Weifu High-Technology Group Co. Ltd. Summary of Semi-Annual Report 2024

Stock Code: 000581 200581 Public Notice No: 2024-053

Short Form of the Stock: WFHT Su Weifu-B

Weifu High-Technology Group Co. Ltd.Summary of Semi-Annual Report 2024

I. Important Notice

The summary is abstract from the full-text of Semi-Annual Report for more details of operating results financial condition and

future development plan of the Company; investors should found in the full-text of Semi-Annual Report that published on media

appointed by CSRC.All directors have attended the Meeting for the Report deliberation.Prompt of non-standard audit opinion

□Applicable □Not applicable

Profit distribution pre-plan of common stock or capitalizing of common reserves pre-plan deliberated by the Board in the reporting

period

□Applicable □Not applicable

Whether to transfer of capital reserve into share capital or not

□Applicable □Not applicable

The profit distribution plan that was deliberated and approved by the Board Meeting is: based on total share capital of 971986293

distributed 2.20 yuan (tax included) bonus in cash for every 10-share held by all shareholders 0 share bonus issued (tax included)

and no transfer of capital reserve into share capital. When the profit distribution plan is implemented if there is a change in the total

amount of shares entitled to profit distribution on the basis of the total amount of shares entitled to profit distribution on the equity

registration date at the time of implementation of the distribution plan the distribution amount shall be adjusted according to the

principle of unchanged distribution proportion.Profit distribution pre-plan of preferred stock deliberated and approved by the Board in the reporting period

□Applicable □Not applicable

II. Company information

1. Company Profile

Short form of the stock WFHT Su Weifu-B Stock code 000581 200581

Stock exchange for listing Shenzhen Stock Exchange

Person/Way to contact Secretary of the Board Rep. of security affairs

Name Liu Jinjun Xu Kan

Contact add. No.5 Huashan Road Xinwu District Wuxi No.5 Huashan Road Xinwu District Wuxi

Tel. 0510-80505999 0510-80505999

E-mail Web@weifu.com.cn Web@weifu.com.cn

1Weifu High-Technology Group Co. Ltd. Summary of Semi-Annual Report 2024

2. Main financial data and indexes

Whether it has retroactive adjustment or re-statement on previous accounting data or not

□Yes □No

Year-on-year

Current period Last period

increase(+)/decrease(-)

Operation income (RMB) 5694233552.72 6129649047.40 -7.10%

Net profit attributable to shareholders of the

954341269.90948760859.550.59%

listed company(RMB)

Net profit attributable to shareholders of the

listed company after deducting extraordinary 975076832.34 830878251.37 17.35%

gains and losses(RMB)

Net cash flows arising from operating

887892317.371089961237.42-18.54%

activities (RMB)

Basic earnings per share (RMB/Share) 0.98 0.98 0.00%

Diluted earnings per share (RMB/Share) 0.98 0.98 0.00%

Weighted average ROE 4.84% 5.24% -0.40%

Ending balance of Ending balance of last Year-on-year

current period period increase(+)/decrease(-)

Total assets (RMB) 27864965288.97 28081087791.81 -0.77%

Net assets attributable to shareholders of

19363215440.2319399892671.78-0.19%

listed company (RMB)

3. Amount of shareholders of the Company and particulars about shares holding

Unit: share

Total common stock shareholders at Total preference shareholders with voting rights

622030

end of the reporting period recovered at end of reporting period (if applicable)

