Changchai Company,Limited 2026 First Quarter Report
Stock code: 000570, 200570 Stock name: Changchai A, Changchai B Announcement Number：2026-015
CHANGCHAI COMPANY, LIMITED
The company and all members of the board of directors guarantee that the information disclosed is true,
accurate, and complete, without false records, misleading statements, or significant omissions.
Important Notes:
Company, Limited (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and
completeness of the contents of this Quarter Report and its summary, and shall be jointly and severally liable
for any misrepresentations, misleading statements or material omissions therein.
(equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Quarter Report
are factual, accurate and complete.
Yes No
Changchai Company,Limited 2026 First Quarter Report
I. Key Financial Information
Whether the Company Needs to Retrospectively Adjust or Restate Prior Years' Accounting Data
Yes No
Increase or
decrease in this
January to March January to March reporting period
same period last
year (%)
Operating revenue (RMB) 941,778,496.02 897,763,657.72 4.90%
Net profit attributable to the listed company’s
shareholders (RMB)
Net profit attributable to the listed company’s
shareholders before exceptional gains and 54,518,288.34 40,468,902.21 34.72%
losses (RMB)
Net cash generated from/used in operating
-280,042,880.73 -14,769,195.97 ——
activities (RMB)
Basic earnings per share (RMB/share) 0.1054 0.0620 70.00%
Diluted earnings per share (RMB/share) 0.1054 0.0620 70.00%
Weighted average return on equity (%) 2.13% 1.29% 0.84%
Change of 31
March 2026 over
Total assets (RMB) 5,652,166,201.14 5,578,281,300.02 1.32%
Equity attributable to the listed company’s
shareholders (RMB)
Applicable □ Not applicable
Unit: RMB
Amount for the
Item current reporting Note
period
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs)
Government subsidies included in current profit and loss
(excluding those closely related to the company's normal
business operations, in compliance with national policies
and regulations, enjoyed according to established standards,
and having a continuous impact on the company's profit and
loss)
Changchai Company,Limited 2026 First Quarter Report
During the reporting
Except for effective hedging business related to the normal period, the wholly-
operation of the same company, non-financial enterprises owned subsidiary of the
shall bear gains and losses from changes in fair value of 20,561,054.60 company, Changzhou
financial assets and liabilities held by them, as well as gains Horizon Investment
and losses from the disposal of financial assets and liabilities Co., Ltd., sold some of
its company stocks.
Profit and loss from entrusting others to invest or manage
assets
Less: Income tax effects 1,427,264.24
Non-controlling interests effects (net of tax) 1,400.00
Total 19,876,621.49 --
Particulars about other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
Applicable Not Applicable
(1) Consolidated balance sheet items
Ending balance Beginning Year-over-Year
Items Reason for change
(RMB) balance (RMB) Increase/Decrease
The majority of the company's
multi-cylinder engine
customers are original
equipment manufacturers
(OEMs) with relatively long
Accounts payment terms. During the
Receivable reporting period, the company
intensified its market expansion
efforts and extended credit
moderately, leading to a
significant increase in accounts
receivable.
The main reason is that, based
on the production and operation
plan and procurement progress,
the prepaid payments for raw
materials, equipment, and
Prepayments 6,017,979.66 22,389,102.11 -73.12%
services in the previous period
have been gradually settled and
recorded in inventory, while the
payment schedule has been
optimized.
Changchai Company,Limited 2026 First Quarter Report
It was mainly due to the
Other Current
Assets
during the reporting period.
It was primarily due to the
maturity of bank acceptance
Short-term
Borrowings
ratings during the reporting
period.
It was mainly due to the
Employee payment of part of the wages
Benefits 23,426,181.49 56,773,482.39 -58.74% and bonuses accrued in the
Payable previous period during the
reporting period.
The increase was primarily due
to the rise in sales revenue and
net profit during the reporting
period, which led to a
Taxes Payable 38,879,167.64 5,305,526.88 632.81%
corresponding increase in taxes
such as value-added tax and
corporate income tax payable
by the company.
