Core Viewpoint - Wanli Co., Ltd. reported a decline in revenue and an increase in net loss for the first half of 2025, indicating challenges in its core business of lead-acid battery production and sales [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 243 million yuan, a year-on-year decrease of 9.38% [1] - The net profit attributable to the parent company was a loss of 18.68 million yuan, with the loss margin widening compared to the same period last year [1] - The net cash flow from operating activities was -44.69 million yuan, a decrease of 14.76 million yuan year-on-year [1] Balance Sheet Highlights - The company's cash and cash equivalents decreased by 52.11% compared to the end of the previous year [1] - Inventory increased by 6.12% compared to the end of the previous year [1] Shareholder Information - Among the top ten circulating shareholders, Beijing Yingdong Antong Technology Co., Ltd. is a new shareholder [1] Market Activity - On August 22, 2025, the main funds net inflow for Wanli Co., Ltd. was 1.0954 million yuan, accounting for 0.06% of the circulating market value [1] - Over the past five days, the cumulative net inflow of main funds was 997,400 yuan [1]

Group 1 - The board of directors of Chongqing Wanli New Energy Co., Ltd. held its seventh meeting of the eleventh session on August 22, 2025, in accordance with the Company Law and the Articles of Association [1] - The meeting was attended by all six directors, and the resolutions passed included the approval of the 2025 semi-annual report, which was reviewed by the company's audit committee [1] - The voting results for the resolution were unanimous, with 6 votes in favor, 0 against, and 0 abstentions, indicating strong support for the report [1]

Group 1 - The company reported a revenue of 243 million yuan for the first half of 2025, representing a year-on-year decrease of 9.38% [1] - The net profit attributable to shareholders of the listed company was -18.68 million yuan [1] - The basic earnings per share were -0.12 yuan [1]

2025年上半年，公司毛利率为5.15%，同比下降1.98个百分点；净利率为-7.69%，较上年同期下降2.87个 百分点。从单季度指标来看，2025年第二季度公司毛利率为5.32%，同比上升0.10个百分点，环比上升 0.33个百分点；净利率为-8.05%，较上年同期下降3.86个百分点，较上一季度下降0.72个百分点。 2025年上半年，公司期间费用为1850.67万元，较上年同期增加116.83万元；期间费用率为7.62%，较上 年同期上升1.15个百分点。其中，销售费用同比减少24.25%，管理费用同比增长6.56%，研发费用同比 增长439.94%，财务费用同比减少42.94%。 筹码集中度方面，截至2025年上半年末，公司股东总户数为1.09万户，较一季度末下降了136户，降幅 1.23%；户均持股市值由一季度末的12.64万元增加至15.44万元，增幅为22.12%。 8月22日，万里股份发布2025年半年报。报告显示，公司上半年营业收入为2.43亿元，同比下降9.38%； 归母净利润为-1868.21万元，同比下降44.56%；扣非归母净利润为-1869.59万元，同比下降48.96%；基 本 ...

股票代码：600847 股票简称：万里股份 公告编号：2025-033 重庆万里新能源股份有限公司 第十一届董事会第七次会议决议公告 重庆万里新能源股份有限公司（以下简称"公司"）第十一届董事会第七次 会议于 2025 年 8 月 22 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 年半年度报告的议案 本议案已经公司董事会审计委员会审核通过。 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 年半年度报告》 特此公告。 重庆万里新能源股份有限公司 董 事 会 2025 年 8 月 22 日 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。 表决结果：同意 6 票，反对 0 票，弃权 0 票，表决通过。 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The report guarantees content accuracy, declares unaudited status, cautions on forward-looking statements, and confirms no unauthorized fund occupation or guarantees by related parties - This semi-annual report has not been audited[5](index=5&type=chunk) - Forward-looking statements do not constitute a substantial commitment to investors, who are advised to note investment risks[6](index=6&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties[7](index=7&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms, clarifying "Listed Company" and "Wanli Co., Ltd." as Chongqing Wanli New Energy Co., Ltd., and lists major subsidiaries and related parties Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | Listed Company, Wanli Co., Ltd. | Chongqing Wanli New Energy Co., Ltd. | | Wanli Power | Chongqing Wanli Power Technology Co., Ltd. | | Wanli Huafeng | Chongqing Wanli Huafeng Battery Sales Co., Ltd. | | Huayu Yifeng | Beijing Huayu Yifeng Technology Development Co., Ltd. | | Jiatianxia | Jiatianxia Asset Management Co., Ltd. | | Southern Tongzheng | Shenzhen Southern Tongzheng Investment Co., Ltd. | | Terry Battery | Chongqing Terry Battery Material Co., Ltd. | [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, changes in fundamental information, disclosure channels, stock overview, and key financial data and indicators [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section details the company's basic registration information, including its Chinese name, abbreviation, and legal representative - Company Chinese Name: **Chongqing Wanli New Energy Co., Ltd**[13](index=13&type=chunk) - Company Chinese Abbreviation: **Wanli Co., Ltd**[13](index=13&type=chunk) - Company Legal Representative: **Mo Tianquan**[13](index=13&type=chunk) [II. Contact Persons and Contact Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the company's board secretary and securities affairs representative's contact information for investor communication - Board Secretary: **Jing Hao**, Contact Address: No. 26 Chuangye Road, Shuangfu Street, Jiangjin District, Chongqing, Phone: **02385532408**, Email: **cqwanli2010@126.com**[14](index=14&type=chunk) - Securities Affairs Representative: **Zhang Jun**, Contact Address: No. 26 Chuangye Road, Shuangfu Street, Jiangjin District, Chongqing, Phone: **02385532408**, Email: **cqwanli2010@126.com**[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines changes to the company's basic information, including its registered address, office address, website, and email - Company registered address and office address are both **Comprehensive Building 1-1, No. 26 Chuangye Road, Shuangfu Street, Jiangjin District, Chongqing**[15](index=15&type=chunk) - Company Website: **http://www.cqwanli.com/**[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report's availability location - Company's selected newspapers for information disclosure: **"China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily"**[16](index=16&type=chunk) - Website address for publishing semi-annual reports: **http://www.sse.com.cn/**[16](index=16&type=chunk) [V. Brief Introduction to Company Stock](index=4&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and code - Stock Type: **A-share**[17](index=17&type=chunk) - Stock Exchange: **Shanghai Stock Exchange**[17](index=17&type=chunk) - Stock Abbreviation: **Wanli Co., Ltd.