Top 10 shareholders

Information of

Proportion Amount of shares pledged

Nature of Amount of

Full name of Shareholders of shares restricted tagged or frozen

shareholder shares held

held shares held State of Amo

share unt

Wuxi Industry Development Group State-owned

20.47% 204059398 0 N/A 0

Co. Ltd. corporate

Robert Bosch Co. Ltd Foreign corporate 14.33% 142841400 0 N/A 0

Hong Kong Securities Clearing

Foreign corporate 2.90% 28944043 0 N/A 0

Company

CCB Life Insurance Co. Ltd. -

Other 1.24% 12359918 0 N/A 0

Traditional Insurance

NSSF-413 Other 1.06% 10590000 0 N/A 0

State-owned

Dongwu Securities Co. Ltd 0.80% 7999900 0 N/A 0

corporate

FIDELITY

INVMT TRT FIDELITY INTL Foreign corporate 0.80% 7955075 0 N/A 0

SMALL CAP FUND

Guolian An Fund - China Pacific Life

Insurance Co. Ltd. - Dividend

Insurance - Guolian An Fund - China

Other 0.71% 7123179 0 N/A 0

Pacific Life Equity Relative Yield

(Guaranteed Dividend) Single Asset

Management Plan

Basic Pension Insurance Fund- 1003 Other 0.67% 6698993 0 N/A 0

2Weifu High-Technology Group Co. Ltd. Summary of Semi-Annual Report 2024

Domestic natural

Xie Zuogang 0.51% 5132967 0 N/A 0

person

Among the aforesaid shareholders there has no associated relationship

between Wuxi Industry Development Croup Co. Ltd. the first largest

Explanation on associated relationship concerted

shareholder of the Company and other shareholders; and they do not belong

action among the aforesaid shareholders

to the persons acting in concert regulated by the Management Measure of

Information Disclosure on Change of Shareholding for Listed Company.Explanation on the shareholders involved in

Nil

margin trading (if applicable)

Shareholders holding more than 5% of the shares top 10 shareholders or top ten unrestricted shareholders participating in the

lending of shares through refinancing business

□Applicable □ Not applicable

Top 10 shareholders or top ten unrestricted shareholders participating in the lending/returning of shares through refinancing

business

□Applicable □ Not applicable

4. Changes in controlling shareholders or actual controllers

Change of controlling shareholder during the reporting period

□Applicable □ Not applicable

The Company had no change of controlling shareholder during the reporting period

Change of actual controller during the reporting period

□Applicable □ Not applicable

The Company had no change of actual controller during the reporting period

5. Total preferred shareholders and top 10 shares held by preferred shareholders

□Applicable □ Not applicable

The Company has no preferred shareholders

6. Bonds in existence as of the approval date of the semi-annual report

□Applicable □Not applicable

III. Important Matters

(1) The Company’s business conditions during the reporting period

Since the beginning of this year the Company has diligently implemented its annual work goals and actively addressed industry

opportunities and challenges. During the reporting period the Company achieved operating income of 5.694 billion yuan a decrease

of 7.10% year-on-year while net profit attributable to shareholders of the listed Company was 954 million yuan an increase of 0.59%

year-on-year.

(2) Main work carried out by the Company during the reporting period

1. Seizing market opportunities traditional and emerging businesses developed synergistically.

Energy-saving and Emission Reduction Products: Post-treatment system products seizing rapid growth opportunities in hybrid

passenger vehicles and natural gas commercial vehicles sales of gasoline purifiers exceeded 1.87 million units up 48% year-on-

year; sales of natural gas purifiers reached 55000 units up 384% year-on-year. At the same time post-treatment system products

secured projects from several joint venture brands and leading passenger vehicle customers achieving mass production for

multiple commercial vehicle projects and steadily increasing market share in both passenger and commercial vehicle markets. Air

3Weifu High-Technology Group Co. Ltd. Summary of Semi-Annual Report 2024

intake system products: Gasoline turbocharger sales exceeded 310000 units up 308% year-on-year maintaining rapid growth

with major passenger vehicle customer projects gradually entering mass production. Sales of four-cylinder diesel turbochargers

increased by over 12% year-on-year continuing to lead the industry while natural gas turbocharger sales doubled year-on-year.Green Hydrogen and Smart Electric Products: Core components of hydrogen fuel cells such as metal bipolar plates have

completed mass delivery for domestic customer projects. Key BOP products including thermostats proportional valves and

electronic water pumps have secured multiple customer projects. PEM (proton exchange membrane) water electrolysis hydrogen

production systems and equipment have achieved project cooperation with some customers in scientific research and

demonstration. Radar products have accelerated several intelligent driving customer projects with client testing and new sample

development actively underway. Electronic oil pump products have achieved mass production supply for multiple new energy

passenger vehicle projects with capacity expansion accelerating. Existing commercial vehicle customer projects for automotive

seats remain stable with breakthroughs achieved in passenger vehicle projects. The Fuzhou Lianhua base has been completed

with key customer projects gradually entering mass production.

2. Accelerating product iteration and upgrading increasing R&D efforts.

Energy-saving and Emission Reduction Products: Completed the A-sample development of high-pressure fuel pumps and injectors

for ultra-high-pressure electronic control fuel injection systems as well as engine performance matching tests for key customers.Developed the B-sample for natural gas dual-fuel injectors and pressure regulation modules and completed the initial round of

trial production. Finished performance tests for methanol dual-fuel in-cylinder direct injection systems and initiated pre-research

on methanol single-fuel in-cylinder direct injection technology and hydrogen engine injection technology. Developed multiple

post-treatment products for hybrid passenger vehicles and export projects expanded product development into commercial and

off-road sectors and advanced methanol engine product development. Conducted pre-research on technologies for products