(2) Consolidated income statement items
Reporting Same period of Year-over-Year
Items Reason for change
Period (RMB) last year (RMB) Increase/Decrease
This was due to the year-on-year
decrease in exchange gains and
Finance Costs 2,969,495.96 -2,222,413.95 ——
interest income during the
reporting period.
The main reason is the year-on-
year decrease in the additional
deduction for value-added tax
Other Income 1,018,144.72 7,809,990.08 -86.96% for advanced manufacturing
industries enjoyed by the
company during the reporting
period.
During the reporting period, the
wholly-owned subsidiary of the
company, Changzhou Horizon
Investment
Income
of its shares in the company and
received the interim dividend
from Jiangsu Bank.
The increase in fair value of
stocks held by the company's
Gain on Changes wholly-owned subsidiary,
in Fair Value Changzhou Horizon Investment
Co., Ltd., during the reporting
period.
It was mainly due to the year-
Asset Disposal on-year increase in the disposal
Income of fixed assets during the
reporting period.
Changchai Company,Limited 2026 First Quarter Report
During the reporting period, the
company mainly continued to
strengthen its efforts in
expanding markets both
domestically and overseas,
Net profit optimized its sales structure,
attributable to achieved year-on-year growth in
shareholders of 74,394,909.83 43,720,636.95 70.16% sales revenue, and saw an
the parent improvement in gross profit
company margin in the first quarter. The
wholly-owned subsidiary,
Changzhou Horizon Investment
Co., Ltd., sold some of its
company shares and obtained
investment income.
Changes in fair The increase in fair value of the
value of other stocks held by the company in
equity 12,799,300.00 -13,734,300.00 —— Beijing Foton Motor Co., Ltd.
instrument and Jiangsu Bank Co., Ltd.
investments during the reporting period.
Net amount after
tax of other
comprehensive
income 12,799,300.00 -13,734,300.00 —— Same as above.
attributable to
the parent
company
During the reporting period, the
company continued to intensify
its efforts in expanding markets
both domestically and
internationally, optimizing its
sales structure, and achieving
year-on-year revenue growth,
Total resulting in an increase in gross
comprehensive profit margin in the first quarter.
income Changzhou Horizon Investment
attributable to Co., Ltd., a wholly-owned
the owners of the subsidiary of the company, sold
parent company some of its shares in the
company, generating investment
income. Additionally, the fair
value of the company's shares in
Beijing Foton Motor Co., Ltd.
and Jiangsu Bank Co., Ltd.
increased, contributing to the
overall performance.
Total
comprehensive 89,680,090.47 31,886,460.45 181.25% Same as above.
income
(3) Consolidated cash flow statement items
Reporting Period Same period of Year-over-Year
Items Reason for change
(RMB) last year (RMB) Increase/Decrease
Changchai Company,Limited 2026 First Quarter Report
The main reason is that most of
the company's multi-cylinder
engine customers are original
equipment manufacturers
Net cash flow
(OEMs) with relatively long
from operating -280,042,880.73 -14,769,195.97 ——
payment terms. The company
activities
has intensified its market
expansion efforts, granted
moderate credit, and received
relatively less capital inflow.
The reason is that the decrease in
Net cash flow
financial products invested
generated from
-2,907,977.15 -138,363,884.66 —— during the reporting period
investing
compared to the same period last
activities
year.
