苏常柴Ｂ：2025年年度报告（英文版）

ANNUALREPORT2025 April2026 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofChangchaiCompany,Limited(hereinafterreferredtoasthe“Company”)hereby guarantee the factuality,accuracy and completeness of thecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein. XieGuozhong,theCompany’slegalrepresentativeandGeneralManager,andJiangHe,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete. AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. Anyplansforthefutureandotherforward-lookingstatementsmentionedinthisReportshallNOTbeconsideredasabsolutepromisesoftheCompanytoinvestors.Therefore,investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. TheCompanyhasdescribedindetailtherisksitmightfacein“XIProspects”in“PartIIIManagementDiscussionandAnalysis”herein. TheBoardhasapprovedafinaldividendplanasfollows:basedonthe705,692,507shares,acashdividendofRMB0.22(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves. TableofContents PartIImportantNotes,TableofContentsandDefinitions....................................2PartIICorporateInformationandKeyFinancialInformation.............................6PartIIIManagementDiscussionandAnalysis.......................................................11PartIVCorporateGovernance.................................................................................39PartVSignificantEvents...........................................................................................57PartVIShareChangesandShareholderInformation...........................................66PartVIIBonds............................................................................................................74PartVIIIFinancialStatements.................................................................................75 DocumentsAvailableforReference 1.ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,GeneralManagerandheadofthefinancialdepartment.2.TheoriginalcopyoftheIndependentAuditor’sReportsignedandsealedbytheCPAs,aswellassealedbytheCPAfirm.3.TheoriginalsofalltheCompany’sdocumentsandannouncementswhichweredisclosedonSecuritiesTimeandTaKungPao(HK)(newspapersdesignatedbytheCSRCforinformationdisclosure)duringtheReportingPeriod.4.TheAnnualReportdisclosedinothersecuritiesmarkets.Theabove-mentioneddocumentsavailableforreferenceareallkeptintheSecretariatoftheBoardofDirectorsoftheCompany.ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. Definitions PartIICorporateInformationandKeyFinancialInformation ICorporateInformation IIContactInformation IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged IVChangetoCompanyRegisteredInformation VOtherInformation TheindependentauditfirmhiredbytheCompany: TheindependentsponsorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: □Applicable√Notapplicable TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: VIKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes√No Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicatedthattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.□Yes√No Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegative. □Yes√No VIIAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards 1.NetProfitandEquityunderCASandIFRS □Applicable√NotapplicableNodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable√NotapplicableNodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB IndicatebytickmarkwhetheranyofthequarterlyfinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorinterimreports. □Yes√No IXExceptionalGainsandLosses √Applicable□Notapplicable Unit:RMB □Applicable√Notapplicable ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncementNo.1 on Information Disclosure for Companies Offering Their Securities to thePublic—ExceptionalGain/LossItems: □Applicable√Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionan