ACROFAN

Uxin Reports Unaudited Financial Results for the Quarter Ended September 30, 2024

BEIJING, Nov. 25, 2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the quarter ended September 30, 2024. Highlights for the Quarter Ended September 30, 2024 Transaction volume was 7,046 units for the three months ended September 30, 2024, an increase of 25.7% from 5,605 units in the last quarter and an increase of 81.4% from 3,884 units in the same period last year. Retail transaction volume was 6,005 units, an increase of 46.8% from 4,090 units in the last quarter and an increase of 162.6% from 2,287 units in the same period last year. Total revenues were RMB497.2 million (US$70.9 million) for the three months ended September 30, 2024, an increase of 23.9% from RMB401.2 million in the last quarter and an increase of 39.6% from RMB356.1 million in the same period last year. Gross margin was 7.0% for the three months ended September 30, 2024, compared with 6.4% in the last quarter and 6.2% in the same period last year. Loss from operations was RMB38.6 million (US$5.5 million) for the three months ended September 30, 2024, compared with RMB62.5 million in the last quarter and RMB66.4 million in the same period last year. Non-GAAP adjusted EBITDA[1] was a loss of RMB9.2million (US$1.3 million), compared with a loss of RMB33.9 million in the last quarter and a loss of RMB45.9 million in the same period last year. Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "We are excited to report another record-breaking quarter. From July to September 2024, our retail transaction volume reached 6,005 units, marking a 47% sequential increase and a 163% year-over-year growth. Our superstore model has proven to be successful, showcasing strong competitiveness and significant growth potential. Customer satisfaction, measured by NPS, has risen to 66, maintaining the highest level in the industry for 11 consecutive quarters. Looking ahead, we will continue to enhance our inventory levels, expand value-added services, and optimize our service network. We anticipate retail transaction volume to be within the range of 7,800 units to 8,100 units from October to December, representing over a 150% year-over-year increase." Mr. Dai continued, "Additionally, our expansion into new regions is progressing smoothly. Following our partnership agreement with the Zhengzhou Airport Economic Zone, we are pleased to announce a new collaboration with the Wuhan Municipal Government. Both Zhengzhou and Wuhan are provincial capital cities with about 5 million vehicles each, offering excellent conditions for operating used car superstores. The new superstores in these two cities will continuously drive sales growth and enhance our performance in the coming years." Mr. Feng Lin, Chief Financial Officer of Uxin, said: "To better align with customary practices and to synchronize the financial reporting cycles of our parent company and Chinese subsidiary, we have adjusted our fiscal year. After this change, our fiscal year will coincide with the calendar year, running from January 1 to December 31, instead of the previous period from April 1 to March 31. This change aims to make our financial disclosures more accessible and understandable for our investors. Building on this alignment, we delivered robust financial results in the quarter. Total revenues were RMB497 million, with retail vehicle sales revenue reaching RMB444 million, a year-over-year increase of 79%. Our gross margin further improved to 7% compared to the previous quarter. Adjusted EBITDA loss narrowed to RMB 9.2 million, representing an 80% reduction year-over-year. Looking ahead, we are on track to achieve our first positive quarterly EBITDA in the upcoming quarter, a significant milestone in our financial performance. With these strong results, the company is now firmly positioned for sustainable, long-term growth." [1]This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.1 to our Current Report on Form 6-K on November 25, 2024 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures. Financial Results for the Quarter Ended September 30, 2024 Total revenues were RMB497.2 million (US$70.9 million) for the three months ended September 30, 2024, an increase of 23.9% from RMB401.2 million in the last quarter and an increase of 39.6% from RMB356.1 million in the same period last year. The increases were mainly due to the increase of retail vehicle sales revenue. Retail vehicle sales revenue was RMB444.4 million (US$63.3 million) for the three months ended September 30, 2024, representing an increase of 36.8% from RMB325.0 million in the last quarter and an increase of 78.5% from RMB248.9 million in the same period last year. For the three months ended September 30, 2024, retail transaction volume was 6,005 units, an increase of 46.8% from 4,090 units in the last quarter and an increase of 162.6% from 2,287 units in