敬启者: 上海市通力律师事务所(以下简称"本所")接受国轩高科股份有限公司(以下简称"公 司"或"国轩高科")的委托,指派本所夏慧君律师、郑江文律师(以下简称"本所律师") 作为公司特聘专项法律顾问,就公司 2022年股票期权激励计划首次授予(以下简称"本次激 励计划")第三个行权期行权条件成就和注销部分已获授但尚未行权股票期权(以下简称"本 次激励计划行权及注销事宜"),根据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、中国证券监督管理委员会(以下简 称"中国证监会")发布的《上市公司股权激励管理办法》(以下简称"《管理办法》")等法 律、行政法规和其他规范性文件(以下简称"法律、法规和规范性文件")和《国轩高科股份 有限公司章程》的有关规定出具本法律意见书。 为出具本法律意见书,本所律师已对公司向本所提交的有关文件、资料进行了我们认为 出具本法律意见书所必要的核查和验证。 上海市通力律师事务所关于国轩高科股份有限公司 2022年股票期权激励计划首次授予第三个行权期行权条件成就和 注销部分已获授但尚未行权股票期权的法律意见书 致:国轩高科股份有限公 ...

上海妙道企业管理咨询有限公司 关于 国轩高科股份有限公司 第五期员工持股计划（草案） 之 独立财务顾问报告 独立财务顾问： 二〇二五年八月 上海妙道企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声明 1 | | | --- | --- | --- | | 第二章 | 释义 3 | | | 第三章 | 基本假设 4 | | | 第四章 | 本员工持股计划的主要内容 5 | | | | 一、本员工持股计划的持有人的确定依据、范围及份额分配情况 | 5 | | | 二、本员工持股计划的资金来源、股票来源、规模和购买价格 | 6 | | | 三、本员工持股计划的存续期、锁定期和业绩考核 | 8 | | | 四、存续期内公司融资时本员工持股计划的参与方式 | 13 | | | 五、本员工持股计划的管理机构及管理模式 | 13 | | | 六、本员工持股计划的资产构成及权益分配 | 13 | | | 七、本员工持股计划的变更、终止及持有人权益的处置 | 14 | | | 八、本员工持股计划其他内容 | 18 | | 第五章 | 独立财务顾问对本员工持股计划的核查意见 19 | | | | 一、对本员工持 ...

Core Viewpoint - The company, Guoxuan High-Tech, announced the approval of a new lithium-ion battery manufacturing project with a total investment of up to 4 billion RMB, aimed at expanding production capacity and enhancing product structure to meet future business development needs [1] Investment Project Details - The project involves the construction of a 20GWh lithium battery production line located in the Liuhe Economic Development Zone of Nanjing [1] - The total investment for the project is capped at 4 billion RMB, with funding sourced from self-owned and self-raised funds or other means [1] - The construction period for the project is set to be no more than 24 months from the start date [1] Strategic Objectives - The project aims to expand the company's high-quality production capacity and improve its product structure [1] - It is designed to enhance the company's industrial layout to support future business growth and market expansion [1]

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board guarantees report accuracy and completeness, advising investors of risks, and plans no semi-annual cash dividends or share transfers - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Forward-looking statements regarding future development plans in the report do not constitute substantive commitments; investors should maintain risk awareness[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's eight main chapters, covering company operations, finance, governance, and significant matters - The report comprises eight main chapters, covering company operations, financial performance, governance, and significant matters[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, legal entities, product types, and units, to ensure clear understanding - Key terms such as “Company”, “Volkswagen China”, “GDR”, “Power Battery System”, and “Energy Storage Battery System” are defined in the report[12](index=12&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Gotion High-tech Co., Ltd., stock code 002074, is listed on the Shenzhen Stock Exchange, with Li Zhen as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Gotion High-tech | | Stock Code | 002074 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Gotion High-tech Co., Ltd | | Legal Representative | Li Zhen | [Contact Persons and Information](index=6&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) The company's Board Secretary is Wang Quan and Securities Affairs Representative is Xu Guohong, both located at 566 Huayuan Avenue, Baohe District, Hefei City, Anhui Province, with provided phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wang Quan | 566 Huayuan Avenue, Baohe District, Hefei City, Anhui Province | 0551-62100213 | 0551-62100175 | wangquan_yj@gotion.com.cn | | Securities Affairs Representative | Xu Guohong | 566 Huayuan Avenue, Baohe District, Hefei City, Anhui Province | 0551-62100213 | 0551-62100175 | xuguohong@gotion.com.cn | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no significant changes in the company's contact information, information disclosure, or document storage locations, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure websites, media names, URLs, and report storage locations remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%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) In H1 2025, the company achieved a 15.48% revenue increase, 35.22% net profit growth, 48.53% non-recurring net profit growth, and an 80.35% surge in net operating cash flow, alongside steady asset and equity growth Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 19,393,535,498.22 | 16,793,872,660.65 | 15.48% | | Net Profit Attributable to Listed Company Shareholders | 366,628,567.61 | 271,142,494.62 | 35.22% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 72,870,667.61 | 49,061,238.87 | 48.53% | | Net Cash Flow from Operating Activities | 324,849,286.89 | 180,121,856.31 | 80.35% | | Basic Earnings Per Share (Yuan/share) | 0.20 | 0.15 | 33.33% | | Diluted Earnings Per Share (Yuan/share) | 0.20 | 0.15 | 33.33% | | Weighted Average Return on Net Assets | 1.40% | 1.10% | 0.30% | | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | % Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 113,242,490,236.30 | 107,839,685,095.13 | 5.01% | | Net Assets Attributable to Listed Company Shareholders | 26,289,343,138.62 | 25,960,092,558.63 | 1.27% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Their Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 293.76 million yuan, primarily from government subsidies, after deducting income tax and minority interest impacts Non-Recurring Gains and Losses and Their Amounts for H1 2025 | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -18,264,114.13 | | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations) | 399,729,273.35 | | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal gains and losses (excluding effective hedging activities) | -2,146,938.45 | | | Capital occupation fees charged to non-financial enterprises recognized in current profit or loss | 2,136,558.48 | | | Other non-operating income and expenses apart from the above | 9,861,818.33 | | | Other profit and loss items that meet the definition of non-recurring gains and losses | 4,906,779.52 | | | Less: Income tax impact | 61,354,026.36 | | | Minority interest impact (after tax) | 41,111,450.74 | | | **Total** | **293,757,900.00** | | - The company has no other profit or loss items defined as non-recurring, nor has it reclassified non-recurring items as recurring[25](index=25&type=chunk) Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in R&D, production, and sales of power and energy storage battery systems and power transmission and distribution equipment, aiming to be a leading green energy solution provider through innovation and full-chain integration - The company's main business involves the R&D, production, and sales of power battery systems, energy storage battery systems, and power transmission and distribution equipment[27](index=27&type=chunk) - The company is committed to becoming a leading international green energy system solution provider, placing technological innovation at the core of its strategy[28](index=28&type=chunk) - Products are widely applied in new energy sectors such as passenger vehicles, commercial vehicles, special vehicles, grid-side energy storage, user-side energy storage, and are expanding into emerging scenarios like low-altitude flight, construction machinery, and marine vessels[28](index=28&type=chunk) [Overview of Main Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%BF%B0) Gotion High-tech, driven by technological innovation, has established a comprehensive R&D and industrial system, focusing on the entire new energy value chain to advance lithium-ion