**, Stock Code: **600847**[17](index=17&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key financial data for H1 2025, showing a **9.38% decrease in operating revenue**, expanded net loss, increased net cash outflow from operating activities, and declines in net and total assets Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 242,977,613.85 | 268,126,677.83 | -9.38 | | Total Profit (Yuan) | -18,682,077.36 | -12,923,821.21 | Loss expanded | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | -18,682,077.36 | -12,923,821.21 | Loss expanded | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Items (Yuan) | -18,695,857.73 | -12,550,672.45 | Loss expanded | | Net Cash Flow from Operating Activities (Yuan) | -44,691,171.18 | -29,929,379.85 | Net outflow expanded | | Net Assets Attributable to Shareholders of Listed Company (Period-end) (Yuan) | 528,947,567.30 | 547,629,644.66 | -3.41 | | Total Assets (Period-end) (Yuan) | 570,567,342.87 | 620,119,188.70 | -7.99 | | Basic Earnings Per Share (Yuan/share) | -0.12 | -0.08 | Loss expanded | | Diluted Earnings Per Share (Yuan/share) | -0.12 | -0.08 | Loss expanded | | Basic EPS After Non-recurring Items (Yuan/share) | -0.12 | -0.08 | Loss expanded | | Weighted Average Return on Equity (%) | -3.47 | -1.97 | Decreased by 1.5 percentage points | | Weighted Average Return on Equity After Non-recurring Items (%) | -3.47 | -1.91 | Decreased by 1.56 percentage points | Non-recurring Gain/Loss Items and Amounts for H1 2025 | Non-recurring Gain/Loss Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit/loss | 17,514.09 | | Fair value change gain/loss from financial assets and liabilities held by non-financial enterprises, and gain/loss from disposal of financial assets and liabilities | -23,148.96 | | Other non-operating income and expenses apart from the above | 19,415.24 | | Total | 13,780.37 | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business operations, core competencies, and significant operational changes during the reporting period [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily researches, develops, produces, and sells lead-acid batteries for automotive start-stop applications, facing market competition and challenges from new energy vehicles - The company operates in the **lead-acid battery industry**, with main products in the **automotive start-stop battery sector**[26](index=26&type=chunk) - In H1 2025, China's lead-acid start-stop battery market was characterized by **"stock replacement dominance and new energy vehicle diversion"**[26](index=26&type=chunk) - Despite a **40.9% penetration rate of new energy vehicles**, hybrid models still **100%** configure lead-acid batteries, while pure electric vehicle fitment has dropped to **18%**[26](index=26&type=chunk) - The company's operating scale is relatively small, profitability is weak, and there is a gap in gross and net profit margins compared to the average level of comparable listed companies[27](index=27&type=chunk) [II. Discussion and Analysis of Operating Performance](index=7&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Operating revenue decreased by **9.38%** and net loss expanded due to intense market competition, lower gross margins, and increased R&D expenses, alongside an arbitration award for **127.11 million Yuan** in investment losses H1 2025 Operating Performance Overview | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 242,977,613.85 | 268,126,677.83 | -9.38% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | -18,682,077.36 | -12,923,821.21 | Loss expanded | | Net Profit Attributable to Common Shareholders After Non-recurring Items (Yuan) | -18,695,857.73 | -12,550,672.45 | Loss expanded | - The increase in company loss is primarily due to intense market competition leading to a decrease in operating revenue and sales gross margin, as well as a significant increase in R&D expenses[28](index=28&type=chunk) - The company received an arbitration award, ruling that **Liu Xicheng** and **Qiu Xiaowei** jointly pay the company an investment loss of **RMB 127,110,000 Yuan**[31](index=31&type=chunk) - The company has priority in receiving proceeds from the disposal of **15.54%** of Terry Battery shares pledged by Tongzheng Industrial, up to **127 million Yuan**[31](index=31&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company possesses core competencies in advanced production equipment, modern environmental facilities, and a strategic regional location with a strong customer base of major automotive manufacturers - Production Equipment Advantage: The company has introduced **internationally advanced production lines and testing equipment**, placing its overall production equipment at an upper-middle level in the industry[32](index=32&type=chunk) - Environmental Facilities Post-Development Advantage: After completing the overall environmental relocation, relevant clean production technologies, processes, and pollution treatment facilities are at an advanced level, capable of meeting national environmental requirements well[32](index=32&type=chunk) - Location Advantage: The region hosts major automobile manufacturers such as **Changan** and **Seres**, providing the company with a strong customer base[32](index=32&type=chunk) [IV. Main Operating Performance During the Reporting Period](index=8&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's main operating performance during the reporting period [(I) Main Business Analysis](index=8&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business analysis shows a **9.38% decline in operating revenue** due to market competition, a corresponding decrease in operating costs, and a **439.94% surge in R&D expenses**, leading to a significant drop in net cash flow from operating activities Analysis Table of Financial Statement Related Accounts Changes | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 242,977,613.85 | 268,126,677.83 | -9.38 | Intense market competition led to a certain decrease in the company's operating revenue | | Operating Cost | 230,470,692.83 | 251,429,223.48 | -8.34 | Decreased with the decline in operating revenue | | Selling Expenses | 5,986,266.90 | 5,497,558.07 | 8.89 | Primarily due to an increase in marketing expenses | | Administrative Expenses | 9,506,994.91 | 8,921,425.65 | 6.56 | Primarily due to an increase in salaries and wages | | Financial Expenses | -84,535.75 | -59,140.26 | N/A | Primarily due to an increase in acceptance discounts received | | R&D Expenses | 3,098,023.64 | 573,768.51 | 439.94 | Primarily due to the company's increased R&D investment | | Net Cash Flow from Operating Activities | -44,691,171.18 | -29,929,379.85 | N/A | Primarily due to an increase in accounts receivable | | Net Cash Flow from Investing Activities | -2,238,119.95 | -873,491.93 | N/A | Primarily due to investment in fixed assets | [(III) Analysis of Assets and Liabilities](index=9&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At period-end, cash and equivalents significantly decreased by **52.11%**, total assets declined by **7.99%**, while receivables and inventory increased, and contract liabilities sharply fell by **67.52%** Asset and Liability Status Change Table | Item Name | Current Period End (Yuan) | Proportion of Total Assets (%) | Prior Period End (Yuan) | Prior