WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
WEIFU HIGH-TECHNOLOGY GROUP CO. LTD.SEMI-ANNUAL REPORT 2025
August 2025
1WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section I. Important Notice Contents and Interpretation
Board of Directors and all directors senior executives of Weifu High-Technology Group Co. Ltd.(hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements
misleading statements or important omissions carried in this report and shall take all
responsibilities individual and/or joint for the reality accuracy and completion of the whole
contents.Yin Zhenyuan Principal of the Company and Feng Zhiming person in charge of accounting works
and Wu Junfei person in charge of accounting organ (accounting principal) hereby confirm that the
Financial Report of Semi-Annual Report 2025 is authentic accurate and complete.All directors have attended the BoD Meeting for the Report deliberation.The forward-looking statements with future plans involved in the Report do not constitute a
substantial commitment for investors. Investors and related parties should maintain sufficient risk
awareness and investors are advised to exercise caution of investment risks.Possible risks and countermeasures for the future operation of the Company are described in the
“Discussion and Analysis of the Management” in the Report and investors are advised to check
them out.The profit distribution plan that was deliberated and approved by the Board Meeting is: based on
total share capital of 966785693 distributed 1.00 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.The Report is prepared in Chinese and English respectively. In the event of any discrepancy
between the two versions the Chinese version shall prevail.
2WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Content
Section I. Important Notice Contents and Interpret... 2
Section II. Company Profile and Main Financial Ind... 6
Section III. Discussion and Analysis of the Manage... 9
Section IV Corporate Governance Environmental and .. 23
Section V. Important Events ........................ 26
Section VI. Changes in Shares and Particulars abou.. 33
Section VII. Corporate Bonds........................ 37
Section VIII. Financial Report ..................... 38
Section IX. Other Reported Data ................... 157
3WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Documents Available for Reference
I. Financial statement carrying the signatures and seals of person in charge of the Company principal of the
accounting works and person in charge of accounting organ (accounting Supervisor);
II. Original documents of the Company and manuscripts of public notices that disclosed in the website designated
by CSRC during the reporting period;
III. The Semi-Annual report summary is published on China Securities Journal and Securities Times during the
reporting period.IV. Place for preparation: Office of the BoD of the Company
4WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Interpretation
Items Refers to Contents
Company The Company WFHT Refers to WEIFU HIGH-TECHNOLOGY GROUP CO. LTD.Weifu Group Refers to Wuxi Weifu Group Co. Ltd.Wuxi Industry Group Refers to Wuxi Industry Development Group Co. Ltd.Bosch Refers to Robert Bosch Co. Ltd ROBERT BOSCH GMBH
RBCD Refers to Robert Bosch Powertrain Ltd.WFLD Refers to Wuxi Weifu Lida Catalytic Converter Co. Ltd.WFJN Refers to Nanjing Weifu Jinning Co. Ltd.WFTT Refers to Ningbo Weifu Tianli Turbocharging Technology Co. Ltd.WFCA Refers to Wuxi Weifu CHANG A?N Co. Ltd.WFMA Refers to Wuxi Weifu Mashan Fuel Injection Equipment Co. Ltd.WFTR Refers to Wuxi Weifu International Tarde Co. Ltd.WFSC Refers to Wuxi Weifu Schmitter Powertrain Components Co. Ltd.WFAM Refers to Wuxi Weifu Autocam Precision Machinery Co. Ltd.WFDT Refers to Wuxi Weifu E-DRIVE Technologies Co. Ltd.WFAS Refers to Wuxi Weifu Autosmart Seating System Co. Ltd.WFLH Refers to Weifu Lianhua Automotive Parts（Fuzhou）Co. Ltd
SPV Refers to Weifu Holding ApS
IRD Refers to IRD Fuel Cells A/S
Borit Refers to Borit NV
WFQL Refers to Wuxi Weifu Qinglong Power Technology Co. Ltd.VHIO Refers to VHIT S.p.A. Società Unipersonale
VHWX Refers to VHIT Automotive Systems(Wuxi) Co.Ltd
Lezhuo Bowei Refers to Lezhuo Bowei Hydraulic Technology (Shanghai) Co. Ltd
WuXi Zhuowei Refers to Wuxi Zhuowei TimesHigh-Tech Co. Ltd.WFSS Refers to Weifu Zhigan(Wuxi) Technology Co. Ltd
WFET Refers to Weifu ET Hydrogen Energy Technology (Wuxi) Co. Ltd.WFBL Refers to Weifu Baolong (Nanjing) Technology Co. Ltd.HySTech Refers to Voith HySTech GmbH
WFEC Refers to Wuxi WFEC Catalysts. Co. Ltd.WFPM Refers to Wuxi Weifu Precision Machinery Manufacturing Co. Ltd.Zhonglian Electronics Refers to Zhonglian Automobile Electronics Co. Ltd.Autolink Refers to Wuxi Chelian Tianxia Information Technology Co. Ltd.Changchun Xuyang Refers to Changchun Xuyang Weifu Automobile components Technology Co. Ltd.CSRC Refers to China Securities Regulatory Commission
SZSE Refers to Shenzhen Stock Exchange
The reporting period Refers to From January 1 2024 to June 30 2024
5WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section II. Company Profile and Main Financial Indexes
I. Company information
Short form of the stock WFHT Su Weifu-B Stock code 000581200581
Stock exchange for listing Shenzhen Stock Exchange
Name of the Company (in Chinese) 无锡威孚高科技集团股份有限公司
Short form of the Company (in Chinese) 威孚高科
Foreign name of the Company (if applicable) WEIFU HIGH-TECHNOLOGY GROUP CO.LTD.Short form of foreign name of the Company (if applicable) WFHT
Legal representative Yin Zhenyuan
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Liu Jinjun Xu Kan
Contact add. No.6 Huashan Road Xinwu District Wuxi No.6 Huashan Road Xinwu District Wuxi
Tel. 0510-80505999 0510-80505999
Fax. 0510-80505199 0510-80505199
E-mail Web@weifu.com.cn Web@weifu.com.cn
III. Other information
1. Company contact information
Whether the registered address office address postal code website email address etc. of the Company changed during the report
period or not
□ Applicable □Not applicable
The registered address office address postal code website and email address of the Company remained unchanged during the
report period. Please refer to the 2024 Annual Report for details.
2. Information disclosure and location
Has the information disclosure and location changed during the report period
□ Applicable □ Not applicable
The website and media name and website of the stock exchange where the Company disclosed its semi-annual report and the
place of placement of the Company’s semi-annual report remains unchanged during the report period. Please refer to the 2024
Annual Report for details.
3. Other relevant information
Whether there is any change in other relevant information during the report period or not
□ Applicable □Not applicable
IV. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□ Yes □ No
6WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Amount in current Year-on-year increase
Amount in last period
period (+)/decrease (-)
Operation income (RMB) 5760418633.11 5694233552.72 1.16%
Net profit attributable to shareholders of
701870308.75954341269.90-26.45%
the listed Company (RMB)
Net profit attributable to shareholders of
the listed Company after deducting non- 655342454.44 975076832.34 -32.79%
recurring gains/losses (RMB)
Net cash flows arising from operating
492874278.74887892317.37-44.49%
activities (RMB)
Basic earnings per share (RMB/Share) 0.72 0.98 -26.53%
Diluted earnings per share (RMB/Share) 0.72 0.98 -26.53%
Weighted average ROE 3.49% 4.84% -1.35%
Ending balance of Ending balance of last Year-on-year
current period period increase(+)/decrease(-)
Total asset (RMB) 28392825486.53 28404900411.22 -0.04%
Net asset attributable to shareholders of
19710452515.6319840528176.64-0.66%
listed Company (RMB)
V. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net asset disclosed in financial report under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable □ Not applicable
The Company had no difference of the net profit or net asset disclosed in financial report under either IAS (International
Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in report period.
2. Difference of the net profit and net asset disclosed in financial report under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable □Not applicable
The Company had no difference of the net profit or net asset disclosed in financial report under either foreign accounting rules or
Chinese GAAP (Generally Accepted Accounting Principles) in report period.VI. Items and amounts of non-recurring gains/losses
□Applicable □Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the write-off that accrued for
-5161965.77
impairment of asset)
Governmental grants reckoned into current gain/loss (except for those with normal
operation business concerned and conform to the national policies & regulations and are
19434241.32
enjoyed at a fixed basis according to certain standards and continuously affect the gain/loss
of the Company)
Except for effective hedging business related to the normal operation of the Company the
fair value gain and loss arising from the holding of financial asset and financial liability by
28831770.24
non-financial enterprises as well as the gain and loss arising from the disposal of financial
asset and financial liability
Gains/losses of asset delegation on others’ investment or management 8904917.47
Reversal of impairment provision for accounts receivable subject to separate impairment
315417.09
testing
Gains/losses from debt restructuring -110699.11
Other non-operating income and expenditure except for the aforementioned items 3396476.85
Less: Impact on income tax 7648195.82
Impact on minority shareholders’ equity (post-tax) 1434107.96
Total 46527854.31
7WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Other gains/losses that conform to the definition of non-recurring gains/losses:
□ Applicable □ Not applicable
The Company does not have other gains/losses that conform to the definition of non-recurring gains/losses.Information on the definition of non-recurring gains/losses listed in the Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Non-recurring Gains/Losses as Recurring Gains/Losses
□Applicable □Not applicable
The Company does not have any non-recurring gains/losses listed in the Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Non-recurring Gains/Losses as Recurring Gains/Losses.
8WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section III. Discussion and Analysis of the Management
I. Major business of the Company within report period
(I) Main business engaged by the Company
The main business of the Company is the research and development production and sales of core automotive parts and currently has
four business segments including energy conservation and emission reduction green hydrogen energy intelligent electric industrial
and other. During the report period the main products sold were diesel fuel injection system exhaust aftertreatment system air
intake system core parts of fuel cells core parts of hydrogen energy and electric drive systems core parts of thermal management
systems cabin core parts core parts of brake systems core components for situational awareness core components of hydraulic
system etc.
1. Diesel fuel injection system including high pressure oil pump high pressure oil rail injector filter and other products widely
used in diesel engines of all levels of power supporting various trucks buses construction machinery marine agricultural
machinery generator sets and can meet the CN VI off-road stage IV emission regulations leading in the product variety production
scale market share. While doing a good job in supporting domestic engines some products are exported to the Americas Southeast
Asia the Middle East and other regions.
2. Exhaust aftertreatment system including diesel purifier gasoline purifier natural gas purifier muffler catalyst and other products
can meet the CN VI off-road stage IV emission regulations with leading technical level market scale and production capacity in
China widely used in traditional power & plug-in hybrid passenger vehicles commercial vehicles off-road machinery and other
fields and can provide strong support for product upgrading and renewal of OEMs.
3. Air intake system including diesel supercharger gasoline supercharger natural gas supercharger and other products can meet CN
VI off-road stage IV emission regulations with the scope of application covering commercial vehicles traditional power & plug-in
hybrid passenger vehicles construction machinery agricultural machinery generator sets and other fields and can support the major
domestic OEMs and automobile manufacturers.
4. Core parts of fuel cells including membrane electrode bipolar plate (graphite metal) catalyst and BOP critical parts (such as
valves pumps air compressor critical parts) hydrogen storage cylinder and other products mainly support domestic and foreign
hydrogen fuel cell stack and system manufacturers and energy storage enterprises.
5. Core parts of electric drive systems including motor shaft end cover water jacket and other products mainly support domestic
and foreign new energy passenger car enterprises or electric drive system manufacturers.
6. Core parts of thermal management systems including electronic oil pump electronic water pump thermostat and other products
mainly support domestic and foreign new energy passenger vehicles commercial vehicle enterprises.
7. Cabin core parts including car seat assembly seat skeleton electric long slide shock absorber and other products mainly support
domestic mainstream commercial vehicles passenger car enterprises.
8. Core parts of brake systems including mechanical vacuum pump and other products mainly support domestic and foreign
mainstream passenger car enterprises.
9. Core components for situational awareness: Products include 4D imaging radar front radar corner radar in-cabin radar and
barrier radar primarily used in intelligent driving smart cockpits smart parking and vehicle-to-infrastructure (V2X) applications.
10. Core components for suspension systems: Products include hydraulic motor pumps and accumulators primarily supplied to
domestic and international new energy passenger vehicle manufacturers.
11. Core components for hydraulic systems: Products include forklift hydraulic systems motor pumps internal gear pumps motor
controllers and piston components supplied to major domestic hydraulic equipment manufacturers.(II) Business model
9WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The Company adheres to the business philosophy of "producing high-quality products establishing a renowned brand and achieving
shared value growth." It operates under a model where the parent Company provides centralized management while subsidiaries
handle decentralized production. The parent Company is responsible for formulating strategic development plans and business
objectives. It also oversees the subsidiaries in areas such as finance major personnel management core raw materials quality control
and technology research and development. The subsidiaries manage production based on market orders ensuring uniform product
quality timely understanding of customer needs logistics cost savings timely product supply and improved economic efficiency for
the Company.(III) Industry development
The Company operates in the automotive parts manufacturing industry. In the first half of 2025 China’s automotive industry amid a
complex and volatile global economic environment remained committed to innovation-driven development and deepened structuraladjustments fully leveraging the resilience of the industrial chain and market potential. Guided by the “stabilizing growth andboosting consumption” policies of the CPC Central Committee and the State Council coupled with the continuation of the “trade-in”
policy the ongoing iteration of new energy vehicle technologies and the accelerated implementation of internationalization strategies
the industry as a whole demonstrated a development trend characterized by overall stability and structural optimization. In the first
half of the year national automobile production and sales reached 15.621 million units and 15.653 million units representing year-
on-year increases of 12.5% and 11.4% respectively. The penetration rate of new energy vehicles exceeded 44.3% while exports
grew by more than 10% year-on-year.
