Aotecar guarantees subsidiary loans, adjusts restricted stock plan

Aotecar New Energy Technology has provided a maximum guarantee of yuan 100m to China CITIC Bank for its wholly-owned subsidiary, Aotecar Investment (Hong Kong) Co. The guarantee, valid for three years from November 7, 2025, covers principal and interest for loans to the Hong Kong entity, which reported total assets of HK$1.9bn and net profit of HK$21.18m as of December 31, 2024. Aotecar's total external guarantees currently amount to yuan 426.49m, representing 7.74% of its latest audited net assets.

Concurrently, Aotecar has completed the registration of 13,499,500 shares for the reserved portion of its 2024 restricted stock incentive plan, set to list on November 11, 2025, at a price of yuan 1.26 per share. This adjustment follows previous changes, which reduced the total share capital to 3,308,833,844 shares before this latest issuance. The newly issued shares raise the total share capital to 3,322,333,344 shares and are expected to be amortized as an expense impacting net profit from 2025 to 2027.

The restricted stock plan, which now includes 64 recipients for the reserved portion, will utilize the raised capital of yuan 17.01m to supplement the company's working capital. The plan's performance targets for lifting restrictions include a net profit of at least yuan 185m in 2025 and yuan 200m in 2026.