Core Points - The battery sector experienced a decline of 3.32% on the trading day, with Huasheng Lithium leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Xianhui Technology (688155) closed at 64.99, up 6.56% with a trading volume of 87,100 shares and a transaction value of 567 million [1] - Copper Crown Copper Foil (301217) closed at 35.21, up 4.42% with a trading volume of 652,900 shares and a transaction value of 2.299 billion [1] - Weike Technology (600152) closed at 8.47, up 3.93% with a trading volume of 1,288,200 shares and a transaction value of 1.12 billion [1] - ST Hezhong (300477) closed at 4.13, up 3.77% with a trading volume of 2,588,000 shares and a transaction value of 1.092 billion [1] - Huazi Technology (300490) closed at 13.18, up 3.13% with a trading volume of 884,600 shares and a transaction value of 1.199 billion [1] - Funeng Technology (688567) closed at 18.37, up 2.97% with a trading volume of 366,200 shares and a transaction value of 670 million [1] - Other notable stocks include DeFu Technology (301511) and Wanli Co., Ltd. (600847) with respective closing prices of 32.31 and 13.33, showing minor increases [1] Capital Flow - The battery sector saw a net outflow of 14.868 billion from main funds, while retail investors contributed a net inflow of 10.766 billion [3] - Speculative funds recorded a net inflow of 4.102 billion into the sector [3]

万里股份所属申万行业为：电力设备-电池-蓄电池及其他电池。所属概念板块包括：微盘股、小盘、锂 电池、新能源车、拼多多概念等。 截至9月30日，万里股份股东户数1.16万，较上期增加6.19%；人均流通股13215股，较上期减少5.83%。 2025年1月-9月，万里股份实现营业收入3.59亿元，同比减少5.74%；归母净利润-3315.73万元，同比减 少32.86%。 分红方面，万里股份A股上市后累计派现1550.00万元。近三年，累计派现0.00元。 责任编辑：小浪快报 11月14日，万里股份盘中上涨2.12%，截至11:14，报13.48元/股，成交2507.60万元，换手率1.24%，总 市值20.66亿元。 资金流向方面，主力资金净流出123.87万元，大单买入48.56万元，占比1.94%，卖出172.43万元，占比 6.88%。 万里股份今年以来股价涨66.42%，近5个交易日涨4.58%，近20日涨20.90%，近60日涨18.98%。 今年以来万里股份已经1次登上龙虎榜，最近一次登上龙虎榜为7月4日，当日龙虎榜净买入-1802.06万 元；买入总计1863.81万元 ，占总成交额比5.11% ...

今年以来万里股份已经1次登上龙虎榜，最近一次登上龙虎榜为7月4日，当日龙虎榜净买入-1802.06万 元；买入总计1863.81万元 ，占总成交额比5.11%；卖出总计3665.87万元 ，占总成交额比10.05%。 资料显示，重庆万里新能源股份有限公司位于重庆市江津区双福街道创业路26号综合楼幢1-1，成立日 期1992年7月18日，上市日期1994年3月24日，公司主营业务涉及铅蓄电池研发、生产和销售。主营业务 收入构成为：铅酸蓄电池99.03%，其他0.97%。 11月13日，万里股份盘中上涨2.08%，截至13:06，报13.25元/股，成交2902.50万元，换手率1.45%，总 市值20.31亿元。 资金流向方面，主力资金净流入56.56万元，特大单买入338.58万元，占比11.67%，卖出136.88万元，占 比4.72%；大单买入180.33万元，占比6.21%，卖出325.47万元，占比11.21%。 万里股份今年以来股价涨63.58%，近5个交易日涨2.71%，近20日涨17.36%，近60日涨13.15%。 截至9月30日，万里股份股东户数1.16万，较上期增加6.19%；人均流通股1 ...

Group 1 - The core viewpoint of the news is that Wanli Co., Ltd. has experienced a decline in stock price and financial performance, despite a significant increase in stock price year-to-date [1][2] - As of November 12, Wanli's stock price was 12.90 CNY per share, with a market capitalization of 1.977 billion CNY and a trading volume of 20.55 million CNY [1] - Year-to-date, Wanli's stock price has increased by 59.26%, with a 2.22% increase over the last five trading days and a 13.16% increase over the last 20 days [1] Group 2 - For the period from January to September 2025, Wanli reported operating revenue of 359 million CNY, a year-on-year decrease of 5.74%, and a net profit attributable to shareholders of -33.16 million CNY, a year-on-year decrease of 32.86% [2] - The company has a total of 11,600 shareholders as of September 30, which is an increase of 6.19% from the previous period, while the average circulating shares per person decreased by 5.83% to 13,215 shares [2] Group 3 - Since its A-share listing, Wanli has distributed a total of 15.5 million CNY in dividends, with no dividends distributed in the last three years [3]

要约收购 申万宏源证券承销保荐有限责任公司 关于 北京至创天地科技发展有限公司 重庆万里新能源股份有限公司 之 财务顾问 二〇二五年十一月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"本 财务顾问"）接受北京至创天地科技发展有限公司（以下简称"至创天地"或"收 购人"）的委托，担任其要约收购重庆万里新能源股份有限公司（以下简称"万 里股份"或"上市公司"）的财务顾问。根据《上市公司收购管理办法》规定， 本次要约收购的持续督导期从公告要约收购报告书至要约收购完成后的 12 个月 止（即 2024 年 8 月 2 日至 2025 年 9 月 13 日）。 2025 年第三季度持续督导意见暨持续督导总结报告 2025 年 10 月 30 日，上市公司披露了 2025 年第三季度报告。根据相关法律 法规规定，本财务顾问就 2025 年 7 月 1 日至 2025 年 9 月 13 日（以下简称"本 持续督导期"）内万里股份的规范运作、信息披露、履行公开承诺、落实后续计 划等情况报告如下： 一、要约收购履行情况 2024 年 8 月 2 日，万里股份公告了《重庆万里新能源股份有限公司要约收 购报告 ...

Core Points - The shares being judicially disposed of are 10,072,158 unrestricted circulating shares held by Shenzhen Nanfang Tongzheng Investment Co., Ltd., a shareholder with over 5% stake in Chongqing Wanli New Energy Co., Ltd., accounting for 6.57% of the company's total share capital [2][4] - The judicial disposal will not lead to a change in control of the company, as Nanfang Tongzheng is neither the controlling shareholder nor the actual controller [2][4] - The shares have been successfully auctioned at a price of 14.25 RMB per share, totaling approximately 143.53 million RMB [3] Summary by Sections Judicial Disposal Progress - The shares have been fully auctioned, with the buyer being Jia Tianxia Asset Management Co., Ltd., and the total transaction amount is 143,528,251.5 RMB [3][5] Impact on the Company - If the share transfer is completed, Nanfang Tongzheng will no longer hold any shares in the company, but this will not affect the company's operational management or governance structure [4][5] - The buyer is restricted from selling the acquired shares within six months following the transfer, as per the regulations governing share transfers [4] Additional Information - Nanfang Tongzheng has pledged all its shares to the parent company, Jia Tianxia, which has committed to ensuring the recovery of any losses incurred by the company if Nanfang Tongzheng fails to fulfill its obligations [5]

Core Viewpoint - The recent acquisition of approximately 10.07 million shares of Wanli Co., representing about 6.57% of the total share capital, by the controlling shareholder Jiatiantian Asset Management Co., at a price of 14.25 yuan per share, signifies a major adjustment in the company's equity structure and injects new momentum for future development [1][2] Group 1 - Jiatiantian's purchase of shares was executed at a total price of approximately 144 million yuan, indicating a strategic move to enhance decision-making efficiency and governance levels within the company [1][2] - The shares acquired were previously held by Shenzhen Nanfang Tongzheng Investment Co., which no longer holds any shares in the company following the judicial disposal [1] - The acquisition resolves historical issues between the company and Nanfang Tongzheng, laying a solid foundation for the company's long-term development [2] Group 2 - The company has indicated that while the shares have been successfully auctioned, there are still subsequent steps involving payment and share transfer that introduce a degree of uncertainty regarding the final outcome [1] - Jiatiantian has committed to ensuring the recovery of any losses incurred by the company in case of default by Nanfang Tongzheng or its actual controller [1]