1. Commercial vehicle market overview
In the first half of 2025 under a macroeconomic environment of stable operation and a new normal in the freight market
characterized by oversupply of vehicles insufficient cargo volume and subdued freight rates replacement and renewal served as the
primary growth drivers resulting in a slight increase in total sales. From January to June commercial vehicle production and sales
reached 2.099 million units and 2.122 million units representing year-on-year increases of 4.7% and 2.6% respectively. By vehicle
type truck production and sales totaled 1.837 million units and 1.856 million units up 4.2% and 1.8% year-on-year respectively.Within the truck segment compared with the same period of the previous year production and sales of heavy-duty trucks and light-
duty trucks recorded varying degrees of growth while those of medium-duty trucks and mini trucks experienced declines to varying
extents. Specifically heavy-duty truck sales reached 539000 units up 6.9% year-on-year; medium-duty truck sales were 60000
units down 15.1% year-on-year; light-duty truck sales reached 1.036 million units up 6.7% year-on-year; and mini truck sales were
222000 units down 20.4% year-on-year. Bus production and sales totaled 262000 units and 265000 units representing year-on-
year increases of 8.4% and 8.7% respectively. Within the bus segment compared with the same period of the previous year all three
major bus categories recorded varying degrees of growth in both production and sales. Specifically sales of large and medium-sized
buses reached 52000 units up 2.4% year-on-year while sales of light buses reached 213000 units up 10.3% year-on-year.
2. Passenger vehicle market overview
Driven by the “Two New” policies domestic demand saw a significant boost further supported by sustained growth in overseas
exports. In the first half of the year the passenger vehicle market maintained steady upward momentum with cumulative production
and sales reaching 13.522 million units and 13.531 million units representing year-on-year increases of 13.8% and 13.0%
respectively. Leveraging advancements in quality electrification and intelligent technologies Chinese brands achieved a penetration
rate of 68.5% contributing the majority of domestic market growth and substantially replacing the market share of joint venture and
foreign brands. Passenger vehicle exports totaled 2.581 million units up 10.3% year-on-year. Although the growth rate narrowed due
to a higher export base increased trade barriers and slower automotive industry transformation in other markets the long-term
outlook remains positive.
3. New energy vehicle market overview
Supported by favorable policies increased investment from automakers and rapid export growth the new energy vehicle (NEV)
market achieved strong momentum in the first half of the year. Cumulative production and sales reached 6.968 million units and
6.937 million units representing year-on-year increases of 41.4% and 40.3% respectively with a penetration rate of 44.3%. Among
the major categories compared with the same period last year production and sales of fuel cell vehicles declined significantly while
10WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
the other two major NEV categories recorded varying degrees of growth. Specifically battery electric vehicle (BEV) sales reached
4.42 million units up 46.2% year-on-year; plug-in hybrid electric vehicle (PHEV) sales totaled 2.52 million units up 36.0% year-on-
year; and fuel cell vehicle (FCV) sales were 13730 units down 46.8% year-on-year.
4. Off-road market overview
In the first half of 2025 the construction machinery industry entered an upward phase under the combined influence of multiple
factors such as the recovery of infrastructure investment the arrival of the replacement cycle and the boost from exports. The sales
volume of diesel internal combustion engines for construction machinery reached 455000 units marking a year-on-year growth of
2.9%. In contrast the agricultural machinery market faced a decline in grain prices and a diminishing marginal return on cross-
regional operations which weakened the driving force for investment in agricultural machinery. Coupled with the market entering a
downward cycle the sales volume of diesel internal combustion engines for agricultural machinery stood at 818000 units in the first
half of the year a year-on-year decrease of 0.9%.(Source: China Association of Automobile Manufacturers First Commercial Vehicle Network China Internal Combustion Engine
Industry Association)
(IV) Company operations during the report period
Since the beginning of the year the Company has earnestly implemented its annual operational objectives and plans actively seizing
and responding to industry opportunities and challenges. During the report period the Company achieved operating revenue of 5.760
billion yuan representing an increase of 1.16% compared with the same period of the previous year; net profit attributable to
shareholders of the listed company was 702 million yuan down 26.45% year-on-year.The main initiatives undertaken by the Company during the report period were as follows:
1. Captured market opportunities and drove business expansion
Energy saving and emission reduction products: Leveraging sustained growth opportunities in niche markets such as hybrid
passenger vehicles sales of gasoline catalytic converters exceeded 2.05 million units up 9% year-on-year while diesel catalytic
converter sales reached 150000 units up 26% year-on-year; market share for after-treatment system products in the passenger
vehicle segment continued to increase steadily while market share in the commercial vehicle segment remained stable. Among the
intake system products the sales volume of four-cylinder diesel turbochargers reached 370000 units with a year-on-year growth of
over 16% continue to maintain the industry position of having the highest market share in the country. Gasoline turbochargers seized
the market opportunity of hybrid passenger vehicles newly acquired multiple key projects from leading customers and are expected
to gradually achieve mass production in the second half of the year. The sales volume of six-cylinder turbochargers increased by over
25% year-on-year and multiple key customer projects were obtained.
Intelligent Electric Products: The sales volume of core components of the electric drive system has achieved year-on-year growth
and multiple leading customers have been secured for designated projects. The electronic fuel pump product has achieved batch
production for multiple domestic and foreign customer projects and several key customer projects are being advanced
simultaneously. The millimeter-wave radar business has established a close strategic partnership with Bosch actively promoting in-
depth cooperation in the market technology and supply chain. It is expected to achieve mass production within the year. The
automotive seat products have achieved large-scale mass production for key projects of both passenger and commercial vehicles and
are in a rapid growth phase. Moreover positive progress has been made in core component innovation technologies such as the long
slide rail innovation technology.Green hydrogen energy products: The sales volume of metal bipolar plates has grown rapidly obtaining multiple customer
designated projects and metal single-cell development projects while actively exploring overseas markets; BOP products such as
electronic water pumps and ejectors have obtained multiple customer project designations; completed the delivery of 100-kilowatt
PEM hydrogen production equipment and the first electrolytic water hydrogen production demonstration project in Wuxi - the Weifu
PEM hydrogen production industrial application project - has been put into operation and started up.
2. Drove product iteration and accelerated R&D implementation
Energy saving and emission reduction products: The reliability verification of the dual-fuel injector and gas pressure regulation
module for the engine was completed and the first sample on the production line was successfully produced；The performance test
11WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
of the engine with high-pressure methanol injection system was completed; The ignition and basic performance tests of the hydrogen
direct injection injector engine have been completed. The post-treatment products have completed the development of multiple
hybrid passenger vehicle models and export projects expanded the development of commercial vehicles and non-road applications
and developed methanol engine products. We have also actively carried out the development of post-treatment packaging catalysts
and system integration to meet the National VII emission standards. The turbocharger products are accelerating the development of
customer projects for gasoline hybrid passenger vehicles and diesel and natural gas commercial vehicles achieving batch production
for some key customer projects and expanding and supplying methanol turbocharger products to key customers.Intelligent Electric Products: The 120W electronic oil pump platform has completed product development and achieved mass
production the 48V electronic oil pump customer project has achieved batch production. The suspension motor pump project has
been awarded a project order from a leading customer and conducted technical exchanges with multiple customers and are advancing
the project order process. The development of 3D corner radar is progressing smoothly and is accelerating its industrialization. The
4D imaging radar is continuously advancing in development optimization and industrial application.
Green Hydrogen Products: The Company is steadily advancing the development of PEM electrolysis water hydrogen production
system platform technology and products as well as the delivery of customer projects. The commissioning of the electrolytic water
catalyst production line has been completed and the iterative development of the electrolytic water membrane electrode products has
been accomplished. Complete the development of the 35Mpa bottle valve B sample and initiate type approval and continuously
promote the development and application of bottle valves pressure reducing valves and other products; The fuel cell business
continues to enhance the performance and durability of membrane electrodes and promotes the development and industrialization of
key BOP components such as electronic water pumps thermostats and hydrogen circulation pumps.
3. Optimized strategic planning and deepened investment cooperation
In terms of strategic planning: Focus on advancing the strategic pre-research work related to the withdrawal of the IPO application
and market targets; conduct planning research around the product areas of the humanoid robot industry to support and promote the
company's external cooperation and internal R&D strategic actions; actively promote the comprehensive deepening of strategic
cooperation with Bosch; strengthen the implementation and advancement of the company's strategic goals and start the work on the
15th Five-Year Plan. In terms of investment and cooperation: Advance the cooperation with Bolong on the full active suspension
motor hydraulic pump project; promote the implementation of joint venture and cooperation projects such as WFSS Radar and
German Voith hydrogen storage bottles and maintain partnerships; actively explore potential target projects such as humanoid robots
automotive seats and core components of the chassis domain; deepen the cooperation with strategic partners such as Bosch in
intelligent business and hydraulic business. Continuously improve investment management and post-investment evaluation work and
constantly improve the management system of the Investment Committee.
4. Strengthened the quality system and advancing intelligent manufacturing
Carried out annual quality initiatives focusing on quality systems preventive controls process management problem resolution and
team development; prioritized the standardization of quality issue resolution and the enhancement of personnel competency across
talent tiers; refined quality requirements for the project development phase and established a quality management model from
sample to SOP+; implemented quality empowerment and collaborative management for key business domains and development
projects. Released the Group’s process planning roadmap reviewed and categorized existing process technologies and defined
capability improvement targets. Launched the Weifu Quality Management Platform project completed the business blueprint and
designed the functional modules for Phase I. Continued to drive digital and intelligent transformation with WFAC new energy
electric drive workshop passing the national Level 4 Intelligent Manufacturing Capability Maturity Assessment and being recognized
as a “National Intelligent Manufacturing Model Factory.” Promoted the application of FMS and TMS systems across the Group’s
business divisions and subsidiaries; extended the digital factory model to WFTT and advanced the design of integrated project
blueprints; expanded technical support and core system coverage to overseas subsidiaries and developed an operation and
maintenance plan for the overseas data center; facilitated the application of AI technologies such as Deepseek in enterprise scenarios
reviewed and assessed new scenario requirements and completed development of multiple projects. Progressed steadily on
12WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
construction projects including Phase VI of the 103 Plot Plant the Hydrogen Energy Industrial Park and the Huishan Chang’an
Industrial Park.
5. Enhanced operational quality and strengthened risk management
Optimized the operational monitoring and analysis mechanism reinforced the “One Report One Meeting” and OPL management
practices; advanced the review and documentation of responsibilities and processes for new business divisions; and coordinated the
extension of institutional processes to overseas subsidiaries. Streamlined financial domain policies and processes identified business
risks and implemented updates and improved process efficiency. Continued to conduct product profitability analyses established a
cost penetration analysis system and integrated market-based settlement into monthly business division reviews; strengthened asset
leasing and disposal evaluations. Alleviated cost pressures through inventory optimization and material substitution while driving
process improvements and resource recycling to offset long-term cost pressures. Completed supplier category mapping determined
risk suppliers based on supply value and product types identified high-risk suppliers and optimization opportunities and provided
support for supply chain strategy adjustments. Continued to advance SRM platform monitor its operational effectiveness and
implement ongoing improvements. Further enhanced the risk control system continuously improving risk management capabilities
and strengthening the review control and response to risk events at all levels. In strategic emerging businesses and key projects
enhanced talent acquisition and optimized talent structure; organized targeted training programs such as English proficiency and
“Excellent Engineer” initiatives conducted advanced training for high-skilled intelligent manufacturing talent established skill-level
enhancement training programs and promoted the development of the “San Hang Yi Jiang” talent initiative. Continued to promote
the cultivation of international talent formulated international assignment policies and dispatched management personnel to
overseas subsidiaries.II. Analysis on core competitiveness
The company shall comply with the disclosure requirements for the automobile manufacturing industry as specified in the Shenzhen
Stock Exchange Guidelines for Self-Regulation of Listed Companies No. 3 – Industry Information Disclosure.
1. Industry and brand advantages. Established in 1958 with more than sixty years of development the Company has become a
renowned manufacturer of auto parts in China and has established long-term and stable cooperation with major domestic OEMs and
vehicle manufacturers. The existing core auto parts products such as automotive fuel injection system exhaust gas after-treatment
system air intake system and core parts of hydrogen fuel cell have strong market competitiveness and high market shares. The
Company is a leading enterprise in the internal combustion engine industry of China and ranked 39th on the 2024 Top 100 Chinese
Automotive Parts Enterprises. The Company's subsidiaries WFLD and WFTT were respectively recognized as the 7th and 8th batch
of National Manufacturing Single Champion Enterprises while WFTT and WFJN were both awarded the title of National
Specialized Refined Unique and Innovative "Little Giant" Enterprises.
2. Technology and product advantages. The Company is a national high-tech enterprise with scientific research platforms such as
National Enterprise Technology Center National High Technology Research and Development Program Achievement
Industrialization Base Postdoctoral Research Station Jiangsu Provincial Postgraduate Workstation as well as several provincial
engineering technology research centers provincial engineering laboratories and other R&D institutions which mainly focus on fuel
injection system for vehicles exhaust gas after-treatment system air intake system hydrogen fuel cell intelligent network thermal
management system and other businesses for technological innovation and product development. The Company has acquired a
number of key core technologies with the technical indicators of its main products at the leading level in the industry. In recent years
the Company has made key strategic layout in the fields of green hydrogen energy intelligent electric power industries and other
fields and formed product technology research and development capabilities in hydrogen energy and fuel cell core components
research and development capabilities for renewable energy hydrogen production core parts of E-drive thermal management system
components intelligent perception modules hydraulic systems core components as well as other components.
3.Management and manufacturing advantage: The company has a sound organizational structure management systems and processes
and has established a financial shared service platform which enables the effective transfer and stable operation of organizations
personnel business operations and accounting; an human resource information system platform which ensures the timeliness
13WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
accuracy and standardization of basic data related to organization personnel compensation and attendance; and a procurement
shared system which connects the information between the company and its suppliers and realizes the closed-loop management of
the procurement process. The Company has implemented Weifu Production System (WPS) with lean concept and established an
overall process quality management system with relatively strong manufacturing quality assurance cost control and product delivery
capabilities. With the focus on smart manufacturing the Company has continued to build a smart factory with Weifu characteristics
and promote the application of big data analysis and AI application as well as application of technologies such as cloud computing
and the Internet of Things which can strongly support the future business development of the Company.
