2025 Annual Report

Important Notes, Directory, and Definitions

The Board of Directors and senior management of the company guarantee that the content of the annual report is true, accurate, and complete, with no false records, misleading statements, or significant omissions, and they bear individual and joint legal responsibility. The company’s responsible person, Cao Matao, the head of accounting, Sun Yong, and the head of the accounting institution, Zhang Fangli, declare that they ensure the financial report in this annual report is true, accurate, and complete. All directors have attended the board meeting to review this report. The forward-looking descriptions regarding future plans and development strategies in this report do not represent the company's profit forecasts and do not constitute substantial commitments to investors. Investors and related parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments. The company requests investors to read the full annual report carefully and pay special attention to the risk factors faced by the company, as detailed in Section 3 "Management Discussion and Analysis," Part 11 "Outlook for Future Development of the Company." The profit distribution plan approved by the board of directors is as follows: based on a total share capital of 109,049,071 shares, a cash dividend of CNY 15 (including tax) will be distributed for every 10 shares to all shareholders, with no bonus shares (including tax), and a capital reserve fund will be used to increase the share capital by 0 shares for every 10 shares to all shareholders.

Directory

1. Important Notes, Directory, and Definitions ....................................................................................................................... 1
2. Company Profile and Key Financial Indicators .................................................................................................................. 8
3. Management Discussion and Analysis ................................................................................................................................ 12
4. Corporate Governance, Environment, and Society ............................................................................................................... 44
5. Important Matters ............................................................................................................................................................... 61
6. Changes in Shares and Shareholder Information ................................................................................................................. 80
7. Bond-Related Information .................................................................................................................................................. 88
8. Financial Report .................................................................................................................................................................. 89

Documents for Reference

1. Financial statements signed and stamped by the company’s legal representative, head of accounting, and head of the accounting institution.
2. Original audit report stamped by the accounting firm and signed by the certified public accountant.
3. Originals of all company documents publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period.
4. The original text of the 2025 Annual Report signed by Mr. Cao Matao, the chairman of the company.
   The above reference documents are kept at the Securities Affairs Department of Zhejiang Taotao Vehicles Co., Ltd.