Period End Proportion of Total Assets (%) | YoY Change in Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 43,125,032.30 | 7.56 | 90,054,323.43 | 14.52 | -52.11 | | Receivables | 87,965,572.61 | 15.42 | 75,441,169.01 | 12.17 | 16.60 | | Inventory | 120,562,537.66 | 21.13 | 113,613,014.86 | 18.32 | 6.12 | | Fixed Assets | 136,804,967.43 | 23.98 | 149,132,803.76 | 24.05 | -8.27 | | Construction in Progress | 1,032,242.72 | 0.18 | 792,120.18 | 0.13 | 30.31 | | Contract Liabilities | 6,073,033.08 | 1.06 | 18,700,620.46 | 3.02 | -67.52 | | Net Assets Attributable to Shareholders of Listed Company | 528,947,567.30 | 92.70 | 547,629,644.66 | 88.31 | -3.41 | | Total Assets | 570,567,342.87 | 100.00 | 620,119,188.70 | 100.00 | -7.99 | - Of the period-end cash and equivalents, **1,895,801.69 Yuan** is restricted due to guarantees and other reasons[37](index=37&type=chunk) [(IV) Analysis of Investment Status](index=9&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's financial assets measured at fair value primarily consist of equity investments, resulting in a **23,148.96 Yuan** fair value loss for the period, with an ending balance of **167,630.40 Yuan** Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Stocks | 190,779.36 | -23,148.96 | 167,630.40 | | Total | 190,779.36 | -23,148.96 | 167,630.40 | - At the end of the reporting period, the company's financial assets measured at fair value were **79,824 shares** of **Zotye Auto (000980)**, received as debt repayment in previous years[40](index=40&type=chunk) [V. Other Disclosures](index=11&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section covers other significant disclosures [(I) Potential Risks](index=11&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks related to product transformation and upgrades due to declining traditional automotive market share, alongside policy changes from increasingly stringent environmental regulations - Product Transformation and Upgrade Risk: The company's main products are used in the **traditional automotive start-stop sector**, which is narrow in scope, and the increasing market share of new energy vehicles may adversely affect the company's operations[41](index=41&type=chunk) - Policy Change Risk: The lead-acid battery industry is highly affected by environmental policies, and the nation's environmental requirements are becoming increasingly stringent; if the company's environmental investments cannot keep pace, it will impact production and operations[41](index=41&type=chunk) [Section IV Corporate Governance, Environment and Society](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in the company's directors and senior management, profit distribution plans, and environmental information disclosure [I. Changes in Company Directors and Senior Management](index=12&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the board of directors saw changes with the departure of independent director Liu Qifang and the election of Lin Lin and Ye Jianping as new independent directors - Independent director **Liu Qifang** resigned[44](index=44&type=chunk) - **Lin Lin** and **Ye Jianping** were elected as independent directors[44](index=44&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=12&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no proposed profit distribution or capital reserve capitalization plan for the current semi-annual period - The proposed profit distribution or capital reserve capitalization plan for this semi-annual period is **"None"**[44](index=44&type=chunk) - The number of bonus shares, dividends, and capitalization shares per **10 shares** is **0**[44](index=44&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=12&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its key subsidiary, Chongqing Wanli Power Technology Co., Ltd., are both on the list of enterprises required to disclose environmental information, with reports accessible via a specified index - The number of enterprises included in the list of legally required environmental information disclosure is **2**, including **Chongqing Wanli New Energy Co., Ltd.** and **Chongqing Wanli Power Technology Co., Ltd.**[45](index=45&type=chunk) - The query index for legally disclosed environmental information reports is **http://183.66.66.47:10001/eps/index/enterprise-search**[45](index=45&type=chunk) [Section V Significant Matters](index=14&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, significant litigation and arbitration, integrity status, and other major events, including ongoing lawsuits and arbitration regarding investment losses and asset divestment [I. Fulfillment of Commitments](index=14&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) While controlling shareholders fulfilled commitments regarding competition and related-party transactions, Southern Tongzheng and Liu Xicheng failed to timely fulfill asset divestment and loss compensation commitments, leading to arbitration and related lawsuits - Commitments by the controlling shareholder and actual controller regarding resolving **horizontal competition** and **related-party transactions** have been strictly fulfilled[48](index=48&type=chunk) - Southern Tongzheng Company and **Liu Xicheng's** commitment to facilitate the transfer of the company's existing business assets (not less than **680 million Yuan**) and compensate for losses was not strictly fulfilled in a timely manner[48](index=48&type=chunk)[49](index=49&type=chunk) - On **March 17, 2023**, the company filed an arbitration application regarding **Liu Xicheng, Qiu Xiaowei, and Tongzheng Industrial's** failure to fulfill investment loss compensation obligations as scheduled, and received a final arbitration award in **June 2024**[49](index=49&type=chunk) - Controlling shareholder **Jiatianxia** filed a lawsuit with the Shanghai Financial Court in **June 2023** concerning an equity transfer dispute, which is currently in the enforcement process[49](index=49&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=16&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company initiated arbitration against Liu Xicheng, Qiu Xiaowei, and Tongzheng Industrial for unfulfilled investment loss compensation, receiving a final award in June 2024 for **127.11 million Yuan**, with the company having priority claim on pledged shares - The company incurred an investment loss of **127.11 million Yuan** from the purchase and sale of Terry Battery shares, which **Liu Xicheng** and **Qiu Xiaowei** committed to fully compensate[51](index=51&type=chunk) - On **March 17, 2023**, the company filed an arbitration application with the China International Economic and Trade Arbitration Commission to urge the respondents to fulfill their loss compensation obligations[51](index=51&type=chunk) - On **June 4, 2024**, the Arbitration Commission issued a