the same period last year. The increases in retail vehicle sales revenue were mainly due to the increase of retail transaction volume. By offering superior products and services, the Company's superstores have built strong customer trust and established Uxin as the leading brand in regional markets, leading to a high in-store customer conversion rate. Additionally, as the overall used car market began to recover starting from mid-year, the Company proactively expanded the inventory size while maintained an inventory turnover rate much faster than the industry average. Wholesale vehicle sales revenue was RMB37.8 million (US$5.4 million) for the three months ended September 30, 2024, a decrease of 40.8% from RMB63.9 million in the last quarter and a decrease of 61.9% from RMB99.3 million in the same period last year. For the three months ended September 30, 2024, wholesale transaction volume was 1,041 units, representing a decrease of 31.3% from 1,515 units in the last quarter and a decrease of 34.8% from 1,597 units in the same period last year. Wholesale vehicle sales refer to vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels. The decreases were mainly due to improved inventory capacity and reconditioning capabilities, and an increased number of acquired vehicles were reconditioned to meet the Company's retail standards, rather than being sold through wholesale channels. Other revenue was RMB15.0 million (US$2.1 million) for the three months ended September 30, 2024, compared with RMB12.3 million in the last quarter and RMB7.9 million in the same period last year. Cost of revenues was RMB462.4 million (US$65.9 million) for the three months ended September 30, 2024, compared with RMB375.6 million in the last quarter and RMB334.0 million in the same period last year. Gross margin was 7.0% for the three months ended September 30, 2024, compared with 6.4% in the last quarter and 6.2% in the same period last year. Firstly, the Company is increasing the proportion of vehicles acquired directly from individual car owners intending to sell their existing cars, which on average are more profitable compared to other vehicle supply channels. Secondly, the Company is focusing on enhancing the penetration of high-margin value-added services, which will further improve its gross profit margin. Total operating expenses were RMB84.3 million (US$12.0 million) for the three months ended September 30, 2024. Sales and marketing expenses were RMB56.1 million (US$8.0 million) for the three months ended September 30, 2024, a decrease of 5.5% from RMB59.4 million in the last quarter and an increase of 15.7% from RMB48.4 million in the same period last year. Compared with the same period last year, in addition to the increased salaries for the sales teams, the year-over-year increase was also attributed to the increase in right-of-use assets depreciation expenses as a result of relocation to the Company's Hefei Superstore in September 2023. General and administrative expenses were RMB26.1 million (US$3.7 million) for the three months ended September 30, 2024, representing a decrease of 7.3% from RMB28.1 million in the last quarter and a decrease of 25.7% from RMB35.1 million in the same period last year. Due to the execution of multiple rounds of cost-saving and efficiency-enhancing initiatives, salaries and benefits expenses for personnel performing general and administrative functions decreased accordingly. Research and development expenses were RMB2.4 million (US$0.3 million) for the three months ended September 30, 2024, representing a decrease of 30.1% from RMB3.4 million in the last quarter and a decrease of 74.4% from RMB9.2 million in the same period last year. The decreases mainly resulted from less IT service acquired by the Company's research and development functions and decrease in salaries and benefits expenses of employees engaged in these functions. Other operating income, net was RMB10.8 million (US$1.5 million) for the three months ended September 30, 2024, compared with RMB2.8 million for the last quarter and RMB3.2 million in the same period last year. The increases were mainly due to proceeds from government award. Loss from operations was RMB38.6 million (US$5.5 million) in the three months ended September 30, 2024, compared with RMB62.5 million for the last quarter and RMB66.4 million in the same period last year. Interest expenses were RMB24.1 million (US$3.4 million) for the three months ended September 30, 2024, representing an increase of 5.4% from RMB22.9 million in the last quarter and an increase of 212.5% from RMB7.7 million in the same period last year. The year-over-year increase was mainly due to the increase of interest expenses on finance lease liabilities relating to the lease of Changfeng Superstore in September, 2023. Net loss from operations was RMB59.2 million (US$8.4 million) for the three months ended September 