer's quality engineers stationed on site from project start to take part in production line design and process parameter setting. This shortens development cycles and improves consistency of quality in volume production. Service built on rapid response and full cooperation has earned customer recognition and provides the basis for supply relationships at the scale of several million vehicles.

(4) Global footprint advantages

At the end of the Reporting Period the Company operated in 42 cities across 11 countries, with 61 production bases and more than 100 manufacturing plants worldwide, 4 R&D centers, 6 technical support centers, 8 sales companies and 4 overseas warehousing centers, and more than 3,000 overseas employees. Overseas revenue accounted for more than 20% of the total during the Reporting Period. Manufacturing bases in Ningbo, Chongqing, Wuhan and elsewhere serve the main domestic automotive clusters, while overseas plants in the United States, Brazil, Malaysia, Poland, Mexico and Thailand both meet international OEMs' localization requirements and support Chinese OEMs going abroad.

Supply chain barriers in the automotive industry are also markedly higher than those in consumer electronics: plants require heavy investment and long construction periods, processes are complex, and a supplier must pass strict PPAP approval before it can supply in volume, so changing supplier is costly and slow for the customer. The Company has established volume supply systems in all the major markets worldwide, and every volume production nomination forms a long-term, stable base of business, creating a first-mover advantage that is difficult to replicate.

(5) Intelligent manufacturing advantages

The Company pursues an intelligent manufacturing strategy aimed at building smart factories, continually raising the level of digitalization. DFM virtual simulation is applied from the nomination and development stage to model plant layout, production line design, manufacturing processes, parameter control, vision inspection, cycle time, logistics and warehousing, and energy saving, which substantially shortens the time to volume production while improving quality and reducing cost. An equipment automation department raises the level of production automation, improving efficiency, quality assurance and output per employee, and providing a foundation for further globalization. On top of production automation, the Company deploys AI vision inspection, AGV automated logistics, intelligent warehousing and RFID barcode and traceability systems, and applies AI, big data analytics and 5G to strengthen intelligent manufacturing, assure quality and reduce cost.

(6) Management advantages

Built on the IATF 16949 quality system and a philosophy of intelligent management, years of innovation and accumulated experience have produced a distinctive Tuopu management culture. In organizational structure, the group operates through business divisions, which reduces management burden, keeps each division focused on the business it runs, improves operating efficiency and creates healthy internal competition. Each division uses a flat, horizontal structure led by sales, keeping the organization market-driven, concentrating resources and responding quickly. Business units use a pyramid structure with strict adherence to process standards, improving efficiency and reducing cost.

On management systems, the Company works to principles of process discipline, digitalization, standardization and lean operation, with established standard processes, management rules and performance measures, supported by SAP, PLM, OA, MES and other systems that ensure processes are followed, enabling digital management and improving both decision-making and operating performance. On incentives, the Company gives employees a platform and real authority, is willing to let people try, tolerant of mistakes and quick to correct them, encouraging new methods and ideas in an open environment. Managers are developed internally and selected on fair and open terms, so that promotion paths stay clear and align with strategy, creating a positive cycle between business growth and employee development.

(7) Talent advantages

The Company places a high priority on selecting and developing talent. A postdoctoral research station attracts scientific and technical talent worldwide. Managers are selected on the principle of placing the right people in the right roles and appointing on merit, and in a spirit of benchmarking against the best and taking the initiative, building a competitive and young management team. A comprehensive, distinctive and transparent set of financial measures has helped managers move from single business or administrative roles into all-round roles combining commercial judgment with entrepreneurial thinking. The Company encourages a learning atmosphere and gives real decision-making power to a young, experienced and international team across sales, R&D and manufacturing that supports their rapid growth.