battery technology and expand application scenarios, achieving steady business growth - The company's mission is “to serve humanity with green energy”, aiming to become a leading international green energy system solution provider[28](index=28&type=chunk) - The company adopts technological innovation as its core strategy, establishing a full new energy industry chain layout covering mineral extraction, material production, battery manufacturing, product application, and battery recycling[28](index=28&type=chunk) [Main Products and Applications](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's main products include power battery systems (LFP, NCM cells, modules, packs), energy storage battery systems (cells, standardized battery boxes, cabinets), and power transmission and distribution equipment, widely used in new energy vehicles, various energy storage scenarios, and industrial sectors - Power battery system products include lithium iron phosphate (LFP) and ternary materials, as well as cells, battery modules, and battery packs, applied in pure electric passenger vehicles, commercial vehicles, special vehicles, and hybrid electric vehicles[29](index=29&type=chunk) - Energy storage battery system products include energy storage cells, standardized battery boxes, and energy storage cabinets, meeting demands for power generation side, grid side, commercial and industrial, residential, and portable energy storage[30](index=30&type=chunk) - Power transmission and distribution equipment is a traditional business, with products including high and low voltage switches, electrical digital equipment, smart distribution network equipment, charging piles, and energy storage cabinets, applied in thermal power, hydropower, nuclear power, wind power, rail transit, and other fields[31](index=31&type=chunk) [Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's power and energy storage battery businesses are driven by "material science + digital science" R&D, building a global integrated supply system with customer-oriented lean manufacturing, and accelerating overseas market, after-sales, and recycling network expansion, while the power transmission and distribution business uses bidding and direct sales - Power lithium battery and energy storage battery businesses conduct R&D based on material science and digital science, building a global integrated supply system and accelerating the establishment of overseas “market, after-sales, and recycling” integrated networks[34](index=34&type=chunk) - The power transmission and distribution business adopts a procurement model of bidding followed by purchasing and settlement according to contract, primarily using a direct sales model[35](index=35&type=chunk) - The company's business model did not undergo significant changes during the reporting period[36](index=36&type=chunk) [Industry Development and Company Position](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E5%9C%B0%E4%BD%8D) The global new energy vehicle and energy storage industries are rapidly expanding, with significant growth in power battery installations and energy storage battery shipments. Gotion High-tech's global power battery market share rose to 3.6%, ranking fourth domestically, and its energy storage battery shipments ranked seventh globally - In H1 2025, global new energy vehicle sales reached **9.1 million units**, a **28% year-on-year increase**; global power battery installations totaled **504.4 GWh**, up **37.3% year-on-year**[37](index=37&type=chunk) - In H1 2025, global energy storage battery shipments reached **258 GWh**, a **106% year-on-year increase**; domestic new energy storage installed capacity reached **21.9 GW / 55.2 GWh**, growing **69.4% / 76.6% year-on-year**[38](index=38&type=chunk) - The company's global power battery installed capacity market share was **3.6%**, an increase of **1 percentage point** from the previous year; its domestic power battery installed capacity market share rose to **5.18%**, ranking fourth[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's energy storage battery shipments ranked **seventh globally**[39](index=39&type=chunk) [Analysis of Performance Driving Factors](index=11&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0%E5%88%86%E6%9E%90) The company's performance growth is primarily driven by favorable industrial policies, surging market demand for new energy vehicles and energy storage, and enhanced core competencies through full-chain supply, customer expansion, localized production, green manufacturing, and technological innovation - Industrial policy stimulus: National “dual carbon” goals, new energy vehicle tax exemptions and purchase quota incentives, and policy support for energy storage technology R&D and application[40](index=40&type=chunk) - Surging market demand: Global new energy vehicle sales increased by **31.8% year-on-year**, power battery installations by **37.3% year-on-year**; global energy storage battery shipments increased by **106% year-on-year**[41](index=41&type=chunk) - Enhanced core competitiveness: Full industry chain supply system strengthens risk resistance, expansion of domestic and international strategic clients, advancement of overseas and supporting base construction, improved green manufacturing capabilities, and technological innovation (solid-state battery leadership, over **10,000 intellectual property breakthroughs**)[42](index=42&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Gotion High-tech's core competencies include extensive technological reserves (materials, digital R&D, global centers, IP), broad product coverage (passenger, commercial, energy storage, portable), a robust industry chain (upstream minerals, materials, manufacturing, recycling), and a leading internationalization strategy (four regional markets, overseas bases, GDR issuance) - The company continuously drives technological innovation, building technological barriers across the entire battery lifecycle[43](index=43&type=chunk) - The company has built a comprehensive and diversified product system, making precise efforts in various segmented markets[46](index=46&type=chunk) - Through independent investment, joint ventures, or strategic collaborations, the company focuses on core industrial segments, covering upstream raw materials such as minerals, precursors, cathodes, anodes, copper foil, separators, electrolytes, and battery recycling[48](index=48&type=chunk) - Internationalization is a crucial component of the company's strategy, with early and rapid overseas expansion[50](index=50&type=chunk) [Rich Technology Reserves](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E5%82%A8%E5%A4%87%E4%B8%B0%E5%AF%8C) Adhering to a "technology-first" philosophy, the company focuses on material and digital R&D, independently developing LMFP materials and solid-state battery key materials, and launching the Axtrem intelligent industrial AI platform. With eight global R&D centers and deep university-industry collaboration, it has accumulated 11,863 patent applications and participated in 133 standard formulations - The company's independently developed lithium manganese iron phosphate (LMFP) material shows significantly improved compaction density and low-temperature performance, with accelerated R&D of key solid-state battery materials[44](index=44&type=chunk) - Launched the Axtrem intelligent industrial AI platform, achieving precise balance and optimization of product yield, production efficiency, and cost control[44](index=44&type=chunk) - Established eight global R&D centers and collaborated with renowned universities such as Stanford University and Columbia University[44](index=44&type=chunk) - As of the end of the reporting period, the company had accumulated **11,863 patent applications** (**5,176 invention patents**) and led or participated in the formulation