A：The management of the company attending the owners' meeting included Mr. Yang Jie, Chief Executive Officer of Wuling Automobile, and Li Shikang, Chief Financial Officer and Company Secretary.

A：Wuling Auto's 2025 performance announcement was released after the market closed yesterday and is available for download with PPT on the website of the Stock Exchange, as well as the company's official website and official WeChat public number.

A：Wuling Automobile is mainly engaged in the manufacturing and sales of commercial vehicles, auto parts, and automotive power systems through Liuzhou Wuling Automobile Industry Co., Ltd., a joint venture with GAC Automobile Group. In 2025, Wuling Automobile achieved a year-on-year increase of 3.8 per cent in financial revenue to 88.25 billion billion yuan, net profit and profit attributable to owners increased by more than 50 per cent respectively, and gross profit margin increased by 2.4 percentage points to 13.2 per cent compared with the same period last year. At the same time, increase investment in research and development, steady development of basic business, continuous expansion of customers, accelerated preparation of overseas bases, adjustment of product structure to high value-added products, and remarkable progress has been made in the field of unmanned logistics.

A：In 2025, Wuling's overall revenue will be stable and good, and its profit will repeat the growth trend. Among them, the parts business contributed the most, accounting for 70% of the revenue; the power system business turned losses into profits, with revenue increasing 4.5 year-on-year to reach 1.82 billion yuan; the new energy business technology was tackled, and the domestic and foreign markets simultaneously opened up incremental space; commercial vehicle business revenue was 0.61 billion yuan, achieving profitability; the unmanned logistics vehicle market is a key area of concern, and the sales volume of related products is growing rapidly, The market prospect is broad.

A：The unmanned logistics vehicle market is expected to become a 100 billion-class blue ocean market, and domestic unmanned logistics vehicle shipments are expected to reach 1 million by 2030. At present, the market demand is strong, the degree of policy openness is increasing, and financing is active in the capital market. Wuling Automobile has established a low-speed intelligent driving system and solution business subsidiary by virtue of its own advantages and grasp of industrial trends, and launched a series of products to meet market demand.

A：In July 2025, Wuling Automobile obtained the first batch of functional low-speed driverless vehicle licenses in Guangxi, and has signed a development intention framework agreement with leading companies in the industry. Intelligent charging robot products have been successfully applied in mining areas, scenic spots and old communities. In November of the same year, a cooperation agreement was signed with Desai Battery. Through these efforts, Wuling Automobile has demonstrated its close adaptation ability in the field of unmanned logistics vehicles and helped industrial upgrading.

A：Wuling New Energy achieved sales of 22000 vehicles in 2025, up 55% year-on-year. Wuling Motors actively practiced ESG development and was selected into the SMP global Custom Development Link China Edition category during the year, making significant progress in environmental and social governance.

A：In his speech, Mr. Yang Jie thanked analysts and investors for attending Wuling's 2025 performance conference. Although great changes have taken place in the automobile industry in 2025 and early 2026, he stressed that Wuling's 2025 performance has made significant progress in profit and performance, and is optimistic about the future business development.

A：Although the sales revenue has not increased significantly, Wuling automobile has achieved significant changes in product structure, and has obtained unique competitive advantage through cost control and early R & D investment, which makes the company perform well in many market segments, indicating the potential for sustainable development in the future.

A：Wuling Automobile pays attention to some key points that support future development although the current numbers are not dazzling, such as star products in the parts business, which are the result of continuous investment in the past period of time. At the same time, in the basic business, the company strengthens the in-depth cooperation with the original customers, expands the domestic and foreign markets, and maintains confidence in the three major business sectors dominated by parts.

A：Wuling Automobile believes that the unmanned logistics vehicle market is a definite track, and the total industry volume is expected to exceed 1 million units by 2030. At present, it is at the turning point of the development of the industry. As long as the market demand is clear and there is sufficient capital and policy support, the whole industry will get breakthrough development. Because Wuling Automobile has inherent advantages in its core business areas, especially in the leading position in the same-city logistics and urban distribution market, it has good development opportunities in the unmanned logistics vehicle market.

A：In the face of the unmanned logistics vehicle market where the inflection point has come, Wuling will solve three key problems: providing a large number of vehicle-level manufacturing capabilities on a large scale, ensuring reliable product quality to support efficient operation, and realizing benefits through controllable costs, thus promoting the development of the industry.

