Annual Report 2025

4 China Merchants China Direct Investments Limited Annual Report 2025 CHAIRMAN’S STATEMENT The board of directors (the “ Board ”) announces that the audited consolidated net asset value of China Merchants China Direct Investments Limited (the “ Company ”) and its subsidiaries (together, the “ Group ”) as of 31 December 2025 amounted to US$834.65 million, representing an increase of 28.92% compared to US$647.38 million in 2024. The net asset value per share was US$5.479, representing the same percentage increase of 28.92% compared to US$4.250 in 2024. The Group’s audited consolidated profit after taxation for 2025 was US$189.94 million, representing an increase of 57.82% compared to an audited consolidated profit after taxation of US$120.35 million for last year. The Board has recommended the payment of a final dividend of US$0.05 per share and a special final dividend of US$0.20 per share for the year 2025. Together with the interim dividend and special interim dividend of US$0.08 per share already paid by the Company during the year, total dividends payable for the year 2025 were US$0.33 per share, representing an increase of 312.50% compared to the total final dividend and interim dividend of US$0.08 per share last year. In 2025, global economic growth faced challenges such as rising trade barriers and heightened policy uncertainties, with the growth rate slowing compared to the previous year. The World Bank estimated global economic growth at 2.7% in 2025, with advanced economies maintaining the same growth rate as in 2024, while emerging markets and developing economies experienced a slight slowdown. The US economy grew by 2.1%, the Eurozone economy grew by 1.4% and the Japanese economy by 1.3%. In 2025, China’s economy operated under pressure while maintaining overall stability, successfully achieving its annual growth target. According to a preliminary report by the National Bureau of Statistics, in 2025, China’s gross domestic product (GDP) was RMB140.2 trillion, representing an increase of 5.0%, calculated in constant prices, as compared to last year. In terms of industries, the added value of the primary industry was RMB9.3 trillion, with a year-on-year increase of 3.9%; the added value of the secondary industry was RMB50.0 trillion, with an increase of 4.5%; the added value of the tertiary industry was RMB80.9 trillion, with an increase of 5.4%. In terms of quarters, GDP grew by 5.4% year-on-year in the first quarter, by 5.2% year-on-year in the second quarter, by 4.8% year-on-year in the third quarter, and by 4.5% year-on-year in the fourth quarter. In addition, consumer prices remained generally low throughout 2025, with the full-year Consumer Price Index (CPI) remaining flat compared with last year. In 2025, the overall performance of China’s A-share market exhibited a robust upward trend. Underpinned by sustained policy support, technology and innovation drivers, and improved liquidity conditions, the market demonstrated pronounced structural bull characteristics. The SSE Composite Index, after opening at the beginning of the year, climbed steadily through several rounds of adjustments, surpassing the threshold of 4,000 points at its mid- year peak. Thereafter, it maintained high-level volatility and eventually closed at 3,969 points at the end of 2025, up 18.41% from the end of 2024. In 2025, the Hong Kong stock market continued its strong rebound, shaking off its previous sluggish trajectory and entering an accelerated upward trend. The Hang Seng Index, starting from its early- year low, rose steadily and reached its peak of over 27,000 points in the middle of the year. Thereafter, it maintained high-level volatility and eventually closed at approximately 25,630 points at the end of 2025, up approximately 27.77% from the end of 2024, marking its best annual performance since 2017 and outperforming major global indices.