final award, requiring **Liu Xicheng** and **Qiu Xiaowei** to jointly pay an investment loss of **RMB 127,110,000 Yuan**[51](index=51&type=chunk)[52](index=52&type=chunk) - The company has priority in receiving proceeds from the disposal of **15.54%** of Terry Battery shares pledged by Tongzheng Industrial, up to **127.11 million Yuan**[52](index=52&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=17&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, neither the company nor its controlling shareholders or actual controllers had any integrity issues, such as unfulfilled court judgments or overdue significant debts - During the reporting period, the company, its controlling shareholders, and actual controllers had no integrity issues such as unfulfilled effective court judgments or overdue significant debts[53](index=53&type=chunk) [XIII. Explanation of Other Significant Matters](index=20&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This section provides explanations for other significant matters [(I) Lawsuit Filed by Controlling Shareholder](index=20&type=section&id=%28%E4%B8%80%29%20%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%8F%90%E8%B5%B7%E8%AF%89%E8%AE%BC) The controlling shareholder, Jiatianxia, filed a lawsuit seeking **200 million Yuan** in compensation, **300 million Yuan** in liquidated damages, and joint liability from Liu Xicheng for unfulfilled asset divestment obligations, with the case currently in enforcement - Controlling shareholder **Jiatianxia** filed a lawsuit with the Shanghai Financial Court regarding an equity transfer dispute, with **Jiatianxia** as the plaintiff and **Southern Tongzheng Company** and **Liu Xicheng** as defendants[58](index=58&type=chunk) - **Jiatianxia** requested the court to order **Southern Tongzheng Company** to fulfill its asset divestment obligations, return asset divestment compensation of **RMB 200,000,000.00 Yuan**, and pay liquidated damages of **RMB 300,000,000.00 Yuan**[58](index=58&type=chunk) - **Jiatianxia** requested the court to order **Liu Xicheng** to bear joint and several liability for the debts owed by **Southern Tongzheng Company**, and to have priority in receiving proceeds from the company's shares held by **Southern Tongzheng Company** and the equity of **Southern Tongzheng Company** held by **Liu Xicheng**[58](index=58&type=chunk) - As of the balance sheet date, the relevant lawsuit is still in the enforcement process[59](index=59&type=chunk) [(II) Loss Compensation Receivable from Southern Tongzheng Company](index=20&type=section&id=%28%E4%BA%8C%29%20%E5%BA%94%E6%94%B6%E5%8D%97%E6%96%B9%E5%90%8C%E6%AD%A3%E5%85%AC%E5%8F%B8%E4%BA%8F%E6%8D%9F%E8%A1%A5%E8%B6%B3%E6%AC%BE) The company is owed **191 million Yuan** in loss compensation from Southern Tongzheng, with additional projected losses and interest, while asset divestment delays are attributed to high transaction value and market challenges - As of **December 31, 2022**, the company had cumulatively recognized **191,392,940.94 Yuan** in loss compensation receivable from **Southern Tongzheng Company**[60](index=60&type=chunk) - For **2023**, estimated non-existing business losses are **21.55 million Yuan**, with deferred interest receivable of **2.82 million Yuan**[62](index=62&type=chunk) - For **2024**, estimated non-existing business losses are **34.80 million Yuan**, with deferred interest receivable of **2.82 million Yuan**[62](index=62&type=chunk) - For **January-June 2025**, estimated non-existing business losses are **13.40 million Yuan**, with deferred interest receivable of **1.41 million Yuan**[62](index=62&type=chunk) - Reasons for the failure to complete asset divestment as scheduled include **high transaction value**, **significant performance pressure**, **difficulty in market-based acquisition**, **complex procedures**, and the company's **new business not yet forming**[60](index=60&type=chunk) - **Southern Tongzheng Company** pledged all its shares in the company (**10,072,158 shares**) to **Jiatianxia**, **Liu Xicheng** pledged **10%** of his shares in **Southern Tongzheng Company** to **Jiatianxia**, and **Tongzheng Industrial** pledged **15.54%** of its equity in **Terry Battery** to the company[63](index=63&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=21&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section outlines changes in the company's share capital and provides details on its shareholder structure, including the top ten shareholders and their relationships [I. Changes in Share Capital](index=21&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or equity structure - During the reporting period, there were no changes in the company's total share capital or equity structure[65](index=65&type=chunk) [II. Shareholder Information](index=21&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **10,923** common shareholders, with Jiatianxia Asset Management Co., Ltd. as the controlling shareholder and all shares of Shenzhen Southern Tongzheng Investment Co., Ltd. pledged - Total number of common shareholders at the end of the reporting period: **10,923 households**[66](index=66&type=chunk) Shareholding of Top Ten Shareholders at Period End | Shareholder Name | Shares Held at Period End | Proportion (%) | Pledge, Mark, or Freeze Status (Shares/Quantity) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | | Jiatianxia Asset Management Co., Ltd. | 17,708,110 | 11.55 | None / 0 | Domestic Non-State-Owned Legal Person | | Shenzhen Southern Tongzheng Investment Co., Ltd. | 10,072,158 | 6.57 | Pledged / 10,072,158 | Domestic Non-State-Owned Legal Person | | Beijing Zhichuang Tiandi Technology Development Co., Ltd. | 9,074,831 | 5.92 | None / 0 | Domestic Non-State-Owned Legal Person | | Beijing Huaju Tianxia Network Technology Co., Ltd. | 8,388,918 | 5.47 | None / 0 | Domestic Non-State-Owned Legal Person | | Zhang Zhidong | 5,162,800 | 3.37 | None / 0 | Domestic Natural Person | | Beijing Meilifang Commercial Co., Ltd. | 4,689,800 | 3.06 | None / 0 | Domestic Non-State-Owned Legal Person | | Liu Chao | 4,144,400 | 2.70 | None / 0 | Domestic Natural Person | | Gao Tianyu | 4,040,000 | 2.64 | None / 0 | Domestic Natural Person | | Beijing Shida Qixiang Trading Co., Ltd. | 3,061,100 | 2.00 | None / 0 | Domestic Non-State-Owned Legal Person | | Beijing Yingdong Antong Technology Co., Ltd. | 2,889,112 | 1.88 | None / 0 | Domestic Non-State-Owned Legal Person | - Southern Tongzheng Company entrusted its voting rights for **10,072,158 shares** of the company to Jiatianxia[68](index=68&type=chunk) - Jiatianxia, Beijing Zhichuang Tiandi Technology Development Co., Ltd., and Beijing Huaju Tianxia Network Technology Co., Ltd. are all controlled by **Mr. Mo Tianquan**; the accounts of **Zhang Zhidong, Liu Chao, Gao Tianyu, Meilifang, Shida Qixiang, and Yingdong Antong** are