30, 2024, compared with a net loss of RMB49.8 million for the last quarter and net loss of RMB57.1 million for the same period last year. Non-GAAP adjusted EBITDA was a loss of RMB9.2 million (US$1.3 million) for the three months ended September 30, 2024, compared with a loss of RMB33.9 million in the last quarter and a loss of RMB45.9 million in the same period last year. Liquidity As of September 30, 2024, the Company had cash and cash equivalents of RMB29.1 million, compared to RMB23.3 million as of March 31, 2024. The Company has incurred accumulated and recurring losses from operations, and cash outflows from operating activities. In addition, the Company's current liabilities exceeded its current assets by approximately RMB403.6 million as of September 30, 2024. The Company's ability to continue as a going concern is dependent on management's ability to increase sales, achieve higher gross profit margin and control operating costs and expenses to reduce the cash that will be used in operating cash flows, and to enter into financing arrangements, including but not limited to renewal of the existing borrowings and obtaining new debt and equity financings. There is uncertainty regarding the implementation of these business and financing plans, which raises substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited financial information does not include any adjustment that is reflective of these uncertainties. Recent Development Equity Investment Agreement with Wuhan Junshan Urban Asset Operation Co., Ltd. On October 16, 2024, the Company, through its wholly-owned subsidiary Uxin (Anhui) Industrial Investment Co., Ltd. ("Uxin Anhui"), entered into an equity investment agreement with Wuhan Junshan Urban Asset Operation Co., Ltd. ("Wuhan Junshan"), a company indirectly controlled by Wuhan City Economic & Technological Development Zone, to establish a subsidiary of the Company. Uxin Anhui will contribute RMB66.7 million and Wuhan Junshan will contribute RMB33.3 million, representing approximately 66.7% and 33.3% of the subsidiary's total registered capital, respectively. Share Subscription Agreement with Lightwind Global Limited On November 4, 2024, Uxin announced that, in connection with the memorandum of understanding previously announced on September 13, 2024, the Company has entered into a share subscription agreement ("Share Subscription Agreement") with Lightwind Global Limited (the "Investor"), an indirect wholly-owned subsidiary of Dida Inc. (HKEX: 2559). Pursuant to the Share Subscription Agreement, the Company agreed to issue and sell, and the Investor agreed to subscribe for 1,543,845,204 Class A ordinary shares of the Company for an aggregate subscription amount of US$7.5 million, based on a subscription price of US$0.004858 per share. The completion of transaction is subject to the closing conditions set forth in the Share Subscription Agreement. Change in Fiscal Year On November 22, 2024, the Company's Board of Directors has approved a change in the Company's fiscal year end from March 31 to December 31. The primary purpose of this change is to streamline the Company's financial reporting with global standards and align with industry practices, enhancing comparability with peers. This adjustment also allows the Company to better synchronize operational planning and reporting cycles with market trends and customer demands, ensuring more effective communication with stakeholders and investors. The Company will file a transition report on Form 20-F to cover the transition period from April 1, 2024 to December 31, 2024 in due course as required under applicable regulations. Business Outlook For the three months ending December 31, 2024, the Company expects its retail transaction volume to be within the range of 7,800 units to 8,100 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to be within the range of RMB560 million to RMB580 million. The Company expects its Non-GAAP adjusted EBITDA to be positive. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes. Conference Call Uxin's management team will host a conference call on Monday, November 25, 2024, at 8:00 A.M. U.S. Eastern Time (9:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call. Conference Call Preregistration: https://dpregister.com/sreg/10194615/fe03e343b8 A telephone replay of the call will be available after the conclusion of the conference call until December 2, 2024. The dial-in details for the replay are as follows: U.S.: +1 877 344 7529 International: +1 412 317 0088 Replay PIN: 4912684 A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com. About Uxin Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of the used car industry. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share – basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, fair value impact of the issuance of senior convertible preferred shares, foreign exchange (losses)/gains, other income/(expenses), equity in income of affiliates and dividend from long-term investment, net gain from extinguishment of debt. The Company defines adjusted net loss attributable to ordinary shareholders per share – basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, fair value impact of the issuance of senior convertible preferred shares, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitates investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believes that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, foreign exchange (losses)/gains and other income/(expenses) have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Uxin's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0176 to US$1.00, representing the index rate as of September 30, 2024 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: impact of the COVID-19 pandemic, Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry; the laws and regulations relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media enquiries, please contact: Uxin Limited Investor RelationsUxin LimitedEmail: ir@xin.com The Blueshirt GroupMr. Jack WangPhone: +86 166-0115-0429Email: Jack@blueshirtgroup.co Uxin Limited Unaudited Consolidated Statements of Comprehensive Loss (In thousands except for number of shares and per share data) For the three months ended September 30, For the six months ended September 30, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ Revenues Retail vehicle sales 248,910 444,399 63,326 435,759 769,366 109,634 Wholesale vehicle sales 99,335 37,826 5,390 193,982 101,723 14,495 Others 7,822 14,995 2,137 15,348 27,315 3,892 Total revenues 356,067 497,220 70,853 645,089 898,404 128,021 Cost of revenues (334,033) (462,360) (65,886) (605,414) (837,959) (119,408) Gross profit 22,034 34,860 4,967 39,675 60,445 8,613 Operating expenses Sales and marketing (48,443) (56,060) (7,988) (94,991) (115,413) (16,446) General and administrative (35,116) (26,074) (3,716) (68,219) (54,194) (7,723) Research and development (9,219) (2,361) (336) (18,080) (5,741) (818) Reversal of credit losses, net 1,141 162 23 1,837 162 23 Total operating expenses (91,637) (84,333) (12,017) (179,453) (175,186) (24,964) Other operating income, net 3,214 10,824 1,542 10,199 13,607 1,939 Loss from operations (66,389) (38,649) (5,508) (129,579) (101,134) (14,412) Interest income 45 10 1 146 26 4 Interest expenses (7,710) (24,095) (3,434) (12,829) (46,953) (6,691) Other income 11,435 1,498 213 13,802 2,131

Greenland Reports 75.3% Increase in Net Income for First Nine Months of 2024

Revenue for the First Nine Months of 2024 of $64.57 Million, Decreases Slightly from $67.56 Million in First Nine Months of 2023 Operating Expenses Decrease 15.6% for the First Nine Months of 2024 Compared to the First Nine Months of 2023 Strong Balance Sheet with Cash and Restricted Cash Balance of $20.72 Million After Repaying $9.25 Million in Loans Continues to Execute on Growth Strategy with Significant Expansion of Product Roadmap and Strategic Partner Distribution, Sales and Support Ecosystem EAST WINDSOR, N.J., Nov. 15, 2024 /PRNewswire/ -- Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland," "we," "our," "us," or the "Company"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its unaudited financial results for the nine months and third quarter ended September 30, 2024, with net income for the first nine months of 2024 increasing 75.3% compared to the first nine months of 2023. Raymond Wang, Chief Executive Officer of Greenland, said, "Our team continues to execute on our growth strategy with significant expansion of our product roadmap, and our strategic partner distribution, sales and support ecosystem. This includes launching our game changing all electric vehicle, model H65L, which was the largest electric wheel loader available in North America at launch. As with all HEVI products, customers can expect the same reliable performance they demand with fewer costs and zero emissions. Our focus on delivering maximum productivity with minimal environmental impact is resonating with customers. We expect that as the broader economy continues to rebound and demand for our electric vehicles will increase further. We are confident in our outlook for the coming quarters based on discussions with customers, our backlog of orders and the tailwinds benefiting the Company from supportive regulatory and subsidy." Jing Jin, Chief Financial Officer of Greenland, commented, "For the first nine months of 2024, we drove operating expenses down 15.6% and net income up 75.3% compared to the first nine months of 2023, all with a corresponding 4.4% decrease in revenue over the same period. This surge in profitability is a testament to the durability of our business model and our unwavering focus on driving costs down across our operations and profits up. We have emerged from a challenging period in global