II.Shareholder Information
and Shareholding Details of the Top 10 Shareholders
Unit: share
Number of preferred
Number of ordinary shareholders 45,635 shareholders with resumed 0
voting rights (if any)
Shareholding situation of the top 10 shareholders (excluding shares lent through refinancing)
Number Restricted
of shares held
shares
Total shares
Nature of Shareholdin with
Name of shareholder held at the
shareholder g percentage limited Shar
period-end Status
selling es
conditio
ns held
Changzhou Investment Group State-owned
Co., Ltd. legal person
Domestic
Chen Jian natural 0.48% 3,352,800
person
Overseas
KGI ASIA LIMITED 0.44% 3,100,195
legal entity
Overseas
BARCLAYS BANK PLC 0.42% 2,930,569
legal entity
Bank of China Limited- 0.00 N/A 0.00
Huashang Vision Value Hybrid Others 0.41% 2,895,200
Securities Investment Fund
MORGAN STANLEY & CO. Overseas
INTERNATIONAL PLC. legal entity
J. P. Morgan Securities PLC- Overseas
Equity capital legal entity
Domestic
Chen Kejun natural 0.33% 2,343,600
person
Changchai Company,Limited 2026 First Quarter Report
Bank of China Limited - E Fund
Hong Kong Stock Connect
Dividend Flexible Allocation Others 0.33% 2,327,300
Hybrid Securities Investment
Fund
Overseas
UBS AG 0.33% 2,305,115
legal entity
Top 10 unrestricted shareholders（Excluding shares lent through refinancing and executive lock up shares）
Unrestricted shares held at Shares by type
Name of shareholder
the period-end Type Shares
Changzhou Investment Group RMB-denominated
Co., Ltd. ordinary share
RMB-denominated
Chen Jian 3,352,800 3,352,800
ordinary share
Domestically listed
KGI ASIA LIMITED 3,100,195 3,100,195
foreign share
RMB-denominated
BARCLAYS BANK PLC 2,930,569 2,930,569
ordinary share
Bank of China Limited-
RMB-denominated
Huashang Vision Value Hybrid 2,895,200 2,895,200
ordinary share
Securities Investment Fund
MORGAN STANLEY & CO. RMB-denominated
INTERNATIONAL PLC. ordinary share
J. P. Morgan Securities PLC- RMB-denominated
Equity capital ordinary share
RMB-denominated
Chen Kejun 2,343,600 2,343,600
ordinary share
Bank of China Limited - E Fund
Hong Kong Stock Connect
RMB-denominated
Dividend Flexible Allocation 2,327,300 2,327,300
ordinary share
Hybrid Securities Investment
Fund
RMB-denominated
UBS AG 2,305,115 2,305,115
ordinary share
It is unknown whether there is among the top 10 public
shareholders and the top 10 unrestricted public shareholders
Explanation of the shareholder relationship or
any related parties or acting-in-concert parties as defined in
concerted action mentioned above
the Administrative Measures for Information Regarding
Shareholding Alteration.
Explanation on the participation of the top 10
Shareholder Chen Jian holds 3,352,800 shares of the
shareholders in margin trading and securities
company's stock through a credit account.
lending business
Information regarding the lending of shares through securities refinancing by shareholders holding 5% or more of
shares, the top 10 shareholders, and the top 10 unrestricted tradable shareholders
Applicable Not Applicable
The changes in the top 10 shareholders and the top 10 unrestricted tradable shareholders compared to the
previous reporting period are due to the lending/return of securities under securities refinancing
Applicable Not Applicable
Changchai Company,Limited 2026 First Quarter Report
Shareholders in the Company
Applicable Not Applicable
III. Other important matters
Applicable Not Applicable
Changchai Company,Limited 2026 First Quarter Report
IV. Quarterly financial statements
(1) Consolidated Balance Sheet
Prepared by Changchai Company, Limited
Unit: RMB
Item 31 March 2026 1 January 2026
Current assets:
Monetary assets 1,123,707,955.46 1,338,231,792.64
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 391,935,616.07 372,184,689.98
Derivative financial assets
Notes receivable 271,151,807.65 386,557,535.74
Accounts receivable 1,089,105,019.62 451,748,532.34
Accounts receivable financing 117,395,943.16 165,125,708.93
Prepayments 6,017,979.66 22,389,102.11
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 4,609,799.90 5,495,898.75
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 580,033,109.83 757,083,436.15
