Annual Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 136 China Merchants China Direct Investments Limited Annual Report 2025 5. FINANCIAL INSTRUMENTS (CONTINUED) Fair value measurement of financial instruments (continued) Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis (continued) Note 1: Financial assets at FVTPL represent those investments are measured at fair value with subsequent fair value gains or losses to be recognised in profit or loss. Note 2: Amount represents increase(+)/decrease(-) in fair value of the financial assets if the unobservable inputs were 10% increase/decrease while all the other variables were held constant. Note 3: The analysis of financial liabilities is set out in note 20. The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair values at both year ends. Level 1 Level 2 Level 3 2025 Total US$ US$ US$ US$ Financial assets at FVTPL 444,877,624 186,990,244 382,019,202 1,013,887,070 Financial liabilities designated at FVTPL 390,137 1,182,227 668,560 2,240,924 Level 1 Level 2 Level 3 2024 Total US$ US$ US$ US$ Financial assets at FVTPL 352,071,881 70,720,956 352,859,832 775,652,669 Financial liabilities designated at FVTPL 120,044 330,762 702,320 1,153,126