business in a stronger position, with a healthy balance sheet to support our growth strategy, as we continue to prioritize building shareholder value." Nine Months Ended September 30, 2024 Financial Highlights Greenland's revenue was approximately $64.57 million for the nine months ended September 30, 2024, representing a decrease of approximately $2.99 million, or 4.4%, as compared to that of approximately $67.56 million for the nine months ended September 30, 2023. The decrease in revenue was primarily a result of the decrease of approximately $3.60 million in the Company's sales volume of transmission products for the nine months ended September 30, 2024. On an Renminbi ("RMB") basis, our revenue for the nine months ended September 30, 2024 decreased by approximately 2.2% as compared to that for the nine months ended September 30, 2023. Greenland's cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company's manufacturing activities. The total cost of goods sold was approximately $47.19 million for the nine months ended September 30, 2024, representing a decrease by approximately $1.65 million, or 3.4%, as compared to that of approximately $48.84 million for the nine months ended September 30, 2023. Greenland's gross profit was approximately $17.39 million for the nine months ended September 30, 2024, representing a decrease by approximately $1.33 million, or 7.1%, as compared to that of approximately $18.72 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024 and 2023, Greenland's gross margins were approximately 26.9% and 27.7%, respectively. The decrease in gross profit in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to a decrease in our sales volume. Total operating expenses were $8.55 million for the nine months ended September 30, 2024, a decrease of 15.6% from $10.13 million in the first nine months of 2023. The decrease was primarily due to lower advertising and marketing expenses, shipping fees, staffing costs, general and administrative expenses, and research and development expenses. Income from operations for the nine months ended September 30, 2024 was approximately $8.84 million, representing an increase of approximately $0.25 million, as compared to that of approximately $8.59 million for the nine months ended September 30, 2023. Net income was approximately $9.80 million for the nine months ended September 30, 2024, representing an increase of approximately $4.21 million, as compared to that of approximately $5.59 million for the nine months ended September 30, 2023. Net income per basic and diluted share was $0.48 for the nine months ended September 30, 2024, representing an increase of 118.2%, as compared to $0.22 for the nine months ended September 30, 2023. Cash equivalents refers to all highly liquid investments purchased with original maturity of three months or less. As of September 30, 2024, Greenland had approximately $17.63 million of cash and cash equivalents, representing a decrease of approximately $5.35 million, or 23.27%, as compared to approximately $22.98 million as of December 31, 2023. The decrease of cash and cash equivalents was mainly due to a decrease in short-term bank loans and notes payable, as compared to that as of December 31, 2023. Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of September 30, 2024, Greenland had approximately $3.09 million of restricted cash, representing a decrease of approximately $2.12 million, or 40.64%, as compared to that of approximately $5.21 million as of December 31, 2023. The decrease of restricted cash was due to a decrease of notes payable. For the nine months ended September 30, 2024, the Company's PRC subsidiary, Zhejiang Zhongchai Machinery Co. Ltd., paid off approximately $8.56 million in bank loans, and approximately $0.69 million associated with loans to third parties, while maintaining $17.63 million cash on hand. The Company plans to maintain the current debt structure and rely on governmentally supported loans with lower costs, if necessary. As of September 30, 2024, Greenland had approximately $20.27 million of accounts receivables, an increase of approximately $3.79 million, or 22.97%, as compared to approximately $16.48 million as of December 31, 2023. The increase in accounts receivables was due to the increase in our sales volume and our slowed-down efforts in receivables collections. 