4. Marketing and service advantages. The Company features a stable professional and experienced marketing team which can
provide targeted support and services based on customer demands as well as cordial customer relationships. With regard to long-
term strategic customers the Company has established key account managers cooperating with marketing departments and business
divisions to promote sale businesses. Regular visits among the management of the companies to promote communication and
cooperation. The Company has a relatively complete after-sales service system and has built an after-sales service network
intelligent service platform and set up special maintenance technical service stations nationwide to regularly train end-users in the
use of maintenance and fault analysis and judgment so as to provide customers with fast timely and professional all-round after-
sales services.
5. Talent team advantages. The management team of the Company has extensive experience in the auto parts industry with excellent
industry reputation. The Company attaches importance to the growth of employees as well as the development of core talents. With
years of accumulation the Company has deposited a group of professional and high-quality management and technical talents and
established a reasonable talent echelon which provides a strong guarantee of human resources for the long-term and stable
development of the Company. The human resource management system of the Company is relatively comprehensive and the
continuously optimized human resource management system has provided a fair platform for career development of employees to
realize their values. The Company attaches importance to the service and care for employees and aims to enhance the service
experience of employees through the construction of employee self-help platform to create a working environment with warmth and
a sense of belonging.
6. International cooperation advantages. The Company is committed to the core automotive parts industry and has long been
cooperating with strategic partners at home and abroad in depth. The Company has been cooperating with industry giant Robert
Bosch Company since 1984 and has established a long-term and stable cooperation relationship with Bosch and continuously
expanded cooperation in new business areas and the cooperation model between the two sides has become an industry model.Meanwhile the Company has built joint ventures with Autocam in the United States and Voith Germany and cooperates closely in
the field of high-end precision manufacturing and hydrogen storage cylinder. By long-term cooperation with renowned enterprises in
Europe and the United States the Company has cultivated a group of middle and senior management and technical personnel with
international communication abilities international visions and familiarity with international standards and has mastered R&D
process design quality control and production management capabilities with international advanced levels which has promoted
favorable development of the business of the Company as well as international business and market development.
7. Outstanding Corporate Culture. The Company upholds the mission of “Driving a Better Life with Quality and Intelligence” and
the vision of “Becoming a Domestic First-Class and Internationally Leading Industrial Components Enterprise” while practicing its
core values of “Focus Innovation Responsibility and Integration” and embracing the corporate spirit of “Practical Action ProactiveEngagement Collaborative Partnership and the Courage to Lead.” The Company has developed a “Quality & Intelligence” cultural
system with “Quality” and “Intelligence” serving as dual cultural engines—embodying a commitment to its original aspirations and
a pursuit of future excellence. This strong corporate culture provides robust support for the Company’s sustained excellence in
operations and its growth into a domestic first-class and internationally leading industrial components enterprise playing an active
role in the achievement of strategic objectives.III. Analysis of main business
Overview
14WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Refer to the relevant content of “1. Major business of the Company within report period”.Year on year changes in major financial data
In RMB
Amount in current Amount in last Year-on-year increase
Reason
period period (+)/decrease (-)
Operation income 5760418633.11 5694233552.72 1.16%
Operation cost 4765222793.27 4656360224.06 2.34%
Sales expense 83998662.78 77420526.32 8.50%
Administration
381273882.00330939659.3115.21%
expenses
Mainly due to the increase in exchange
Financial expenses -35073044.09 8211838.63 -527.10%
gains
Mainly due to the increase in taxable
Income tax expense 42189606.93 23703720.56 77.99%
income
R&D expenses 350722149.70 302233285.34 16.04%
Net cash flows Mainly caused by the increase in cash
arising from 492874278.74 887892317.37 -44.49% paid for purchased goods and received
operating activities services during the report period
Mainly caused by the maturity of
Net cash flows
wealth management products and the
arising from investing 719988801.17 174939323.78 311.56%
activities decrease in the scale of wealth
management products
Net cash flows
Mainly caused by the decrease in
arising from -800783034.85 -1238558151.40 35.35%
financing activities inflows from bank borrowings
Mainly due to the year-on-year
Net increase of cash increase in the net cash flow from
448858253.58-187685655.02339.15%
and cash equivalents investing activities and financing
activities
Significant changes in the composition or source of profits of the Company during the report period
□ Applicable □Not applicable
There have been no significant changes in the composition or source of profits of the Company during the report period.Component of operation income
In RMB
Amount in current period Amount in last period
Year-on-year increase
Ratio in operation Ratio in operation
Amount Amount (+)/decrease (-)
income income
Total operation
5760418633.11100%5694233552.72100%1.16%
income
By industry
Automotive
5664265047.2698.33%5602366875.4598.39%1.10%
components
Other businesses 96153585.85 1.67% 91866677.27 1.61% 4.67%
By product
Energy saving and
emission reduction
products： 2313650577.35 40.17% 2389384035.29 41.96% -3.17%
Automotive fuel
management system
Energy saving and
emission reduction
products： 1844896152.37 32.03% 1788451511.09 31.41% 3.16%
Automotive after-
treatment system
15WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Energy saving and
emission reduction
： 433871615.55 7.53% 501982916.15 8.82% -13.57% products Air
intake system
Smart and electric
1030691340.9417.89%874995417.2415.36%17.79%
vehicle
Green hydrogen
41155361.050.71%47552995.680.84%-13.45%
energy
Other businesses 96153585.85 1.67% 91866677.27 1.61% 4.67%
By region
Domestic 5032603685.85 87.37% 4908641107.58 86.20% 2.53%
Foreign 727814947.26 12.63% 785592445.14 13.80% -7.35%
Information on industries products or regions accounting for more than 10% of the Company's operating income or operating profit
□Applicable □Not Applicable
Year-on- Year-on-
Year-on-
year year
year
Gross increase increase
Operating increase
Operating Costs profit (+)/decrea (+)/decrea
Revenue (+)/decrease
rate se (-) of se (-) of
(-) of Gross
Operating Operating
profit rate
Revenue Costs
By industry
Automotive components 5664265047.26 4727893633.72 16.53% 1.10% 2.20% -0.90%
By product
Energy saving and emission
4592418345.273781644315.2917.65%-1.87%-0.15%-1.42%
reduction products
Including: Automotive fuel
2313650577.351836530419.0120.62%-3.17%-0.46%-2.16%
management system
Including: Automotive after-
1844896152.371601070878.0913.22%3.16%3.54%-0.32%
treatment system
Including: Air intake system 433871615.55 344043018.19 20.70% -13.57% -13.15% -0.39%
Smart and electric vehicle 1030691340.94 906135804.38 12.08% 17.79% 14.35% 2.65%
Green hydrogen energy 41155361.05 40113514.05 2.53% -13.45% -12.99% -0.52%
By region
Domestic 4936450100.00 4099802478.84 16.95% 2.48% 4.43% -1.54%
Foreign 727814947.26 628091154.88 13.70% -7.35% -10.26% 2.79%
IV. Analysis of non-main business
□Applicable □Not applicable
In RMB
Ratio
Amount in total Cause description Whether be sustainable
profit
Investment earnings mainly form the The joint ventures RBCD and Zhonglian
Investment two joint ventures (RBCD and Electronics have stable production and
545945486.8372.28%
earnings Zhonglian Electronics) with stock operation so the investment returns are
participated by the Company sustained and stable.Gains/losses Mainly refers to the fair value changes
from changes in 27874369.01 3.69% of tradable financial asset
fair value
Asset Mainly refers to the provision of
-72319585.77-9.57%
impairment inventory impairment
Non-operating
2594469.110.34%
income
Non-operating
3344708.840.44%
expense
16WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
V. Asset and liability analysis
1. Major changes of asset component
In RMB
End of current period End of last period Ratio
Note of major
Ratio in Ratio in changes
Amount Amount changes
total asset total asset (+/-)
Monetary funds 2468434379.47 8.69% 2246600451.52 7.91% 0.78%
Accounts receivable 3532771507.20 12.44% 3737653893.03 13.16% -0.72%
Inventory 2088325602.36 7.36% 2308920401.14 8.13% -0.77%
Investment real estate 53426749.43 0.19% 44960930.39 0.16% 0.03%
Long-term equity
7002758309.9824.66%7035098878.5924.77%-0.11%
investment
Fixed asset 4361424985.91 15.36% 4461619375.21 15.71% -0.35%
Construction in
521265457.981.84%380321816.501.34%0.50%
progress
Right-of-use asset 107224877.20 0.38% 67765442.37 0.24% 0.14%
Short-term borrowings 628135100.76 2.21% 393120147.95 1.38% 0.83%
Contract liabilities 106520784.44 0.38% 56148545.13 0.20% 0.18%
Long-term borrowings 90000000.00 0.32% 100000000.00 0.35% -0.03%
Lease liabilities 76852608.86 0.27% 47316516.48 0.17% 0.10%
Other receivables 1494709285.16 5.26% 930529007.57 3.28% 1.98%
Dividend
receivable from
Including: dividends receivable 563855362.06 1.99% 5357758.49 0.02% 1.97%
participating
companies
2. Major foreign assets
□Applicable □Not applicable
The
proportion Is there a
Specific
Cause of Operation Control measures to of overseas significant
content of Asset scale Location Revenue
formation model ensure asset security asset to the impairment
asset
Company’s risk
net asset
The Company will
A wholly- fully pay attention to
owned changes in the
subsidiary of industry and market
Business
the Company strengthen corporate
combinations
RMB engaged in governance personnel
IRD not under Denmark Nil 2.60% No
511826500.00 R&D management
common
production and financial
control
sales of fuel management audit
cell supervision and
components performance
evaluation
The Company will
A wholly- fully pay attention to
owned changes in the
subsidiary of industry and market
Business
the Company strengthen corporate
combinations
engaged in governance personnel
Borit NV not under RMB268060800.00 Belgium Nil 1.3% No
R&D management
common
production and financial
control
sales of fuel management audit
cell supervision and
components performance
evaluation
A wholly- The Company will
Business
owned fully pay attention to
combinations
subsidiary of changes in the
VHIO not under RMB685791700.00 Italy Nil 3.48% No
the Company industry and market
common
engaged in strengthen corporate
control
R&D governance personnel
17WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
production and management
sales of fuel financial
cell management audit
components supervision and
performance
evaluation
3. Assets and liabilities measured at fair value
□Applicable □ Not applicable
In RMB
Accumulat
Gains/loss ed Impairme
Amou
es from gains/losse nt
Amount of nt of
Opening changes in s from provision Other Ending
Items purchase in sale in
balance fair value changes in accrued changes balance
the period the
in current fair value in current
period
period booked period
into equity
Financial asset
1.Tradable
financial
-
assets(excludi 2177153985. 30142751. 1348998685. 1714901326.
1841394095.
ng derivative 38 30 07 34
41
financial
asset)
2.Other equity
677790690.0677790690.0
instrument 0 0
investment
3.Receivable 1713187182. 300202136.1 2013389318.
financing 25 2 37
Subtotal of -
4568131857.30142751.1348998685.4406081334.
financial 1541191959.
63300771
assets 29
-
4568131857.30142751.1348998685.4406081334.
Above total 1541191959.
63300771
29
Financial
0.000.00
liabilities
Other changes: Maturity redemption
Whether there were major changes in the measurement attributes for main assets of the Company in report period or not
□ Yes □No
4. The asset rights restricted till end of the report period
In RMB
Item Book value at period-end Restriction reason
Monetary funds 142735966.40 Cash deposit paid for bank acceptance
Monetary funds 278566.46 Guarantee deposit
Monetary funds 225875.75 Cash deposit for Mastercard
Monetary funds 8470394.37 Performance bond
Receivables financing 704783096.16 Notes pledge for bank acceptance
Total 856493899.14 --
VI. Analysis on investment
1. Overall status
□Applicable □Not applicable
Investment amount during the report period (yuan) Investment amount for the same period last year (yuan) Change
441930364.44667248929.69-33.77%
18WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
2. Significant equity investments obtained during the report period
?Applicable □Not applicable
Invest Gains/l
Progr
ment Inv osses
ess Whether Discl
amou est Antici of
Investm Equi Sour Pro up to involved osure Disclosu
Primary nt (in men pated invest
Investee ent ty ce of Cooperator duct balan with date re index
business ten t incom ment
manner ratio fund type ce litigation (if (if any)
thousa ter e in
sheet (Y/N) any)
nd m current
date
yuan) period
High-
Acquisi SPV
pressure Voith I Announ
tion and hold In
hydroge 4272 ndustriever cement
HySTech capital s progr 0.00 0.00 N
n 9.47 walt ung G No.:202
increas 40.0 ess
storage mbH 5- 002
e 0%
cylinder 2025-
High- 02-18
pressure Have Announ
New Voith
hydroge 1022 51.0 been cement
WFET establis HySTech 0.00 0.00 N
n 7.31 0% comp No.:202
hment GmbH
storage leted 5- 002
cylinder
Wuxi
Purifiers Have Announ
Industry
Acquisi 1911 100. been 2025- cement
WFLD Developm 0.00 0.00 N
mufflers tion 1.82 00% comp 02-22 No.:202
ent Co.etc. leted 5- 005
Ltd Lon
Full Own g-
active er’s Shanghai NA
WFJ terfund Announsuspensi Baolong
N m Have 2025- cement
on New Automotiv
2200 hold been 05-21 No.:202
WFBL motor establis e 0.00 0.00 N
0 s comp 2025- 5- 040、hydrauli hment Technolog
55.0 leted 07-02 2025-
c pump y (Anhui)
0%048
technolo Co. Ltd.gy
The
first
Wuxi
round
Chelian
of
Tianxia Announ
Connect Capital capita
9.28 Informatio 2025- cement
AutoLink ed car increas 3000 l 0.00 0.00 N
37% n 06-12 No.:202
service e increa
Technolog 5- 044
se has
y Co. Ltd.been
etc.comp
leted
9706
Total -- -- -- -- -- -- -- -- 0.00 0.00 -- -- --
8.60
Note: It is presented based on the central parity rate of RMB against foreign currencies in the inter-bank foreign exchange market
as disclosed by the company for the first time.
