The year 2025 marked the concluding year of the “14th Five-Year Plan” period. Amid profound shifts in the external environment and intrinsic imperatives for transformation and upgrading, the Company remained steadfastly focused on the primary task of high quality development, developed a solid pathway toward this goal and delivered notable accomplishments across all fronts. As at the end of 2025, the Company’s total assets reached RMB433.5 billion, representing a year-on-year increase of 6.8%; and net assets amounted to RMB44.0 billion, representing a year-on-year increase of 9.2%. The Company’s new business investment reached RMB95.1 billion. Net profit amounted to RMB5.03 billion, representing a year-on-year growth of 11.7%. The return on average total assets (ROA) and return on average equity (ROE) stood at 1.20% and 11.94%, respectively. The non-performing asset ratio was 0.62%, the capital adequacy ratio was 13.16%, and the ratio of allowance to non-performing finance lease related assets reached 488%. The Board has recommended a final dividend distribution of approximately RMB1.26 billion to the Shareholders, representing RMB0.9947 per 10 Shares (inclusive of tax, the dividend distribution proposal is subject to approval at the annual Shareholders’ meeting of the Company). The Company has maintained its industry-leading position across key operating metrics, with business performance reaching a new record high. The quality and effectiveness of our services have been further enhanced in supporting national strategies and the real economy.

In 2025, the Company remained focused on its core responsibilities and main business lines, steadily advancing its transformation and achieving a significant leap forward.

——The aircraft leasing business has fully entered a sound development trajectory, with fleet value maintaining its global top ten ranking. With ample aircraft order reserves, the Company successfully delivered a COMAC C919 aircraft and effectively mitigated losses on aircraft detained in Russia, further enhancing its professional capabilities.

——The ship leasing business maintained strategic initiative and stable operations, and has been supporting the national strategies of “Chinese-built vessels for Chinese shipping” and “Chinese cargo transported by Chinese vessels”. The Company has established a large-scale operating lease fleet with excellent asset quality, expanded into high value-added new sectors such as offshore engineering, and maintained stable return on assets.

——The energy leasing business recorded significant growth in annual investment, becoming an important growth engine for the Company. In collaboration with premium power generation enterprises, the Company has developed a comprehensive, multi-modal service system covering wind power generation, photovoltaic power generation, hydropower generation, and energy storage, striving to enhance the effectiveness of its green finance services.

——The high-end equipment leasing business actively serves the development of new quality productive forces, focusing on key areas such as technological innovation, high-end equipment manufacturing and strategic emerging industries, and has been supporting the development of the real economy and the transformation and upgrading of the manufacturing sector.

——The inclusive finance business earnestly embodies the people-oriented nature of financial work through providing convenient financial services to over 250,000 small and micro enterprise customers. By leveraging technological means and strengthening digital and intelligent empowerment, the Company proactively passes on policy benefits to small and micro enterprises, and enhances both the capacity and efficiency of financial service supply.

In 2025, the Company strengthened asset-liability coordination, thereby achieving steady progress in operational quality and efficiency. While proactively addressing the challenges of shrinking return on assets, the Company effectively maintained stable interest spreads for both Renminbi-and foreign currency-denominated businesses. After a three-year hiatus, the aviation subsidiary of the Company returned to the international capital markets by successfully issuing USD senior bonds, which received widespread recognition from international investors. Throughout the year, the Company cumulatively issued RMB-denominated bonds of RMB11 billion and US dollar-denominated senior bonds of US$760 million, effectively improving asset-liability maturity matching. The Company solidly advanced the implementation of new capital-related regulations by issuing US$500 million Tier 2 capital bonds, with capital adequacy ratio and return on capital improving steadily.