3Q 2024 Financial Highlights Greenland's revenue was approximately $18.83 million for the three months ended September 30, 2024, representing a decrease of approximately $3.01 million, or 13.8%, as compared to that of approximately $21.84 million for the three months ended September 30, 2023. The decrease in revenue was primarily a result of the decrease of approximately $2.88 million in the Company's sales volume of transmission products for the three months ended September 30, 2024. On an RMB basis, our revenue for the three months ended September 30, 2024 decreased by approximately 14.9% as compared to that for the three months ended September 30, 2023. Greenland's cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company's manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $13.87 million for the three months ended September 30, 2024, representing a decrease by approximately $1.70 million, or 10.9%, as compared to that of approximately $15.57 million for the three months ended September 30, 2023. Cost of goods sold decreased due to the decrease in our sales volume. Greenland's gross profit was approximately $4.97 million for the three months ended September 30, 2024, representing a decrease by approximately $1.30 million, or 20.8%, as compared to that of approximately $6.27 million for the three months ended September 30, 2023. For the three months ended September 30, 2024 and 2023, Greenland's gross margin were approximately 26.4% and 28.7%, respectively. The decrease in gross profit in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to the decrease in our sales volume. Total operating expenses were $2.04 million, a decrease of 41% from $3.46 million in the third quarter of 2023. The decrease was primarily due to lower advertising and marketing expenses, shipping fees, staffing costs, general and administrative expenses, and research and development expenses. Income from operations for the three months ended September 30, 2024 was approximately $2.93 million, representing an increase of approximately $0.12 million, as compared to that of approximately $2.81 million for the three months ended September 30, 2023. Net income was approximately $0.36 million for the three months ended September 30, 2024, representing an increase of approximately $0.17 million, as compared to that of approximately $0.19 million for the three months ended September 30, 2023. Net loss per basic and diluted share was $0.05 for the three months ended September 30, 2024, representing a 29% improvement, as compared to a net loss of $0.07 for the three months ended September 30, 2023. About Greenland Technologies Holding Corporation Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. Information on the Company's clean industrial heavy equipment division can be found at HEVI Corp. Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Reports on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to the success of Greenland's business execution, ability to unlock shareholder value or its ability to grow its business as an integrated company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law. Statement Regarding Preliminary Unaudited Financial Information The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information. GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (AUDITED, IN U.S. DOLLARS) September 30, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 17,633,936 $ 22,981,324 Restricted cash 3,091,545 5,208,063 Short Term Investment 7,053,694 2,818,068 Notes receivable 27,681,834 27,135,249 Accounts receivable, net 20,268,970 16,483,533 Inventories, net 21,844,780 24,596,795 Due from related parties-current, net 228,311 225,927 Advance to suppliers 631,924 288,578 Prepayments and other current assets 1,748,121 53,204 Total Current Assets $ 100,183,115 $ 99,790,741 Non-current asset Property, plant, equipment and construction in progress, net 13,823,008 13,698,997 Land use rights, net 3,423,184 3,448,505 Other intangible assets 118,139 189,620 Deferred tax assets 483,781 256,556 Right-of-use assets 1,748,818 2,125,542 Fixed deposit 7,337,008 9,916,308 Other non-current assets 390,365 1,050,698 Total non-current assets $ 27,324,303 $ 30,686,226 TOTAL ASSETS $ 127,507,418 $ 130,476,967 Current Liabilities Short-term bank loans $ - $ 3,042,296 Notes payable-bank acceptance notes 25,463,319 36,712,562 Accounts payable 26,342,111 25,272,528 Taxes payables 767,200 758,307 Customer deposits 420,266 137,985 Due to related parties 3,831,666 3,831,636 Other current liabilities 2,365,909 2,281,507 Lease liabilities 506,118 487,695 Total current liabilities $ 59,696,589 $ 72,524,516 Non-current liabilities Lease liabilities 1,301,291 1,684,614 Deferred revenue 1,372,358 1,529,831 Warrant liability 3,841,293 4,084,605 Total non-current liabilities $ 6,514,942 $ 7,299,050 TOTAL LIABILITIES $ 66,211,531 $ 79,823,566 COMMITMENTS AND CONTINGENCIES - - Shareholders' equity Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 13,594,530 shares issued and outstanding as of September 30, 2024 and December 31, 2023. - - Additional paid-in capital 30,286,560 30,286,560 Statutory reserves 3,842,331 3,842,331 Retained earnings 25,003,855 18,535,133 Accumulated other comprehensive loss (2,004,595) (2,583,794) Total shareholders' equity $ 57,128,151 $ 50,080,230 Non-controlling interest 4,167,736 573,171 TOTAL SHAREHOLDERS' EQUITY $ 61,295,887

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