CITIC Research Auto Proving Ground Co., Ltd. 2026 Annual Rating Report

Statement

1. This report is an independent opinion statement by Lianhe Ratings based on rating methodology and procedures as of the date of issuance, and is not influenced by any institution or individual. The rating conclusions and related analyses are forward-looking views expressed by Lianhe Ratings based on relevant information and materials regarding the rated entity, not factual statements or audit opinions. Lianhe Ratings has sufficient reason to guarantee that the rating report issued adheres to the principles of truthfulness, objectivity, and fairness. Given the characteristics of credit rating work and the influence of objective conditions, this report has limitations in terms of information acquisition, rating methodology and models, and future event prediction.

2. This report is issued by Lianhe Ratings at the request of CITIC Research Auto Proving Ground Co., Ltd. (hereinafter referred to as "the Company"). Apart from the rating agency-client relationship established for this rating, Lianhe Ratings and the rating personnel have no relationship that affects the independence, objectivity, and fairness of the rating activities with the Company.

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4. The results of this rating update are valid from the date of this report until the maturity date of the corresponding bonds. According to the conclusions of the rating update, the rating results may change within the validity period. Lianhe Ratings reserves the right to adjust, update, terminate, and withdraw the rating results.

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Credit Rating Announcement

Union [2026] No. 7119

China Lianhe Credit Rating Co., Ltd. has conducted a tracking analysis and evaluation of the credit status of CITIC Research Auto Proving Ground Co., Ltd. and its related bonds. It has been determined to maintain the long-term credit rating of CITIC Research Auto Proving Ground Co., Ltd. at AA+, and the credit rating of "Zhongqi Convertible Bond" at AA+, with a stable rating outlook.

Hereby announced.

Director of Rating: Li Xiaozou

August 7, 2026

Add: 17/F, PICC Building, 2, Jianguomenwai Street, Beijing PRC:100022

Tel: (010) 85679696 | Fax: (010) 85679228 | Email: lianhe@lhratings.com

Rating Methodology, Model, and Results

Rating Methodology and Model: General Industrial Enterprise Credit Rating Methodology and Model V4.1.202606

Bond Rating Methodology: Bond Rating Basic Methodology V3.0.202207