of **133 standards**[45](index=45&type=chunk) [Broad Product Coverage](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%BA%A7%E5%93%81%E8%A6%86%E7%9B%96%E9%9D%A2%E5%B9%BF) The company offers a diverse product portfolio, including LMFP L600 Qichen cells and battery packs, G-Yuan quasi-solid-state batteries, and the "Jinshi" all-solid-state battery experimental line for power applications, alongside G-Line super heavy-duty truck standard boxes and products for low-altitude aircraft and electric vessels. In energy storage, it introduced the "Qianyuan Zhichu" system and Gendome portable energy storage series for multi-scenario applications - Launched the new LMFP system L600 Qichen cells and battery packs for the passenger vehicle market, enhancing cruising range[46](index=46&type=chunk) - First launched G-Yuan quasi-solid-state batteries in the solid-state battery sector, and completed the first experimental line for “Jinshi” all-solid-state batteries[46](index=46&type=chunk) - Launched G-Line super heavy-duty truck standard boxes for the commercial vehicle market, and accelerated R&D of new segmented market products such as low-altitude aircraft and electric vessels[46](index=46&type=chunk) - Launched the “Qianyuan Zhichu” energy storage battery system in the energy storage sector, and introduced the Gendome series of portable mobile energy storage devices for the To C market[47](index=47&type=chunk) [Robust Industry Chain](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%BA%A7%E4%B8%9A%E9%93%BE%E6%9D%A1%E7%A8%B3%E5%9B%BA) The company has secured stable supply of key raw materials by strategically investing, forming joint ventures, or collaborating in upstream minerals, precursors, and cathode/anode materials, as well as battery recycling. It continues to advance intelligent and green manufacturing across its domestic and international production bases, with the Jinzhai factory becoming the industry's first zero-carbon LFP energy storage battery manufacturing plant - The company strategically invests in core mineral resources such as Yichun lithium mines, Indonesian nickel resources, and Argentine salt lakes, and independently builds material bases to strengthen supply chain security and cost advantages[48](index=48&type=chunk) - Established production bases in multiple locations including Hefei, Tongcheng, Nanjing, and Tangshan, and accelerated the construction and commissioning of overseas factories in Asia-Pacific, Europe-Africa, and the Americas[49](index=49&type=chunk) - The Jinzhai factory became the industry's first zero-carbon lithium iron phosphate (LFP) energy storage battery manufacturing plant[49](index=49&type=chunk) [Pioneering Internationalization](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%9B%BD%E9%99%85%E5%8C%96%E5%85%88%E8%A1%8C) Internationalization is a key company strategy, with comprehensive market, R&D, industrial, and capital布局. The company actively expands into four major regions—China, Americas, Europe/Africa, and Asia-Pacific—collaborating deeply with clients like VinFast, Rivian, and PowerCo. Overseas factories in Göttingen, Germany, and Ha Tinh, Vietnam, are operational, and GDR issuance has diversified funding channels, enhancing international influence - Market-wise, actively expanding into four major regions: China, Americas, Europe/Africa, and Asia-Pacific, establishing deep collaborations with clients such as VinFast, Rivian, and PowerCo[50](index=50&type=chunk) - R&D-wise, integrating resources to accelerate innovation through domestic and international R&D center layouts[50](index=50&type=chunk) - Industry-wise, overseas factories in Göttingen, Germany, and Ha Tinh, Vietnam, have successively commenced production, increasing the proportion of localized production and delivery[50](index=50&type=chunk) - Capital-wise, expanding funding channels and enhancing brand international influence through overseas GDR issuance and the introduction of international strategic investors[50](index=50&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 15.48%, net profit attributable to parent company by 35.22%, and non-recurring net profit by 48.53%. The company iterated its product matrix by launching several innovative battery products, driving performance through power and energy storage battery businesses, upgrading marketing structure, fostering domestic and international market synergy, and accelerating manufacturing capabilities and overseas expansion - During the reporting period, the company's operating revenue was **19.39 billion yuan**, a **15.48% year-on-year increase**[51](index=51&type=chunk) - Net profit attributable to owners of the parent company was **366.63 million yuan**, a **35.22% year-on-year increase**[51](index=51&type=chunk) - Net profit attributable to listed company shareholders after deducting non-recurring gains and losses was **72.87 million yuan**, a **48.53% year-on-year increase**[51](index=51&type=chunk) - Launched the world's first LMFP ultra-fast charging cell, “Qichen Second Generation Cell”, with an energy density of **240 Wh/kg** and **5C fast charging technology**[51](index=51&type=chunk) - Launched the first experimental line for “Jinshi All-Solid-State Battery”, and the “G-Yuan Quasi-Solid-State Battery” with an energy density of **300 Wh/kg** and a range of **1,000 kilometers**[51](index=51&type=chunk) - Launched the “G-Line Super Heavy-Duty Truck Standard Box”, with a single pack capacity of **116 kWh**, integrating four-gun parallel charging and a **1000V high-voltage platform**, increasing charging efficiency by **30%**[51](index=51&type=chunk) - Launched the “Qianyuan Zhichu 20 MWh Energy Storage Battery System”, featuring a modular splicing integration solution and integrated air-liquid cooling energy-saving technology[52](index=52&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | % Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 19,393,535,498.22 | 16,793,872,660.65 | 15.48% | No significant change | | Operating Cost | 16,209,480,496.05 | 14,034,069,327.77 | 15.50% | No significant change | | Selling Expenses | 206,029,672.78 | 161,928,882.43 | 27.23% | No significant change | | Administrative Expenses | 874,073,832.41 | 742,534,630.66 | 17.71% | No significant change | | Financial Expenses | 627,005,968.78 | 373,431,217.48 | 67.90% | Primarily due to increased interest expenses in this period | | Income Tax Expense | -15,533,826.31 | -60,712,100.96 | 74.41% | Primarily due to increased deferred income tax expense in this period | | R&D Investment | 1,381,617,214.65 | 1,218,966,502.14 | 13.34% | No significant change | | Net Cash Flow from Operating Activities | 324,849,286.89 | 180,121,856.31 | 80.35% | Primarily due to increased collections in this period | | Net Cash Flow from Investing Activities | -3,568,438,729.53 | -3,057,310,111.79 | -16.72% | No significant change | | Net Cash Flow from Financing Activities | 3,080,706,796.33 | 2,888,731,051.21 | 6.65% | No significant change | | Net Increase in Cash and Cash Equivalents | -46,600,627.30 | 79,211,995.02 | -158.83% | Primarily due to decreased net cash flow from investing activities in this period | Composition of Operating Revenue | Item | Current Reporting Period Amount (Yuan) | % of Operating Revenue | Prior Year Period Amount (Yuan) | % of Operating Revenue | % Change Year-on-Year | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **19,393,535,498.22** | **100%** | **16,793,872,660.65** | **100%** | **15.48%** | | **By Industry** | | | | | | | Power Battery Systems | 14,034,317,523.06 | 72.37% | 11,700,749,600.03 | 69.67% | 19.94% | | Energy Storage Battery Systems | 4,562,114,345.22 | 23.52% | 4,338,991,146.41 | 25.84% | 5.14% | | Power Transmission and Distribution Products | 246,646,277.09 | 1.27% | 294,342,178.07 | 1.75% | -16.20% | | Other Businesses | 550,457,352.85 | 2.84% | 459,789,736.14 | 2.74% | 19.72% | | **By Region** | | | | | | | Mainland China | 12,993,875,307.08 | 67.00% | 11,267,146,106.88 | 67.09% | 15.33% | | Overseas (including Hong Kong, Macao, Taiwan) | 6,399,660,191.14 | 33.00% | 5,526,726,553.77 | 32.91% | 15.79% | Gross Profit Margin Analysis of Main Business | Item | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | % Change in Operating Revenue Year-on-Year | % Change in Operating Cost Year-on-Year | % Change in Gross Profit Margin Year-on-Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Power Battery Systems | 14,034,317,523.06 | 12,035,287,851.49 | 14.24% | 19.94% | 17.00% | 2.16% | | Energy Storage Battery Systems | 4,562,114,345.22 | 3,679,345,219.42 | 19.35% | 5.14% | 9.50% | -3.21% | | Power Transmission and Distribution Products | 246,646,277.09 | 202,077,294.82 | 18.07% | -16.20% | -11.93% | -3.98% | | Other Businesses | 550,457,352.85 | 292,770,130.32 | 46.81% | 19.72% | 85.61% | -18.88% | | **By Region** | | | | | | | | Mainland China | 12,993,875,307.08 | 11,027,035,673.26 | 15.14% | 15.33% | 14.84% | 0.36% | | Overseas (including Hong Kong, Macao, Taiwan) | 6,399,660,191.14 | 5,182,444,822.79 | 19.02% | 15.79% | 16.93% | -0.78% | [Analysis of Non-Core Business](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-core business activities during the reporting period - The company had no non-core business activities during the reporting period[61](index=61&type=chunk) [Analysis of Assets and Liabilities](index=16&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets reached 113.24 billion yuan, a 5.01% increase from the previous year-end. Inventory and construction in progress increased due to expanded sales and production line investments, while fixed assets slightly decreased due to increased depreciation. Both short-term and long-term borrowings grew, maintaining a relatively stable asset-liability structure Significant Changes in Asset Composition | Item | End of Current Reporting Period Amount (Yuan) | % of Total Assets | End of Prior Year Amount (Yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 15,457,901,135.60 | 13.65% | 16,548,290,096.70 | 15.35% | -1.70% | No significant change | | Accounts Receivable | 17,322,687,895.63 | 15.30% | 16,454,343,330.81 | 15.26% | 0.04% | No significant change | | Inventories | 9,756,089,902.29 | 8.62% | 7,121,300,998.48 | 6.60% | 2.02% | Increase in inventory reserves corresponding to expanded sales scale | | Long-Term Equity Investments | 1,813,541,525.16 | 1.60% | 1,476,417,299.07 | 1.37% | 0.23% | No significant change | | Fixed Assets | 28,718,505,417.84 | 25.36% | 30,017,592,523.27 | 27.84% | -2.48% | Increase in fixed asset depreciation in this period | | Construction in Progress | 17,860,093,455.51 | 15.77% | 14,799,663,030.94 | 13.72% | 2.05% | Increase in investment in production line construction | | Short-Term Borrowings | 19,303,763,195.71 | 17.05% | 17,508,814,480.34 | 16.24% | 0.81% | No significant change | | Long-Term Borrowings | 20,885,284,046.34 | 18.44% | 18,510,118,171.97 | 17.16% | 1.28% | No significant change | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Cumulative Fair Value Change Recognized in Equity (Yuan) | Impairment Recognized for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Subtotal of Financial Assets** | **5,946,441,704.79** | **-79,997,135.40** | **-1,045,942,362.77** | **165,000,000.00** | **1,110,833,081.01** | **1,948,855,918.25** | **4,733,585,534.01** | | **Financial Liabilities** | **0.00** | **10,786,962.01** | | | | | **10,786,962.01** | Asset Rights Restriction Status as of the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,948,164,507.25 | 2,948,164,507.25 | Pledged, Frozen | Margin deposits, pledged for financing, judicial freeze | | Notes Receivable | 1,000,255,238.27 | 950,242,476.36 | Transferred but not derecognized in entirety | Endorsed or discounted notes not yet due and not derecognized | | Fixed Assets | 3,090,063,030.59 | 2,775,041,098.12 | Mortgaged | Mortgaged for financing | | Intangible Assets | 416,252,542.34 | 355,735,478.72 | Mortgaged | Mortgaged for financing | | Construction in Progress | 578,592,301.54 | 578,592,301.54 | Mortgaged | Mortgaged for financing | | **Total** | **12,745,329,663.29** | **10,367,498,854.74** | | | [Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment was 5.55 billion yuan, a 37.83% year-on-year decrease. Major non-equity investments focused on power battery projects and production base construction in the new energy sector. Financial asset investments included securities and derivatives, with derivatives primarily for hedging foreign exchange rate risks. The overall utilization rate of raised funds was 74.85%, with some projects adjusted to meet market demand and strategic development Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for Current Reporting Period | 5,548,317,396.21 | | Investment Amount for Prior Year Period | 8,924,534,613.48 | | % Change | -37.83% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Reporting Period (Yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gotion Xinzhan 20 GWh Power Battery Project | Self-built | Yes | New Energy Industry | 411,812,604.68 | 2,926,991,794.61 | | Liuzhou Gotion New 10 GWh Power Battery Production Base Project (Phase II) | Self-built | Yes | New Energy Industry | 75,281,386.32 | 1,193,242,732.09 | | Slovakia New Energy Battery Super Factory | Self-built | Yes | New Energy Industry | 9,323,129.96 | 59,922,862.36 | | Morocco New Energy Battery Production Base | Self-built | Yes | New Energy Industry | 48,157,867.55 | 292,113,385.42 | | **Total** | | | | **544,574,988.51** | **4,472,270,774.48** | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (1) (Million Yuan) | Total Used Raised Funds (2) (Million Yuan) | Cumulative Utilization Ratio as of End of Reporting Period (3)=(2)/(1) | Unused Raised Funds (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Issuance of Shares to Specific Objects | 723,085.51 | 541,222.80 | 74.85% | 172,895.09 | | **Total** | | **723,085.51** | **541,222.80** | **74.85%** | **172,895.09** | - The company changed its raised fund investment project “Gotion Battery 16 GWh High-Energy Power Lithium Battery Industrialization Project” to “20 GWh Volkswagen Standard Cell Project”, and further to “Volkswagen Standard Cell Production Line Project”, increasing capacity from **20 GWh to 28 GWh** to meet market demand and strategic client requirements[80](index=80&type=chunk) [Significant Asset and Equity Sales](index=26&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[82](index=82&type=chunk) - The company did not sell significant equity during the reporting period[83](index=83&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Hefei Gotion High-tech Power Energy Co., Ltd., a key subsidiary, reported 16.68 billion yuan in operating revenue and 115 million yuan in net profit during the period. The company established 12 new subsidiaries to enhance competitive advantage and market expansion, while deregistering 8 to optimize industrial layout and improve operational efficiency Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Gotion High-tech Power Energy Co., Ltd | Subsidiary | Industrial Production | 10,000,000,000.00 | 62,051,364,973.85 | 16,440,861,186.89 | 16,675,558,920.92 | 44,070,560.89 | 115,281,277.39 | - During the reporting period, **12 new subsidiaries** were established, including Liuzhou Gotion New Energy Battery Co., Ltd. and Bozhou Gotion New Energy Co., Ltd., aiming to strengthen competitive advantages, market expansion, and service capabilities[84](index=84&type=chunk)[85](index=85&type=chunk) - During the reporting period, **8 subsidiaries** were deregistered, including Hefei Gotion Zhonghong New Energy Technology Development Co., Ltd. and Sixi Gotion Source Network Load Storage New