Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2025 13 REVIEW OF INVESTMENTS (CONTINUED) Name of projects Location of headquarters Main business Listed (Stock Exchange)/ unlisted Carrying value Percentage of total assets Percentage of net assets US$ million % % Information Technology: 17. Beijing Huashun Xin’an Technology Co., Ltd. Beijing Cyber security Unlisted 2 0.17 0.21 18. Xinyi Information Technology (Shanghai) Co., Ltd. Shanghai System on a chip for Internet of Things Unlisted 5 0.44 0.56 19. Rizhao Azuri Technologies Co., Ltd. Rizhao, Shandong Direct modulated lasers Unlisted 1 0.14 0.18 20. Beijing Hanwei Innovation Technology Co., Ltd. Beijing Ultra-wideband chip Unlisted 5 0.49 0.61 21. Moonshot AI Ltd. Beijing Large multimodal model Unlisted 17 1.60 2.01 22. Hue Inc. Shanghai MicroLED technology Unlisted 4 0.40 0.50 Sub-total: 409 39.14 49.04 Others: (i) Manufacturing: 23. Hwagain Group Co., Ltd. Nanning, Guangxi Printing paper & tissue paper Unlisted 3 0.28 0.35 (ii) Energy & Resources: 24. Wuhan Rixin Technology Co., Ltd. Wuhan, Hubei Solar energy New Third Board Note 1 0.09 0.12 (iii) Medical: 25. Nanning Huiyou Xingyao Equity Investment Fund L.P. Nanning, Guangxi Biopharmaceutical investment Unlisted 2 0.21 0.27 26. Immvira Bioscience Inc. Shenzhen, Guangdong Biotech research & development Unlisted 9 0.83 1.04 27. Neuracle Technology (Shanghai) Co., Ltd. Shanghai Brain-computer interface technology Unlisted 2 0.20 0.26 Sub-total: 17 1.61 2.04 Total: 1,014 96.96 121.48 # Ten largest investments of the Fund as of 31 December 2025 Note: New Third Board means National Equities Exchange and Quotations