QINGLING MOTORS and Chongqing Transportation Equipment Financing Leasing and Zunyi Xingjunling Automobile Sales have entered into a repurchase agreement

According to the announcement from QINGLING MOTORS (01122), on September 19, 2025, the company, the financing leasing company Chongqing Transportation Equipment Financing Leasing Co., Ltd., and the dealer Zunyi Xingjunling Automobile Sales Co., Ltd. entered into a repurchase agreement.

The repurchase objects are (i) the leased items, which are a batch of new energy vehicles leased by the dealer from the financing leasing company under the financing leasing contract, totaling 51 vehicles; and (ii) the leasing receivables, which are the leasing receivables that the financing leasing company has against the dealer corresponding to the leased items under the financing leasing contract (including overdue unpaid rent, principal of all rent not yet due, but excluding other fees, penalties, damages, repurchase price, etc. under the financing leasing contract), as well as the relevant rights set by the financing leasing company to control the leased items (including but not limited to the corresponding mortgage receivables set by the financing leasing company against the dealer for the relevant leased items).

In response to national policies and government requirements, the company actively explores technological innovation and business model transformation in the new energy commercial vehicle sector, promotes the deep integration of the new energy smart connected vehicle industry chain, innovation chain, and capital chain, and cultivates and expands the new energy commercial vehicle industry and market. Currently, although the company's sales of new energy commercial vehicles are growing rapidly in the light commercial vehicle industry, the overall sales remain relatively low. Due to the generally high purchase cost of new energy commercial vehicles, customers are gradually shifting from the traditional purchase model to a rental model. Therefore, the rental model has become an important way to drive the sales of new energy commercial vehicles.

To this end, the company draws on the financing leasing model commonly adopted by domestic automobile enterprises, strengthening cooperation with financial institutions such as commercial banks and financial leasing companies to provide repurchase obligations for financing business related to the purchase of the group's new energy vehicles by customers or dealers. Thus, the repurchase obligation under the repurchase agreement essentially serves as a performance enhancement guarantee for the company's own product sales and does not constitute a pure financing guarantee for third parties