In 2025, the Company balanced development and security, with the leadership of its strategies significantly enhanced. The Company successfully completed amendments to the Articles of Association and the cancellation of the Board of Supervisors, thereby refining the governance structure from the top-level design. Risky projects were prudently managed and disposed of, with aggregately RMB1.1 billion of non-performing assets resolved throughout the year. Asset quality remained stable, and non performing asset ratio maintained at a low level. Focusing on key regulatory concerns, the Company consistently mitigated potential compliance risks, resulting in effective improvement in regulatory ratings. The Company strengthened digital and intelligent empowerment, advanced the massive launch of key information systems and drove the effective implementation of AI technologies across the Company. The Company has initiated the formulation of its high-quality development plan for the “15th Five-Year Plan” period, integrating the state’s important directives on industrial and financial development into the Company’s strategies, with a view to establishing a new paradigm for high-quality development.

All these achievements of the Company would not have been possible without the care and support of our Shareholders, customers, employees, and all sectors of society. On behalf of the Board, I would like to express my sincere gratitude to all of you! The year 2026 marks the beginning of the “15th Five-Year Plan” period. The Company will adhere to the general principle of “seeking progress while maintaining stability”, closely focusing on the main themes of risk prevention, strengthened regulation, and promotion of high-quality development. Through high-quality financial services, we will help ensure a sound start to the “15th Five-Year Plan” and make new and greater contributions to the advancement of Chinese modernisation!

In 2024, the Company forged ahead through transformations and scaled new heights amidst challenges. Through pragmatic efforts and tangible achievements, we demonstrated renewed commitment and dynamism in serving the high-quality development of the economy and society, delivering a stable and progressive operational performance to all investors and the broader society.

Achieving steady business performance with industry-leading indicators. As at the end of 2024, the Company’s total assets reached RMB405.85 billion, with new business deployment amounting to RMB102.416 billion, marking a year-on-year increase of 3.2%. Net profit amounted to RMB4.503 billion, increased by 8.5% year-on-year. The ROA and ROE stood at 1.10% and 11.61%, respectively. The non-performing asset ratio was 0.56%, decreased by 0.04 percentage point year-on-year, while the ratio of allowance reached 551.24% and capital adequacy ratio was 12.95. All core operational metrics continued to outperform industry peers, showcasing exceptional resilience and solid management foundations amid complex and volatile global economic and financial conditions.

Sector rotation advantages become prominent, delivering remarkable outcomes in serving the real economy. Adhering to market-oriented, specialised, internationalised and digitalised operational philosophies, the Company has built a diversified business development framework aligned with the needs of the real economy. We have phased out operations on regulatory “negative lists” and concentrated efforts on “positive lists” and “encouraged lists” to ensure compliance and value creation. Seizing opportunities from industrial transformation and upgrading, the Company deployed over RMB11.5 billion in high end equipment sectors such as integrated circuits, Internet Data Center (IDC) computing power and automobile manufacturing, empowering manufacturing industries to ascend the global value chain. Aligning with green development strategies, we invested over RMB24 billion in clean energy, establishing a comprehensive product portfolio spanning wind power, photovoltaic, solar thermal, energy storage and hydropower. Furthermore, in integrated advancement of inclusive business initiatives, we deployed over 140,000 units of equipment in the inclusive sector, directly or indirectly benefiting over 100,000 end clients. With 311 leased aircraft and 253 operating vessels, the Company continued to optimise its fleet mix and expand its global client network, ensuring safe, efficient, and high-performing asset operations worldwide.

Having professional and pragmatic management framework with solid foundation for risk compliance. Balancing development and security, the Company has tailored its comprehensive risk management system to characteristics of its leasing business, continuously strengthening risk prevention and mitigation. Since its listing, the non-performing asset ratio has consistently remained below 1%. By further integrating New Capital Regulations with business operations, we have enhanced capital efficiency and returns while maintaining appropriate liquidity levels. The Company complied fully with regulatory requirements, continued to optimise its governance framework, refined its internal control capabilities, and accelerated digital construction and application, further solidifying our foundation for sustainable growth.

Looking back at 2024, every achievement of the Company reflected the dedication of our colleagues and the trust of our investors. Looking ahead, we will continue to navigate changes with unwavering stability and forge new frontiers with proactive momentum. By unlocking new growth drivers through serving the real economy and reinforcing development resilience through strict adherence to risk and compliance standards, we remain committed to creating enduring value for all stakeholders.