Energy Co., Ltd., aiming to optimize the company's industrial layout and improve operational efficiency[85](index=85&type=chunk) [Information on Structured Entities Controlled by the Company](index=27&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[86](index=86&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces four main risks: market fluctuations, raw material price volatility, technological obsolescence, and financial control. To mitigate these, it will enhance overseas market risk management, optimize supply chain, pursue continuous technological innovation, and refine customer structure and financial cooperation models to reduce accounts receivable risk - Market fluctuation risks: Global political and economic uncertainties, slowing overseas markets, overcapacity, and intensified market competition[86](index=86&type=chunk) - Countermeasures: Strengthen overseas market risk management, explore new application scenarios, innovate business cooperation models, and improve after-sales service systems[86](index=86&type=chunk) - Raw material price volatility risks: Frequent fluctuations in lithium and cobalt prices, potentially compressing profits or leading to inventory impairment[87](index=87&type=chunk) - Countermeasures: Improve supply chain layout, optimize inventory management, focus on material recycling technologies, and explore R&D of new battery materials[88](index=88&type=chunk) - Technological obsolescence risks: Rapid iteration of new battery technologies, high difficulty and cost of upgrading existing production lines, potentially weakening market competitiveness[89](index=89&type=chunk) - Countermeasures: Consider new technology compatibility in new production line construction, proactively upgrade or dispose of outdated production lines, and increase R&D investment to facilitate the launch of new products and technologies[89](index=89&type=chunk) - Financial control risks: Increased operating revenue leading to larger accounts receivable balances, potentially resulting in adverse effects[90](index=90&type=chunk) - Countermeasures: Continuously optimize customer structure, focus on developing strategic clients with timely payments and strong financial capabilities, and innovate financial and cooperation models to reduce accounts receivable risk[90](index=90&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a "Market Value Management System" to regulate market value management and protect investors' legitimate rights, but has not disclosed a valuation enhancement plan - The company has formulated the “Market Value Management System”, which was approved at the eleventh meeting of the ninth board of directors[91](index=91&type=chunk) - The company has not disclosed a valuation enhancement plan[91](index=91&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company actively implemented its "Quality and Return Dual Enhancement" action plan, achieving a 15.48% year-on-year increase in operating revenue for the first half. It launched multiple battery products and digital solutions, advancing solid-state battery technology. For investor returns, a 2024 annual profit distribution plan proposes a cash dividend of 1 yuan per 10 shares - The company has disclosed its “Quality and Return Dual Enhancement” action plan announcement, focusing on five key areas: core business, technological innovation, compliant governance, strengthened information disclosure, and shareholder returns[92](index=92&type=chunk) - In the first half, operating revenue reached **19.39 billion yuan**, a **15.48% year-on-year increase**[93](index=93&type=chunk) - Launched products such as Jinshi All-Solid-State Battery, G-Yuan Quasi-Solid-State Battery, Qichen Second Generation Cell, G-Line Super Heavy-Duty Truck Standard Box, Qianyuan Zhichu 20 MWh Energy Storage Battery System, and Axtrem Digital Intelligence Solution[93](index=93&type=chunk) - Formulated the 2024 annual profit distribution plan, proposing a cash dividend of **1 yuan per 10 shares** (including tax) to all shareholders, with an estimated total cash dividend of **179 million yuan**[93](index=93&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%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, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management remained unchanged during the reporting period[95](index=95&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=30&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[96](index=96&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company continued to implement its 2021 and 2022 stock option incentive plans, with some options exercised or canceled, and the reserved portion of the 2022 plan expired. The third employee stock ownership plan completed partial unlocking and profit distribution, while the fourth plan completed its initial non-trade transfer. The company's total share capital increased due to stock option exercises during the reporting period - The third vesting period of the 2021 stock option incentive plan expired on November 14, 2024, and remains unvested as of the end of the reporting period[103](index=103&type=chunk) - The first exercise period of the 2022 stock option incentive plan's initial grant expired on July 19, 2024, with a total of **14,531,360 shares** exercised independently[111](index=111&type=chunk) - The second exercise period of the 2022 stock option incentive plan's initial grant has not yet expired, with a total of **3,116,068 shares** exercised independently during the reporting period[111](index=111&type=chunk) - A total of **11.9375 million stock options** from the 2022 incentive plan's reserved grant have expired[111](index=111&type=chunk) - The conditions for the third unlocking period of the third employee stock ownership plan have been met, and the management committee will choose an opportune time to sell the underlying shares during the plan's duration[114](index=114&type=chunk) - The fourth employee stock ownership plan has completed its initial non-trade transfer, with **468 actual subscribers** and **8.025 million shares**[117](index=117&type=chunk) - During the reporting period, the company's total share capital increased from **1,801,996,317 shares to 1,805,112,385 shares**[111](index=111&type=chunk) [Environmental Information Disclosure](index=36&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its 10 major subsidiaries are listed as enterprises required to disclose environmental information by law, and their reports have been publicly disclosed on the relevant enterprise environmental information disclosure systems - The company and its **10 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[119](index=119&type=chunk) - Environmental information disclosure reports for each subsidiary are available on their respective enterprise environmental information disclosure systems[119](index=119&type=chunk)[120](index=120&type=chunk) [Social Responsibility](index=37&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) In H1 2025, the company actively fulfilled its social responsibilities through hardship assistance, public welfare, and rural revitalization, spending 600,000 yuan on employee welfare, 156,500 yuan on aid for seriously ill employees, and 65,000 yuan on community support. It also established a 900,000 yuan solar-plus-storage project in Jinzhai County, created over 5,000 rural jobs, and plans further public welfare initiatives in H2 - In H1 2025, the company conducted special慰问 for **200 employees** facing financial difficulties, with cumulative expenditures of **600,000 yuan**[121](index=121&type=chunk) - Provided assistance to over **10 employees** with major illnesses or sudden difficulties, with cumulative aid disbursed totaling **156,500 yuan**[121](index=121&type=chunk) - Subsidiary Dongyuan Electric distributed慰问金 to elderly residents over 70 in surrounding