Dear Shareholders,

On behalf of the board of directors (the "Board"), I hereby present the annual results of Brilliance China Automotive Holdings Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31st December, 2023.

The Chinese economy gradually recovered in 2023 post COVID-19, and China's GDP grew 5.2%for the full year. According to the China Association of Automobile Manufacturers, total vehicle production and sales in China increased by 11.6% to 30.1 million units and 12.0% to 30.1 million units, respectively, in 2023, which ranked the largest in the world for 15 consecutive years and resulted in the 1st peak of sales since 2014. Sales of passenger cars increased by 10.6% to 26.1 million units. Sales of new energy vehicles ("NEVs") (including battery electric vehicles ("BEVs"), plug-in hybrid electric vehicles, and also fuel cell vehicles) increased significantly to 9.5 million units, up 37.9% from 2022. Premium passenger vehicle sales continued to grow at 15.4% to 4.5 million units, outperforming the overall market. The OEMs' promotion and the state government's support policies drove the strong performance of premium passenger vehicle sales.

In spite of various external uncertainties and fierce market competition in 2023, BMW Brilliance Automotive Ltd. ("BBA") continued to deliver remarkable results for the year and participated in the long-term growth story of China. With the strong dedication of the teams and working closely with other entities of the BMW Group, BBA continued its strong momentum in meeting customer demands. BBA is also continuously expanding its supplier network in China and consistently implementing its "local for local" approach. In addition, BBA's dealer network nationwide reached more than 740 outlets in mainland China. As of the end of 2023, the joint venture had 26,000 employees. It has been the highest taxpayer in Shenyang for the past 18 years and Liaoning Province for the past 8 years.

In 2023, BBA reached another major corporate milestone and celebrated its 20th anniversary with a total production volume of around 728,000 BMW cars last year. BBA also began production of the all-new BMW X1 and the first-ever BMW iX1 and launched the new generation BMW 5 Series and the first-ever i5 in China in early 2024.

BBA is committed to becoming the leader in premium e-automobile in China. As an integrated part of BMW Group, BBA is dedicated to exploring new technologies and accelerating digital transformation. Ling Yue Digital Information Technology Company Limited ("Ling Yue"), a wholly-owned subsidiary of BBA, provides services, including data solutions, digital solutions,customer relationship management, e-commerce, and IT development and operations for BBA and BMW entities in China. Its core competencies have enhanced customer interaction and satisfaction (around 10 million registered users of My BMW App as of February 2024), acted as a customer relationship management tool, identified sales leads, and drove e-commerce transactions.

In 2023, Ningbo Yumin Machinery Industrial Co., Ltd. ("Ningbo Yumin") accelerated the pace of product transformation and upgraded with increased investment in emerging businesses and product research and development, which affected its profitability. Ningbo Yumin has established relationships with three new customers and has undertaken 21 new projects. New businesses have increased by 5% annually, and multiple innovative products have been developed. Ningbo Yumin has been awarded the Zhejiang Province Postdoctoral Workstation Enterprise and Provincial Enterprise Technology Research Institute titles during the year.

Mianyang Brilliance Ruian Automotive Components Co., Ltd. ("Mianyang Ruian"), another wholly-owned subsidiary of the Company, continues to engage in the research and manufacturing of camshafts for gasoline and electric vehicle engines. In 2023, Mianyang Ruian continued to achieve growth in sales in the unfavorable business environment of declining traditional fuel vehicles and fierce competition for its camshafts production. In 2023, Mianyang Ruian achieved sales of 700,000 units of its combination camshaft to Li Auto. During the year, Mianyang Ruian officially became a supplier of BYD and actively participated in biddings to supply to BYD. The R&D project for the new product resin balance shaft has completed the technical solution for resin gears, and the relevant key technologies for resin gears are still being verified.

