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, 2021.

After a strong rebound in the first half of 2021 due to low base effect, economic activity in China cooled down in the second half of the year, bringing in full year GDP growth of 8.1% for 2021. According to the China Association of Automobile Manufacturers, total vehicle sales in the Chinese market increased by 3.8% to 26.3 million units in 2021, marking the first full-year increase in four years. Sales of passenger cars increased by 6.4% to 21.5 million units. Sales of new energy vehicles ("NEVs") (including battery electric vehicles, plug-in hybrid electric vehicles and fuel cell vehicles) increased significantly to 3.5 million units, up 157.5% from the previous year. Premium passenger vehicle sales had once again outperformed the overall market, and registered unit sales growth of approximately 7.3% during the year. The strong Performance of premium passenger vehicle sales was driven by new product launches and an unremitting demand for premium automobile in China.

In spite of industry-wide shortage in chip supply and rising prices of raw materials, BMW Brilliance Automotive Ltd. ("BBA") continued to deliver remarkable results with both record sales volumes and profits for 2021. With strong dedication of the teams and support from BMW AG, BBA was able to maintain sufficient production to meet strong customer demands. BBA also took advantage of market opportunities to further improve price realization. At the same time, the company also managed to adhere to the scheduled timelines for its production capacity expansions (including the construction of its third production plant and the extension of the existing Dadong, Tiexi and battery facilities) which is crucial for ensuring new models can be launched as planned in the coming years. BBA's dealer network nationwide also reached 605 full service 4S/5S shops as at 31st December, 2021.

The new X3 facelift model was successfully launched in August 2021. BBA is also committed to be a leader in premium e-mobility in China, and is working with BMW Holding B.V. ("BMW") to explore new technologies and accelerate sustainability throughout the entire NEV value chain. By the end of 2021 the BMW public charging network already comprised of over 360,000 charging pillars across China. Sales of the iX3, which is the very first pure electric model of BBA debuted late last year produced by BBA for China and for the world, had ramped up steadily during the year. BBA has also completed the installation of the latest digital functions in its production plants in the second half of 2021 in preparation for the production of new BMW models in 2022 and beyond.

In 2021, Ling Yue Digital Information Technology Co., Ltd. ("Ling Yue"), the wholly owned subsidiary of BBA responsible for digital solutions and management of digital business operations, enabled realization of the end-to-end premium digital customer journey. It continued to work on the built-up of China-specific software development competencies within the BBA group of companies, to enable fast allocation of resources to build solutions leveraging on leading new technologies and to comply with Chinese regulations, as well as extending BBA's IT footprint in China.

BBA's sales activities also continue to be supported by the BMW auto finance company, as well as Herald International Financial Leasing Co. Ltd.

Our minibus and light commercial vehicle ("LCV") business carried out by Renault Brilliance Jinbei Automotive Company Limited ("RBJAC") has been hard hit by the coronavirus pandemic resulting in a further decrease in sales volume during 2021. A new strategic plan "Transformation" was launched in 2020 to reduce fixed costs, improve organization efficiency and accelerate development of a new product line-up including electrification. In spite of the reduction of fixed costs and the launch of the first LCV product "Haise King", the business of RBJAC still faced a lot of challenges in a highly competitive market. RBJAC applied to Shenyang Intermediate People's Court on 30th December, 2021 for a restructuring. The restructuring is still ongoing.

Brilliance-BEA Auto Finance Co., Ltd. ("BBAFC"), our auto finance subsidiary in China, has been experiencing some negative impact due to the restructuring process of Huachen Automotive Group Holdings Company Limited ("Huachen"). Despite a challenging start in 2021, BBAFC was able to gain traction in the second half of the year through strategic longterm partnerships with key brand partners, namely Jaguar Land Rover and Tesla. This was further supported by the improved liquidity status from various funding channels, as well as strengthened retail co-lending and other innovative funding solutions that have been implemented.

In 2021, Ningbo Yumin Machinery Industrial Co., Ltd ("Ningbo Yumin") recorded stable growth in business expansion and operating results. According to the 2021 Market Share and Ranking of Sunroof Aluminium Guide Rails for Passenger Vehicles (Zhong Qi Xie Han Zi [2022] No. 331)（《2021年乘用車鋁製天窗導軌市場佔有率及排名證明》）, Ningbo Yumin ranked first in China and third globally in terms of market share. It has plans to expand into self-manufacture and processing of upstream and downstream industry chain. Moreover, in view of the current rapid development in lightweight product for NEVs, Ningbo Yumin is also expanding into the business of related lightweight aluminum alloy components.