(8) Corporate culture advantages

Tuopu's vision is to satisfy customers, employees, shareholders, society and partners, and to be an outstanding corporate citizen. Employees work together with dedication, contributing to society through what the industry produces. The Company works at the front of the industry, invests in R&D and innovation, fosters a team spirit of genuine cooperation and mutual support, maintains a frugal and prudent operating style, avoids impatience and extravagance, holds to the Company's mission and vision, and applies quality policies and targets strictly. The Company operates lawfully and in compliance, takes on social responsibility and works to contribute positively to society. Employees are given a comfortable working environment, equal relationships, good pay and benefits and strong career development, so that everyone can make the most of their ability. Relationships with suppliers are built as partnerships on equal,

mutually beneficial terms that support the development of the supply chain as a whole. The Company values and protects the interests of investors, complies strictly with disclosure and other legal requirements, puts investors first, and holds to the principle of respecting, protecting and rewarding them, maintaining dividends even while capital expenditure continues to grow, with all employees working together to improve performance and maximize returns to investors.

(9) Shareholding structure advantages

The Company is run by the founder, which keeps major decisions relatively steady, focused on longterm interests and long-term development, while allowing decisions to be made quickly and executed strongly. The founder holds a substantial shareholding and the ownership structure is clear, giving control

• at the top that supports long-term stability while leaving considerable room for capital expansion. The Board, led by the chairman, is experienced, clear in its division of work, understated in manner, ambitious and can be relied on to keep the Company on the right course at the front of the industry.

(10) Risk control advantages

The Company has a reasonable gearing ratio, ample cash flow, a sound financial system and rigorous risk control, which together support the delivery of strategy and investment plans and allow acquisitions to be made when the opportunity arises. A strong risk control culture keeps operating risk in check and gives the Company long-term investment value.

• 4. Principal operations during the Reporting Period During the Reporting Period the Company recorded revenue of RMB14.199 billion, up 9.78% YoY;

total profit of RMB1.175 billion, down 19.41% YoY; net profit attributable to shareholders of the listed company of RMB1.023 billion, down 21.03% YoY; and net profit attributable to shareholders plus depreciation and amortization of RMB2.184 billion, down 4.40% YoY.

Net cash generated from operating activities was RMB2.596 billion. Cash outflows from investing activities were RMB2.305 billion, of which RMB1.354 billion was cash paid to acquire fixed assets and other long-term assets, preparing the ground for continued growth and higher competitive barriers. Depreciation and amortization totalled RMB1.162 billion, or 8.18% of revenue.

At the end of the Reporting Period total assets were RMB42.590 billion, down 3.06% from the end of the prior year; total liabilities were RMB18.335 billion, down 7.40%; the gearing ratio was 43.05%; and equity attributable to owners of the parent company was RMB24.218 billion, up 0.50%.

• (1) Analysis of principal operations

• 1. Analysis of movements in the relevant financial statement items Unit: RMB

Explanation of the change in finance costs: mainly due to movements in exchange gains and losses during the period

2. Detailed explanation of any significant change in the Company's business types, profit composition or sources of profit during the period

• □ Applicable √ Not applicable

• (2) Explanation of significant changes in profit caused by non-principal operations

• □ Applicable √ Not applicable

Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2026

(3) Analysis of assets and liabilities √ Applicable □ Not applicable

1. Assets and liabilities

Unit: RMB

26 / 237

• 2. Overseas assets √ Applicable □ Not applicable

• (1) Size of assets Including: overseas assets of 5,827,105,184.84 (Unit: RMB), representing 13.68% of total assets.
• (2) Explanation where overseas assets account for a relatively high proportion

□ Applicable √ Not applicable

• 3. Restrictions on major assets as at the end of the Reporting Period

√ Applicable □ Not applicable

Unit: RMB

• 4. Other information

□ Applicable √ Not applicable

• (4) Analysis of investments

1. Overall analysis of external equity investments √ Applicable □ Not applicable

During the Reporting Period the Company subscribed RMB300 million from the Company's own funds to establish Ningbo Towin Hangke Venture Capital Partnership (Limited Partnership), focusing on emerging fields including advanced intelligent manufacturing, integrated circuits, new energy, robotics, new materials and artificial intelligence. RMB105.5 million was paid up in the first installment, and the fund completed AMAC filing on 26 March 2026, with SPD Bank as custodian. Given the Company's contribution to the partnership and the terms of the partnership agreement, the Company controls the fund's principal operating activities and has therefore included it in the scope of consolidation.

During the Reporting Period the Company acquired a 20% equity interest in Shanghai Aiweilan New Energy Technology Co., Ltd. ("Shanghai Aiweilan") by way of a cash capital increase. Under Shanghai Aiweilan's articles of association the Company is able to exercise significant influence over it, and it has therefore been treated as an associate and accounted for using the equity method.

(1)Significant equity investments

□ Applicable √ Not applicable

(2)Significant non-equity investments √ Applicable □ Not applicable

(3)Financial assets measured at fair value

√ Applicable □ Not applicable

Unit: RMB

Securities investments

• □ Applicable √ Not applicable Notes on securities investments
• □ Applicable √ Not applicable Private equity fund investments
• □ Applicable √ Not applicable Derivative investments
• □ Applicable √ Not applicable

(5) Disposal of significant assets and equity interests

□ Applicable √ Not applicable

(6) Analysis of principal subsidiaries and associates √ Applicable □ Not applicable

Principal subsidiaries, and associates contributing more than 10% to the Company's net profit √ Applicable □ Not applicable

Unit: RMB'0,000

Acquisition and disposal of subsidiaries during the Reporting Period

• □ Applicable √ Not applicable Other information
• □ Applicable √ Not applicable

• (7) Structured entities controlled by the Company

• □ Applicable √ Not applicable

5. Other matters disclosed

• (1) Risks that may be faced √ Applicable □ Not applicable

• 1. Movements in exchange rates and raw material prices, and price reductions requested by customers,

may create operating risk for the Company. The Company intends to address these risks by strengthening overall competitiveness. Over forty years of development the Company has met each of these risks more than once while maintaining sound operating performance and momentum, and has built a well-developed risk control system on that experience.

• 2. The new energy vehicle sector in which the Company operates is now broadly endorsed by

governments and by industry, and market demand continues to rise. Against that background the Company's strategic direction carries a high degree of certainty, although day-to-day operations still face risks from technology upgrades and market competition, which the Company will address through sustained research and development and market expansion.

• 3. To address the risk arising from changes in tariffs, the Company has built a protective barrier

through the global placement of manufacturing plants. The high-quality capacity established at the Company's overseas bases is both a supply chain resource that international OEMs urgently need for the transition to electrification, and a key foothold for domestic OEMs to expand abroad. By developing

business with these two core customer groups, the Company has effectively hedged the risk of international investment while maximizing the value created.

(2) Other matters disclosed

□ Applicable √ Not applicable

Section 4 Corporate Governance, Environment and Society

1. Changes in Directors and senior management of the Company √ Applicable □ Not applicable

Notes on changes in Directors and senior management of the Company

□ Applicable √ Not applicable

2. Proposal for profit distribution or capitalization of capital reserve Semi-annual proposal for profit distribution or for capitalization of capital reserve

3. Share incentive schemes, employee shareholding plans or other employee incentive measures of the Company and their effects

• (1) Share incentive matters disclosed in semi-annual announcements with no subsequent progress or change in implementation

□ Applicable √ Not applicable

• (2) Incentive matters not disclosed in semi-annual announcements, or with subsequent developments

Share incentive schemes

• □ Applicable √ Not applicable Other information
• □ Applicable √ Not applicable Employee shareholding plans
• □ Applicable √ Not applicable Other incentive measures
• □ Applicable √ Not applicable

4. Environmental information of listed companies and their principal subsidiaries included in the list of enterprises required to disclose environmental information according to law

√ Applicable □ Not applicable

Other information

• □ Applicable √ Not applicable

• 5. Details of work on consolidating and expanding the achievements of poverty alleviation and on rural revitalization

• □ Applicable √ Not applicable

Section 5 Significant Events

• 1.Performance of undertakings

• (1) Undertakings given by the de facto controller, shareholders, related parties and acquirers of the Company, by the Company itself and by other undertaking parties, during or continuing into the Reporting Period

