BAIC Foton Motor Co., Ltd. Announcement on Adjusting Directors and General Manager

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Stock Code: 600166 Short Name: Foton Motor Announcement No.: 2026-015

BAIC Foton Motor Co., Ltd.

Announcement on Adjusting Directors and General Manager

The company’s board of directors and all directors guarantee that the content of this announcement is free of any false records, misleading statements, or major omissions, and bear legal responsibility for its truthfulness, accuracy, and completeness.

1. Resignation of Directors and Senior Management

(1) Basic situation of early resignation

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Note: Comrade Wu Xibin and Comrade Gu Xin’s resignations from the company’s director positions will only take effect after new directors are elected by the shareholders’ meeting. During this period, Comrade Wu Xibin will continue to perform relevant duties as a director, member of the Investment Management Committee of the Board, and member of the Sustainability Development Committee in accordance with laws and regulations; Comrade Gu Xin will continue to perform duties as a director, member of the Compensation and Assessment Committee of the Board, and member of the Audit/Internal Control Committee as per laws and regulations.

(2) Impact of resignation on the company

According to the “Company Law,” “Articles of Association,” and other relevant regulations, the resignations of Comrade Wu Xibin and Comrade Gu Xin did not cause the company’s board of directors to fall below the statutory number of members. After Wu Xibin’s resignation, except for his pending orderly withdrawal and change procedures for his dispatched director position, he will hold no other positions in the company; after Gu Xin’s resignation, he will hold no other positions in the company.

The above personnel changes will not affect the company’s normal operations; there are no unfulfilled commitments that should have been fulfilled; and handover work has been completed in accordance with the company’s “Management System for Resignation of Directors and Senior Management.”

Comrade Wu Xibin has served as a director of Foton Motor since March 2021 and as General Manager since January 2022. During his tenure, he led the management team, united the staff, diligently, dedicatedly, and practically, focusing on “second entrepreneurship,” adhering to strategic guidance, and achieving significant results in digital transformation, marketing ecosystem development, continuous deepening of value chain cost reduction and efficiency improvement, and ESG practices. The company’s board of directors fully affirms his dedication and professionalism during his tenure and sincerely thanks him for his contributions to the company’s development.

Comrade Gu Xin has served as a director of Foton Motor since April 2021. He has provided many valuable suggestions and guidance on corporate governance, information disclosure, and capital operations related to compliant operation of listed companies, and played an important role in promoting major projects. The company’s board of directors fully affirms his dedication and professionalism during his tenure and sincerely thanks him for his efforts and contributions to the company’s development.

2. Adjustment of Directors and General Manager

On March 25, 2026, the company’s board of directors reviewed and approved the “Proposal on Adjusting Directors and General Manager.”

The resolutions are as follows:

(1) Nominate Comrade Lu Zhenghua as a candidate for the 10th Board of Directors of BAIC Foton Motor Co., Ltd.

(2) Nominate Comrade Zhu Ligang as a candidate for the 10th Board of Directors of BAIC Foton Motor Co., Ltd.

(3) Appoint Comrade Lu Zhenghua as General Manager of BAIC Foton Motor Co., Ltd., with a term of three years from the date of this board resolution.

Resolutions (1) and (2) are still subject to review and approval at the second extraordinary general meeting of Foton Motor in 2026.

Comrade Lu Zhenghua has been with Foton Motor since 2000, responsible for or managing overseas business, Engineering Research Institute, Zhibo Technology, Foton Smart Drive, Pickup, Strategy and Investment Management, among others. He currently serves as Party Secretary and Executive Vice President of Foton Motor, and President of Overseas Business Group (BG). He is responsible for strategy and investment, technological innovation and R&D, human resources and global talent recruitment, product creation, and internationalization. Lu Zhenghua is politically firm, well-rounded, loves Foton’s cause, familiar with corporate development strategies, production, operations, and management, with strong organizational, coordination, and innovative capabilities. It is believed that he will perform his duties diligently, pragmatically, and lead the company to continuously enhance core competitiveness and operational benefits, pushing the company’s development to new heights.

