Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2025 25 REVIEW OF INVESTMENTS (CONTINUED) In November 2025, UnionPay International, a wholly owned subsidiary of China UnionPay, announced the deepening of its global partnership with Worldpay, a leading independent payment business operator. The parties will strengthen their strategic cooperation and, through mutual empowerment, expand the coverage of online payments across multiple industries globally, thereby providing enhanced service experiences for merchants and cardholders. In December 2025, the China International Travel Mart officially opened at the Hainan International Convention and Exhibition Center. During the Cultural and Tourism Innovation Launch and related events held at the Mart, China UnionPay formally released the “Nihao China” app. The app is designed to provide inbound visitors to China with one-stop digital services across multiple scenarios, including payments, transportation, daily living, and cultural and tourism activities. By delivering a convenient, intelligent, and user-friendly full-cycle experience during their stay in China, the app aims to enhance the facilitation of inbound tourism and actively support the country’s broader opening-up strategy. CASREV FUND III-RMB L.P. (“CASREV Fund III”) was established in Shenzhen, Guangdong in February 2020, with an investment horizon of 8 to 10 years and with a total fund subscription amount of RMB6 billion (presently, the paid-in capital amounts to RMB4.5 billion). The major investment targets of CASREV Fund III include enterprises related to smart manufacturing, smart products and services, big data and cloud computing, AI, Internet of Things (IoT), blockchain, biological engineering, chips and sensors, operating system, kernel modules, communication networks, materials and other emerging technologies. The general partner and investment manager of CASREV Fund III is CAS Investment Management Co., Ltd., which is responsible for defining and executing the investment strategy for CASREV Fund III, as well as for managing their operations. The Fund holds a beneficial interest in CASREV Fund III via CASRF Fund L.P. The Fund has committed to subscribe to an aggregate amount of RMB50 million by installment, representing 1.11% of the paid-in capital of CASREV Fund III. Since September 2020, the Fund had made successive capital contributions to CASREV Fund III for an aggregate amount of RMB50 million (equivalent to US$7.50 million), representing 100% of the subscription amount committed by the Fund. In addition, through the end of December 2025, the Fund received cash distributions from CASREV Fund III in a cumulative amount of RMB20.29 million. As of the end of 2025, the carrying value of the Fund’s interest in CASREV Fund III was US$9.58 million, representing an increase of 2.46% from the value at the end of last year of US$9.35 million. Through the end of December 2025, the investment committee of CASREV Fund III has approved a total of sixty- nine investment projects, for a total approved investment amount of RMB4.27 billion, of which RMB4.27 billion has been paid. At present, among the portfolio companies invested by CASREV Fund III, six have been listed on stock exchanges (of which three have already completed share reductions and full exits). In addition, three companies have respectively submitted listing applications to the United States, Hong Kong, and the STAR Market of the Shanghai Stock Exchange.