controlled by **Mr. Zheng Hairuo**[69](index=69&type=chunk) [Section VII Bond-Related Information](index=23&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[71](index=71&type=chunk) - The company has no convertible corporate bonds[71](index=71&type=chunk) [Section VIII Financial Report](index=24&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and significant items [I. Audit Report](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=24&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Consolidated Balance Sheet](index=24&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **571 million Yuan** (down **7.99%**), total liabilities were **41.62 million Yuan** (down **42.59%**), and owners' equity attributable to the parent company was **529 million Yuan** (down **3.41%**) Consolidated Balance Sheet Key Data (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Equivalents | 43,125,032.30 | 90,054,323.43 | | Trading Financial Assets | 167,630.40 | 190,779.36 | | Accounts Receivable | 87,965,572.61 | 75,441,169.01 | | Other Receivables | 115,694,939.88 | 116,255,871.85 | | Inventory | 120,562,537.66 | 113,613,014.86 | | Total Current Assets | 416,113,788.85 | 453,260,014.99 | | Fixed Assets | 136,804,967.43 | 149,132,803.76 | | Intangible Assets | 16,178,645.83 | 16,493,135.77 | | Total Non-current Assets | 154,453,554.02 | 166,859,173.71 | | Total Assets | 570,567,342.87 | 620,119,188.70 | | Accounts Payable | 13,101,731.23 | 24,009,746.67 | | Contract Liabilities | 6,073,033.08 | 18,700,620.46 | | Employee Benefits Payable | 5,070,676.04 | 6,569,429.29 | | Taxes Payable | 6,189,627.90 | 13,049,342.54 | | Total Current Liabilities | 40,525,370.88 | 71,045,098.36 | | Total Liabilities | 41,619,775.57 | 72,489,544.04 | | Total Owners' Equity Attributable to Parent Company | 528,947,567.30 | 547,629,644.66 | | Total Owners' Equity | 528,947,567.30 | 547,629,644.66 | [Parent Company Balance Sheet](index=26&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **660 million Yuan** (up **0.96%**), total liabilities were **21.62 million Yuan** (up **52.15%**), and owners' equity was **639 million Yuan** (slightly down) Parent Company Balance Sheet Key Data (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Equivalents | 862,899.53 | 1,117,106.90 | | Other Receivables | 8,740,735.63 | 3,001,078.63 | | Total Current Assets | 10,950,695.47 | 4,628,150.70 | | Long-term Equity Investments | 649,520,153.99 | 649,520,153.99 | | Total Assets | 660,470,849.46 | 654,148,304.69 | | Other Payables | 21,567,995.97 | 14,158,969.87 | | Total Liabilities | 21,624,271.92 | 14,212,587.14 | | Total Owners' Equity | 638,846,577.54 | 639,935,717.55 | [Consolidated Income Statement](index=28&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, consolidated operating revenue was **243 million Yuan** (down **9.38%**), with a net loss of **18.68 million Yuan**, and R&D expenses significantly increased by **439.94%** Consolidated Income Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 242,977,613.85 | 268,126,677.83 | | Total Operating Costs | 261,348,321.53 | 280,401,885.00 | | Operating Cost | 230,470,692.83 | 251,429,223.48 | | Taxes and Surcharges | 12,370,879.00 | 14,039,049.55 | | Selling Expenses | 5,986,266.90 | 5,497,558.07 | | Administrative Expenses | 9,506,994.91 | 8,921,425.65 | | R&D Expenses | 3,098,023.64 | 573,768.51 | | Financial Expenses | -84,535.75 | -59,140.26 | | Operating Profit | -18,684,221.98 | -12,799,306.49 | | Total Profit | -18,682,077.36 | -12,923,821.21 | | Net Profit | -18,682,077.36 | -12,923,821.21 | | Net Profit Attributable to Parent Company Shareholders | -18,682,077.36 | -12,923,821.21 | | Basic Earnings Per Share (Yuan/share) | -0.12 | -0.08 | [Parent Company Income Statement](index=30&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the parent company's net loss narrowed to **1.09 million Yuan** from **1.66 million Yuan** in the prior period, with decreased administrative expenses and a positive shift in financial expenses Parent Company Income Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Administrative Expenses | 1,098,729.05 | 1,652,776.22 | | Financial Expenses | 618.12 | -358.49 | | Operating Profit | -1,089,140.01 | -1,662,061.62 | | Total Profit | -1,089,140.01 | -1,662,413.64 | | Net Profit | -1,089,140.01 | -1,662,413.64 | [Consolidated Cash Flow Statement](index=32&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities was a **44.69 million Yuan** outflow, net cash flow from investing activities was a **2.24 million Yuan** outflow, and period-end cash and cash equivalents significantly decreased to **41.21 million Yuan** Consolidated Cash Flow Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 222,363,229.32 | 245,299,713.26 | | Subtotal of Cash Outflows from Operating Activities | 267,054,400.50 | 275,229,093.11 | | Net Cash Flow from Operating Activities | -44,691,171.18 | -29,929,379.85 | | Net Cash Flow from Investing Activities | -2,238,119.95 | -873,491.93 | | Net Cash Flow from Financing Activities | 0 | 0 | | Net Increase in Cash and Cash Equivalents | -46,929,291.13 | -30,802,871.78 | | Cash and Cash Equivalents at Period End | 41,211,809.58 | 32,840,699.25 | [Parent Company Cash Flow Statement](index=34&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, the parent company's net cash outflow from operating activities narrowed to **0.25 million Yuan**, with an ending cash and cash equivalents balance of **0.86 million Yuan** Parent Company Cash Flow Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -254,207.37 | -357,714.03 | | Net Increase in Cash and Cash Equivalents | -254,207.37 | -357,714.03 | | Cash and Cash Equivalents at Period End | 862,899.53 | 474,536.70 | [Consolidated Statement of Changes in Owners' Equity](index=36&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For H1 2025, consolidated owners' equity decreased by **18.68 million Yuan** due to net loss, reaching an ending balance of **529 million Yuan**, while paid-in capital and capital reserves remained unchanged Consolidated Statement of Changes in Owners' Equity Key Data (H1 2025) | Item | Beginning Balance (Yuan) | Change in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 153,287,400.00 | 0 | 153,287,400.00 | | Capital Reserves | 763,545,748.82 | 0 | 763,545,748.82 | | Undistributed Profits | -369,203,504.16 | -18,682,077.36 | -387,885,581.52 | | Total Owners' Equity Attributable to Parent Company | 547,629,644.66 | -18,682,077.36 | 528,947,567.30 | | Total Owners' Equity | 547,629,644.66 | -18,682,077.36 | 528,947,567.30 | [Parent Company Statement of Changes in Owners' Equity](index=40&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For H1 2025, parent company owners' equity decreased by **1.09 million Yuan** due to net loss, reaching an ending balance of **639 million Yuan**, with paid-in capital and capital reserves remaining unchanged Parent Company Statement of Changes in Owners' Equity Key Data (H1 2025) | Item | Beginning Balance (Yuan) | Change in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 153,287,400.00 | 0 | 153,287,400.00 | | Capital Reserves | 763,055,860.91 | 0 | 763,055,860.91 | | Undistributed Profits | -276,407,543.36 | -1,089,140.01 | -277,496,683.37 | | Total Owners' Equity | 639,935,717.55 | -1,089,140.01 | 638,846,577.54 | [III. Company Basic Information](index=44&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, formerly Chongqing Storage Battery Factory, was reorganized in 1992, listed on the Shanghai Stock Exchange in 1994, has a registered capital of **153 million Yuan**, and primarily engages in lead-acid battery R&D, production, and sales - The company's predecessor was **Chongqing Storage Battery Factory**, reorganized in **1992** as **Chongqing Wanli New Energy Co., Ltd.