√ Applicable □ Not applicable

2.Non-operating appropriation of funds by the controlling shareholder and other related parties during the Reporting Period

□ Applicable √ Not applicable

3.Guarantees provided in breach of regulations

□ Applicable √ Not applicable

• 4.Audit of the Semi-annual Report

□ Applicable √ Not applicable

• 5.Changes in, and handling of, the matters covered by the modified audit opinion in the prior year annual report

□ Applicable √ Not applicable

• 6.Matters relating to bankruptcy reorganization

□ Applicable √ Not applicable

• 7.Material litigation and arbitration

□ The Company had material litigation or arbitration during the Reporting Period √ The Company had no material litigation or arbitration during the Reporting Period

• 8.Suspected violations of laws and regulations by the listed company and the Directors, senior management, controlling shareholder and de facto controller, penalties imposed and rectification measures taken

□ Applicable √ Not applicable

• 9.Notes on the integrity status of the Company, the controlling shareholder and the de facto controller during the Reporting Period

√ Applicable □ Not applicable

During the Reporting Period, the Company, the controlling shareholder and the de facto controller maintained a good integrity record.

• 10.Material related party transactions

• (1) Related party transactions relating to day-to-day operations

• 1. Matters disclosed in semi-annual announcements with no subsequent progress or change in implementation

□ Applicable √ Not applicable

• 2. Matters disclosed in semi-annual announcements with subsequent progress or change in implementation

□ Applicable √ Not applicable

• 3. Matters not disclosed in semi-annual announcements

□ Applicable √ Not applicable

• (2) Related party transactions arising from the acquisition or disposal of assets or equity interests

• 1. Matters disclosed in semi-annual announcements with no subsequent progress or change in implementation

□ Applicable √ Not applicable

• 2. Matters disclosed in semi-annual announcements with subsequent progress or change in implementation

□ Applicable √ Not applicable

3. Matters not disclosed in semi-annual announcements

□ Applicable √ Not applicable

4. Where performance undertakings are involved, the performance achieved during the Reporting Period shall be disclosed

• □ Applicable √ Not applicable

• (3) Material related party transactions involving joint external investments

• 1. Matters disclosed in semi-annual announcements with no subsequent progress or change in implementation

□ Applicable √ Not applicable

• 2. Matters disclosed in semi-annual announcements with subsequent progress or change in implementation

□ Applicable √ Not applicable

• 3. Matters not disclosed in semi-annual announcements

□ Applicable √ Not applicable

• (4) Related party receivables and payables

• 1. Matters disclosed in semi-annual announcements with no subsequent progress or change in implementation

□ Applicable √ Not applicable

• 2. Matters disclosed in semi-annual announcements with subsequent progress or change in implementation

□ Applicable √ Not applicable

• 3. Matters not disclosed in semi-annual announcements

□ Applicable √ Not applicable

• (5) Financial business between the Company and any connected finance company, and between any finance company controlled by the Company and related parties

□ Applicable √ Not applicable

• (6) Other material related party transactions

□ Applicable √ Not applicable

• (7) Others

• □ Applicable √ Not applicable

• 11.Material contracts and their performance

(1) Custody, contracting and leasing matters

□ Applicable √ Not applicable

(2) Material guarantees performed during, and not yet fully performed at the end of, the Reporting Period

√ Applicable □ Not applicable

Unit: RMB

(3) Other material contracts

□ Applicable √ Not applicable

1. Notes on the progress of the use of raised funds √ Applicable □ Not applicable

• (1) Overall use of raised funds

√ Applicable □ Not applicable

Unit: RMB'0,000

Other information

□ Applicable √ Not applicable

• (2) Details of the projects funded by the raised proceeds √ Applicable □ Not applicable