Including: Data resources
Contract assets
Assets held for sale
Non-current assets maturing
within one year
Other current assets 9,953,447.75 19,020,727.98
Total current assets 3,593,910,679.10 3,517,837,424.62
Non-current assets:
Loans and advances to
customers
Investments in debt obligations
Investments in other debt
obligations
Changchai Company,Limited 2026 First Quarter Report
Long-term receivables
Long-term equity investments
Investments in other equity
instruments
Other non-current financial
assets
Investment property 35,119,952.60 35,644,130.99
Fixed assets 532,731,943.30 550,316,120.80
Construction in progress 3,297,390.99 2,801,650.98
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 132,065,921.79 133,751,352.61
Including: Data resources
Development costs
Including: Data resources
Goodwill
Long-term prepaid expense 2,533,319.85 2,597,472.39
Deferred income tax assets 9,365,667.04 7,350,047.87
Other non-current assets 9,603,273.63 9,503,046.92
Total non-current assets 2,058,255,522.04 2,060,443,875.40
Total assets 5,652,166,201.14 5,578,281,300.02
Current liabilities:
Short-term borrowings 51,860,721.32 88,926,344.09
Borrowings from the central
bank
Interbank loans obtained
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable 644,903,022.05 562,313,345.98
Accounts payable 757,342,874.71 793,473,800.05
Advances from customers 30,034,200.00 30,112,510.00
Contract liabilities 31,823,888.13 40,040,496.36
Financial assets sold under
repurchase agreements
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 23,426,181.49 56,773,482.39
Taxes payable 38,879,167.64 5,305,526.88
Changchai Company,Limited 2026 First Quarter Report
Other payables 140,215,543.91 134,619,772.83
Including: Interest payable
Dividends payable 3,891,433.83 3,891,433.83
Handling charges and
commissions payable
Reinsurance payables
Liabilities directly associated
with assets held for sale
Current portion of non-current
liabilities
Other current liabilities 63,372,992.31 72,672,756.98
Total current liabilities 1,781,858,591.56 1,784,238,035.56
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions 75,019,010.77 83,448,865.86
Deferred income 25,124,005.20 25,976,437.56
Deferred income tax liabilities 153,610,531.38 159,449,521.13
Other non-current liabilities
Total non-current liabilities 253,753,547.35 268,874,824.55
Total liabilities 2,035,612,138.91 2,053,112,860.11
Shareholders’ equity:
Share capital 705,692,507.00 705,692,507.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 641,070,433.90 641,070,433.90
Less: Treasury stock
Other comprehensive income 690,071,901.44 677,272,601.44
Specific reserve 25,457,429.71 23,936,408.22
Surplus reserves 370,454,881.23 370,454,881.23
General reserve
Retained earnings 1,099,158,755.58 1,024,763,845.76
Total equity attributable to
Shareholders of the Company as 3,531,905,908.86 3,443,190,677.55
the parent
Changchai Company,Limited 2026 First Quarter Report
Non-controlling interests 84,648,153.37 81,977,762.36
Total shareholders’ equity 3,616,554,062.23 3,525,168,439.91
Total liabilities and shareholders’
equity
Legal representative: Xie Guozhong General Manager: Xie Guozhong
Head of the accounting department: Jiang He
Changchai Company,Limited 2026 First Quarter Report
(2) Consolidated Income Statement
Unit: RMB
Same period of last
Item Reporting Period
year
Including: Operating revenue 941,778,496.02 897,763,657.72
Interest income
Insurance premium income
Handling charge and commission income
Including: Cost of sales 807,258,483.36 776,384,250.77
Interest expense
Handling charge and commission expense
Surrenders
Net insurance claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges 4,959,401.16 6,359,256.55
Selling expense 13,742,824.22 15,767,989.90
Administrative expense 21,244,109.45 27,220,091.42
R&D expense 23,439,490.26 20,441,762.68
Finance costs 2,969,495.96 -2,222,413.95
Including: Interest expense 460,221.28 455,046.24
Interest income 2,010,430.21 2,727,723.37
Add: Other income 1,018,144.72 7,809,990.08
Return on investment (“-” for loss) 24,262,348.34 1,200,239.83
Including: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial
-80,062.50