3. Major non-equity investment in progress in report period
□ Applicable □ Not applicable
4. Financial asset investment
(1) Securities investment
□ Applicable □Not applicable
In RMB
Current
Book Cumula
Accounti gain/lo Profit Book
Variet Code Short value at tive fair Current Capi
Initial ng ss of Current and loss value at Account
y of of form of the value purcha tal
investmen measure fair sales in the the end ing
securit securit securitie beginnin changes se sour
t cost ment value amount Reportin of the subject
ies ies s g of the in amount ce
model change g Period period
period equity
s
19WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Dome
stic Tradabl
Miracle Measure
and 00200 6933150 1050180 462300 1192150 141970 e Own
Automa d at fair 0.00
foreig 9 0.00 0.00 .00 1.23 1.23 financia fund
tion value
n l asset
stocks
Dome
stic Tradabl
Hanma Measure
and 60037 998685.0 111804 998685 111804. 111048 e Own
Technol d at fair
foreig 5 7 .38 .07 38 9.45 financia fund ogy value
n l asset
stocks
703301810501805741049986851192150153150111048
Total -- 0.00 -- --
5.070.00.38.071.235.619.45
Disclosure date of securities
investment approval of the 2013-06-04
Board
Note: Hanma Technology was generated from the conversion of accounts receivable into securities.
(2) Derivative investment
□ Applicable □ Not applicable
There are no derivative investments during the report period.
5. Application of raised proceeds
□ Applicable □ Not applicable
There is no application of raised proceeds during the report period.VII. Sales of major asset and equity
1. Sales of major asset
□ Applicable □ Not applicable
No major asset was sold during the report period.
2. Sales of major equity
□ Applicable □ Not applicable
VIII. Analysis of main controlling and participating companies
□ Applicable □ Not applicable
Main subsidiaries and participating enterprises with over 10% influence on net profit of the Company
In RMB
Company Main Operating
Type Register capital Total asset Net asset Operating profit Net profit
name business income
Exhaust
gas after-
WFLD Subsidiary 502596300.00 6189762193.91 2889815964.94 2015486591.11 168064333.47 156145628.40
treatment
system
Automotive
fuel
WFJN Subsidiary 346286825.80 1544870093.01 1194480219.10 312060940.15 33411876.80 30608460.40
injection
system
Automotive
Participating fuel USD
RBCD 16100844546.38 9407511121.52 4370812361.63 767994364.23 760784253.17
enterprise injection 382500000.00
system
Gasoline
Zhonglian Participating
system 600620000.00 10694918333.41 9185295501.39 13252075.68 1334576491.21 1333377744.95
Electronics enterprise
products
Subsidiaries acquired and disposed in report period
?Applicable □Not applicable
20WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Ways of acquiring and disposing of
Corporate name Impact on overall production operation and performance
subsidiaries during the report period
The company is mainly engaged in new energy technology R&D sales
of on-site hydrogen refueling and hydrogen storage facilities
Weifu ET Hydrogen manufacturing of special equipment design of special equipment sales
Energy Technology Investment establishment of mechanical and electrical equipment manufacturing of auto parts
(Wuxi) Co. Ltd. and accessories etc. The establishment of this subsidiary has no
significant impact on the company's overall production operation and
performance during the report period.Description of major participating enterprises:
Nil
IX. Structured subject controlled by the Company
□ Applicable □ Not applicable
X. Risks faced by the Company and corresponding measures
1. Macroeconomic and market risks
Currently the macroeconomic and market environment remains complex and challenging and the automotive industry will still face
significant pressure. If the demand in the automotive industry declines and competition within the industry intensifies it will have a
certain impact on the company's production operation and profitability.Countermeasures: The company will keep a close eye on macroeconomic trends and industry developments consolidate the market
position of its existing businesses proactively expand into new businesses enhance the core competitiveness of its product
technologies and strive to improve the company's overall competitiveness and risk resistance capability.
2. Operation management and control risks
With the acceleration of the international layout of the Company and the expansion of the scope of strategic new business especially
in the field of new energy the management span is relatively large with potential operational management and investment risks.Countermeasures: The Company will continuously improve and optimize internal management improve processes and further
regulate management and control operational risks; Reinforce the control of international business and accelerate the construction of
international talent team to satisfy the strategic development demands of the enterprise.
3. Risk of raw material price fluctuations
The company's main raw materials include aluminum precious metals etc. The continuous rise in their prices will bring the risk of
increased costs to the company.Countermeasures: The company will actively take measures such as improving market forecasting capabilities planning production
capacity in advance and reasonably controlling raw material inventory to mitigate the risk of raw material price fluctuations. Besides
it will continuously optimize supply chain management strengthen the capability of vertical integration in the industrial chain and
transfer part of the risks through cost control measures and product price adjustments so as to reduce the impact of raw material
price fluctuations on performance.
4. Risks related to financial instruments
The major financial instruments of the Company include monetary funds structured deposits receivables investments in equity
instruments financial products borrowings payables etc. In the process of operation the Company is exposed to risks related to
financial instruments including credit risks market risks and liquidity risks.Countermeasures: Identify and analyze various risks exposed to the Company establish appropriate risk tolerance thresholds and
manage risks monitor various risks in a timely manner ensure that risks are controlled within limits minimize the negative impact of
risks on the operating performance of the Company and maximize the interests of shareholders and other investors.
21WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
XI. Formulation and implementation of market value management system and valuation
enhancement plan
Whether the company has formulated market value management system or not
□Yes □ No
To strengthen the company's market value management further standardize its market value management practices protect the
legitimate rights and interests of the company's investors (especially medium and small investors) and other stakeholders enhance
the company's investment value and improve investor returns the company has formulated the Market Value Management System
in accordance with the relevant provisions of laws regulations and normative documents such as the Company Law of the People's
Republic of China the Securities Law of the People's Republic of China the Guidelines for Supervision of Listed Companies No.
10 – Market Value Management and the Rules Governing the Listing of Stocks on Shenzhen Stock Exchange as well as the
Articles of Association of the Company and in combination with the company's actual situation. This system was reviewed and
approved at the 6th meeting of the 11th session of the Board of Directors on April 16 2025.Whether the company has disclosed valuation enhancement plan or not
□Yes □No
XII. Implementation of the action plan for “Double Improvement of Quality and Return”
Whether the Company discloses the Action Plan for “Double Improvement of Quality and Return” or not
□Yes □No
22WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section IV Corporate Governance Environmental and Social
Responsibilities
I. Changes in directors supervisors and senior executives
?Applicable □ Not applicable
Name Duty Type Date Reason
Xu Yunfeng Vice chairman GM Leave office 2025-02-26 Job adjustment
Rong Bin Director Elected 2025-03-17 By-election of director
Zhao Hong Director Leave office 2025-07-24 Job adjustment
Pan Xinggao Independent director Leave office 2025-08-04 For personal reasons
Li Jiayi Director Elected 2025-08-04 By-election of director
By-election of
He Jiaqian Independent director Elected 2025-08-04
independent director
Abolition of the
Ma Yuzhou Chairman of the Supervisory Committee Leave office 2025-08-04
supervisory board
Abolition of the
Lu Qun Supervisor Leave office 2025-08-04
supervisory board
Abolition of the
Liu Songxue Supervisor Leave office 2025-08-04
supervisory board
Feng Zhiming Director Leave office 2025-08-15 Job adjustment
Feng Zhiming Employee director Elected 2025-08-15 Labor union elected
II. Profit distribution and capitalization of capital reserves during the report period
□Applicable □Not applicable
Dividend per 10 shares (yuan) including tax 1
Share capital base for the distribution proposal (Share) 966785693
Cash dividend amount (yuan) (including tax) 96678569.30
Amount of cash dividends distributed through other methods (e.g. share repurchase) (yuan) 100005328.00
Total cash dividends (including other methods) (yuan) 196683897.30
Distributable profits (yuan) 12686976961.78
Proportion of total cash dividends (including other methods) to the total profit distribution 100%
Cash dividend amount
Other
Detail explanation on profit distribution or capitalization from capital reserves
Based on the 966785693 shares a cash dividend of RMB 1 yuan per 10 shares (including tax) will be distributed no bonus
shares and no capitalization from capital reserves. The total proposed cash dividends for this time is 96678569.30 yuan
(including tax). If the total share capital of the Company changes before the implementation of the distribution plan the Company
will implement profit distribution according to the principle of unchanged distribution proportion and adjustment of the total
amount of distribution. The above distribution plan complies with the provisions of the Company's articles of association and
review procedures fully protecting the legitimate rights and interests of small and medium-sized investors.III. Implementation of the Company’s stock incentive plan employee stock ownership plan
or other employee incentives
□Applicable □Not applicable
The company didn’t implement stock incentive plan employee stock ownership plan or other employee incentives.
23WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
IV. Environment information disclosure
Whether the listed company and its major subsidiaries included in the list of enterprises are required to disclose environment
information in accordance with laws
□ Yes □ No
Number of enterprises included in the list of enterprises required
3
to disclose environmental information in accordance with laws
Query index for the report on environmental information
SN Enterprise name
disclosure in accordance with laws
Department of Ecology and Environment of Jiangsu Province -
1 WFHT(Mechanical Systems Business Division) Enterprise Environmental Information Disclosure System in
Accordance with the Law (Jiangsu)
Department of Ecology and Environment of Jiangsu Province -
2 WFJN Enterprise Environmental Information Disclosure System in
Accordance with the Law(Jiangsu)
Department of Ecology and Environment of Jiangsu Province -
3 WFCA Enterprise Environmental Information Disclosure System in
Accordance with the Law(Jiangsu)
V. Social responsibility
In 2025 the Company remains firmly oriented toward high-quality development integrating social responsibility into the fabric of its
corporate strategy and fulfilling its pledge to “Give Back to Society What is Taken from Society” with a steadfast and pragmatic
approach. From caring for employees in the smallest details to engaging in extensive social welfare initiatives the Company is
guided by the principles of “Humanity Benevolence and Dedication” ensuring that every action serves as a warm bridge connecting
the enterprise with society and writing a responsible corporate chapter amid the tides of the times.In the area of employee care the Company has established a multi-dimensional support network by leveraging resources from the
Municipal Federation of Trade Unions the Municipal Red Cross Society the Industrial Group and its own Weifu Group Public
Welfare Mutual Aid Fund to create a comprehensive assistance system. By precisely addressing diverse needs such as medical
assistance educational support and livelihood aid the Company provided a total of 238100 CNY in assistance to 49 employees.From emergency medical aid to scholarship programs from livelihood support to participation in public welfare projects each
contribution embodies the Company’s warm commitment to “Treating the Enterprise as Home.” On the public welfare stage the
Company continues to demonstrate its sense of responsibility: donating 75000 CNY to the Wuxi Red Cross Society and winning the
“Organizational Award for Red Cross Fundraising” for consecutive years fulfilling its philanthropic mission through
institutionalized giving. The Company also innovatively advanced the “Healthy Enterprise” initiative by organizing a series of
activities including on-site medical consultations first-aid skills training (such as cardiopulmonary resuscitation and the Heimlich
maneuver) and lectures on chronic disease prevention and treatment. These efforts have equipped employees with self-rescue and
mutual aid skills extending health and well-being into every aspect of both work and life.From the “Warmth to Yushu” initiative which delivered brand-new blankets to Yushu No. 4 Complete Primary School in Qinghai
to heartfelt companionship at Meicun Nursing Home during the Dragon Boat Festival; from environmental clean-up efforts at Canal
Park under the “Protect Green Waters and Lush Mountains” campaign to public disaster prevention classes conducted by young
volunteers at Changlei Community; from the innovative “Swap Idle Books for Vegetables” green charity program to ongoing
scholarship and hardship assistance projects—Weifu employees have measured responsibility with their footsteps and infused public
welfare with innovative energy.This commitment is further reflected in the exemplary actions of employees: an employee has donated whole blood 30 times andblood components 63 times over the past 22 years earning the “National Award for Special Contribution to Voluntary BloodDonation.”
Looking ahead the Company will continue to write its commitment to social responsibility with the “pen” of duty and the “ink” of
practical action sustaining efforts in the areas of employee growth community co-development and public welfare innovation.
24WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
From deepening the “Enterprise as Home” care system to expanding the “Love Warms Society” public welfare footprint the
Company will remain in step with the times and in harmony with society ensuring that every effort becomes a spark contributing to
common prosperity converging into a galaxy that lights the future and continuously embodying the solid responsibility of a
corporate citizen in the new era.
25WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section V. Important Events
I. Commitments completed in Period and those completed till the end of the Period from
actual controller shareholders related parties purchaser and companies
□Applicable ? Not applicable
There are no commitments which are not completed in Period and those completed till the end of the Period from actual controller
shareholders related parties purchaser and companies.II. Non-operational fund occupation by controlling shareholders and their related parties
□ Applicable □ Not applicable
No non-operational fund occupation by controlling shareholders and their related parties in period.III. External guarantee out of regulations
□ Applicable □ Not applicable
No external guarantee out of the regulations occurred in the period.IV. Appointment and dismissal of CPA
Whether the semi-annual financial report has been audited or not
□ Yes ? No
The company's semi-annual report has not been audited.V. Explanation from the BOD the board of supervisors and independent directors (if
applicable) for “Qualified Audit Opinion” issued by CPA
□ Applicable □Not applicable
VI. Explanation from the BOD for “Qualified Audit Opinion” of last period
□ Applicable □Not applicable
VII. Bankruptcy reorganization
□ Applicable □Not applicable
No bankruptcy reorganization for the Company in report period
VIII. Lawsuits
Material litigation and arbitration matters
□ Applicable ? Not Applicable
During the report period the company has no material litigation or arbitration matters.Other litigation matters
? Applicable □ Not Applicable
26WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Amount
Whether Results and Index
Basic information of involved Progress of Date of
expected impacts of Execution of litigation of
litigation (in ten litigation disclos
liability have litigation (arbitration) judgments disclos
(arbitration) thousand (arbitration) ure
been formed (arbitration) trial ure
yuan)
The company or
its subsidiaries as It is progressing
It has no The case is still in
plaintiffs have no in accordance
significant the trial process
lawsuits that meet with the
impact on the with no judgment
the disclosure 14661.57 N litigation
company's made yet and has
threshold for process and the
production and not entered the
material litigation; case is pending
operation enforcement stage.summary of other trial.lawsuits
The company or
its subsidiaries as It is progressing
It has no The case is still in
plaintiffs have no in accordance
significant the trial process
lawsuits that meet with the
impact on the with no judgment
the disclosure 2417.81 N litigation
company's made yet and has
threshold for process and the
production and not entered the
material litigation; case is pending
operation enforcement stage.summary of other trial.lawsuits
IX. Penalty and rectification
□ Applicable □Not applicable
No penalty and rectification for the Company in report period.X. Integrity of the Company its controlling shareholder and actual controller
□ Applicable □Not applicable
XI. Major related transaction
1. Related transaction with routine operation concerned
? Applicable □ Not applicable
Tradin Wheth
Related
g limit er over
Content party Proportio Clearing Availab
Type of Related approv the
of related Pricing transactio n in form for le
related party ed (in approv Date of Index of
Related party Relationship party princip n amount similar related similar
transactio transacti ten ed disclosure disclosure
transactio le (in ten transactio transacti market
n on price thousa limited
n thousand ns on price
nd or not
yuan)
yuan) (Y/N)
Procurem Procurem
Fair Accordi
Associated ent of ent of Market Market
WFPM market 866.7 0.16% 3000 N ng to the
enterprise goods and goods and price price
pricing contract
services services
Procurem Procurem
Associated Fair Accordi
ent of ent of Market 9680 Market
WFEC enterprise of market 9879.55 1.81% N ng to the
goods and goods and price price
WFLD pricing 0 contract Announce
services services
ment
Associated 2025-04-18
Procurem Procurem No.:2025-
enterprise Fair 12177.5 2520 Accordient of ent of Market Market 020
RBCD controlling market 2.23% N ng to the
goods and goods and price price
subsidiary of pricing 1 0 contract
services services
Robert Bosch
Procurem Procurem
Second largest Fair Accordi
ent of ent of Market 11605.5 2810 Market
Bosch shareholder of market 2.13% N ng to the
goods and goods and price price
the Company pricing 4 0 contract
services services
Holding
company of Procurem Procurem
Fair Accordi
FALCONTEC Wuxi Industry ent of ent of Market Market
market 9 0.00% 0 Y ng to the
H Development goods and goods and price price
pricing contract
Group Co. services services
Ltd.Sales of Sales of Fair Accordi Announce
Associated Market Market
WFPM goods and goods and market 69.71 0.01% 100 N ng to the 2025-04-18 ment
enterprise price price
services services pricing contract No.:2025-
27WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Sales of Sales of Fair Accordi 020
Changchun Joint venture Market Market
goods and goods and market 955.78 0.17% 2500 N ng to the
Xuyang of WFLD price price
services services pricing contract
Associated Sales of Sales of Fair Accordi
Market Market
WFEC enterprise of goods and goods and market 35.87 0.01% 200 N ng to the
price price
WFLD services services pricing contract
Associated
enterprise Sales of Sales of Fair Accordi
Market 61358.4 1525 Market
RBCD controlling goods and goods and market 10.65% N ng to the
price
subsidiary of services services pricing 5 00
price
contract
Robert Bosch
The second
Sales of Sales of Fair Accordi
largest Market 104954. 2488 Market
Bosch goods and goods and market 18.22% N ng to the
shareholder of price price
services services pricing 82 00 contract
the company
Sales of Sales of Fair Accordi
Associated Market Market
Lezhuo Bowei goods and goods and market 499.47 0.09% 2000 N ng to the
enterprise price price
services services pricing contract
Controlling
Sales of Sales of Fair Accordi
Grain company of Market Market
goods and goods and market 0.4 0.00% 0 Y ng to the
Reserves Wuxi Industry price price
services services pricing contract
Group
Procurem Announce
Second largest Fair Accordi
ent of Market Market ment
Bosch shareholder of Others market 39.65 1900 N ng to the 2025-04-18
fixed price price No.:2025-
the Company pricing contract
asset 020
Procurem
Fair Accordi
Associated ent of Market Market
WFPM Others market 0.41 0 Y ng to the
enterprise fixed price price
pricing contract
asset
Eleventh
Design and
Research
Institute of
Controlling Procurem
Information Fair Accordi
company of ent of Market Market
Industry Others market 10.05 0 Y ng to the
Wuxi Industry fixed price price
Electronic pricing contract
Group asset
Science and
Technology
Engineering
Co. Ltd.Selling of Fair Accordi
Associated Market Market
WFEC Others fixed market 148.32 0 Y ng to the
enterprise price price
asset pricing contract
Procurem
Holding
Urban public ent of Fair Accordi
Company of Market Market
delivery Others canteen market 149.19 0 Y ng to the
Wuxi Industry price price
Holding ingredient pricing contract
Group
s etc.Procurem
Controlling
ent of Fair Accordi
Zhongcui company of Market Market
Others canteen market 201.80 0 Y ng to the
Food Wuxi Industry price price
ingredient pricing contract
Group
s etc.Provide
Second largest technolog Fair Accordi
Market Market
Bosch shareholder of Others y market 0.35 0 Y ng to the
price price
the Company service， pricing contractetc.Provide
technolog Fair Accordi
Joint venture Market Market
WFEC Others y market 76.96 400 N ng to the
of WFLD price price
service， pricing contractetc.Associated Announce
Pay
enterprise Fair Accordi ment
technical Market Market 2025-04-18
RBCD controlling Others market 0 300 N ng to the No.:2025-
royalty price price
subsidiary of pricing contract 020
fees etc.Robert Bosch
Pay
Second largest Fair Accordi
technical Market Market
Bosch shareholder of Others market 0 500 N ng to the
royalty price price
the Company pricing contract
fees etc.Payable
kinetic Fair Accordi
Associated Market Market
Autolink Others energy market 8.51 0 Y ng to the
enterprise price price
fees pricing contract
Payable
Announce
kinetic Fair Accordi
Joint venture Market Market ment
WFEC Others energy market 26.03 200 N ng to the
of WFLD price price No.:2025-
fees pricing contract
020
2025-04-18
Announce
Fair Accordi
Associated Payable Market Market ment
Autolink Others market 269.82 600 N ng to the
enterprise lease fee price price No.:2025-
pricing contract
020
Receivabl
Fair Accordi
Associated e kinetic Market Market
Lezhuo Bowei Others market 99.59 0 Y ng to the
enterprise energy price price
pricing contract
fees
28WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Associated
enterprise Receivabl Fair Accordi
Market Market
RBCD controlling Others e lease market 26.52 100 N ng to the
price price
subsidiary of fees pricing contract
Announce
Robert Bosch
ment
Receivabl Fair Accordi
Associated Market Market No.:2025-
Lezhuo Bowei Other e lease market 160 400 N ng to the
enterprise price price 020
fees pricing contract
Receivabl Fair Accordi
Joint venture Market Market
WFEC Others e lease market 100.45 300 N ng to the
of WFLD price price
fees pricing contract
Controlling
Receivabl Fair Accordi
company of Market Market
Junhai Xichan Others e lease market 0.92 0 Y ng to the
Wuxi Industry price price
fees pricing contract
Group
Total 203731. 5639
----------------
3700
Detail of sales return with major amount involved Not applicable
The Company expects the total amount of daily related transactions in 2025 to be 5639.00 million yuan and the actual total
amount of daily related transactions that occurred during the report period is 2037313700.00 yuan classified as follows: 1. It is
Report the actual implementation of the daily related expected that the purchase of goods and services from related parties in 2025 will not exceed 1531.00 million yuan and the
transactions which were projected about their total amount by actual amount incurred during the report period is 345383000.00 yuan; 2. It is expected that the sales of goods and services to
types during the report period (if applicable) related parties in 2025 will not exceed 4061.00 million yuan and the actual amount incurred during the report period is
1678745000.00 yuan; 3. It is expected that other related transactions with related parties in 2025 will not exceed 47.00 million
yuan and the actual amount incurred during the report period is 13185700.00 yuan.Reasons for major differences between trading price and
Not applicable
market reference price (if applicable)
2. Assets or equity acquisition and sales of assets and equity
□ Applicable □ Not applicable
3. Related transaction of joint external investment
□ Applicable □Not applicable
No related transaction of joint external investment occurred in the period
4. Related credits and liabilities
□ Applicable □ Not applicable
No related credits and liabilities occurred in period
5. Contact with related finance companies
□ Applicable □Not applicable
There are no deposits loans credits or other financial businesses between the finance companies with associated relationship and
related parties
6. Transactions between the finance companies controlled by the Company and related parties
□ Applicable □ Not applicable
There are no deposits loans credits or other financial business between the finance companies controlled by the Company and
related parties
7. Other major related transactions
? Applicable □Not applicable
The company held the 4th meeting of the 11th session of the Board of Directors on October 23 2024 and reviewed and approved the
Proposal on Acquiring the Equity of Minority Shareholders of the Controlled Subsidiary and Connected Transactions. For specific
details please refer to the Announcement on Acquiring the Equity of Minority Shareholders of the Controlled Subsidiary and
Connected Transactions (Announcement No.: 2024-067) disclosed by the company on October 25 2024. In February 2025 the
company completed the acquisition of the equity of minority shareholders of the subsidiary; and the subsidiary has completed the
industrial and commercial change registration procedures and obtained a new business license. For specific details please refer to the
Progress Announcement on Acquiring the Equity of Minority Shareholders of the Controlled Subsidiary and Connected Transactions
29WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(Announcement No.: 2025-005) disclosed by the company on February 22 2025.
The company held the 25th meeting of the 10th session of the Board of Directors on May 14 2024 and reviewed and approved the
Proposal on Intended Capital Increase to the Equity Investment Company and Connected Transactions. For specific details please
refer to the Announcement on Intended Capital Increase to the Equity Investment Company and Connected Transactions
(Announcement No.: 2024-038) disclosed by the company on May 15 2024. On June 12 2025 the company disclosed the Progress
Announcement on Capital Increase to the Equity Investment Company and Connected Transactions (Announcement No.: 2025-044).The company and all parties have completed the signing of the first round of capital increase agreement and fulfilled the payment of
relevant funds in accordance with the agreement.For more information on major related party transactions please refer to the temporary report disclosure website.Disclosure date of Name of website disclosing temporary
Name of temporary announcement
temporary announcement announcement
Progress Announcement on Acquiring the Equity of Minority
Shareholders of the Controlled Subsidiary and Connected 2025-02-22 CNINFO(http://www.cninfo.com.cn)
Transactions
Progress Announcement on Capital Increase to the Equity
2025-06-12 CNINFO(http://www.cninfo.com.cn)
Investment Company and Connected Transactions
XII. Significant contract and implementation
1. Trusteeship contract and leasing
1) Trusteeship
□ Applicable □Not applicable
No trusteeship for the Company in report period
2) Contract
□ Applicable □Not applicable
No contract for the Company in report period
3) Leasing
□ Applicable □Not applicable
No leasing in the Period
2. Major guarantee
□Applicable □ Not applicable
In ten thousand yuan
The Company’ guarantee towards subsidiaries
Disclosure date
Coun Guaranteed
Name of of announcement Guarante Actual Actual Fulfill
Guarantee Collat ter by related
guaranteed related to the ed occurring guaranteed Guarantee period ed or
type eral Guar parties or
object guaranteed amount date amount not
antee not
amount
From the date of
signing the Master
Contract to the earlier
of (i) two years after
Joint
the expiration of the
VHWX 2022-12-09 1000 2022-12-12 1000 liability NA NA N N
performance period of
guarantee
the obligations under
the Master Contract
or (ii) December 30
2026 (inclusive).
Three years from the
Joint date on which the
VHIO 2023-04-28 55000 2023-07-13 7784 liability NA NA Italian Tax Authority N N
guarantee receives the letter of
guarantee
Six months from the
Joint maturity date of each
VHIO 2023-04-28 55000 2023-11-16 5309 liability NA NA guaranteed obligation N N
guarantee but not later than June
302028
30WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
VHIO
Two years from the
date of full
performance of all
Joint supplier obligations
VHIO 2023-04-28 55000 2024-04-09 30706 liability NA NA or the date on which N N
guarantee it itself meets the
indicator
requirements
specified in the letter
of guarantee
Approved total guaranteed
Total actual amount occurred towards
amount towards the subsidiaries 23673 0
subsidiaries within report period (B2)
within report period (B1)
Approved total guaranteed
Total actual guarantee balance towards
amount towards the subsidiaries 68472 44799
subsidiaries at the year end (B4)
at the year end (B3)
Total amount of the Company’s guarantee (total of the top three)
Approved total amount
Total actual guaranteed amount occurred
guaranteed within report period 23673 0
within report period (A2+B2+C2)
(A1+B1+C1)
Approved total amount
Actual total guarantee balance at the year
guaranteed at the year end 68472 44799
end (A4+B4+C4)
(A3+B3+C3)
Proportion of actual total guaranteed amount (A4+B4+C4) to net asset
Including:
Explanation of situations where there is a guarantee liability or evidence indicating the possibility of
Nil
assuming joint and several liability for the unexpired guarantee contract during the report period (if any)
Explanation of providing external guarantees in violation of prescribed procedures (if any) Nil
Specific description for using the guarantee by complex method: Nil
3. Trusted cash asset management
□ Applicable □ Not applicable
In ten thousand yuan
Amount with impairment accrual
Capital Amount Outstanding Overdue
Type for the overdue financial products
sources occurred balance amount
which has not been recovered
Financing products of banks Own funds 83750 40350 0 0
Financial products of
Own funds 13465 15000 0 0
securities firms
Trust financial products Own funds 63015 10821 0 0
Others Own funds 32000 49924 0 0
Total 192230 116095 0 0
Details of the single major amount or high-risk trust investment with low security poor fluidity
□ Applicable □ Not applicable
In ten thousand yuan
Amount
of Wheth
Wheth Summary
Anticip Actua Actual reserve er
Sour Refere er has of the
Sta En Capital Criteri ated l collect for appro
Trustee ce nce entrust items and
Trustee Amo rt d investm a for income gain/l ed devaluat ved by
institutio Type of annual financ related
type unt dat dat ent fixing (if oss in gain/l ion of legal
n r name fund rate of e plan query
e e purpose reward applica perio oss in withdra proced
s return in the index (if
ble) d period wing (if ure
future applicable)
applicab (Y/N)
le)
Guaran 200 202 The 1.55
Ow Structur
teed 1120 5- 5- annual %- 408. Collec
Bank Bank n ed 249.83 0 Y Y
floating 00 01- 20- ized ted 2025-04-
fund deposit 2.52 04
income 02 01 rate of % accord 18(Announ
Non- return ing to cement
202 202 Cash referen 1.50guarant Ow the No.:2025-
228 5- 5- manage %- 34.1
Bank Bank eed n ced as 92.97 contra 0 Y Y 022)
00 01- 06- ment
floating fund agreed 1.80 1 ct
08 30 products
income in the %
31WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Capital contra
Non- manage ct
guarant ment
Securitie 196.Securities eed plan 0 Y Y
s
floating benefit 39
income certifica
te
Non-
guarant Collecti
Trust Trust eed ve trust 0 0 Y Y
floating plan
income
Non-
Other
guarant Private
professiona 251.Other eed fund 0 Y Y
l financial
floating product 95
institutions
income
134890.