Renault Brilliance Jinbei Automotive Company Limited ("RBJAC") which carried out our minibus and light commercial vehicles ("LCVs") business has applied to the Intermediate People's Court of Shenyang City, Liaoning Province（遼寧省瀋陽市中級人民法院）(the "Shenyang Intermediate People's Court") on 30th December, 2021 for restructuring. On 23rd May, 2023, the Shenyang Intermediate People's Court ruled to approve the restructuring plan and complete the restructuring procedures with an execution period of 12 months. In 2024, RBJAC will start the debt repayment procedure according to the restructuring plan and prepare for resuming work and production. The Board is evaluating various strategic options for RBJAC from an operational perspective.

In 2023, Brilliance-BEA Auto Finance Co., Ltd. ("BBAFC"), our auto finance subsidiary in China successfully completed two batches of green and carbon neutral syndication loans which paved the way for more stable and diversified funding sources by contributing towards the social responsibilities. Further, the completion of the restructuring process of Huachen Automotive Group Holdings Co., Ltd. ("Huachen") will provide positive momentum for BBAFC, by improving the market reputation with bank partners, OEM co-operators as well as customers. However, the growing concerns around the global economic development and fierce competition between key OEM brands have led to increasing acquisition costs as well as the need for stricter risk controls. These challenging aspects will potentially affect the auto financing industry through reducing sales volumes, shrinking margins, and increasing credit risks. BBAFC is formulating measures to offset these market challenges, which include the selective expansion of co-operation partnerships with key brands as well as creative refinancing channels, whilst implementing solid and robust risk control measures.

During the year, the Board had resolved to declare two special dividends each for an amount of HK$0.96 per ordinary share of the Company out of the proceeds from the disposal of its 25% interest in BBA. With China's ambition to continue supporting the automobile industry, the Board is optimistic about the performance of our group companies. In addition, the Board will continue to identify suitable strategic investments, primarily within the automobile industry value chain, which could generate sustainable business growth for the Group.

Last but not least, I would like to sincerely thank our shareholders, business partners, management teams, and employees for their continued support and dedication to the Group.

本人謹代表董事會（「董事會」）提呈華晨中國汽車控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）截至二零二三年十二月三十一日止年度之全年業績。

中國經濟於二零二三年COVID-19疫後逐步復甦，中國全年國內生產總值增長5.2%。根據中國汽車工業協會的資料，二零二三年中國汽車總產量增加11.6%至30,100,000輛，而總銷量則增加12.0%至30,100,000輛，連續15年全球最高，並迎來二零一四年以來首個銷量頂峰。乘用車銷量增加10.6%至26,100,000輛。新能源汽車（「NEVs」）（包括電池電動車（「BEVs」）、插電式混合動力汽車及燃料電池車）銷量大幅增加至9,500,000輛，較二零二二年上升37.9%。豪華乘用車銷量繼續增長，增加15.4%至4,500,000輛，跑贏整體市場。OEM的推廣加上國家政府的支持政策推動了豪華乘用車之強勁銷售表現。

於二零二三年，面對各種外部不確定因素及激烈市場競爭，華晨寶馬汽車有限公司（「華晨寶馬」）於年內再創佳績，乘?中國長期增長之勢而騰飛。憑藉團隊不懈努力及與寶馬集團其他實體緊密合作，華晨寶馬得以繼續保持強勢，滿足客戶需求。華晨寶馬亦不斷擴大其於中國之供應商網路，堅持貫徹其「本土化」方針。此外，華晨寶馬於中國大陸之全國經銷商網路已超過740間店舖。截至二零二三年年底，該合資企業共有僱員26,000人。華晨寶馬於過去18年一直為瀋陽市最大納稅單位，於過去8年亦為遼寧省最大納稅單位。

於二零二三年，華晨寶馬迎來又一重要企業里程碑，成立二十週年誌慶。華晨寶馬去年總產量約為728,000輛寶馬汽車。於二零二四年年初，華晨寶馬亦開始生產全新寶馬X1及首款寶馬iX1，並於中國推出新一代寶馬5系及首款寶馬i5。

