1/149 福龙马集团股份有限公司2025 年半年度报告 公司代码：603686 公司简称：福龙马 福龙马集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张西泠、主管会计工作负责人廖建和及会计机构负责人（会计主管人员）魏媛 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 福龙马集团股份有限公司2025 年半年度报告 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本半 ...

公司代码：600488 公司简称：津药药业 津药药业股份有限公司 2025 年半年度报告 1 / 124 津药药业股份有限公司2025 年半年度报告 津药药业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李书箱、主管会计工作负责人朱立延及会计机构负责人（会计主管人员）王于 飞声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本期报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请广大投资者注 意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中对可能面对的风险 ...

江苏集萃药康生物科技股份有限公司2025 年半年度报告 公司代码：688046 公司简称：药康生物 江苏集萃药康生物科技股份有限公司 2025 年半年度报告 1 / 215 江苏集萃药康生物科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，敬请查阅"第 三节 管理层讨论与分析"之" 四、风险因素"。敬请投资者予以关注，注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人赵静、主管会计工作负责人王逸鸥及会计机构负责人（会计主管人员）柳业昆 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度利润分配预案如下： 公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户中股份为基数分配利 润，拟向全体股东每 10 股派 ...

广东德生科技股份有限公司 2025 年半年度报告全文 广东德生科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 广东德生科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人虢晓彬、主管会计工作负责人陈曲及会计机构负责人(会计主 管人员)张倩蕊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉及未来经营计划、发展战略等前瞻性陈述，不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异。敬请广大投资者注意投资风险。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"中描述了公司未来经营中可能面临的风险，敬请广大投资者注意 查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 二、报告期内在中国证监会指定网站上公开披露过的所有公司文件的正本及公告的原稿 ...

国家能源集团长源电力股份有限公司 2025 年半年度报告全文 国家能源集团长源电力股份有限公司 2025 年半年度报告 2025 年 8 月 1 国家能源集团长源电力股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人董事长王冬、总经理郑峰、主管会计工作负责人朱虹及会计 机构负责人（会计主管人员）夏正茂声明：保证本半年度报告中财务报告的 真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 本报告第三节"管理层讨论与分析"中描述了公司可能面临的风险，敬请广 大投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 7 | | | --- | --- | --- | | 第三节 | ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section encompasses important notices, the table of contents, and definitions relevant to the report [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management ensure report accuracy, while the company plans no cash dividends or bonus shares, facing various operational risks - The board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility; the company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - The report contains forward-looking statements regarding future plans, which do not constitute substantive commitments, and investors should be aware of investment risks[5](index=5&type=chunk) - The company faces risks including macroeconomic fluctuations, industry policy changes, international political and economic shifts, raw material price volatility, product technological iteration, exchange rate changes, intensified market competition, and environmental concerns[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's nine main chapters with their starting page numbers and provides a directory of reference documents - The report comprises nine main sections, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department, the full report signed by the legal representative, and original copies of all company documents publicly disclosed during the reporting period, available at the company's board of directors office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used throughout the report, such as company name, regulatory bodies, related parties, and reporting period - In this report, 'Company', 'the Company', 'Listed Company', and 'Sacred Sun' all refer to Shandong Sacred Sun Power Sources Co., Ltd[11](index=11&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Defines professional terms such as lithium batteries, lead-acid batteries, **kWh**, and **kVAh**[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's profile and key financial indicators for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides basic company information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Sacred Sun | | Stock Code | 002580 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shandong Sacred Sun Power Sources Co., Ltd. | | Legal Representative | Li Wei | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, and email Company Contact Information | Position | Name | Contact Number | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Yanyu | 0537-4435777 | zqb@sacredsun.cn | | Securities Affairs Representative | Zhang Yun | 0537-4435777 | zqb@sacredsun.cn | [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document availability, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and document availability locations remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for H1 2025, showing revenue growth of **19.70%** and net profit attributable to parent growth of **12.61%**, but a **72.55%** decrease in net cash flow from operating activities Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | **1,715,458,910.80** | **1,433,174,669.01** | **19.70%** | | Net Profit Attributable to Shareholders of Listed Company | **129,489,119.07** | **114,988,700.75** | **12.61%** | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | **121,668,384.45** | **97,834,227.83** | **24.36%** | | Net Cash Flow from Operating Activities | **-29,651,366.09** | **-17,184,1

浙江大立科技股份有限公司 2025 年半年度报告全文 浙江大立科技股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 浙江大立科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人庞惠民、主管会计工作负责人徐之建及会计机构负责人(会计 主管人员)莫圆成声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利 预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。请投资者注意 投资风险。 公司 2024 年度经审计的财务数据触及《深圳证券交易所股票上市规则》 （以下简称"《股票上市规则》"）第 9.3.1 条"（一）最近一个会计年度 经审计的利润总额、净利润、扣除非经常性损益后的净利润三者孰低为负值， 且扣除后的营业收入低于 3 亿元。" ...

杭州当虹科技股份有限公司2025 年半年度报告 公司代码：688039 公司简称：当虹科技 杭州当虹科技股份有限公司 2025 年半年度报告 我们的使命：引领全球视听技术的发展 我们的愿景：为人们获得最佳的视听体验 1 / 173 杭州当虹科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告第三节"管理层讨论与 分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人孙彦龙、主管会计工作负责人刘潜及会计机构负责人（会计主管人员）刘潜声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不 ...

舍得酒业股份有限公司 2025 年半年度报告 公司代码：600702 公司简称：舍得酒业 舍得酒业股份有限公司 2025 年半年度报告 1 / 151 舍得酒业股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人蒲吉洲、主管会计工作负责人钟龄瑶及会计机构负责人（会计主管人员）张小清声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 公司不存在特别重大风险。公司已在本报告"第三节管理层讨论与分析"章节阐述了公司可能面 对的风险，敬请投资者予以关注 ...

[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 |