Total -- -- -- -- -- 342.8 -- 0 -- -- --
80049
It is expected that the principal of entrusted financial management fails to recover or there are other situations leading to
impairment in entrusted financial management
□ Applicable □ Not applicable
4. Other material contracts
□ Applicable □ Not applicable
No other material contracts in the period.XIII. Explanation on other significant events
□Applicable ? Not applicable
There are no other significant events to be explained.XIV. Significant events of subsidiaries of the Company
?Applicable □Not applicable
On April 15 2025 the Company disclosed the Announcement on the Progress of a Significant Matter Concerning a Wholly-owned
Subsidiary (Announcement No.2025-013). The Company’s wholly-owned subsidiary WFTR received the Criminal Judgment
((2024) S02XCNo.22) from the Wuxi Intermediate People’s Court of Jiangsu Province. The court after hearing the case brought by
the Wuxi Municipal People’s Procuratorate of Jiangsu Province against defendant Liu for contract fraud rendered a first -instance
judgment on April 11 2025 convicting Liu of contract fraud. The seized impounded and frozen assets involved in the case will be
disposed of by the public security authorities in accordance with laws.On July 12 2025 the Company disclosed the Announcement on the Progress of a Significant Matter Concerning a Wholly-owned
Subsidiary (Announcement No. 2025-051). The Company was informed by the Wuxi Intermediate People’s Court of Jiangsu
Province that the Jiangsu Provincial Higher People’s Court had issued the Criminal Ruling ((2025) SXCHNo.69). The Criminal
Judgment ((2024) S02XHNo.22) rendered by the Wuxi Intermediate People’s Court of Jiangsu Province in the case brought by the
Wuxi Municipal People’s Procuratorate of Jiangsu Province against defendant Liu for contract fraud became effective on July 8
2025. Liu has been convicted and sentenced for contract fraud and the assets involved in the case will be disposed of in accordance
with laws.
32WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in share capital
1. Changes in share capital
In Share
Before the Change Change during the report period (+/-)) After the change
Public
New reserve Bonus
Amount Proportion shares transfer Others Subtotal Amount Proportion
shares
issued into share
capital
I. Restricted
3903940.04%1482501482505386440.06%
shares
1. State-owned
shares
2. State-owned
legal person’s
shares
3. Other domestic
3903940.04%1482501482505386440.06%
shares
Including:
Domestic legal
person’s shares
Domestic natural
3903940.04%1482501482505386440.06%
person’s shares
4. Foreign shares
Including:
Foreign legal
person’s shares
Foreign natural
person’s shares
II. Unrestricted
99659589999.96%-25148250-2514825097144764999.94%
shares
1. RMB ordinary
82421589982.67%-25148250-2514825079906764982.21%
shares
2. Domestically
listed foreign 172380000 17.29% 172380000 17.73%
shares
3. Overseas listed
foreign shares
4. Others
III. Total shares 996986293 100.00% -25000000 -25000000 971986293 100.00%
Reasons for share changed
□Applicable □Not applicable
1. During the report period the Company repurchased and canceled 25.00 million shares resulting in a change in restricted shares;
2. During the report period titles of some directors supervisors and senior executives of the Company were adjusted and the lock-
up shares held by senior executives changed resulting in changes in unrestricted shares.Approval status of share changes
□Applicable □Not applicable
1. On April 16 2025 and May 9 2025 the company held the 6th meeting of the 11th session of the Board of Directors and the 2024
Annual General Meeting of Shareholders respectively and reviewed and approved the Proposal on Changing the Purpose of
Repurchased Shares and Canceling Them. It was agreed to change the purpose of 25 million A-shares in the special securities
33WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
account for share repurchase from “for the implementation of employee stock ownership plans or equity incentive plans” to “forcancellation and reduction of registered capital”.
2. On February 27 2025 the company held the 5th meeting of the 11th session of the Board of Directors and reviewed and approved
the Proposal on the Resignation of Directors and the By-election of Directors. On March 17 2025 the company held the First
Extraordinary General Meeting of Shareholders in 2025 and reviewed and approved the above proposal.Ownership transfer of share changed
□Applicable □Not applicable
As of June 26 2025 the company has completed the cancellation procedures for the above-mentioned 25 million repurchased shares
at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited.Progress of the implementation of buyback share
?Applicable □Not applicable
1. On April 16 2025 and May 9 2025 respectively the Company held the 6th meeting of the 11th session of the Board of Directors
and the 2024 Annual General Meeting of Shareholders and reviewed and approved the Proposal on the Plan for Repurchasing Part of
the Company's A-shares. It was agreed that the Company would repurchase part of its A-shares through centralized bidding
transactions with its own funds and special loans for share repurchase. The total amount of funds for this repurchase shall be not less
than RMB 100.00 million (inclusive) and not more than RMB 150.00 million (inclusive); the repurchase price for the shares (A-
shares) shall not exceed RMB 35.00 per share (inclusive); and the repurchase period shall be within 12 months from the date when
the 2024 Annual General Meeting of Shareholders of the Company reviewed and approved this repurchase plan. For specific details
please refer to the Repurchase Report on Repurchasing Part of the Company's A-shares (Announcement No.: 2025-038) disclosed by
the Company.
2. On July 3 2025 the Company disclosed the Announcement on the Completion of Repurchase of Part of A-shares and Share
Change (Announcement No.: 2025-049) and completed the above-mentioned share repurchase. Through the special securities
account for repurchase the Company has repurchased a total of 5200600 A-shares by means of centralized bidding transactions
accounting for 0.54% of the Company's total share capital. Among them the highest transaction price was RMB 19.97 per share the
lowest transaction price was RMB 18.41 per share and the total transaction amount was RMB 100005328 (excluding transaction
fees).
3. On July 10 2025 the Company disclosed the Announcement on the Completion of Cancellation of Part of Repurchased Shares
and Share Change (Announcement No.: 2025-050). The Company has completed the cancellation procedures for the above-
mentioned 5200600 repurchased shares at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited
on July 8 2025. After the completion of this cancellation the total share capital of the Company has changed from 971986293
shares to 966785693 shares.Progress of the implementation of reducing buyback shares by means of centralized bidding
□Applicable □Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net asset per share attributable to common
shareholders of Company in latest year and period
□ Applicable □ Not applicable
Other information necessary to disclose or need to disclosed under requirement from security regulators
□ Applicable □ Not applicable
2. Changes of restricted stocks
□Applicable □Not applicable
In Share
Opening Restricted shares Shares Ending
Shareholders restricted increased in the released in restricted Restricted reasons Date for released
shares Period Period shares
34WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Lock-up shares held by
Rong Bin 63000 21000 84000 Nil
senior executives
Lock-up shares held by
Feng Zhiming 48894 48894 Nil
senior executives
Lock-up shares held by
Xu Sheng 63000 21000 84000 Nil
senior executives
Lock-up shares held by
Liu Jinjun 63000 21000 84000 Nil
senior executives
Lock-up shares held by
Li Gang 63000 21000 84000 Nil
senior executives
Lock-up shares held by
Chen Ran 1000 250 750 2025-03-19
senior executives
Lock-up shares held by
Xu Yunfeng 88500 64500 153000 Nil
senior executives
Lock-up shares held by
Total 390394 250 148500 538644 Nil
senior executives
II. Securities issuance and listing
□ Applicable □ Not applicable
III. Number and shareholding situation of Company shareholders
In Share
Total preference shareholders with voting rights recovered at end of last
Total common stock shareholders at end of the report period 78808 0
month before annual report disclosed (if applicable)(refer to Note 8)
Particulars about shares held above 5% by shareholders or top 10 shareholders(Excluding shares lent through refinancing)
Information of shares
Proportion Total of common Changes in Number of Amount of
Nature of pledged tagged or frozen
Full name of Shareholders of shares shares held at the report restricted unrestricted
shareholder State of
held end of report period period shares held shares held Amount
share
Wuxi Industry Development State-owned
21.93% 213202199 1390700 0 213202199 N/A 0
Group Co. Ltd. corporate
Foreign
Robert Bosch Co. Ltd 15.35% 149241339 2387206 0 149241339 N/A 0
corporate
Hong Kong Securities Clearing Foreign
2.13% 20698900 1676666 0 20698900 N/A 0
Company corporate
State-owned
Dongwu Securities Co. Ltd 0.99% 9642695 -3961000 0 9642695 Frozen 3495800
corporate
FIDELITY INVMT TRT
Foreign
FIDELITY INTL SMALL CAP 0.88% 8579471 0 0 8579471 N/A
corporate
FUND
NSSF-413 Other 0.71% 6930000 -3869995 0 6930000 N/A 0
Domestic
Xie Zuogang natural 0.57% 5562767 429800 0 5562767 N/A 0
person
CMB - Southern CSI 1000
Other 0.55% 5330730 567000 0 5330730 N/A 0
Exchange-Traded Fund (ETF)
Domestic
Lin Chuan natural 0.46% 4518800 530000 0 4518800 N/A 0
person
Domestic
Mao Shunhua natural 0.45% 4399200 1037807 0 4399200 N/A 0
person
Strategy investor or general legal person
becoming the top 10 shareholders by placing Nil
new shares (if applicable)
Among the aforesaid shareholders there has no associated relationship between Wuxi Industry Development Croup
Explanation on associated relationship
Co. Ltd. the first largest shareholder of the Company and other shareholders; and they do not belong to the persons
concerted action among the aforesaid
acting in concert regulated by the Management Measure of Information Disclosure on Change of Shareholding for
shareholders
Listed Company.Description of the above shareholders in
relation to delegate/entrusted voting rights and Nil
abstention from voting rights.As of June 30 2025 the repurchase special securities account of Weifu High-Technology Group Co. Ltd has
Special note on the repurchase account among
5200600 shares of ordinary A-Share hereby stated that in according withe relevant requirement they are not
the top 10 shareholders (if applicable)
included in the top 10 shareholders of the Company.Particular about top 10 shareholders with unrestricted shares held(Excluding shares lent through refinancing locked-up shares for senior executives)
Amount of unrestricted shares held at Shares held
Shareholders’ name
Period-end Type Amount
35WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Wuxi Industry Development Group Co. Ltd. 213202199 RMB common shares 213202199
RMB common shares 115260600
Robert Bosch Co. Ltd 149241339
Domestically listed foreign shares 33980739
Hong Kong Securities Clearing Company 20698900 RMB common shares 20698900
Dongwu Securities Co. Ltd 9642695 RMB common shares 9642695
FIDELITY INVMT TRT FIDELITY INTL SMALL CAP FUND 8579471 Domestically listed foreign shares 8579471
NSSF-413 6930000 RMB common shares 6930000
Xie Zuogang 5562767 Domestically listed foreign shares 5562767
CMB - Southern CSI 1000 Exchange-Traded Fund (ETF) 5330730 RMB common shares 5330730
Lin Chuan 4518800 RMB common shares 4518800
Mao Shunhua 4399200 RMB common shares 4399200
Among the aforesaid shareholders there has no associated relationship between Wuxi Industry
Explanation on associated relationship or consistent actors
Development Croup Co. Ltd. the first largest shareholder of the Company and other shareholders;
within the top 10 restricted shareholders and between top 10
and they do not belong to the persons acting in concert regulated by the Management Measure of
unrestricted shareholders and top 10 shareholders
Information Disclosure on Change of Shareholding for Listed Company.Explanation on top 10 shareholders involving margin business
Nil
(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
Whether the top ten common shareholders or top ten unrestricted shareholders have agreed repurchase dealing in report period or
not
□ Yes □ No
The top ten common shareholders or top ten unrestricted shareholders didn’t have agreed repurchase dealing in report period.IV. Changes in shareholding of directors supervisors and senior management
□Applicable ?Not applicable
The shareholdings of the company's directors supervisors and senior management did not change during the report period; for
details please refer to the 2024 Annual Report.V. Changes of controlling shareholders or actual controller in report period
Changes of controlling shareholders in report period
□ Applicable □ Not applicable
The Company had no changes of controlling shareholders in report period
Changes of actual controller in report period
□ Applicable □ Not applicable
The Company had no changes of actual controller in report period
VI. Preferred stock
□ Applicable □ Not applicable
The Company had no preferred stock in report period.
36WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section VII. Corporate Bonds
□ Applicable □ Not applicable
37WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section VIII. Financial Report
I. Audit report
Whether the semi annual report is audited
□Yes □No
The Company's semi- annual financial report has not been audited
II. Financial statement
Statement in Financial Notes are carried in RMB/CNY
1. Consolidated Balance Sheet
Prepared by Weifu High-Technology Group Co. Ltd.June 30 2025
In RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 2468434379.47 2246600451.52
Settlement provisions
Capital lent
Tradable financial assets 1025044671.12 1429682635.57
Derivative financial assets
Notes receivable 78478875.89 99914699.81
Accounts receivable 3532771507.20 3737653893.03
Receivable financing 2013389318.37 1713187182.25
Accounts paid in advance 89759609.11 93283466.49
Insurance receivable
Reinsurance receivables
Contract reserve of
reinsurance receivable
Other accounts receivable 1494709285.16 930529007.57
Including: Interest
receivable
Dividend
563855362.065357758.49
receivable
Buying back the sale of
financial assets
Inventories 2088325602.36 2308920401.14
Including: data resource
Contract assets
Assets held for sale
Non-current asset due within
336318630.13559070575.38
one year
Other current assets 181263674.41 188988459.46
Total current assets 13308495553.22 13307830772.22
Non-current assets:
38WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Loans and payments on
behalf
Creditors' investment
Other creditors' investment
Long-term accounts
receivable
Long-term equity investment 7002758309.98 7035098878.59
Investment in other equity
677790690.00677790690.00
instrument
Other non-current financial
689856655.22697471349.81
assets
Investment real estate 53426749.43 44960930.39
Fixed assets 4361424985.91 4461619375.21
Construction in progress 521265457.98 380321816.50
Productive biological assets
Oil and gas assets
Right-of-use assets 107224877.20 67765442.37
Intangible assets 485738058.61 480540808.88
Including: Data resources
Development expenditure
Including: Data resources
Goodwill 36208871.56 32605318.22
Long-term expenses to be
21305543.2022202465.04
apportioned
Deferred income tax assets 292185225.31 303420166.65
Other non-current assets 835144508.91 893272397.34
Total non-current assets 15084329933.31 15097069639.00
Total assets 28392825486.53 28404900411.22
Current liabilities:
Short-term loans 628135100.76 393120147.95
Loan from central bank
Capital borrowed
Tradable financial liabilities
Derivative financial
liabilities
Note payable 2229593501.21 2014217247.05
Accounts payable 3614130008.70 3899945192.28
Accounts received in
491544.032652511.04
advance
Contract liabilities 106520784.44 56148545.13
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 291609104.06 405278048.92
Taxes payable 56657934.54 51710218.41
39WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Other accounts payable 68287577.76 44547794.12
Including: Interest payable
Dividend
payable
Handle fee and commission
payable
Reinsurance payable
Liabilities held for sale
Non-current liabilities due
129760712.69220703888.53
within one year
Other current liabilities 250771633.35 285386237.68
Total current liabilities 7375957901.54 7373709831.11
Non-current liabilities:
Insurance contract reserve
Long-term loans 90000000.00 100000000.00
Bonds payable
Including: Preferred stock
Perpetual capital securities
Lease liabilities 76852608.86 47316516.48
Long-term accounts payable 27005082.11 27005082.11
Long-term wages payable 42952557.52 46118861.68
Accrual liability 130105086.23 121869551.76
Deferred income 139948493.23 151419335.74
Deferred income tax
25158384.1024870008.46
liabilities
Other non-current liabilities
Total non-current liabilities 532022212.05 518599356.23
Total liabilities 7907980113.59 7892309187.34
Owner’s equity:
Share capital 971986293.00 996986293.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 2820395511.35 3263649101.44
Less: Inventory shares 100005328.00 469722092.24
Other comprehensive
147164765.4210132405.39
income
Reasonable reserve 8289080.04 6257090.28
Surplus public reserve 510100496.00 510100496.00
Provision of general risk
Retained profit 15352521697.82 15523124882.77
Total owner’ s equity attributable
19710452515.6319840528176.64
to parent company
Minority interests 774392857.31 672063047.24
Total owner’ s equity 20484845372.94 20512591223.88
Total liabilities and owner’ s
28392825486.5328404900411.22
equity
40WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Legal Representative: Yin Zhenyuan
Person in charge of accounting works: Feng Zhiming
Person in charge of accounting institute: Wu Junfei
2. Balance sheet of parent company
In RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 621349036.47 466892236.52
Tradable financial assets 621770512.92 878496571.74
Derivative financial assets
Notes receivable 17829938.87 18662983.17
Accounts receivable 1395626191.96 1489935690.05
Receivable financing 307236301.66 346215286.06
Accounts paid in advance 58987354.97 51792719.25
Other accounts receivable 1766666095.98 1429367035.46
Including: Interest
1279404.996702396.94
receivable
Dividend
510296644.265357758.49
receivable
Inventories 486195284.85 523443471.86
Including: Data resources
Contract assets
Assets held for sale
Non-current assets maturing
109122465.75222906739.73
within one year
Other current assets 494036.38 236029.38
Total current assets 5385277219.81 5427948763.22
Non-current assets:
Creditors' investment
Other creditors' investment
Long-term receivables
Long-term equity
9661238374.949379389807.57
investments
Investment in other equity
601850690.00601850690.00
instrument
Other non-current financial
689856655.22697471349.81
assets
Investment real estate 32757201.47 33322617.00
Fixed assets 2706446821.10 2767316409.85
Construction in progress 147000657.38 43260711.62
Productive biological assets
Oil and natural gas assets
Right-of-use assets 3393511.54 4320822.79
Intangible assets 245734676.85 251051539.24
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Long-term deferred expenses 964274.11 910555.82
41WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Deferred income tax assets 141814225.62 131997984.30
Other non-current assets 554224013.59 538364812.82
Total non-current assets 14785281101.82 14449257300.82
Total assets 20170558321.63 19877206064.04
Current liabilities:
Short-term borrowings 220000000.00
Tradable financial liabilities
Derivative financial
liabilities
Notes payable 378939027.49 344127173.09
Accounts payable 1079755407.90 1127464058.49
Accounts received in
advance
Contract liabilities 15934600.05 12478649.93
Wage payable 147664116.13 215266682.43
Taxes payable 20979842.64 9470631.10
Other accounts payable 913251443.20 670207729.91
Including: Interest payable 1836385.73 2509683.34
Dividend
payable
Liabilities held for sale
Non-current liabilities due
101474322.08201358028.22
within one year
Other current liabilities 27134370.80 20837034.26
Total current liabilities 2905133130.29 2601209987.43
Non-current liabilities:
Long-term loans 90000000.00 100000000.00
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liabilities 2087426.75 2703583.48
Long-term accounts payable
Long term employee
15212070.3115212070.31
compensation payable
Accrued liabilities 24576305.30 22565446.22
Deferred income 114104833.80 130406464.59
Deferred income tax
liabilities
Other non-current liabilities
Total non-current liabilities 245980636.16 270887564.60
Total liabilities 3151113766.45 2872097552.03
Owners’ equity:
Share capital 971986293.00 996986293.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 2950386132.40 3394923686.54
Less: Inventory shares 100005328.00 469722092.24
Other comprehensive
income
Special reserve
42WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Surplus reserve 510100496.00 510100496.00
Retained profit 12686976961.78 12572820128.71
Total owner’s equity 17019444555.18 17005108512.01
Total liabilities and owner’s
20170558321.6319877206064.04
equity
3. Consolidated profit statement
In RMB
Item 2025 semi-annual 2024 semi-annual
I. Total operating income 5760418633.11 5694233552.72
Including: Operating income 5760418633.11 5694233552.72
Interest income
Insurance gained
handle fee and commission income
II. Total operating cost 5577970476.35 5403425728.45
Including: Operating cost 4765222793.27 4656360224.06
Interest expense
Handle fee and commission expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance contract
reserve
Bonus expense of guarantee slip
Reinsurance expense
Taxes and surcharge 31826032.69 28260194.79
Sales expense 83998662.78 77420526.32
Administrative expense 381273882.00 330939659.31
R&D expense 350722149.70 302233285.34
Financial expense -35073044.09 8211838.63
Including: Interest expenses 9045918.64 13772229.94
Interest income 26681031.13 18112595.69
Add: Other income 76133278.27 130886049.11
Investment income (Loss is listed with “-”) 545945486.83 769668621.04
Including: Investment income on affiliated company and
537786063.13734287171.95
joint venture
The termination of income recognition for financial
assets measured by amortized cost
Exchange income (Loss is listed with “-”)
Net exposure hedging income (Loss is listed with “-”)
Income from change of fair value (Loss is listed with “-”) 27874369.01 -105956110.61
Loss of credit impairment (Loss is listed with “-”) -1953886.07 3490635.46
Losses of devaluation of asset (Loss is listed with “-”) -72319585.77 -66803279.10
Income from assets disposal (Loss is listed with “-”) -2041543.96 5859201.49
III. Operating profit (Loss is listed with “-”) 756086275.07 1027952941.66
Add: Non-operating income 2594469.11 700418.67
Less: Non-operating expense 3344708.84 3361815.35
IV. Total profit (Loss is listed with “-”) 755336035.34 1025291544.98
Less: Income tax expense 42189606.93 23703720.56
V. Net profit (Net loss is listed with “-”) 713146428.41 1001587824.42
(i) Classify by business continuity
43WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
1.Continuous operating net profit (net loss listed with ‘-”) 713146428.41 1001587824.42
2.Termination of net profit (net loss listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to owners of parent company 701870308.75 954341269.90
2.Minority shareholders’ gains/losses 11276119.66 47246554.52
VI. Net after-tax of other comprehensive income 137032360.03 -21869656.76
Net after-tax of other comprehensive income attributable to
137032360.03-21869656.76
owners of parent company
(I) Other comprehensive income items which will not be
451530.88
reclassified subsequently to profit of loss
1.Changes of the defined benefit plans re-measured 451530.88
2.Other comprehensive income under equity method that
cannot be transferedr to gains/losses
3.Change of fair value of investment in other equity
instrument
4.Fair value change of enterprise's credit risk
5. Other
(ii) Other comprehensive income items which will be
137032360.03-22321187.64
reclassified subsequently to gains/losses
1.Other comprehensive income under equity method that
can transferedr to gains/losses
2.Change of fair value of other creditors' investment
3.Amount of financial assets re-classify to other
comprehensive income
4.Credit impairment provision for other creditors'
investment
5.Cash flow hedging reserve
6.Translation differences arising on translation of foreign
137032360.03-22321187.64
currency financial statements
7.Other
Net after-tax of other comprehensive income attributable to
minority shareholders
VII. Total comprehensive income 850178788.44 979718167.66
Total comprehensive income attributable to owners of parent
838902668.78932471613.14
Company
Total comprehensive income attributable to minority
11276119.6647246554.52
shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.72 0.98
(ii) Diluted earnings per share 0.72 0.98
Legal representative: Yin Zhenyuan
Person in charge of accounting works: Feng Zhiming
Person in charge of accounting institute: Wu Junfei
4. Profit statement of parent company
In RMB
Item 2025 semi-annual 2024 semi-annual
I. Operating income 1820777791.61 1647889326.24
Less: Operating cost 1554249540.67 1325851166.72
Taxes and surcharge 14109546.73 10090110.47
Sales expenses 8866486.16 7706819.28
Administration expenses 173457220.14 161566130.87
R&D expenses 104316954.06 119109060.22
Financial expenses -15451453.61 4824902.69
44WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Including: Interest expenses 9462599.47 9277216.36
Interest income 13414496.93 12050589.75
Add: Other income 27495662.20 62105684.03
Investment income (Loss is listed with “-”) 969874460.06 638461133.94
Including: Investment income on affiliated Company and
488623036.82603770972.68
joint venture
The termination of income recognition for financial
assets measured by amortized cost (Loss is listed with “-”)
Net exposure hedging income (Loss is listed with “-”)
Changing income of fair value (Loss is listed with “-”) 25814893.27 -105971233.90
Loss of credit impairment (Loss is listed with “-”) 1440706.85 2009138.93
Losses of devaluation of asset (Loss is listed with “-”) -30098319.74 -35029533.34
Income on disposal of assets (Loss is listed with “-”) -227341.34 1029050.22
II. Operating profit (Loss is listed with “-”) 975529558.76 581345375.87
Add: Non-operating income 1579331.86 437637.73
Less: Non-operating expense 294805.16 330008.10
III. Total Profit (Loss is listed with “-”) 976814085.46 581453005.50
Less: Income tax -9816241.31 -35313458.70
IV. Net profit (Net loss is listed with “-”) 986630326.77 616766464.20(i) Continuous operating net profit (net loss listed with ‘-”) 986630326.77 616766464.20(ii) Termination of net profit (net loss listed with ‘-”)
V. Net after-tax of other comprehensive income
(i) Other comprehensive income items which will not be
reclassified subsequently to gains/losses
1.Changes of the defined benefit plans re-measured
2.Other comprehensive income under equity method
that cannot be transferred to gains/losses
3.Change of fair value of investment in other equity
instrument
4.Fair value change of enterprise's credit risk
5. Other
(ii) Other comprehensive income items which will be
reclassified subsequently to gains/losses
1.Other comprehensive income under equity method
that can transferred to gains/losses
2.Change of fair value of other creditors' investment
3.Amount of financial assets re-classify to other
comprehensive income
4.Credit impairment provision for other creditors'
investment
5.Cash flow hedging reserve
6.Translation differences arising on translation of