Comrade Zhu Ligang is currently Safety Director and Head of Operations Management Department at Beijing Automotive Group Co., Ltd. He has long been engaged in logistics and supply chain management, familiar with manufacturing, logistics operations, and corporate management, with rich strategic planning and management experience.

The Nomination Committee of the Board held a special meeting to review the qualifications of Comrades Lu Zhenghua and Zhu Ligang. It believes that both meet the requirements of the “Company Law,” “Shanghai Stock Exchange Listing Rules,” “Guidelines for Self-Regulation of Listed Companies of the Shanghai Stock Exchange No. 1—Standard Operation,” and the Articles of Association for directors and senior management. Comrade Lu Zhenghua has the conditions to serve as a director and senior management; Comrade Zhu Ligang has the conditions to serve as a director. Their detailed resumes are in the attachment.

This announcement is hereby made.

BAIC Foton Motor Co., Ltd.

Board of Directors

March 25, 2026

Comrade Lu Zhenghua’s Resume

Name: Lu Zhenghua Gender: Male

Ethnicity: Han Date of Birth: March 1977

Political Status: Communist Party Member Education: Master’s Degree

Title: Senior Engineer

Recent five-year positions (excluding current):

Deputy President of BAIC Foton Motor Co., Ltd., Party Secretary and Dean of Engineering Research Institute

Current positions:

Party Secretary and Executive Vice President of BAIC Foton Motor Co., Ltd., President of Overseas BG

Legal representative and director of Zhibo Automotive Technology (Shanghai) Co., Ltd.

Director of ZF Foton Automatic Transmission (Jiaxing) Co., Ltd.

Legal representative and Executive Director of Beijing Foton Daimler Automotive Co., Ltd.

Chairman and legal representative of Beijing Foton International Automotive Co., Ltd.

Legal representative and director of Zhucheng Foton International Trade Co., Ltd.

Comrade Lu Zhenghua has no related-party relationships with other directors, senior management, actual controllers, or shareholders holding more than 5% of the company’s shares; currently holds 5,900 shares of the company, participated in the 7th employee stock ownership plan; and does not have any circumstances that disqualify him from serving as a director or senior management under the “Company Law,” “Shanghai Stock Exchange Listing Rules,” “Guidelines for Self-Regulation of Listed Companies,” or prohibited by the China Securities Regulatory Commission. He is qualified to serve as a director and senior management.

Comrade Zhu Ligang’s Resume

Name: Zhu Ligang Gender: Male

Ethnicity: Han Date of Birth: December 1972

Political Status: Communist Party Member Education: Master’s Degree

Title: Senior Economist

Recent five-year positions (excluding current):

Deputy General Manager of Beijing BAIC Penglong Automotive Service & Trading Co., Ltd.

Party Secretary, Director, and General Manager of Beijing BAIC Penglong Automotive Service & Trading Co., Ltd.

Chairman and Party Secretary of Beijing BAIC Penglong Automotive Service & Trading Co., Ltd.

Current positions:

Safety Director and Head of Operations Management Department at Beijing Automotive Group Co., Ltd.

Chairman of Beijing BAIC Penglong Automotive Service & Trading Co., Ltd.

Director of Beijing Penglong Xing Automotive Trading Co., Ltd.

Comrade Zhu Ligang’s employer, Beijing Automotive Group Co., Ltd., is the controlling shareholder (holding over 5%); he has no related-party relationships with other directors or senior management of BAIC Foton Motor; currently does not hold shares of BAIC Foton Motor; and does not have any circumstances that disqualify him from serving as a director under relevant laws and regulations or prohibited by the China Securities Regulatory Commission. He is qualified to serve as a director.

Stock Code: 600166 Short Name: Foton Motor Announcement No.: 2026-014

BAIC Foton Motor Co., Ltd.