Core Viewpoint - Wanli Co., Ltd. is a domestic leader in the lead-acid battery sector, focusing on research, production, and sales, but faces significant challenges in revenue and profitability compared to industry leaders [1][2]. Group 1: Business Performance - In Q3 2025, Wanli's revenue was 359 million, ranking 10th among 10 companies in the industry, significantly lower than the top competitor, Tianneng, at 33.402 billion [2]. - The main business, lead-acid battery sales, generated 241 million, accounting for 99.03% of total revenue, while other business segments contributed only 2.36 million [2]. - The net profit for the same period was -33.1573 million, placing the company 9th in the industry, far behind Tianneng's 1.386 billion [2]. Group 2: Financial Ratios - As of Q3 2025, Wanli's debt-to-asset ratio was 8.84%, an increase from 7.11% year-on-year, which is significantly lower than the industry average of 38.83%, indicating strong debt repayment capability [3]. - The gross profit margin for Q3 2025 was 4.17%, down from 5.85% year-on-year, and below the industry average of 17.75%, suggesting a need for improvement in profitability [3]. Group 3: Management and Shareholder Information - The controlling shareholder is Jiatiansha Asset Management Co., Ltd., with Mo Tianquan as the actual controller and chairman, who has a rich industry background [4]. - As of September 30, 2025, the number of A-share shareholders increased by 6.19% to 11,600, while the average number of shares held per account decreased by 5.83% to 13,200 [5].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重庆万里新能源股份有限公司（以下简称"公司"）第十一届董事会第八次 会议于 2025 年 10 月 30 日以现场结合通讯方式召开，会议通知以电子邮件方式 发出。应参加会议董事 6 名，实际参加会议董事 6 名，会议的召开符合《公司法》 和《公司章程》的有关规定，经与会董事认真审议，通过了以下议案： 一、关于 2025 年第三季度报告的议案 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）披露的《万里 股份 2025 年第三季度报告》 股票代码：600847 股票简称：万里股份 公告编号：2025-038 重庆万里新能源股份有限公司 第十一届董事会第八次会议决议公告 本议案已经公司董事会审计委员会审核通过。 表决结果：同意 6 票，反对 0 票，弃权 0 票，表决通过。 特此公告。 重庆万里新能源股份有限公司 董 事 会 2025 年 10 月 30 日 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 115,769,505.96, representing a year-on-year increase of 2.95%[4] - The total profit for the quarter was a loss of CNY 14,475,205.68, with a year-to-date loss of CNY 33,157,283.04[4] - The net profit attributable to shareholders for the quarter was also a loss of CNY 14,475,205.68, with a year-to-date loss of CNY 33,157,283.04[4] - The basic and diluted earnings per share for the quarter were both CNY -0.09, with year-to-date figures of CNY -0.22[4] - Total operating revenue for the first three quarters of 2025 was CNY 358,747,119.81, a decrease of 5.4% compared to CNY 380,577,295.71 in the same period of 2024[25] - Net profit for the first three quarters of 2025 was a loss of CNY 33,157,283.04, compared to a loss of CNY 24,957,494.52 in 2024, indicating a worsening performance[26] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.22, compared to CNY -0.16 in the same period of 2024[27] Cash Flow - The cash flow from operating activities for the quarter was CNY 3,465,274.31, while the year-to-date cash flow was a negative CNY 41,225,896.87[4] - The cash flow decline was primarily due to a decrease in collection amounts resulting from lower sales revenue[9] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 340,534,810.26, a decrease from CNY 377,937,466.05 in 2024[28] - The net cash flow from operating activities was -$41,225,896.87, a decrease compared to -$10,691,394.06 from the previous period, indicating a worsening operational cash flow situation[29] - Total cash outflow from operating activities amounted to $381,760,707.13, slightly down from $388,628,860.11 in the prior period[29] - The ending cash and cash equivalents balance was $84,189,967.49, up