**[107](index=107&type=chunk) - The company's shares were listed and traded on the **Shanghai Stock Exchange** on **March 24, 1994**[107](index=107&type=chunk) - The company's registered capital is **153,287,400.00 Yuan**, with a total of **153,287,400 shares**, all of which are unrestricted tradable shares[107](index=107&type=chunk) - The company's main business is the **research, development, production, and sales of lead-acid batteries**[107](index=107&type=chunk) [IV. Basis of Financial Statement Preparation](index=44&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a **going concern basis**[108](index=108&type=chunk) - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern for the **12 months** from the end of the reporting period[109](index=109&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=44&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, adhering to enterprise accounting standards - The company has formulated specific accounting policies and estimates for transactions or matters such as **financial instrument impairment, fixed asset depreciation, construction in progress, intangible asset amortization, and revenue recognition** based on its actual production and operating characteristics[110](index=110&type=chunk) - The company's financial statements comply with the requirements of **Enterprise Accounting Standards** and truly and completely reflect its financial position[111](index=111&type=chunk) - The company's operating cycle is short, using **12 months** as the liquidity classification standard for assets and liabilities[113](index=113&type=chunk) - Materiality standards: Individual accounts receivable, other receivables, prepayments, construction in progress, accounts payable, and contract liabilities are deemed material if their amount exceeds **0.5% of total assets**; commitments are deemed material if their amount exceeds **5% of total assets** or if they are of a special nature[115](index=115&type=chunk)[116](index=116&type=chunk) - Revenue Recognition Principle: Identify performance obligations, determine the performance period or point in time, and measure revenue according to the transaction price allocated to each single performance obligation. Revenue from lead-acid battery sales is recognized at the point when the customer obtains control of the goods[157](index=157&type=chunk)[158](index=158&type=chunk) [VI. Taxes](index=59&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax types and applicable rates, including VAT, consumption tax, urban maintenance and construction tax, corporate income tax, education surcharges, and property tax Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% | | Consumption Tax | 4% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | [VII. Notes to Consolidated Financial Statement Items](index=60&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including **43.13 million Yuan** in cash and equivalents (with **1.91 million Yuan** restricted), **131 million Yuan** in accounts receivable, **193 million Yuan** in other receivables (primarily loss compensation), and a **439.94% increase in R&D expenses** - The period-end cash and equivalents balance is **43,125,032.30 Yuan**, of which **1,913,222.72 Yuan** is restricted funds (housing reform office housing funds, futures margin)[174](index=174&type=chunk) - The period-end trading financial assets are **167,630.40 Yuan**, primarily equity instrument investments (stocks)[176](index=176&type=chunk) - The period-end book balance of accounts receivable is **131,054,413.24 Yuan**, with a bad debt provision of **43,088,840.63 Yuan**[180](index=180&type=chunk) - The period-end book balance of other receivables is **192,506,969.31 Yuan**, with a bad debt provision of **76,812,029.43 Yuan**, including loss compensation of **191,392,940.94 Yuan** from Southern Tongzheng[195](index=195&type=chunk)[196](index=196&type=chunk)[198](index=198&type=chunk) - The period-end book value of inventory is **120,562,537.66 Yuan**, with an inventory impairment provision of **4,745,571.28 Yuan**[203](index=203&type=chunk)[205](index=205&type=chunk) - The period-end book value of fixed assets is **136,804,967.43 Yuan**, a decrease of **8.27%** from the beginning of the period[214](index=214&type=chunk) - Current period operating revenue is **242,977,613.85 Yuan**, and operating cost is **230,470,692.83 Yuan**[252](index=252&type=chunk) - Current period R&D expenses are **3,098,023.64 Yuan**, a year-on-year increase of **439.94%**[257](index=257&type=chunk) [VIII. Research and Development Expenses](index=101&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was **3.10 million Yuan**, a **439.94% increase** primarily driven by salaries, with all expenses recognized as period costs and none capitalized R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Salaries and Wages | 3,027,090.55 | 495,438.45 | | Depreciation Expenses | 1,277.32 | 4,264.74 | | Other | 69,655.77 | 74,065.32 | | Total | 3,098,023.64 | 573,768.51 | | Of which: Expensed R&D | 3,098,023.64 | 573,768.51 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[282](index=282&type=chunk) [IX. Changes in Consolidation Scope](index=102&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the company's consolidation scope, including no non-same-control business combinations, reverse acquisitions, or loss of control over subsidiaries - There were no non-same-control business combinations in the current period[283](index=283&type=chunk) - There were no same-control business combinations in the current period[283](index=283&type=chunk) - There were no reverse acquisitions in the current period[284](index=284&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[284](index=284&type=chunk) [X. Interests in Other Entities](index=103&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's interests in other entities [(1). Composition of the Enterprise Group](index=103&type=section&id=%281%29.