A：Regarding the current expansion of potential customers in unmanned logistics, we have contacted three types of customers: first, enterprises that have been deeply engaged in the field of intelligent driving and are exposing their products; Second, customers with large-scale inter-city logistics network operation needs; The third is an enterprise between the first two that needs cars and has achieved results in the field of unmanned logistics vehicles. We hope to give full play to their respective advantages and form synergy in future cooperation with them. In the context of the Guangxi government's promotion of the development of emerging industries, we have reached specific cooperation plans with some leading companies and will begin to deliver orders in April. As for equity incentives, the company pays great attention to talent incentives and has been studying and developing relevant plans to retain outstanding employees and encourage them to contribute to the company. At the same time, it also emphasizes that employees share the results of the company by supporting the development of the company.

A：As an important raw material, the rising price of aluminum does bring cost pressure. However, due to the company's long-term experience in the industry and the establishment of long-term cooperative relationships with suppliers, it can control the cost of raw materials to a certain extent. In addition, the advantages of Guangxi as a supplier of aluminum also reduce transportation costs. For the parts of the market that cannot be changed, the company will conduct internal regulation. In the long run, it will optimize the product structure and customer structure, pursue high value-added and high-quality products, so as to reduce the impact of raw material price fluctuations on the company's profitability and effectively control risks.

A：Thank you very much for your question. Indeed, M & A is one of the most important means by which we can achieve rapid changes in the scale and synergies of our business in the short term. In the past year and the next two years, we will consider external cooperation opportunities, especially for companies with significant effects in terms of scale, quality of operation and business synergy. However, I'm sorry, there is no specific information to disclose at present. M & A will undoubtedly be an important means to consider in the future development of Wuling Automobile.

A：For the domestic auto market in 2026, although there are some uncertainties at the beginning of the year, we do not fully agree with the pessimistic view. It is expected that in 2026, the domestic auto market will show a development trend of low before and high after. In the first quarter, due to policy adjustments, consumption power may be overdrawn in advance, but April and May are expected to return to an even better level than the same period in previous years.

A：In the first quarter, due to the adjustment of the state's subsidy policy and tax policy for new energy vehicles, the performance of the entire automobile industry was not satisfactory. As an enterprise in the supply chain, Wuling Automobile's performance in the first quarter is not very optimistic, but it is believed that this is only an early overdraft of short-term consumption power, and the long-term development trend is still optimistic. The unmanned vehicle business is progressing rapidly, investment and financing events in the industry are frequent, and sales expectations are optimistic. The market demand for unmanned logistics vehicles is strong, especially in application scenarios such as delivery and closed parks, which bring real benefits to enterprises, while also accelerating the development of relevant regulations, such as the right of way and product standards for unmanned logistics vehicles. At present, the local pilot operation, looking forward to the national level of the introduction of car regulations level related policies.

A：For Wuling Motors, in 2026, although volume is a key and important link, it is not the only most important. What is more important is to accurately adapt to the needs of the industry, clarify the advantages and synergies with major partners, and set clear work objectives on this basis, such as quality, cost and scale. By identifying its own advantages and comparing with similar types of competitors, we can find and grasp the synergy opportunities of industry development, and promote the breakthrough of the whole industry from 1 to 10 in a more efficient way.

A：The volume of Wuling Automotive in the unmanned logistics vehicle industry depends on the size of its contribution to the industry and the degree of total breakthrough it has helped the industry achieve. If a key step can be taken in the field of unmanned logistics vehicles, it is expected to have a significant impact on the promotion of the entire industry, and the specific data will depend on market conditions.

A：Wuling Automobile is currently focusing on the sub-track of unmanned logistics vehicles and has invested more energy. At the same time, in terms of traditional core business auto parts, we pay attention to the future development direction, such as the research and development and application of body lightweight technology, especially in the application of new materials such as magnesium aluminum alloy, which has been deployed in Guangxi, and Chongqing is the core to build a lightweight body industry chain. In addition, Wuling Automobile is actively laying out new materials (such as magnesium aluminum alloy), new processes (such as aluminum thermal inflation technology) and new customer needs, and actively cooperating with customers to develop new products, such as the cooperation project with Chery in Rizhao Base.

A：As a traditional business, Wuling Automobile plans to build a new production base in Wuxi, East China, expand its original customer business and combine the advantages of local industrial clusters to formulate a plan for the launch of frame products according to customer needs. At the same time, pay attention to the changes in the form and technical composition of the frame products, and match the needs of customers for different types of frames on new products from the perspective of new materials and new processes. Regarding the export business, although the fluctuations in the international situation have had an impact on the global market, Wuling Motors used to focus on the Southeast Asian market, and has made significant progress in India, Indonesia and other places. The Vietnamese market is also making breakthroughs. Therefore, although the future trend of the international situation is difficult to predict, Wuling Automobile believes that by maintaining close communication with overseas partners and continuous investment in products, it can effectively deal with the impact of fluctuations in the international situation in a long period of time.