The income tax expense reported in the consolidated statements of comprehensive loss for the years ended December 31, 2025, 2024 and 2023 differs from the amount computed by applying the PRC income tax rate of 25 % to loss before income taxes due to the following:

filing / Apr 28, 2026 / receipt

Our selling and marketing expenses decreased by US$174.0 million from US$322.3 million for the year ended December 31, 2024 to US$148.3 million for the year ended December 31, 2025, primarily due to reduced advertising and marketing expenses and lower employee-related costs, driven by cost reduction initiatives and improved operational efficiencies.

filing / Apr 28, 2026 / receipt

China began to modify its zero-COVID policy at the end of 2022, and most of the travel restrictions and quarantine requirements were lifted in December 2022.

filing / Apr 28, 2026 / receipt

Daxue Wang has served as our chief financial officer since April 2025. Mr. Wang is a seasoned executive across corporate and prominent financial institutions, most recently serving as CFO of Radar Auto.

filing / Apr 28, 2026 / receipt

The increase in gross profit and gross margin were primarily driven by higher vehicle margins, resulting from a favorable shift in product mix and cost control.

filing / Apr 28, 2026 / receipt

Management’s ongoing remediation efforts related to the above identified material weakness include hiring of additional accounting and financial reporting personnel and the expansion of the capabilities of existing accounting and financial reporting personnel, continuing to design, implement, document and monitor internal controls over financial reporting, manual journal entries reviews, key account reconciliations,

filing / Apr 28, 2026 / receipt