communities and provided electricity subsidies, with cumulative expenditures of **65,000 yuan**[121](index=121&type=chunk) - Completed the first solar-plus-storage integrated demonstration public welfare project in Sidaohe Village, Tangjiahui Town, Jinzhai County, Anhui, with a donated project value of **900,000 yuan**, estimated to reduce carbon emissions by **30.21 tons annually**[122](index=122&type=chunk) - Through rural employment assistance, cumulatively provided over **5,000 job opportunities**[122](index=122&type=chunk) - In H2 2025, plans to launch an energy storage product public welfare promotion project, with a total donated value of approximately **2 million yuan**, to support rural revitalization[123](index=123&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no commitments that were either fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, the company had no commitments that were either fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company[126](index=126&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=38&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[127](index=127&type=chunk) [Illegal External Guarantees](index=38&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[128](index=128&type=chunk) [Appointment and Dismissal of Accounting Firms](index=38&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[129](index=129&type=chunk) [Board of Directors' and Supervisory Board's Explanation on 'Non-Standard Audit Report' for This Reporting Period](index=38&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This explanation is not applicable as the company did not have a non-standard audit report during the reporting period - Not applicable[130](index=130&type=chunk) [Board of Directors' Explanation on 'Non-Standard Audit Report' for the Previous Year](index=38&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This explanation is not applicable as the company did not have a non-standard audit report during the reporting period - Not applicable[130](index=130&type=chunk) [Bankruptcy and Reorganization Matters](index=38&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[130](index=130&type=chunk) [Litigation Matters](index=38&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period, but was involved in multiple other lawsuits, primarily construction contract, sales contract, and equity transfer disputes, with amounts ranging from 25.08 million to 99.09 million yuan, mostly ongoing or under trial, currently without significant impact on the company - The company had no significant litigation or arbitration matters during the reporting period[131](index=131&type=chunk) Overview of Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (Million Yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Nian Tongzhou Construction General Group Co., Ltd. et al. vs. Tianjin Hengtian New Energy Automobile Research Institute Co., Ltd. construction contract dispute | 40.02 | Enforcement in progress | No significant impact | | Hefei Gotion High-tech Power Energy Co., Ltd. vs. Jiangsu Zhongkun Vehicle Co., Ltd. sales contract dispute | 47.66 | Enforcement in progress | No significant impact | | Hefei Gotion High-tech Power Energy Co., Ltd. vs. Shanghai Shenlong Bus Co., Ltd. sales contract dispute | 97.18 | Enforcement in progress | No significant impact | | Hunan Lixing Mining Technology Co., Ltd. vs. Yichun Kefeng New Materials Co., Ltd. equity transfer dispute | 42.89 | Enforcement in progress | No significant impact | | China Hengtian Group Co., Ltd. vs. Tianjin Hengtian New Energy Automobile Research Institute Co., Ltd. et al. loan contract dispute | 70.00 | Retrial in progress | No significant impact | | Hefei Gotion New Materials Technology Co., Ltd. vs. Sanfa (Guangzhou) Materials Technology Co., Ltd. sales contract dispute | 82.56 | Under trial | No significant impact | | Yifeng Gotion Lithium Industry Co., Ltd. vs. Guangdong Zhongyao Technology Co., Ltd. sales contract dispute | 99.09 | Under trial | No significant impact | | Other enforcement cases | 1,150.67 | Enforcement in progress | No significant impact | [Penalties and Rectification](index=41&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[135](index=135&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=41&type=section&id=%E5%8D%81%E3%80%81%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%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[136](index=136&type=chunk) [Significant Related Party Transactions](index=41&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in related party transactions related to daily operations, including goods procurement, sales, labor services, and asset leasing, all within approved limits and fairly priced. There were no related party transactions involving asset/equity acquisition/disposal or joint external investments. Related party creditor-debtor balances primarily involved project construction and operational fund transfers with V_G High-tech Energy Solutions Co., Ltd Related Party Transactions Related to Daily Operations (Procurement of Goods/Acceptance of Services) | Related Party | Related Party Transaction Content | Current Reporting Period Amount (Million Yuan) | Approved Limit (Million Yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Nanjing Shengshi Precision Industry Co., Ltd | Procurement of goods: Cell casings and accessories | 81.24 | 100.00 | 15.17% | | Hefei Qianrui Technology Co., Ltd | Procurement of goods: Electrolyte | 20.52 | 50.00 | 2.64% | | Hefei Yuanyuan Technology Co., Ltd | Procurement of goods: Aluminum foil and conductive paste | 30.28 | 50.00 | 3.90% | | V_G High-tech Energy Solutions Co., Ltd | Procurement of goods: Cells and assemblies | 11.48 | 20.00 | 4.26% | | Anhui Minsheng Property Management Co., Ltd | Acceptance of services/Lease of assets: Energy and property fees | 3.57 | 50.00 | 42.55% | | Gotion Holding Group Co., Ltd. and its subsidiaries | Acceptance of services/Lease of assets: Factory lease | 7.86 | 30.00 | 23.36% | Related Party Transactions Related to Daily Operations (Sale of Goods/Provision of Services) | Related Party | Related Party Transaction Content | Current Reporting Period Amount (Million Yuan) | Approved Limit (Million Yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Tata AutoComp Gotion Green Energy Solutions Co., Ltd | Sale of goods: Cells and components | 63.24 | 200.00 | 4.51% | | Volkswagen (China) Investment Co., Ltd. and related parties | Sale of goods: Energy storage systems and cells | 13.47 | 200.00 | 0.96% | | V_G High-tech Energy Solutions Co., Ltd | Provision of services/Lease of assets: Development and labor fees | 3.16 | 20.00 | 14.39% | | Anhui Gotion Feidong New Energy Technology Co., Ltd | Sale of goods: Battery waste | 28.32 | 50.00 | 90.68% | | Jiangsu Dianlala New Energy Technology Co., Ltd | Sale of goods: Cells | 22.29 | 20.00 | 4.88% | Related Party Creditor-Debtor Balances (Receivables from Related Parties) | Related Party | Related Party Relationship | Reason for Formation | Ending Balance (Million Yuan) | | :--- | :--- | :--- | :--- | | V_G High-tech Energy Solutions Co., Ltd | Company's associate, and a company where Li Chen, one of the controlling shareholders, serves as a director | Project construction and daily operations | 50.53 | | **Total** | | | **50.53** | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[141](index=141&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[142](index=142&type=chunk) [Significant Contracts and Their Performance](index=46&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no trusteeship or contracting situations during the reporting period. In leasing, the company and its subsidiaries engaged in finance lease activities totaling 4.48 billion yuan in principal, with 2.53 billion yuan outstanding at period-end. The company has multiple significant