1. Detailed use of raised funds √ Applicable □ Not applicable

Unit: RMB'0,000

• Note 1: Geopolitical uncertainty in recent years, together with the shift of part of OEMs' capacity from the PRC to overseas locations, means that expanding

domestically as originally planned could leave capacity idle and capital tied up. On a prudent basis the Company has slowed the pace of domestic expansion, limited the amount and timing of investment in certain projects, and accelerated new product development and technological innovation. (1) The twenty-ninth meeting of the fifth session of the Board on 27 January 2026 and the first extraordinary general meeting of 2026 on 12 February 2026 approved the resolution on changing and extending certain projects funded by the raised proceeds. The date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600,000 automotive interior functional components to reach its intended usable state was extended from January 2026 to January 2028, and RMB250 million of proceeds not yet invested was redirected to the Tuopu Group headquarters R&D center upgrade project and the new energy intelligent vehicle core components testing center project. (2) The thirty-fourth meeting of the fifth session of the Board on 28 July 2026 approved the resolution on extending certain projects funded by the raised proceeds. The dates for the Ningbo Qianwan projects for annual capacities of 2.2 million lightweight chassis systems; 1.1 million automotive interior functional components and 1.3 million thermal management systems; and 1.6 million lightweight chassis systems, together with the Thailand project for an annual capacity of

• 1.3 million thermal management systems, were extended from July and August 2026 to December 2027.

Note 2: The project for an annual capacity of 3.3 million lightweight chassis systems and the intelligent driving R&D center project reached their intended usable state in January 2026, and the Ningbo Qianwan project for an annual capacity of 500,000 automotive interior functional components did so in July 2026. Contract payments remain outstanding on these projects, so the Company will keep the special accounts for the raised proceeds open and manage them under the rules governing raised proceeds until those balances have been paid. The Company will then close the accounts, and the related supervision agreements with the sponsor and the account banks will terminate.

• 2. Detailed use of over-raised proceeds

□ Applicable √ Not applicable

3. Details of any re-assessment of the funded projects during the Reporting Period

√ Applicable □ Not applicable

The twenty-ninth meeting of the fifth session of the Board on 27 January 2026 and the first extraordinary general meeting of 2026 on 12 February 2026 approved the resolution on changing and extending certain projects funded by the raised proceeds. The date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600,000 automotive interior functional components to reach its intended usable state was extended from January 2026 to January 2028.

As the Company's domestic production bases have been built out and upgraded, capacity for interior components and lightweight chassis is now well above the level before the funded projects began. The domestic footprint is largely complete, meets current business needs and leaves headroom for moderate order growth. The Company has therefore tracked the interior components and lightweight chassis projects as they proceed and adjusted their timing to the actual pace of the business.

Geopolitical pressures and overseas market opportunities have coincided, and OEMs in the PRC and abroad are building plants overseas. As an upstream supplier the Company is following them, and has already invested in capacity in Mexico and Thailand. To limit investment risk, the Company intends at the same time to moderate the pace of construction on certain domestic projects.

The Company has therefore extended the date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600,000 automotive interior functional components to reach its intended usable state. The project has not been canceled or terminated, investment in it continues, and there has been no material change in its feasibility or expected returns.

(3) Changes to, or termination of, funded projects during the Reporting Period

√ Applicable □ Not applicable

Unit: RMB'0,000

Note: As the new energy vehicle supply chain develops, OEMs increasingly want customized components on short iteration cycles. Suppliers must therefore develop the next generation of technology in advance and adapt it across vehicle platforms, which brings both R&D spending and product testing forward of the orders they are meant to win. To meet that demand the Company needs to buy R&D equipment and upgrade the R&D center and the product testing center, so as to speed up new product development and hold the Company's technological lead. To use the raised proceeds more efficiently, the Company proposes to redirect RMB250 million not yet invested in the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600,000 automotive interior functional components to the Tuopu Group headquarters R&D center upgrade project and the new energy intelligent vehicle core components testing center project.

