Qingling Motor Co., Ltd. (01122): Entered into a new energy commercial vehicle repurchase agreement with a maximum repurchase price of no more than 126.36 million yuan

According to Zhitong Finance App, Qingling Auto Co., Ltd. (01122) issued an announcement. On October 5, 2026, the company, financial leasing company, dealer and co-debtor signed a repurchase agreement.

The Company expects the maximum total repurchase price under the repurchase agreement to be no more than RMB 126.36 million. The maximum total amount of the above repurchase price is determined by reference to (i) the purchase price of each leased property of RMB 4212,000; (ii) the total number of leased properties under the financial lease contract is 30 vehicles; (iii) the principal amount of the maximum unexpired rent from the date of initial payment of the purchase price is RMB 4212,000; and (iv) the repurchase price of RMB 1 of each leased object to be repurchased, but the determination of the repurchase price and the fair market price of the leased property in Japan at the time It's unrelated. The company will use its own funds to pay any repurchase price to the financial leasing company. As of the date of this announcement, the book value of all leased properties under the repurchase agreement was approximately RMB 126.36 million.

In response to national policies and government requirements, the company actively explores new energy commercial vehicle technology innovation and business model changes, promotes the deep integration of the NEV smart connected vehicle industry chain, innovation chain and capital chain, and cultivates and expands the NEV commercial vehicle industry and market. Currently, although the company's NEV sales are growing rapidly in the light commercial vehicle industry, overall sales are still low. Based on the fact that NEVs are generally expensive to buy, the way customers use NEVs has gradually changed from the previous model of buying a car to a car rental model. Therefore, the leasing model has become an important way to drive sales of new energy commercial vehicles.

To this end, the company draws on the financial leasing model commonly used by domestic automobile companies and strengthens cooperation with financial institutions such as commercial banks and financial leasing companies to provide repurchase obligations for customers or dealers to purchase the Group's NEVs. In this regard, the repurchase obligation under the repurchase agreement is essentially that the company provides performance and credit enhancement guarantees for the sale of its own products; it is not simply providing a financing guarantee for a third party.

After considering (i) the repurchase obligation provided by the company under the repurchase agreement is a guarantee measure commonly used in the automobile industry's financial leasing business, which is conducive to driving the company's NEV vehicle sales and expanding the sales scale and market share of the company's NEV vehicles; (ii) the company has the right to monitor leased property through technical means such as the Internet of Vehicles to reduce the risk of damage and loss of the leased property and the dealer not returning the corresponding leased property to the company, and the company still has the right to require dealers to purchase leased property according to the current situation; (iii) the company will establish a digital monitoring platform for vehicle operation to monitor the leased property Asset integrity rate, occupancy rate, usage efficiency, payment recovery, etc. are monitored and data is shared with financial leasing companies; (iv) the company will expand the used car subleasing or sales business, as well as aftermarket business such as vehicle maintenance and remanufacturing, which will help promote the company to expand the used car business and increase profits; (v) dealers and co-debtors must pay a performance deposit to the company in accordance with the repurchase agreement to offset any differences payable by the dealer to the company; and (vi) the company can collect the full amount of sales capital in advance, so that the Group's capital liquidity and flexibility are possible Promotion, Director We believe that the terms of the repurchase agreement (including but not limited to performance deposit and repurchase price) and the transactions to be carried out under it are fair and reasonable, and conform to the overall interests of the company and shareholders.