assets at amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) 4,322,058.50 2,712,751.12
Credit impairment loss (“-” for loss) -13,499,202.62 -13,424,884.92
Asset impairment loss (“-” for loss) -136,523.62 -114,253.77
Asset disposal income (“-” for loss) 402,343.73 159,478.53
Add: Non-operating income 19,310.77
Less: Non-operating expense 10,828.37
Changchai Company,Limited 2026 First Quarter Report
Less: Income tax expense 7,653,070.19 6,543,763.17
loss)
loss)
Company as the parent
Attributable to shareholders of the Company as the parent 12,799,300.00 -13,734,300.00
benefit schemes
reclassified to profit or loss under the equity method
equity instruments
own credit risk
to profit or loss under the equity method
obligations
reclassification of financial assets
debt obligations
currency-denominated financial statements
Attributable to non-controlling interests
Attributable to shareholders of the Company as the parent 87,194,209.83 29,986,336.95
Attributable to non-controlling interests 2,485,880.64 1,900,123.50
Legal representative: Xie Guozhong General Manager: Xie Guozhong
Head of the accounting department: Jiang He
Changchai Company,Limited 2026 First Quarter Report
(3) Consolidated Cash Flow Statement
Unit: RMB
Same period of last
Item Reporting Period
year
Proceeds from sale of commodities and rendering of services 343,431,725.55 427,572,047.13
Net increase in customer deposits and interbank deposits
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, handling charges and commissions received
Net increase in interbank loans obtained
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax rebates 16,973,313.20 28,359,296.44
Cash generated from other operating activities 5,072,619.80 5,897,742.08
Subtotal of cash generated from operating activities 365,477,658.55 461,829,085.65
Payments for commodities and services 496,861,338.06 334,259,771.58
Net increase in loans and advances to customers
Net increase in deposits in the central bank and in interbank
loans granted
Payments for claims on original insurance contracts
Net increase in interbank loans granted
Interest, handling charges and commissions paid
Policy dividends paid
Cash paid to and for employees 103,254,693.53 97,237,586.48
Taxes paid 16,950,301.15 9,032,647.15
Cash used in other operating activities 28,454,206.54 36,068,276.41
Subtotal of cash used in operating activities 645,520,539.28 476,598,281.62
Net cash generated from/used in operating activities -280,042,880.73 -14,769,195.97
Proceeds from disinvestment 284,399,437.77 243,368,229.00
Return on investment 45,662,146.63 8,445,382.33
Net proceeds from the disposal of fixed assets, intangible
assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 330,463,928.13 252,005,553.47
Changchai Company,Limited 2026 First Quarter Report
Payments for the acquisition of fixed assets, intangible assets
and other long-lived assets
Payments for investments 330,670,435.00 389,175,000.00
Net increase in pledged loans granted
Net payments for the acquisition of subsidiaries and other
business units
Cash paid for other investing activities
Subtotal of cash used in investing activities 333,371,905.28 390,369,438.13
Net cash generated from/used in investing activities -2,907,977.15 -138,363,884.66
Capital contributions received
Including: Capital contributions by non-controlling interests to
subsidiaries
Borrowings raised
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings
Cash paid for distribution of dividends or profits, or for
payment of interest
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities
Subtotal of cash used in financing activities
Net cash generated from/used in financing activities
-4,725,639.00
equivalents
Add: Cash and cash equivalents, beginning of the period 1,248,067,921.44 892,681,884.84
Legal representative: Xie Guozhong General Manager: Xie Guozhong
Head of the accounting department: Jiang He
relevant items in the financial statements as of the beginning of the current year
Applicable Not Applicable
Has the first quarter report been audited
Yes No
The company's first quarter report has not been audited.
The Board of Directors
Changchai Company, Limited