• (4) Other matters concerning the use of raised funds during the Reporting Period

• 1. Pre-investment in, and replacement of funds for, projects funded by the raised proceeds

√ Applicable □ Not applicable

At the first extraordinary meeting of the fifth session of the Board and the first extraordinary meeting of the fifth session of the Board of Supervisors, both held on 14 October 2024, the resolution on paying for funded projects by bill and replacing those payments with an equivalent amount of raised proceeds was approved. The Company and the wholly-owned subsidiaries may, during the implementation of the funded projects, first pay part of the project costs using bank acceptance bills or commercial acceptance bills, whether issued or transferred by endorsement, and then replace those payments with an equivalent amount of raised proceeds.

During the Reporting Period, in implementing the project for an annual capacity of 3.3 million lightweight chassis systems funded by the proceeds of the public issue of convertible corporate bonds, the Company replaced RMB1,192,340.00 of amounts previously paid by bill.

• 2. Temporary use of idle raised funds to replenish working capital √ Applicable □ Not applicable

• 1. At the twenty-first meeting of the fifth session of the Board held on 22 April 2025, the resolution

on using part of the temporarily idle raised proceeds to replenish working capital was approved. Up to

• RMB1.2 billion of temporarily idle proceeds may be used for this purpose from 1 July 2025 to 30 June 2026, with each individual application limited to 12 months. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement. The resolution was approved at the 2024 annual general meeting held on 14 May 2025.

1. At the thirty-first meeting of the fifth session of the Board held on 23 March 2026, the resolution on using part of the temporarily idle raised proceeds to replenish working capital was approved. Up to

• RMB1.2 billion of temporarily idle proceeds may be used for this purpose from 1 July 2026 to 30 June
• 2027, with each individual application limited to 12 months. The sponsor issued an opinion consenting to the arrangement. The resolution was approved at the 2025 annual general meeting held on 29 April 2026.

The Company applied RMB300 million in July 2025, RMB200 million in August 2025, RMB100 million in September 2025, RMB62.1902 million in December 2025 and RMB100 million in January 2026. As at 30 June 2026 the Company had returned the full RMB762.1902 million of raised proceeds used to replenish working capital to the special account for raised proceeds.

• 3. Cash management of idle raised funds and investment in related products

√ Applicable □ Not applicable

Unit: RMB'0,000

Other information

• 1. At the twenty-first meeting of the fifth session of the Board held on 22 April 2025, the resolution

on the entrusted management of temporarily idle raised proceeds was approved. The Company, including the wholly-owned subsidiaries, proposed to place up to RMB2.4 billion of temporarily idle raised proceeds under entrusted management, in structured deposits or principal-protected wealth management products,

• for an authorized period from 1 July 2025 to 30 June 2026, with funds within that limit available on a

revolving basis. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement.

• The resolution was approved at the 2024 annual general meeting held on 14 May 2025.

1. At the thirty-first meeting of the fifth session of the Board held on 23 March 2026, the resolution on the entrusted management of temporarily idle raised proceeds was approved. The Company, including the wholly-owned subsidiaries, proposed to place up to RMB2 billion of temporarily idle raised proceeds under entrusted management, in structured deposits or principal-protected wealth management products, for an authorized period from 1 July 2026 to 30 June 2027, with funds within that limit available on a revolving basis. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement.

• The resolution was approved at the 2025 annual general meeting held on 29 April 2026.

• 3. In the period from January to June 2026 the Company placed idle raised proceeds under cash

management, purchasing products totalling RMB631 million and redeeming products totalling RMB601 million. As at 30 June 2026 wealth management products of RMB430 million had not yet matured. Details of the products purchased are set out in the table below:

Unit: RMB'0,000

Whet her recov ered on matur ity at the balan ce sheet date

Interest commencement date

N o.

