国轩高科(002074) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice 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] - Forward-looking statements regarding future development plans in the report do not constitute substantive commitments; investors should maintain risk awareness[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5] Table of Contents 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] Definitions 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] - The reporting period is defined as January 1, 2025, to June 30, 2025[12] Company Profile and Key Financial Indicators Company Profile 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 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 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] - Information disclosure websites, media names, URLs, and report storage locations remained unchanged during the reporting period[18] Key Accounting Data and Financial Indicators 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 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][22] Non-Recurring Gains and Losses and Their Amounts 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] Management Discussion and Analysis Main Business Activities During the Reporting Period 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] - The company is committed to becoming a leading international green energy system solution provider, placing technological innovation at the core of its strategy[28] - 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] Overview of Main Business 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] - 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] Main Products and Applications 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] - 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] - 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] Business Model 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] - 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] - The company's business model did not undergo significant changes during the reporting period[36] Industry Development and Company Position 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] - 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] - 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][39] - The company's energy storage battery shipments ranked seventh globally[39] Analysis of Performance Driving Factors 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] - 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] - 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] Analysis of Core Competencies 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] - The company has built a comprehensive and diversified product system, making precise efforts in various segmented markets[46] - 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] - Internationalization is a crucial component of the company's strategy, with early and rapid overseas expansion[50] Rich Technology Reserves 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] - Launched the Axtrem intelligent industrial AI platform, achieving precise balance and optimization of product yield, production efficiency, and cost control[44] - Established eight global R&D centers and collaborated with renowned universities such as Stanford University and Columbia University[44] - 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] Broad Product Coverage 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] - 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] - 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] - 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] Robust Industry Chain 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] - 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] - The Jinzhai factory became the industry's first zero-carbon lithium iron phosphate (LFP) energy storage battery manufacturing plant[49] Pioneering Internationalization 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] - R&D-wise, integrating resources to accelerate innovation through domestic and international R&D center layouts[50] - Industry-wise, overseas factories in Göttingen, Germany, and Ha Tinh, Vietnam, have successively commenced production, increasing the proportion of localized production and delivery[50] - Capital-wise, expanding funding channels and enhancing brand international influence through overseas GDR issuance and the introduction of international strategic investors[50] Analysis of Main Business 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] - Net profit attributable to owners of the parent company was 366.63 million yuan, a 35.22% year-on-year increase[51] - 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] - 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] - 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] - 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] - 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] 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 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] Analysis of Assets and Liabilities 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 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] Significant Asset and Equity Sales 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] - The company did not sell significant equity during the reporting period[83] Analysis of Major Holding and Participating Companies 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][85] - 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] Information on Structured Entities Controlled by the Company 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] Risks Faced by the Company and Countermeasures 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] - Countermeasures: Strengthen overseas market risk management, explore new application scenarios, innovate business cooperation models, and improve after-sales service systems[86] - Raw material price volatility risks: Frequent fluctuations in lithium and cobalt prices, potentially compressing profits or leading to inventory impairment[87] - Countermeasures: Improve supply chain layout, optimize inventory management, focus on material recycling technologies, and explore R&D of new battery materials[88] - Technological obsolescence risks: Rapid iteration of new battery technologies, high difficulty and cost of upgrading existing production lines, potentially weakening market competitiveness[89] - 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] - Financial control risks: Increased operating revenue leading to larger accounts receivable balances, potentially resulting in adverse effects[90] - 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] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan 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] - The company has not disclosed a valuation enhancement plan[91] Implementation of 'Quality and Return Dual Enhancement' Action Plan 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] - In the first half, operating revenue reached 19.39 billion yuan, a 15.48% year-on-year increase[93] - 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] - 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] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management 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] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period 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] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures 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] - 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] - 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] - A total of 11.9375 million stock options from the 2022 incentive plan's reserved grant have expired[111] - 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] - The fourth employee stock ownership plan has completed its initial non-trade transfer, with 468 actual subscribers and 8.025 million shares[117] - During the reporting period, the company's total share capital increased from 1,801,996,317 shares to 1,805,112,385 shares[111] Environmental Information Disclosure 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] - Environmental information disclosure reports for each subsidiary are available on their respective enterprise environmental information disclosure systems[119][120] Social Responsibility 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] - Provided assistance to over 10 employees with major illnesses or sudden difficulties, with cumulative aid disbursed totaling 156,500 yuan[121] - 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] - 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] - Through rural employment assistance, cumulatively provided over 5,000 job opportunities[122] - 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] 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 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] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties 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] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[128] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[129] Board of Directors' and Supervisory Board's Explanation on 'Non-Standard Audit Report' for This Reporting Period This explanation is not applicable as the company did not have a non-standard audit report during the reporting period - Not applicable[130] Board of Directors' Explanation on 'Non-Standard Audit Report' for the Previous Year This explanation is not applicable as the company did not have a non-standard audit report during the reporting period - Not applicable[130] Bankruptcy and Reorganization Matters 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] Litigation Matters 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] 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 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] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller 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] Significant Related Party Transactions 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] - The company had no related party transactions involving joint external investments during the reporting period[142] Significant Contracts and Their Performance 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] - The company had no contracting situations during the reporting period[148] - 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] 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] 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 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] - 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][161] - 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] - The company approved the proposal for changes in accounting policies[162] - The company re-appointed Suya Jincheng Certified Public Accountants (Special General Partnership) as its accounting firm for 2025[162] - 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] Significant Matters of Company Subsidiaries The company had no significant subsidiary matters during the reporting period - The company had no significant subsidiary matters during the reporting period[164] Share Changes and Shareholder Information Share Change Status 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][169] 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 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] Number of Shareholders and Shareholding Status As of the end of the reporting period, there were 219,798 common shareholders. Among the top ten shareholders, Volkswagen (China) Investm