Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) 16 China Merchants China Direct Investments Limited Annual Report 2025 REVIEW OF INVESTMENTS (CONTINUED) In September 2025, the results of the Fourth China Trust Industry “Golden Bull Awards”, organised by China Securities Journal, were announced. CCT’s “Chenghui Zengzeng Rishang No.1 Collective Fund Trust Plan” was awarded the “Golden Bull Award for One-Year Hybrid Product” in recognition of its stable and outstanding performance. In November 2025, the 16th “Golden Tripod Financial Awards” ceremony, organised by National Business Daily, was held in Beijing. In light of its outstanding performance in serving the real economy and advancing transformation and innovation, CCT was once again honoured with the “Outstanding Trust Company of the Year” award, marking the third consecutive year in which the company has received this accolade. JIC Leasing Co., Ltd. (“JIC Leasing”) was established in Beijing in 1989 and is a leading independent finance leasing firm in China, principally engaged in finance leasing for businesses in a wide range of industries, including information technology; high-end equipment manufacturing; and healthcare, environmental protection and new energy. The Fund invested RMB246 million (equivalent to US$38.78 million) in October 2015 and held a 4.98% equity interest in JIC Leasing as of 31 December 2025. In November 2025, the Fund listed all of its shareholdings in JIC Leasing on the Beijing Equity Exchange in an attempt to identify potential transferees. In January 2026, the Fund entered into an equity transaction agreement with an independent third party, pursuant to which it agreed to transfer all of its shareholding in JIC Leasing at a consideration of RMB271.85 million (equivalent to US$38.68 million). Completion of the transaction remains subject to certain pre-requisition conditions. As of the end of 2025, the carrying value of the Fund’s interest in JIC Leasing was US$26.62 million, representing an increase of 15.79% over US$22.99 million at the end of last year. The Fund’s unrealised gain attributable to its investment in JIC Leasing for 2025 was US$3.05 million, down 66.99% year-over-year. In 2025, notwithstanding the impact of the broader economic environment and developments in the leasing industry, JIC Leasing adhered to prudent operations and implemented measures such as controlling the pace of new business deployment, managing customer tiers, and limiting individual credit exposure. In response to national strategic priorities, it also intensified support for real-sector enterprises and small and micro-sized businesses. In 2025, JIC Leasing recorded an unaudited net profit of RMB337 million, up 5.11% year-over-year.