from $51,513,415.04 in the previous period, reflecting a net increase in cash despite operational losses[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 564,390,767.42, down 8.99% from the end of the previous year[5] - The equity attributable to shareholders was CNY 514,472,361.62, a decrease of 6.05% from the previous year[5] - Total liabilities decreased to CNY 49,918,405.80 in 2025 from CNY 72,489,544.04 in 2024, indicating improved financial health[25] - The company’s total liabilities include accounts payable of 20,071,568.94 CNY as of September 30, 2025, down from 24,009,746.67 CNY[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,599[11] - The largest shareholder, Jia Tian Xia Asset Management Co., holds 17,708,110 shares, representing 11.55% of total shares[11] - The second largest shareholder, Shenzhen Southern Tongzheng Investment Co., holds 10,072,158 shares, representing 6.57% of total shares, and these shares are pledged[11] - The company has 10 major shareholders, with no changes in their participation in margin trading or securities lending[12] Legal and Arbitration Matters - The company is involved in a lawsuit regarding a share transfer dispute, with claims for compensation amounting to RMB 200 million and a penalty of RMB 300 million[12] - The company has initiated arbitration for investment loss compensation of RMB 127.11 million due to a previous investment in Terui Battery[15] - The arbitration ruling requires the respondents to pay the company RMB 127.11 million for investment losses and RMB 300,000 for legal fees[16] - The company received an execution payment of RMB 41,910,290.85 related to the arbitration case[17] - The company is currently in the process of executing the arbitration ruling, which is ongoing[13] Research and Development - The decline in net profit was attributed to a decrease in sales revenue and increased R&D expenses[9] - Research and development expenses increased significantly to CNY 4,861,774.83 in 2025 from CNY 838,720.23 in 2024, reflecting a focus on innovation[25] Financial Obligations - The company has recognized a total receivable of 191,392,940.94 CNY from Southern Tongzheng Company for loss compensation as of December 31, 2022, which includes losses of 155,567,888.90 CNY for 2018, 7,423,581.81 CNY for 2021, and 25,042,370.44 CNY for 2022[18] - The expected loss for the first half of 2023 is projected to be 13,402,758.66 CNY, with deferred interest receivable of 1,410,253.81 CNY[20] - The company has pledged all its shares (10,072,158 shares, accounting for 6.57% of total shares) to ensure Southern Tongzheng Company fulfills its obligations under the share transfer agreement[20] - The company has a deferred interest receivable of 2,820,507.62 CNY for both 2023 and 2024, indicating ongoing financial obligations[19] Asset Management - The company has terminated a major asset restructuring plan, leading to significant uncertainty regarding the timing of asset disposal and compensation for losses[19] - The company has reported a decrease in cash and cash equivalents from 90,054,323.43 CNY as of December 31, 2024, to 86,103,190.21 CNY as of September 30, 2025[22] - The company’s accounts receivable increased from 75,441,169.01 CNY as of December 31, 2024, to 82,829,168.69 CNY as of September 30, 2025[22] - The company’s fixed assets decreased from 149,132,803.76 CNY as of December 31, 2024, to 133,505,388.81 CNY as of September 30, 2025[23] - Cash paid for the acquisition of fixed assets was $4,635,527.20, significantly higher than $1,446,761.93 in the prior period, suggesting increased capital expenditures[29] Accounting Standards - The company will not apply new accounting standards starting from 2025, as indicated in the announcement[30]