%E4%BC%81%E4%B8%9A%E9%9B%86%E5%9B%A2%E7%9A%84%E6%9E%84%E6%88%90) The company's enterprise group comprises three wholly-owned subsidiaries: Chongqing Wanli Power Technology Co., Ltd., Chongqing Wanli Huafeng Battery Sales Co., Ltd., and Beijing Wandian New Energy Co., Ltd Subsidiary Composition | Subsidiary Name | Primary Business Location | Registered Capital (Yuan) | Business Nature | Shareholding (%) (Direct/Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Wanli Power Technology Co., Ltd. | Chongqing | 1,000.00 | Lead-acid battery manufacturing | 100.00 / - | Establishment | | Chongqing Wanli Huafeng Battery Sales Co., Ltd. | Chongqing | 1,000.00 | Lead-acid battery sales | - / 100.00 | Establishment | | Beijing Wandian New Energy Co., Ltd. | Beijing | 500.00 | Services | 100.00 / - | Establishment | [XI. Government Grants](index=104&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government subsidies received by the company are primarily asset-related, with a beginning deferred income of **1.44 million Yuan**, **0.35 million Yuan** transferred to other income this period, and an ending deferred income balance of **1.09 million Yuan** Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (Yuan) | New Subsidies in Current Period (Yuan) | Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,444,445.68 | 0 | 350,040.99 | 1,094,404.69 | Asset-related | Government Grants Included in Current Profit/Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 350,040.99 | 396,387.42 | | Total | 350,040.99 | 396,387.42 | [XII. Risks Related to Financial Instruments](index=105&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section does not provide detailed disclosures on the company's financial instrument risk management policies, hedging activities, or financial asset transfers - This section does not provide detailed disclosures on the company's financial instrument risks[290](index=290&type=chunk) - The company has not engaged in hedging activities for risk management or applied hedge accounting[290](index=290&type=chunk) - The company has not disclosed information on financial asset transfers[290](index=290&type=chunk) [XIII. Disclosure of Fair Value](index=106&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company disclosed **40.17 million Yuan** in assets measured at fair value at period-end, primarily comprising trading financial assets (equity investments) and receivables financing, using Level 1 and Level 3 fair value measurements respectively Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets (Equity Instrument Investments) | 167,630.40 | 0 | 167,630.40 | | Receivables Financing | 0 | 39,999,174.71 | 39,999,174.71 | | Total Assets Continuously Measured at Fair Value | 167,630.40 | 39,999,174.71 | 40,166,805.11 | [XIV. Related Parties and Related Party Transactions](index=107&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details related parties and related party transactions [1. Information on the Parent Company](index=107&type=section&id=1%E3%80%81%E6%9C%AC%E4%BC%81%E4%B8%9A%E7%9A%84%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) The company's parent is Jiatianxia Asset Management Co., Ltd., holding **11.55%** direct equity and **34.78%** voting rights (including entrusted votes), with Mo Tianquan as the ultimate controlling party - Parent company name: **Jiatianxia Asset Management Co., Ltd.**, registered capital **50 million Yuan**[294](index=294&type=chunk) - Parent company's shareholding in the enterprise is **11.55%**, with voting rights of **34.78%** (including entrusted voting rights from Southern Tongzheng Company)[294](index=294&type=chunk) - The ultimate controlling party of the enterprise is **Mo Tianquan**[294](index=294&type=chunk) [4. Other Related Parties](index=108&type=section&id=4%E3%80%81%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E6%83%85%E5%86%B5) Other key related parties include associate shareholder Southern Tongzheng and its subsidiaries, Chongqing Terry New Energy Material Co., Ltd. and Chongqing Tianhai Battery Material Co., Ltd - Other related parties include associate shareholder **Southern Tongzheng Company** and its subsidiaries **Chongqing Terry New Energy Material Co., Ltd.** and **Chongqing Tianhai Battery Material Co., Ltd.**[295](index=295&type=chunk) [5. Related Party Transactions](index=108&type=section&id=5%E3%80%81%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%E6%83%85%E5%86%B5) This section details related party transactions [(5). Related Party Fund Lending](index=111&type=section&id=%285%29.%20%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E6%8B%86%E5%80%9F) During the reporting period, the company lent a total of **2.95 million Yuan** to related party Beijing Soufang Network Technology Co., Ltd Related Party Fund Lending | Related Party | Loan Amount (Yuan) | Start Date | Maturity Date | | :--- | :--- | :--- | :--- | | Beijing Soufang Network Technology Co., Ltd. | 1,000,000.00 | 2025-1-26 | 2026-1-25 | | Beijing Soufang Network Technology Co., Ltd. | 1,950,000.00 | 2025-3-25 | 2026-3-24 | [(7). Key Management Personnel Compensation](index=111&type=section&id=%287%29.%20%E5%85%B3%E9%94%AE%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8A%A5%E9%85%AC) Key management personnel compensation for the current period was **0.62 million Yuan**, a decrease from the prior period Key Management Personnel Compensation | Item | Current Period Amount (10,000 Yuan) | Prior Period Amount (10,000 Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 61.98 | 68.48 | [6. Unsettled Items with Related Parties](index=111&type=section&id=6%E3%80%81%E5%BA%94%E6%94%B6%E3%80%81%E5%BA%94%E4%BB%98%E5%85%B3%E8%81%94%E6%96%B9%E7%AD%89%E6%9C%AA%E7%BB%93%E7%AE%97%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) This section outlines outstanding balances with related parties [(1). Receivables](index=111&type=section&id=%281%29.