guarantees, primarily for subsidiaries, with a total guarantee amount representing 191.31% of its net assets. Entrusted wealth management had an outstanding balance of 93.84 million yuan at period-end - The company had no trusteeship situations during the reporting period[147](index=147&type=chunk) - The company had no contracting situations during the reporting period[148](index=148&type=chunk) - As of the end of the reporting period, the company and its subsidiaries engaged in sale-and-leaseback and direct finance lease businesses involving a total lease principal of **4.48 billion yuan**, with an outstanding principal balance of **2.52 billion yuan**[149](index=149&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (Million Yuan) | Actual Occurrence Date | Actual Guarantee Amount (Million Yuan) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Electric Gotion New Energy Technology Co., Ltd | November 22, 2018 | 385.14 | April 25, 2025 | 306.67 | Joint and several liability guarantee | November 22, 2018 - October 9, 2025 | No | | Hefei Xingyuan New Energy Materials Co., Ltd | July 5, 2022 | 193.74 | April 25, 2025 | 131.60 | Joint and several liability guarantee | July 5, 2022 - June 9, 2025 | No | | **Total Approved External Guarantee Limit as of End of Reporting Period** | | **578.88** | | **438.27** | | | | Company Guarantees to Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (Million Yuan) | Actual Occurrence Date | Actual Guarantee Amount (Million Yuan) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chuzhou Gotion New Energy Power Co., Ltd | November 17, 2023 | 3,300.00 | April 25, 2025 | 1,434.75 | Joint and several liability guarantee | November 17, 2023 - October 6, 2025 | No | | Gotion New Energy (Lujiang) Co., Ltd | July 28, 2022 | 955.00 | April 25, 2025 | 484.18 | Joint and several liability guarantee | July 28, 2022 - June 26, 2025 | No | | Hefei Gotion High-tech Power Energy Co., Ltd | November 29, 2021 | 30,555.89 | April 25, 2025 | 20,757.50 | Joint and several liability guarantee | November 29, 2021 - October 30, 2025 | No | | **Total Approved Guarantee Limit to Subsidiaries as of End of Reporting Period** | | **79,913.45** | | **49,806.69** | | | | - The total actual guarantee amount represented **191.31%** of the company's net assets[157](index=157&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (Million Yuan) | Unexpired Balance (Million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | -800.73 | 0 | | Other Categories | Own Funds | -223.38 | 938.43 | | **Total** | | **-1,024.11** | **938.43** | [Explanation of Other Significant Matters](index=52&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) During the reporting period, the controlling shareholder, Nanjing Gotion Holding Group Co., Ltd., and its concerted parties increased their equity by over 1% of the company's total share capital, reaching 17.9538%, and committed not to reduce their holdings within six months. The company approved the 2024 annual profit distribution plan, proposing a cash dividend of 1 yuan per 10 shares. Additionally, the company approved changes in accounting policies, re-appointment of the accounting firm, and registration of medium-term notes and ultra-short-term financing bonds - The controlling shareholder, Nanjing Gotion Holding Group Co., Ltd., and its concerted parties' equity change exceeded **1%** of the company's total share capital, with their combined shareholding increasing from **16.7870% to 17.9538%**[160](index=160&type=chunk) - Nanjing Gotion Holding Group Co., Ltd. and its concerted parties committed not to reduce their holdings in the company's shares within **six months** from the completion date of this equity change[160](index=160&type=chunk)[161](index=161&type=chunk) - The company plans to distribute a cash dividend of **1 yuan per 10 shares** (including tax) to all shareholders, based on the total share capital registered on the equity distribution record date, after deducting repurchased shares[161](index=161&type=chunk) - The company approved the proposal for changes in accounting policies[162](index=162&type=chunk) - The company re-appointed Suya Jincheng Certified Public Accountants (Special General Partnership) as its accounting firm for 2025[162](index=162&type=chunk) - The company's proposed registration and issuance of medium-term notes not exceeding **2 billion yuan** and ultra-short-term financing bonds not exceeding **1 billion yuan** have been approved[163](index=163&type=chunk) [Significant Matters of Company Subsidiaries](index=53&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant subsidiary matters during the reporting period - The company had no significant subsidiary matters during the reporting period[164](index=164&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=54&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from 1,801,996,317 shares to 1,805,112,385 shares due to the exercise of 3,116,068 stock options from the 2022 incentive plan. Restricted shares, primarily high-level executive lock-up shares, increased by 28,006 shares Share Change Status | Share Class | Quantity Before This Change (Shares) | Increase/Decrease in This Change (+, -) (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 77,893,424 | 28,006 | 77,921,430 | | Of which: Shares held by domestic natural persons | 77,893,424 | 28,006 | 77,921,430 | | II. Unrestricted Shares | 1,724,102,893 | 3,088,062 | 1,727,190,955 | | Of which: RMB ordinary shares | 1,724,102,893 | 3,088,062 | 1,727,190,955 | | **III. Total Shares** | **1,801,996,317** | **3,116,068** | **1,805,112,385** | - The main reason for the share change was the independent exercise of **3,116,068 stock options** by initially granted incentive recipients under the 2022 stock option incentive plan[168](index=168&type=chunk)[169](index=169&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Zhen | 77,457,112 | 0 | 77,457,112 | High-level executive lock-up shares | | Zhang Hongli | 129,750 | 17,625 | 147,375 | High-level executive lock-up shares | | Pan Wang | 58,387 | 10,381 | 68,768 | Lock-up shares for resigned high-level executive | | **Total** | **77,893,424** | **28,006** | **77,921,430** | | [Securities Issuance and Listing](index=56&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[173](index=173&type=chunk) [Number of Shareholders and Shareholding Status](index=56&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, there were 219,798 common shareholders. Among the top ten shareholders, Volkswagen (China) Investm

Summary of Key Points Core Viewpoint - Guoxuan High-Tech experienced significant trading activity on August 29, with a total transaction volume of 1.14 million shares and a transaction value of 37.79 million yuan, reflecting a discount of 9.10% compared to the closing price of the day [2]. Trading Activity - On August 29, there were 2 transactions on the block trading platform for Guoxuan High-Tech, with a total transaction volume of 1.14 million shares and a total transaction value of 37.79 million yuan [2]. - The average transaction price was 33.15 yuan, which is 9.10% lower than the closing price of the day [2]. - Over the past three months, the stock has seen a total of 18 block trades, amounting to 457 million yuan [2]. Stock Performance - The closing price of Guoxuan High-Tech on the same day was 36.47 yuan, marking an increase of 10.02% [2]. - The stock's turnover rate for the day was 5.02%, with a total trading volume of 3.045 billion yuan and a net inflow of 799 million yuan from main funds [2]. - In the last five days, the stock has risen by 14.72%, with a total net inflow of 775 million yuan [2]. Margin Financing - The latest margin financing balance for Guoxuan High-Tech is 2.562 billion yuan, which has increased by 49.1 million yuan over the past five days, representing a growth rate of 1.95% [2].