meeting future emission standards. Accelerated the development of turbocharger products for gasoline hybrid passenger vehicles

and diesel/natural gas commercial vehicles with key customer projects reaching mass production. Launched methanol engine

turbocharger projects in the market and actively promoted the use of 48V electric turbochargers in customer pre-research projects.Green Hydrogen and Smart Electric Products: Completed B-sample development for 35 MPa pressure relief valves; continued to

expand applications for low-pressure hydrogen valve products and completed C-sample development for exhaust valves.Continued development and industrialization of key BOP components including electronic water pumps thermostats and

hydrogen circulation pumps. Achieved production validation for alloy catalysts and multiple rounds of production validation for

fuel cell membrane electrode production lines while establishing project interfaces for single-cell batteries. Completed the overall

design of the 100 kW PEM water electrolysis hydrogen production system platform and began integrating and assembling various

modules. Finished functional development and customer validation for barrier radar products and continued developing and

building customer projects and industrialization capabilities for 4D imaging radar focusing on cost reduction.

3. Strengthening strategic planning and execution and continuously promoting new business investments and cooperation.

Strategic Planning: Implement and refine the mid-term review and improvement plan of the 14th Five-Year Plan. Advance in-

depth planning for new business areas such as VH and hydraulic systems. Progress with the mid- to long-term planning review

and updating of hydrogen fuel cell strategies. Promote the business planning for the Huishan Intelligent Industrial Park. Conduct

market research and analysis on hydrogen storage and actively advance annual strategic research on automotive seats humanoid

robots and air suspension components. Strengthen local government collaboration on radar and hydrogen storage projects.Investment and Cooperation: Completed the signing of an investment cooperation agreement with Germany's Voith Group for

high-pressure hydrogen storage. Finalized the spin-off of Weifu Intelligent Sensing business and established an independent joint

venture. Continued the development of three major global hydrogen energy bases investing in the R&D and capacity expansion of

IRD's European and North American bases as well as Borit’s European base. Focused on enhancing domestic capabilities of the

WFQL joint venture and constructing the hydrogen energy industrial park in the Asia-Pacific region. Introduced partners for the

automotive seat business and established a new joint venture. Collaborated with WFEC shareholders to form a new joint venture

extending the value chain of precious metal compounds.

4Weifu High-Technology Group Co. Ltd. Summary of Semi-Annual Report 2024

4. Strengthen the quality operation system and continue advancing intelligent manufacturing.

Develop and promote a comprehensive annual quality management roadmap covering five areas: quality systems quality

prevention process quality problem-solving and quality team building with 16 sub-items. Establish an external audit

improvement experience repository and optimize updates to the quality manual. Promote the comprehensive application of special

characteristics and development quality valves in 22 development projects. Plan and complete special characteristics re-

identification and re-control evaluations for 13 business units/subsidiaries and 22 core products. Enhance and train manufacturing

quality engineers on quality tools and methods. Improve quality improvement information sharing and communication. Complete

the iteration of the FMS tooling management system and pilot its launch. Expand the application of the TMS tool management

system and WMS warehousing management system. Continuously optimize and promote the EMS energy management platform

actively advancing energy-saving and consumption-reduction measures. Complete the design of the digital factory project business

application and data architecture for WFAC. Progress is smooth for engineering projects such as the R&D building Phase VI of

the 103 plot factory the hydrogen energy industrial park and the Huishan Chang'an industrial park which are advancing as

planned.

5. Strengthening Operational Quality and Enhancing Management Efficiency

Refine the monitoring and analysis dimensions for business lines and departments and enhance tracking of key products and

projects. Standardize the functional responsibilities of business units. Develop and implement management solutions for new

department control models organizational functions and system processes. Optimize financial procedures update relevant

systems and processes identify business risks and improve process efficiency. Strengthen financial risk management by

addressing capital needs and current management status and continue advancing product redemption. Optimize procurement

management and core operational capabilities and continue developing the SRM procurement platform. Enhance the analysis and

disposal of slow-moving inventory creating specialized optimization projects for such stock. Continuously improve risk

management capabilities strengthen the review control and response to risk issues at all levels provide various internal control

management training and enhance the risk management awareness and skills of key personnel. Recruit talent for strategic new

businesses and key projects optimize and adjust the talent structure and improve talent fit. Implement a performance management

information system to align individual performance goals with organizational performance. Promote international talent

development by planning and establishing international dispatch policies optimizing international talent competency models

setting talent selection standards and advancing specialized training.BOD of WEIFU HIGH-TECHNOLOGY GROUP CO. LTD.

22 August 2024

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