華晨寶馬致力成為中國豪華電動汽車領先供應商。作為寶馬集團一員，華晨寶馬致力於探索新技術及加快數碼化轉型。領悅數字信息技術有限公司（「領悅」）（華晨寶馬之全資附屬公司）於中國為華晨寶馬及寶馬實體提供數據解決方案、數碼解決方案、客戶關係管理、電子商貿及資訊科技開發及營運等服務。其核心能力有助於增強客戶互動及滿意度（截至二零二四年二月，My BMW App 擁有約10,000,000名註冊用戶），並充當客戶關係管理工具，識別銷售機會，同時推動電子商貿交易。

於二零二三年，寧波裕民機械工業有限公司（「寧波裕民」）加快產品轉型升級步伐，加大對新興業務及產品研發之投資，影響盈利能力。寧波裕民開拓3名新客戶，並承接新專案21項。新業務數目按年增長5%，並已開發出多項創新產品。寧波裕民於年內獲評為浙江省博士後工作站企業及省級企業技術研發中心。

本公司的另一間全資附屬公司綿陽華晨瑞安汽車零部件有限公司（「綿陽瑞安」）繼續從事汽油車及電動車發動機凸輪軸研發與製造。於二零二三年，綿陽瑞安面對傳統燃料汽車銷量下跌及凸輪軸生產競爭激烈之不利營商環境，仍然繼續取得銷售增長。於二零二三年，綿陽瑞安向理想汽車銷售組合凸輪軸達700,000件。年內，綿陽瑞安正式成為比亞迪供應商，積極參與招標，以為比亞迪供貨。新產品樹脂平衡軸研發項目已完成樹脂齒輪的技術方案，樹脂齒輪的相關關鍵技術仍在驗證。

華晨雷諾金杯汽車有限公司（「華晨雷諾」）負責經營旗下輕型客車及輕型商用車（「LCVs」）業務，於二零二一年十二月三十日向遼寧省瀋陽市中級人民法院（「瀋陽中級人民法院」）申請重整。於二零二三年五月二十三日，瀋陽中級人民法院裁定批准重整方案並完成重整程序，執行期為12個月。於二零二四年，華晨雷諾將按照重整方案開始債務償還程序，並準備復工復產。董事會現正從營運層面評估華晨雷諾的各項策略性方案。

於二零二三年，本集團旗下之中國汽車金融附屬公司華晨東亞汽車金融有限公司（「華晨東亞汽車金融」）成功完成兩筆綠色及碳中和銀團貸款，在承擔社會責任之餘，開拓更穩定及多元化的資金來源。此外，華晨汽車集團控股有限公司（「華晨」）重整程序完成將為華晨東亞汽車金融帶來積極動力，提高其於銀行夥伴、OEM合作營運商及客戶間之市場聲譽。然而，市場對全球經濟發展之憂慮日益加重，主要OEM品牌之間競爭激烈，導致獲客成本上升，並需要更嚴格之風險控制。該等挑戰將通過減少銷量、削減利潤及增加信貸風險對汽車金融行業造成潛在影響。華晨東亞汽車金融正在制定措施應對此等市場挑戰，包括精心挑選主要品牌作為合作夥伴以及創新再融資渠道，同時實行穩健風險控制措施。

年內，董事會議決宣派兩次特別股息，從出售其於華晨寶馬之25%權益所得款項中分別派付每股本公司普通股0.96港元。憑藉中國持續支援汽車產業之雄心壯志，董事會對本集團旗下公司之表現感到樂觀。此外，董事會將主要於汽車產業價值鏈中，繼續發掘可為本集團帶來可持續業務增長之合適策略性投資項目

最後，本人由衷感謝股東、業務夥伴、管理團隊及僱員一直以來支持本集團並對本集團作出貢獻。