Mianyang Brilliance Ruian Automotive Components Co., Ltd. ("Mianyang Ruian"), another wholly-owned subsidiary of the Company, also continued to engage in the research and development ("R&D") as well as manufacture of camshafts for petrol vehicle engines. In 2021, Mianyang Ruian continued to enhance its R&D efforts in range-extended hybrid, plug-in hybrid and other vehicles, and the L9 range-extended hybrid vehicles equipped with the products of Mianyang Ruian have been launched on the market. In addition, the camshafts for the Nordthor Power DHE-15 plug-in hybrid vehicles of Geely Automobile went into mass production in 2021 and will be launched to overseas markets together with Geely's NEVs this year.

In March 2021, the Company was informed by the auditors of the existence of certain unauthorised guarantees and legal proceedings relating to such guarantees. As a result, the Company has not been able to publish the final results for the year ended 31st December, 2020 by the timeline stipulated in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and trading of the shares of the Company was suspended with effect from 31st March, 2021. The Stock Exchange of Hong Kong Limited (the "SEHK" or the "Stock Exchange") has imposed certain resumption guidance for the resumption of trading of the shares of the Company. The Company has to fulfill the resumption guidance to the satisfaction of the SEHK and resume trading of the shares by 30th September, 2022. The Company is currently working closely with its advisers to fulfill the resumption guidance and to achieve resumption of trading of the shares as early as possible. Updates on the progress of the fulfillment of the resumption guidance and actions taken by the Company to fulfill the resumption guidance have been set out in announcements published by the Company from time to time. The Company has already completed an independent investigation and an independent forensic investigation into the unauthorised guarantees, pledged deposits and additional fund transfers. The Company has also completed internal control reviews and has taken appropriate remedial measures to rectify weaknesses identified.

Amidst global headwinds and COVID-related uncertainties, and the suspension of trading of the shares of the Company, the safety and welfare of all our employees is paramount, while at the same time we are working hard to maintain our business operations. With dedicated efforts and proper steering, we are hopeful that our group companies will be able to navigate the uncertainties before us, and that the Company's overall performance will be further improved over time.

Last but not least, I would like to express my sincere appreciation to 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」）截至二零二一年十二月三十一日止年度之全年業績。

於二零二一年上半年因低基數效應出現強勁反彈後，中國經濟活動於本年度下半年降溫，令二零二一年的全年國內生產總值增長為8.1%。根據中國汽車工業協會的資料，二零二一年中國市場的汽車總銷量增加3.8%至26,300,000輛，標誌?四年來首個全年增長年度。乘用車銷量增長6.4%至21,500,000輛。新能源汽車（「NEVs 」）（ 包括電池電動車、插電式混合動力及燃料電池車）銷量大幅增加至3,500,000輛，較去年上升157.5%。豪華乘用車銷量再次跑贏整體市場，年內銷量增長約7.3%。豪華乘用車強勁之銷量表現源自新品上市及中國對豪華汽車之需求不絕。

儘管全行業晶片供應短缺及原材料價格上漲，華晨寶馬汽車有限公司（「華晨寶馬」)於二零二一年仍繼續交出驕人業績，銷量及溢利同創新高。憑藉竭誠盡心的團隊及BMW AG的支持，華晨寶馬得以維持足夠產能應付殷切的客戶需求。華晨寶馬亦把握市場機遇，進一步改善售價。與此同時，公司亦能按既定時間表擴充產能（ 包括建設第三座生產工廠以及擴建現有大東、鐵西及電池廠房），此舉對於未來年度確保按計劃推出新型號至關重要。華晨寶馬之經銷網絡於二零二一年十二月三十一日在全國擁有605間全方位服務4S/5S店舖。

二零二一年八月，全新X3小改款成功推出市場。華晨寶馬亦致力成為中國豪華電動汽車領先供應商，現時正與BMW Holding B.V.（「寶馬」）共同探索新技術，加快整條新能源汽車價值鏈之可持續發展。至二零二一年年底，寶馬公共充電網絡於全中國提供超過360,000個充電站。華晨寶馬為中國以至全世界生產之首個純電動汽車型號iX3於去年首度登場，於年內的銷量穩步上揚。華晨寶馬亦已於二零二一年下半年為其生產廠房配備最新數碼功能，從而預備於二零二二年及其後生產寶馬新型號。