%20%E5%BA%94%E6%94%B6%E9%A1%B9%E7%9B%AE) At period-end, the company had **191 million Yuan** in loss compensation receivable from Southern Tongzheng, with a bad debt provision of **76.21 million Yuan** Receivables from Related Parties | Item Name | Related Party | Ending Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Other Receivables | Southern Tongzheng | 191,392,940.94 | 76,208,517.14 | [XVI. Commitments and Contingencies](index=112&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no other significant commitments or contingent matters requiring separate disclosure in this reporting period, with related party commitments detailed in financial statement note XVIII.7 - Related party commitments are detailed in Note XVIII.7 of these financial statements[305](index=305&type=chunk) - The company has no significant contingent matters requiring disclosure[307](index=307&type=chunk) [XVII. Events After the Balance Sheet Date](index=113&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) As of the report disclosure date, the company has no significant non-adjusting events, profit distribution, or sales returns to report as subsequent events - The company has no significant non-adjusting events[308](index=308&type=chunk) - The company has no profit distribution events[308](index=308&type=chunk) - The company has no sales returns[308](index=308&type=chunk) [XVIII. Other Significant Matters](index=113&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section reiterates and details the controlling shareholder's lawsuit regarding equity transfer disputes and the company's arbitration for investment loss compensation, both involving substantial amounts and ongoing enforcement - Controlling shareholder **Jiatianxia** has filed a lawsuit with the Shanghai Financial Court regarding an equity transfer dispute, requesting **Southern Tongzheng Company** to fulfill asset divestment obligations, return **200 million Yuan** in compensation, pay **300 million Yuan** in liquidated damages, and hold **Liu Xicheng** jointly liable[309](index=309&type=chunk) - The company initiated arbitration against **Liu Xicheng, Qiu Xiaowei, and Tongzheng Industrial** for unfulfilled investment loss compensation obligations, receiving a final award in **June 2024**, requiring **Liu Xicheng** and **Qiu Xiaowei** to jointly pay an investment loss of **RMB 127,110,000 Yuan**[311](index=311&type=chunk)[312](index=312&type=chunk) - As of **December 31, 2022**, the company had cumulatively recognized **191,392,940.94 Yuan** in loss compensation receivable from **Southern Tongzheng Company**, with additional projected losses and deferred interest payments for **H1 2023-2025**[312](index=312&type=chunk)[313](index=313&type=chunk) - To ensure loss compensation, the company's shares held by **Southern Tongzheng Company**, **Liu Xicheng's** equity in **Southern Tongzheng Company**, and **Tongzheng Industrial's** equity in **Terry Battery** have all been pledged[314](index=314&type=chunk) - The aforementioned lawsuits and arbitration matters are all in the enforcement process as of the balance sheet date[310](index=310&type=chunk)[312](index=312&type=chunk) [XIX. Notes to Parent Company Financial Statement Key Items](index=116&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key parent company financial statement items, including **8.74 million Yuan** in other receivables (intercompany and loss compensation) and **650 million Yuan** in long-term equity investments - The period-end book balance of parent company other receivables is **8,740,735.63 Yuan**, including **8,739,750.00 Yuan** in intercompany balances within the consolidation scope and **9,664,992.60 Yuan** in loss compensation[317](index=317&type=chunk)[323](index=323&type=chunk) - The period-end book balance of parent company long-term equity investments is **649,520,153.99 Yuan**, primarily investments in **Chongqing Wanli Power Technology Co., Ltd.** and **Beijing Wandian New Energy Co., Ltd.**[326](index=326&type=chunk)[327](index=327&type=chunk) [XX. Supplementary Information](index=122&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial information [1. Current Period Non-recurring Gain/Loss Details](index=122&type=section&id=1%E3%80%81%E5%BD%93%E6%9C%9F%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E6%98%8E%E7%BB%86%E8%A1%A8) Total non-recurring gains and losses for the current period amounted to **13,780.37 Yuan**, primarily comprising government subsidies, fair value changes in financial assets, and other non-operating income/expenses Current Period Non-recurring Gain/Loss Details | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit/loss | 17,514.09 | | Fair value change gain/loss from financial assets and liabilities held by non-financial enterprises, and gain/loss from disposal of financial assets and liabilities | -23,148.96 | | Other non-operating income and expenses apart from the above | 19,415.24 | | Total | 13,780.37 | [2. Net Asset Return and Earnings Per Share](index=123&type=section&id=2%E3%80%81%E5%87%80%E8%B5%84%E4%BA%A7%E6%94%B6%E7%9B%8A%E7%8E%87%E5%8F%8A%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) Both net profit attributable to common shareholders and net profit after non-recurring items were negative, resulting in negative weighted average ROE and basic/diluted EPS for the period Net Asset Return and Earnings Per Share | Profit for the Period | Weighted Average ROE (%) | Basic EPS (Yuan/share) | Diluted EPS (Yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -3.47 | -0.12 | -0.12 | | Net Profit Attributable to Common Shareholders After Non-recurring Items | -3.47 | -0.12 | -0.12 |

Core Viewpoint - The company has appointed Mr. Wang Fei as the new Chief Financial Officer (CFO) to enhance financial management and ensure smooth operations [1] Group 1: Appointment Details - The board of directors approved the appointment of Mr. Wang Fei as CFO during the sixth meeting of the eleventh board on August 8, 2025 [1] - Mr. Wang Fei's term as CFO will last until the current board's term expires [1] Group 2: Candidate Background - Mr. Wang Fei, born in 1988, is a Chinese national with no permanent residency abroad [1] - He holds a degree in Finance from Renmin University of China and has master's degrees in Accounting from Tsinghua University and Singapore Management University [1] - His previous positions include Financial Manager at China Evergrande Group, Deputy General Manager of the Finance Center at Century Cultural Tourism Co., Ltd., and CFO at Beijing Xinghan Bona Pharmaceutical Technology Co., Ltd. [1]

Core Points - The board of directors of Chongqing Wanli New Energy Co., Ltd. held its sixth meeting of the eleventh session on August 8, 2025, with all six directors present [1] - The board approved the appointment of Mr. Wang Fei as the Chief Financial Officer, effective from the date of the board's approval until the end of the current board's term [1] - The voting results for the appointment were unanimous, with 6 votes in favor and no votes against or abstaining [1]

Core Viewpoint - Wanli Co., Ltd. announced the appointment of Mr. Wang Fei as the Chief Financial Officer, effective from the date of the board meeting on August 8, 2025, until the current board's term ends [1]. Group 1 - The 11th Board of Directors' 6th meeting was held on August 8, 2025 [1]. - The board approved the proposal to appoint Mr. Wang Fei as the Chief Financial Officer [1]. - The term of the new CFO will last until the current board's term expires [1].

格隆汇8月8日丨万里股份(600847.SH)公布，为确保财务管理工作的顺利开展，提升公司财务管理水 平，根据公司章程等相关法律法规规定，经公司总经理提名，董事会提名委员会审核及董事会审计委员 会审议通过，公司于2025年8月8日召开第十一届董事会第六次会议，审议通过了《关于聘任公司财务总 监的议案》，同意聘任王菲先生为公司财务总监，任期自本次董事会审议通过之日起至本届董事会任期 届满之日止。 ...