Name of the entrusted wealth management product

Amount entrusted (RMB'0,000)

Maturity date

Entrusted party

• 1

Bank of Ningbo, Beilun Branch

Structured deposits 10,000.00 23 January 2026

22 April 2026

Yes

• 2

Ping An Bank, Ningbo Beilun Branch

Structured deposits 10,100.00 23 January 2026

23 April 2026

Yes

• 3

Bank of Ningbo, Beilun Branch

Structured deposits 5,000.00 23 April 2026

20 October 2026

No

• 4

China Merchants Bank, Ningbo Branch

Structured deposits 10,000.00 23 April 2026

23 July 2026

No

• 5

Bank of Hangzhou, Ningbo Beilun Branch

Structured deposits 8,000.00 24 April 2026

24 October 2026

No

• 6

25 December 2026

Bank of Hangzhou, Ningbo Beilun Branch

Structured deposits 20,000.00 25 June 2026

No

4. Others

□ Applicable √ Not applicable

(5) Notes on any irregularities identified by intermediaries in their verification of the deposit and use of raised funds

□ Applicable √ Not applicable

(6) Subsequent rectification of any unauthorized change in the use of raised funds or improper appropriation of raised funds

• □ Applicable √ Not applicable

1. Notes on other significant events

• □ Applicable √ Not applicable

Section 6 Changes in Shares and Shareholders

• 1. Changes in share capital

• (1) Table of changes in shares

• 1. Table of changes in shares During the Reporting Period, there was no change in the total number of shares or the share capital structure of the Company.
• 2. Notes on changes in shares

□ Applicable √ Not applicable

• 3. Effect (if any) of share changes occurring between the end of the Reporting Period and the date of publication of the Semi-annual Report on financial indicators such as earnings per share and net assets per share

□ Applicable √ Not applicable

• 4. Other matters that the Company considers necessary to disclose or that the securities regulator requires to be disclosed

□ Applicable √ Not applicable

• (2) Changes in shares subject to trading restrictions

□ Applicable √ Not applicable

• 2. Shareholders

• (1) Total number of shareholders:

• (2) Shareholdings of the top ten shareholders and the top ten holders of tradable shares (or shares not subject to trading restrictions) as at the end of the Reporting Period

Unit: share

|Shareholdings of the top ten shareholders (excluding shares lent under the refinancing securities lending business)|

|---|

Shares lent under the refinancing securities lending business by shareholders holding more than 5%, the top ten shareholders and the top ten holders of shares not subject to trading restrictions

• □ Applicable √ Not applicable

Changes from the previous period in the top ten shareholders and the top ten holders of shares not subject to trading restrictions arising from the lending or return of shares under the refinancing securities lending business

• □ Applicable √ Not applicable Number of shares held by the top ten holders of shares subject to trading restrictions, and the restrictions applicable
• □ Applicable √ Not applicable

(3) Strategic investors or ordinary legal persons becoming top ten shareholders through the placing of new shares

□ Applicable √ Not applicable

3. Directors and senior management

• (1) Changes in shareholdings of incumbent Directors and senior management and of those who left office during the Reporting Period

• □ Applicable √ Not applicable Other notes
• □ Applicable √ Not applicable

• (2) Share incentives granted to Directors and senior management during the Reporting Period

□ Applicable √ Not applicable

• (3) Other information

□ Applicable √ Not applicable

4. Changes in the controlling shareholder or de facto controller

□ Applicable √ Not applicable

5. Preference shares

□ Applicable √ Not applicable

Section 7 Bond-related Information

1.Corporate bonds (including enterprise bonds) and debt financing instruments of non-financial enterprises

□ Applicable √ Not applicable

2.Convertible corporate bonds

□ Applicable √ Not applicable

Section 8 Financial Report

1.Auditor's report

□ Applicable √ Not applicable

2.Financial statements Consolidated balance sheet

30 June 2026 Prepared by: Ningbo Tuopu Group Co., Ltd.

Unit: RMB

Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong Tieyang Head of the accounting department: Hong Tieyang

Balance sheet of the parent company 30 June 2026

Prepared by: Ningbo Tuopu Group Co., Ltd.

Unit: RMB

Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong Tieyang Head of the accounting department: Hong Tieyang

Consolidated income statement January to June 2026

Unit: RMB

Where a business combination under common control occurred during the period, the net profit achieved by the party being combined before the combination was RMB0, and the net profit achieved by the party being combined in the prior period was RMB0.

Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong Tieyang Head of the accounting department: Hong Tieyang

Income statement of the parent company January to June 2026

Unit: RMB