Board Resolution Announcement

The company’s board of directors and all directors guarantee that the content of this announcement is free of any false records, misleading statements, or major omissions, and bear legal responsibility for its truthfulness, accuracy, and completeness.

1. Meeting of the Board of Directors

On March 16, 2026, the company sent notices via email and dedicated personnel to all directors, including notices of the communication board meeting and proposals such as “Adjustment of Directors and General Manager,” “Asset Write-off for 2025,” “Additional Foreign Exchange Derivative Trading Quota for 2026,” and “Second Extraordinary General Meeting of 2026.” The meeting was held via communication voting, with 11 directors expected to attend and all 11 attending. The convening complied with the “Company Law” and the Articles of Association.

2. Review of the Board Meeting

(1) “Proposal on Adjusting Directors and General Manager”

The Nomination Committee of the Board held a meeting and expressed agreement with this proposal.

As of March 25, 2026, 11 valid votes were received. The board approved the proposal with 11 votes in favor, 0 against, and 0 abstentions.

The resolutions are as follows:

(1) Nominate Comrade Lu Zhenghua as a candidate for the 10th Board of Directors.

(2) Nominate Comrade Zhu Ligang as a candidate for the 10th Board of Directors.

(3) Appoint Comrade Lu Zhenghua as General Manager for a three-year term from the date of this resolution.

Comrade Wu Xibin will no longer serve as director or general manager. Comrade Lu Zhenghua will no longer serve as Executive Vice President. Comrade Gu Xin will no longer serve as director.

Resolutions (1) and (2) are still subject to approval at the second extraordinary general meeting of Foton Motor in 2026.

Details are published on the Shanghai Stock Exchange website (www.sse.com.cn) and in the “China Securities Journal,” “Shanghai Securities News,” and “Securities Daily” on the same day under “Announcement on Adjustment of Directors and General Manager” (Announcement No.: 临2026-015).

(2) “Asset Write-off for 2025”

The Audit/Internal Control Committee of the board held a meeting and unanimously agreed to submit this proposal for approval, providing review opinions supporting it.

As of March 25, 2026, 11 valid votes were received. The board approved the proposal with 11 votes in favor, 0 against, and 0 abstentions.

The write-off amount is 16,923,258.63 yuan, fully provisioned for impairment, and does not affect the company’s profit for 2025.

(3) “Additional Foreign Exchange Derivative Trading Quota for 2026”

The Audit/Internal Control Committee held a meeting and unanimously agreed to submit this proposal for approval, providing review opinions supporting it.

As of March 25, 2026, 11 valid votes were received. The board approved the proposal with 11 votes in favor, 0 against, and 0 abstentions.

The resolution is as follows:

Authorize the management to conduct foreign exchange derivative transactions within the annual quota:

(1) Approve an additional foreign exchange derivative trading quota of US$600 million or equivalent foreign currency for 2026; (after approval, from January 1, 2026, to December 31, 2026, or until the new approval, the company and subsidiaries can conduct transactions not exceeding US$1.2 billion or equivalent foreign currency, with each transaction not exceeding 12 months in position. The quota can be rolled over within the period but cannot exceed US$1.2 billion at any point).

(2) These transactions will be reviewed and approved together with the shareholders’ meeting, and will not require further approval from the board or shareholders’ meeting when implemented.

(3) Transactions within this quota will be summarized and disclosed in the quarterly and annual reports.

This proposal is still subject to approval at the second extraordinary general meeting of Foton Motor in 2026.

(4) “Proposal to Convene the Second Extraordinary General Meeting of 2026”

As of March 25, 2026, 11 valid votes were received. The board approved the proposal with 11 votes in favor, 0 against, and 0 abstentions.

Details are published on the Shanghai Stock Exchange website (www.sse.com.cn) and in the “China Securities Journal,” “Shanghai Securities News,” and “Securities Daily” on the same day under “Notice of Convening the Second Extraordinary General Meeting of 2026” (Announcement No.: 临2026-017).

This announcement is hereby made.

BAIC Foton Motor Co., Ltd.

Board of Directors

March 25, 2026