於二零二一年，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）負責數碼業務營運的數碼解決方案及管理，成功打造端到端優質數碼客戶體驗。領悅繼續致力為華晨寶馬旗下各公司建立針對中國市場之軟件開發實力，實現快速分配資源，運用領先創新技術打造解決方案，同時符合中國法規，為華晨寶馬擴張中國信息科技版圖。

華晨寶馬之銷售活動亦繼續獲得寶馬之汽車金融公司及先鋒國際融資租賃有限公司之支持。

我們的輕型客車及輕型商用車（「LCV 」）業務由華晨雷諾金杯汽車有限公司（「華晨雷諾」）負責營運，此業務於二零二一年因冠狀病毒大流行而受到重挫，銷量進一步下跌。新策略計劃「轉型」於二零二零年推行，旨在降低固定成本，提升組織效率，加速開發新產品（ 包括電氣化）。儘管華晨雷諾已減省固定成本，並推出首款LCV車型「海獅王」，惟業務在競爭激烈之市場中仍然面對眾多挑戰。華晨雷諾於二零二一年十二月三十日向瀋陽市中級人民法院申請重整。重整仍在進行。

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」）因華晨汽車集團控股有限公司（「華晨」）之重整進程而受到一定程度影響。儘管二零二一年初挑戰重重，惟華晨東亞汽車金融仍能本?與捷豹路虎及特斯拉等主要品牌夥伴之長期戰略夥伴關係，於本年度下半年站穩陣腳。華晨東亞汽車金融亦透過不同融資渠道，進一步改善流動性狀況，同時加強已經落實的零售共同貸款及其他創新融資解決方案。

二零二一年，寧波裕民機械工業有限公司（「寧波裕民」）業務拓展和經營業績方面均穩定增長。根據中汽協函字[2022]331號《2021年乘用車鋁製天窗導軌市場佔有率及排名證明》，寧波裕民中國市場佔有率第一位、全球市場佔有率第三位。寧波裕民計劃拓展至上下游產業鏈自製加工。此外，當前NEVs之輕量化產品發展加快，寧波裕民亦正拓展鋁合金製品相關的輕量化零部件業務。

此外，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」）繼續從事汽車燃油發動機凸輪軸研發與製造。二零二一年，綿陽瑞安在增程式混合動力以及插電式混合動力等領域持續加大研發，搭載綿陽瑞安產品的理想L9增程式混動汽車已經上市。同時二零二一年為吉利汽車「雷神動力」DHE-15插電式混合動力配套的凸輪軸產品已達成量產，今年將隨吉利NEVs一道行銷海外。

於二零二一年三月，本公司從核數師得悉存在若干未經授權擔保及與該等擔保有關之法律程序。因此，本公司一直未能按香港聯合交易所有限公司證券上市規則（「上市規則」）訂明之時限發表截至二零二零年十二月三十一日止年度之全年業績，本公司股份亦自二零二一年三月三十一日起暫停買賣。香港聯合交易所有限公司（「香港聯交所」或「聯交所」）已就本公司股份恢復買賣施加若干復牌指引。本公司須以令香港聯交所滿意之方式履行復牌指引以及於二零二二年九月三十日或之前恢復股份買賣。本公司現正與其顧問緊密合作，以履行復牌建議，並儘快成功恢復股份買賣。有關履行復牌指引進展及本公司為履行復牌指引而採取之行動之最新資料已載於本公司不時發表之公佈。本公司已完成未經授權擔保、質押擔保及額外資金往來的獨立調查及獨立法證調查。本公司亦已完成內部監控檢討，並已採取適當整改措施以糾正所識別的缺陷。

面對全球不景氣及2019冠狀病毒病相關不確定性，加上本公司股份暫停買賣，全體僱員之安全及福祉至關重要，與此同時我們亦致力維持業務營運。本?不懈努力及朝?正確方向邁進，我們有信心旗下集團公司將可乘風破浪，逆境自強，期望本公司整體表現得以進一步提升。

最後，本人對一直以來支持本集團並對本集團作出貢獻之股東、業務夥伴、管理團隊及僱員深表謝意。