车市科技 2025年度报告

Contents Corporate Information2Financial Highlights4Chairman’s Statement5Management Discussion and Analysis10Directors and Senior Management17Directors’ Report22Corporate Governance Report45Independent Auditor’s Report61Consolidated Statement of Profit or Loss67Consolidated Statement of Comprehensive Income68Consolidated Statement of Financial Position69Consolidated Statement of Changes in Equity71Consolidated Statement of Cash Flows73Notes to Financial Statements75Definitions160 Corporate Information DIRECTORS AUDITOR Executive Directors Ernst & Young(Registered Public Interest Entity Auditor)27/F, One Taikoo Place979 King’s Road, Quarry BayHong Kong Mr. Xu Chong ()(Chairman and chief executive officer)Mr. Liu Lei ()Mr. Lin Yuqi ()(retired with effect from August 26, 2025)Ms. Zhang Nan () HONG KONG LEGAL ADVISER Tian Yuan Law Firm LLPSuites 3304-3309, 33/F, Jardine HouseOne Connaught Place, CentralHong Kong Independent Non-executive Directors Mr. Xu Xiangyang ()Mr. Ng Jack Ho Wan (alias Ng Jacky) ()Mr. Sun Yong () REGISTERED OFFICE AUDIT COMMITTEE P.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand CaymanKY1-1205 Cayman Islands Mr. Ng Jack Ho Wan (alias Ng Jacky) ()(Chairman)Mr. Xu Xiangyang ()Mr. Sun Yong () REMUNERATION COMMITTEE PLACE OF BUSINESS IN THE PRC Mr. Xu Xiangyang ()(Chairman)Mr. Lin Yuqi ()(retired with effect from August 26, 2025)Mr. Ng Jack Ho Wan (alias Ng Jacky) ()Ms. Zhang Nan ()(appointed with effect from August 26, 2025) Room 705, Building BXinhua Technology BuildingNo. 8 Tuofangying RoadChaoyang DistrictBeijing, China PRINCIPAL PLACE OF BUSINESSIN HONG KONG NOMINATION COMMITTEE Mr. Xu Chong ()(Chairman)Mr. Xu Xiangyang ()Ms. Zhang Nan ()(appointed with effect from 1 July 2025)Mr. Sun Yong ()Mr. Ng Jack Ho Wan (alias Ng Jacky) ()(appointed with effect from 1 July 2025) 31/F, Tower Two, Times Square1 Matheson Street, Causeway BayHong Kong AUTHORISED REPRESENTATIVES Ms. Leung Shui Bing () (ACG, HKACG)Mr. Xu Chong () COMPANY SECRETARY Ms. Leung Shui Bing () (ACG, HKACG) PRINCIPAL SHARE REGISTRAR Appleby Global Services (Cayman) Limited71 Fort Street PO Box 500, George TownGrand Cayman KY-1-1106Cayman Islands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th Floor Hopewell Centre183 Queen’s Road East, WanchaiHong Kong PRINCIPAL BANKERS Bank of Communications, Beijing Sanyuan branchMCC Building28 Shuguangxili StreetChaoyang DistrictBeijing, China COMPANY WEBSITE www.cheshi.com STOCK CODE 1490 Financial Highlights Chairman’s Statement Dear Shareholders, Onbehalf of the Board,I am pleased to present the annual report of the Group for the Reporting Period to ourShareholders. MARKET OVERVIEW In 2025, China’s automotive industry was characterized by “structural reshaping and high-quality development” underthe dual influence of “anti-involution” policy guidance and intelligent technology drivers, entering a new phase of healthyevolution marked by technological innovation, ecosystem optimisation, and quality upgrades. With the comprehensiveimplementation of large-scale equipment updates and consumer goods trade-in policies jointly promoted by the NationalDevelopment and Reform Commission, the Ministry of Finance, and other relevant ministries, the industry transitionedfrom scale expansion to value-based competition. According to data released by the China Association of AutomobileManufacturers, China’s automobile production and sales reached 34.531 million units and 34.40 million units, respectively,in2025,representing year-on-year increases of 10.4%and 9.4%,and maintaining the global top position for 17consecutive years. The passenger vehicle market grew steadily, with annual production and sales both exceeding 30 millionunits, effectively driving overall growth in the automotive market. Amid fierce price competition and the rapid development of intelligent technologies, the Chinese automotive industryachieved resilient growth, with New Energy Vehicles (NEVs) serving as the core growth engine. In 2025, NEV sales exceeded16 million units, with domestic penetration surpassing 50% for the first time and reaching a monthly peak of 53.2%,marking the official entry into a new phase dominated by new energy. In the NEV market, self-owned brands maintained astrong leading position, with their retail penetration rate remaining above 50% throughout the year and reaching a single-month peak of 79.6%. The commercialisation of AIGC technology is driving a transformation in automotive marketing from “labor-intensive” to“intelligence-driven”. AIGC marketing has become the most explosive growth pole in digital marketing. In 2025, the AIGCmarketing market size in China is projected to exceed RMB80 billion, with a compound annual growth rate of over 30%.In the automotive vertical, AIGC is redefining the cost structure of content production and distribution efficiency, whileindustry pain points such as long trad