Group 1 - The solid-state battery concept sector increased by 2.14%, ranking fifth among concept sectors, with 157 stocks rising, including significant gains from companies like XianDao Intelligent and JieBang Technology, which hit the 20% limit up [1][2] - Major inflows of capital into the solid-state battery sector amounted to 5.952 billion yuan, with 130 stocks receiving net inflows, and 17 stocks exceeding 100 million yuan in net inflows, led by Ningde Times with 1.437 billion yuan [2][3] - The top three companies by net inflow ratio were DeXin Technology, Guoxuan High-Tech, and SuTong Development, with net inflow ratios of 32.15%, 26.17%, and 19.39% respectively [3] Group 2 - The solid-state battery sector's performance was highlighted by the significant price increases of companies such as Guoxuan High-Tech and DeXin Technology, which both reached their daily limit up [1][2] - The overall market sentiment for the solid-state battery sector remains positive, as evidenced by the substantial capital inflows and the number of stocks experiencing price increases [2][3] - The sector's growth is supported by advancements in technology and increasing demand for solid-state batteries in various applications, indicating a robust outlook for the industry [1][2]

Group 1 - Sodium-ion battery concept increased by 2.41%, ranking second among concept sectors, with 85 stocks rising, including leading stocks like XianDao Intelligent and Guoxuan High-Tech reaching their daily limit [1][2] - Major inflow of funds into the sodium-ion battery sector amounted to 5.03 billion, with 68 stocks receiving net inflows, and 10 stocks exceeding 1 billion in net inflows, led by CATL with 1.44 billion [2][3] - Stocks with the highest net inflow ratios include DeChuang Environmental Protection at 30.30%, Guoxuan High-Tech at 26.17%, and GaoLe Co. at 15.29% [3][4] Group 2 - The top gainers in the sodium-ion battery sector included XianDao Intelligent with a 20% increase, Guoxuan High-Tech with a 10.02% increase, and Pudi Technology with a 10.01% increase [1][3] - The overall market performance showed a mixed trend, with some stocks like ST Yishite and Jiuri New Materials experiencing declines of 4.13% and 3.74% respectively [1][2] - The concept sectors with notable performance included military restructuring at 3.57% and graphite electrodes at 2.32%, while sectors like WiFi 6 and AI showed declines [2]

Market Overview - The Shanghai Composite Index rose by 0.37% on August 29, with 17 out of the 28 sectors experiencing gains, led by the comprehensive and electric equipment sectors, which increased by 3.86% and 3.12% respectively [1] - The electric equipment sector ranked second in terms of daily gains, while the household appliances and transportation sectors saw declines of 1.82% and 1.69% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 69.47 billion yuan across the two markets, with 7 sectors experiencing net inflows, the electric equipment sector leading with a net inflow of 3.13 billion yuan [1] - The food and beverage sector followed with a daily increase of 2.42% and a net inflow of 1.63 billion yuan [1] - A total of 24 sectors experienced net outflows, with the computer sector seeing the largest outflow of 17.30 billion yuan, followed by the electronics sector with an outflow of 13.11 billion yuan [1] Electric Equipment Sector Performance - The electric equipment sector saw a daily increase of 3.12%, with a total net inflow of 3.13 billion yuan, comprising 361 stocks, of which 162 rose and 192 fell [2] - Among the stocks in this sector, 164 experienced net inflows, with 20 stocks seeing inflows exceeding 100 million yuan, led by Ningde Times with a net inflow of 1.44 billion yuan [2] - Other notable inflows included Guoxuan High-Tech and Xian Dao Intelligent, with net inflows of 797 million yuan and 547 million yuan respectively [2] Electric Equipment Sector Outflows - The electric equipment sector also had stocks with significant net outflows, totaling 15 stocks with outflows exceeding 100 million yuan, led by Guodian Nari with an outflow of 888.48 million yuan [3] - Other notable outflows included Wolong Electric Drive and Magpow, with outflows of 320.87 million yuan and 298.02 million yuan respectively [3]

Market Overview - On August 29, the A-share market closed with a total of 80 stocks hitting the daily limit, with 66 stocks after excluding 14 ST stocks, and a limit-up rate of 80.81% [1] Top Performers - In terms of limit-up order volume, Zhaoxin Co. had the highest with 809,400 hands, followed by China Jushi, Guoan Co., and Jishi Media with 569,300 hands, 390,000 hands, and 383,200 hands respectively [2] - Tianpu Co. achieved a six-day consecutive limit-up, while Dechuang Environmental Protection had four consecutive limit-ups. Other notable performers included Jianye Co. and Yunnan Energy Investment with three consecutive limit-ups [2] Fund Flow - Based on order amount, 25 stocks had limit-up funds exceeding 100 million yuan, with Tianpu Co., China Jushi, and Industrial Fulian leading at 1.216 billion yuan, 889 million yuan, and 624 million yuan respectively [3] - Tianpu Co. announced a change in control, with new shareholders holding 50.01% of the equity after a capital increase [3] Sector Highlights Lithium Battery Sector - Several stocks in the lithium battery sector hit the limit-up, including Hanke Technology, Guoxuan High-Tech, Putailai, and others. Hanke Technology specializes in core equipment for lithium battery production [4] - Guoxuan High-Tech is expanding its market in light trucks, heavy trucks, and passenger vehicles, with stable deliveries in light trucks [4] - Putailai's products have achieved significant performance metrics suitable for eVTOL applications [4] Semiconductor Sector - Stocks such as Yuancheng Co., Chengbang Co., and Walton Technology saw limit-ups. Chengbang Co. focuses on semiconductor storage products [5][6] Financial Performance - Notable companies reporting net profit growth include Industrial Fulian with a net profit of 12.113 billion yuan, up 38.61% year-on-year, and Tongfu Microelectronics with a net profit of 412 million yuan, up 27.72% [7][8] - Rifen Co. reported a net profit of 113 million yuan, reflecting a year-on-year increase of 27.33% [9] Institutional Activity - Institutions net bought over 300 million yuan in Wancheng Group, with Tongfu Microelectronics and China Rare Earth also seeing significant net purchases [10][11] - Deep Stock Connect saw net purchases of Jianghai Co. and Xian Dao Intelligent, while the Shanghai Stock Connect had net sales of Wantong Development [12][13]

Market Overview - On August 29, the A-share market closed with a total of 80 stocks hitting the daily limit, with 66 stocks hitting the limit after excluding 14 ST stocks, resulting in an overall limit rate of 80.81% [1] Top Gainers - Tianpu Co., Ltd. had the highest limit order funding exceeding 1.2 billion yuan, with a closing price of 47.19 yuan and a limit order volume of 25.77 million shares, marking its sixth consecutive limit up [2][3] - Zhaoxin Co., Ltd. had the highest limit order volume at 809,400 hands, while China Jushi and Guoan Co., Ltd. followed with 569,300 hands and 390,000 hands respectively [2][3] - Tianpu Co., Ltd. announced a change in control with its major shareholder signing a share transfer agreement, leading to a new actual controller [2] Industry Highlights Lithium Battery Sector - Multiple stocks in the lithium battery sector hit the limit, including Hangke Technology, Guoxuan High-Tech, Putailai, and others, indicating strong market interest [4] - Guoxuan High-Tech is actively expanding its market in light trucks, heavy trucks, and passenger vehicles, with stable deliveries in light trucks and successful collaborations with major domestic and international automakers for heavy trucks [4] Semiconductor Sector - Stocks such as Yuancheng Co., Ltd., Chengbang Co., Ltd., and Walton Technology saw limit increases, reflecting positive market sentiment in the semiconductor industry [5][6] - Chengbang Co., Ltd. focuses on semiconductor storage products, including solid-state drives and embedded storage [5] Financial Performance - Industrial Fulian reported a net profit of 12.113 billion yuan for the first half of the year, a year-on-year increase of 38.61% [7] - Tongfu Microelectronics achieved a net profit of 412 million yuan, up 27.72% year-on-year [8] - Rifen Co., Ltd. reported a net profit of 113 million yuan, reflecting a 27.33% increase compared to the previous year [9] Institutional Activity - Institutions net bought shares of Wancheng Group exceeding 300 million yuan, with Tongfu Microelectronics and China Rare Earth also among the top net purchases [10]