foreign currency financial statements
7.Other
VI. Total comprehensive income 986630326.77 616766464.20
VII. Earnings per share:
(i) Basic earnings per share
(ii) Diluted earnings per share
5. Consolidated cash flow statement
In RMB
Item 2025 semi-annual 2024 semi-annual
I. Cash flows arising from operating activities:
45WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Cash received from selling commodities and providing labor
6910136894.626823095167.50
services
Net increase of customer deposit and interbank deposit
Net increase of loan from central bank
Net increase of capital borrowed from other financial
institution
Cash received from original insurance contract fee
Net cash received from reinsurance business
Net increase of insured savings and investment
Cash received from interest handle fee and commission
Net increase of capital borrowed
Net increase of returned business capital
Net cash received by agents in sale and purchase of securities
Write-back of tax received 13710287.85 67238993.27
Other cash received concerning operating activities 25132854.67 54420149.24
Subtotal of cash inflow arising from operating activities 6948980037.14 6944754310.01
Cash paid for purchasing commodities and receiving labor
5030455349.074721822344.53
service
Net increase of customer loans and advances
Net increase of deposits in central bank and interbank
Cash paid for original insurance contract compensation
Net increase of capital lent
Cash paid for interest handle fee and commission
Cash paid for bonus of guarantee slip
Cash paid to/for staff and workers 960705389.63 876817470.16
Taxes paid 150801692.40 125654220.31
Other cash paid concerning operating activities 314143327.30 332567957.64
Subtotal of cash outflow arising from operating activities 6456105758.40 6056861992.64
Net cash flows arising from operating activities 492874278.74 887892317.37
II. Cash flows arising from investing activities:
Cash received from recovering investment 2550074734.38 2269199889.99
Cash received from investment income 118028357.68 91204017.80
Net cash received from disposal of fixed intangible and other
11942123.5513423502.19
long-term assets
Net cash received from disposal of subsidiaries and other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 2680045215.61 2373827409.98
Cash paid for purchasing fixed intangible and other long-term
413517083.30509948929.69
assets
Cash paid for investment 1546539331.14 1688939156.51
Net increase of mortgaged loans
Net cash received from subsidiaries and other units obtained
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 1960056414.44 2198888086.20
Net cash flows arising from investing activities 719988801.17 174939323.78
III. Cash flows arising from financing activities:
Cash received from absorbing investment 90514148.08 9000000.00
Including: Cash received from absorbing minority
90514148.089000000.00
shareholders’ investment by subsidiaries
Cash received from loans 543409434.14 211155360.59
Other cash received concerning financing activities
46WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Subtotal of cash inflow from financing activities 633923582.22 220155360.59
Cash paid for settling debts 431700433.57 730405067.04
Cash paid for dividend and profit distributing or interest
879948893.33655405251.11
paying
Including: Dividend and profit of minority shareholder paid
by subsidiaries
Other cash paid concerning financing activities 123057290.17 72903193.84
Subtotal of cash outflow from financing activities 1434706617.07 1458713511.99
Net cash flows arising from financing activities -800783034.85 -1238558151.40
IV. Influence on cash and cash equivalents due to fluctuation in
36778208.52-11959144.77
exchange rate
V. Net increase of cash and cash equivalents 448858253.58 -187685655.02
Add: Balance of cash and cash equivalents at the period -
1756944672.222061986694.41
begin
VI. Balance of cash and cash equivalents at the period-end 2205802925.80 1874301039.39
6. Cash flow statement of parent company
In RMB
Item 2025 semi-annual 2024 semi-annual
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor
2298097029.771836580357.79
services
Write-back of tax received
Other cash received concerning operating activities 7894895.93 35060914.24
Subtotal of cash inflow arising from operating activities 2305991925.70 1871641272.03
Cash paid for purchasing commodities and receiving labor
1573028828.391478289500.53
service
Cash paid to/for staff and workers 375031690.96 376267474.70
Taxes paid 33654293.69 10258978.32
Other cash paid concerning operating activities 93520007.41 86820283.60
Subtotal of cash outflow arising from operating activities 2075234820.45 1951636237.15
Net cash flows arising from operating activities 230757105.25 -79994965.12
II. Cash flows arising from investing activities:
Cash received from recovering investment 593074734.38 1500199889.99
Cash received from investment income 492180593.60 38644329.54
Net cash received from disposal of fixed intangible and other
744933.243150219.06
long-term assets
Net cash received from disposal of subsidiaries and other units
Other cash received concerning investing activities 195976116.67 101382422.25
Subtotal of cash inflow from investing activities 1281976377.89 1643376860.84
Cash paid for purchasing fixed intangible and other long-term
218857584.71287840839.26
assets
Cash paid for investment 508102019.20 720639156.51
Net cash received from subsidiaries and other units obtained
Other cash paid concerning investing activities 24040000.00 175051991.34
Subtotal of cash outflow from investing activities 750999603.91 1183531987.11
Net cash flows arising from investing activities 530976773.98 459844873.73
III. Cash flows arising from financing activities:
Cash received from absorbing investment
Cash received from loans 310000000.00
Other cash received concerning financing activities 719967055.55 775000000.00
Subtotal of cash inflow from financing activities 1029967055.55 775000000.00
Cash paid for settling debts 199800000.00 504600000.00
47WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Cash paid for dividend and profit distributing or interest
882538702.56651602564.76
paying
Other cash paid concerning financing activities 598859506.76 222437210.84
Subtotal of cash outflow from financing activities 1681198209.32 1378639775.60
Net cash flows arising from financing activities -651231153.77 -603639775.60
IV. Influence on cash and cash equivalents due to fluctuation in
5418447.73-3365554.33
exchange rate
V. Net increase of cash and cash equivalents 115921173.19 -227155421.32
Add: Beginning balance of cash and cash equivalents 466194368.01 713516740.43
VI. Ending balance of cash and cash equivalents 582115541.20 486361319.11
7. Consolidated statement of change in owners’ equity
Current period
In RMB
2025 semi-annual
Owners’ equity attributable to the parent Company
Prov
Other
isio
equity instrument n of
Item genePerp Total Less: Other Reaso ral Minority
etua Ot owners’ Share Pref Capital Invento compre nable Surplus risk Retained interests
l he Subtotal equity
capital erre Ot reserve ry hensive reserv reserve profit
capi r
d he shares income e
tal
stoc r
secu
k
ritie
s
I. Balance 99698 32636 46972 51010 155231 198405
at the end 10132 6257 6720630 2051259
of the last 6293.0 49101. 2092.2 0496.0 24882.7 28176.6405.39 090.28 47.24 1223.88
year 0 44 4 0 7 4
Add:
Changes of
accounting
policy
Error
correction
of the last
period
Other
II. Balance 99698 32636 46972 51010 155231 198405
at the 10132 6257 6720630 2051259
beginning 6293.0 49101. 2092.2 0496.0 24882.7 28176.6405.39 090.28 47.24 1223.88
of this year 0 44 4 0 7 4
III.Increase/
-
Decrease in - - 13703 - - -
report 36971 2031 1023298
period 25000 443253 2360.0 170603 130075 27745856764.2 989.76 10.07
(Decrease 000.00 590.09 3 184.95 661.01 0.94
is listed 4
with “-”)
(i) Total 13703
701870838902112761198501787
comprehens 2360.0
ive income 308.75 668.78 .66 88.44
3
(ii) -
Owners’ - - - -
369719051414
devoted and 25000 444726 100009 9495088.decreased 6764.2 8.08
000.00001.26237.0294
capital 4
1.Common
shares
90514149051414
invested by
shareholder 8.08 8.08
s
48WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned
into owners
equity with
share-based
payment
-
----
36971
4. Other 25000 444726 100009 1000092
6764.2
000.00001.26237.0237.02
4
---
(III) Profit
distribution 872473 872473 8724734
493.70493.7093.70
1.
Withdrawal
of surplus
reserves
2.
Withdrawal
of general
risk
provisions
3.
Distribution - - -
for owners
(or 872473 872473 8724734
shareholder 493.70 493.70 93.70
s)
4. Other
(IV)
Carrying
forward
internal
owners’
equity
1. Capital
reserves
converted
to capital
(share
capital)
2. Surplus
reserves
converted
to capital
(share
capital)
3.
Remedying
loss with
surplus
reserve
4．Carry-
over
retained
earnings
from the
defined
benefit
plans
5．Carry-
over
retained
earnings
from other
comprehens
ive income
6. Other
(V)
Reasonable 2031 203198 225919.7 2257909.
49WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
reserve 989.76 9.76 5 51
1.15315
Withdrawal 153158 1796670. 17112557
in report 886.4 86.41 76 .17
period 1
2. Usage in 13283
1328381570751.1485464
report 896.6
period 96.65 01 7.66
5
147241147241313622.51786033.
(VI)Others
1.171.17875
IV. Balance
at the end 97198 28203 10000 14716 51010 153525 197104
828977439282048484
of the 6293.0 95511.3 5328.0 4765.4 0496.0 21697.8 52515.6
report 080.04 57.31 5372.94
0502023
period
Last period
In RMB
2024 semi-annual
Owners’ equity attributable to the parent Company
Other
equity instrument Pro
Other
Item Per visi Total Less: compr Reaso Minority
petu Surplu on OtShare ownersPref Capital Invent ehensi nable Retained interests
al s of he Subtotal ’ equity
capital erre Ot reserve ory ve reserv profit
capi reserve gen r
d he shares incom e
tal eral
stoc r e
secu risk
k
ritie
s
100213308153328541565101015054919399820178
I. Balance at the 3641 7783300
end of the last year 62793. 70140. 9512. 915.9 0496. 50398.1 92671.7 22276439.97 89.26
009624700281.04
Add: Changes of
accounting policy
Error correction of
the last period
Other
II. Balance at the 10021 33081 53328 54156 51010 150549 193998 20178
36417783300
beginning of this 62793. 70140. 9512. 915.9 0496. 50398.1 92671.7 22276
year 439.97 89.26
009624700281.04
--
III. Increase/ - - - -
Decrease in report 63567 21869 2249 5649387 19816
period (Decrease is 51765 57803 176450 366772420.0 656.7 826.00 5.50 643.95
listed with “-”) 00.00 297.69 23.10 31.55
06
-
(i) Total 97971
218699543419324714724655
comprehensive 8167.6
income 656.7 269.90 613.14 4.52
6
6
-
(ii) Owners’ - -
635679000000.90000
devoted and 51765 58390
decreased capital 420.0 00 00.00
00.00920.00
0
1.Common shares
9000000.90000
invested by
shareholders 00 00.00
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
50WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
-
--
63567
4. Other 51765 58390
420.0
00.00920.00
0
-
--
(III) Profit 97198
distribution 971986 971986 6293.0
293.00293.00
0
1. Withdrawal of
surplus reserves
2. Withdrawal of
general risk
provisions
-
3. Distribution for - -
97198
owners (or 971986 971986
shareholders) 6293.0
293.00293.00
0
4. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
converted to capital
(share capital)
2. Surplus reserves
converted to capital
(share capital)
3. Remedying loss
with surplus reserve
4．Carry-over
retained earnings
from the defined
benefit plans
5．Carry-over
retained earnings
from other
comprehensive
income
6. Other
(V) Reasonable 2249 224982 190612.6 24404
reserve 826.00 6.00 0 38.60
14355
1. Withdrawal in 143555 1693142. 16048
report period 523.6 23.67 61 666.28
7
12105
2. Usage in report 121056 1502530. 13608
period 697.6 97.67 01 227.68
7
587622587622.64433
(VI)Others 56708.38.31310.69
IV. Balance at the 32503 46972 32287 51010 150373 193632 20198
99698658918348239
end of the report 66843. 2092. 259.2 0496. 05375.0 15440.2 03940
period 293.00 265.97 64.76
2724100234.99
8. Statement of changes in owners’ equity (parent company)
Current period
In RMB
2025 semi-annual
Other
Other
Item Share equity instrument
Less: Reason
Capital comprehe Surplus Retained Ot Total owners’
Prefer Perpetual Inventory able capital Oth reserve nsive reserve profit her equity
red capital shares reserve
er income
stock securities
I. Balance at
9969862339492346972205101004125728201700510851
the end of the
93.00686.5492.2496.00128.712.01
last year
51WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Add: Changes
of accounting
policy
Error
correction of
the last period
Other
II. Balance at
9969862339492346972205101004125728201700510851
the beginning
93.00686.5492.2496.00128.712.01
of this year
III. Increase/
Decrease in - - -
114156833
report period 2500000 4445375 3697167 14336043.17.07
(Decrease is 0.00 54.14 64.24
listed with “-”)
(i) Total
986630326986630326.7
comprehensive.777
income
(ii) Owners’
----
devoted and
250000044472603697167100009237.0
decreased
0.0001.2664.242
capital
1.Common
shares invested
by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with share-
based payment
----
4. Other 2500000 4447260 3697167 100009237.0
0.0001.2664.242
--
(III) Profit
872473493872473493.7
distribution.700
1. Withdrawal
of surplus
reserves
2. Distribution - -
for owners (or 872473493 872473493.7
shareholders) .70 0
3. Other
(IV) Carrying
forward
internal
owners’ equity
1. Capital
reserves
converted to
capital (share
capital)
2. Surplus
reserves
converted to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensive
income
6. Other
52WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(V)
Reasonable
reserve
1. Withdrawal
30036
in report 3003687.87
87.87
period
2. Usage in 30036
3003687.87
report period 87.87
188447.1
(VI)Others 188447.12
2
IV. Balance at
9719862295038610000535101004126869761701944455
the end of the
93.00132.4028.0096.00961.785.18
report period
Last period
In RMB
2024 semi-annual
Other
Other
Item equity instrument Less: ReasonaShare Capital comprehe Surplus Retained Oth Total owners’
Inventory ble
capital Prefe Perpetual Oth reserve nsive reserve profit er equity
rred capital shares reserve
er income
stock securities
I. Balance at
1002162341250653328955101004122538741664535477
the end of the
793.00010.9112.2496.00983.951.62
last year
Add: Changes
of accounting
policy
Error
correction of
the last period
Other
II. Balance at
1002162341250653328955101004122538741664535477
the beginning
793.00010.9112.2496.00983.951.62
of this year
III. Increase/
Decrease in - - - - -
report period 5176500 5883923 6356742 35521982 355668145.6
(Decrease is .00 6.80 0.00 8.80 0
listed with “-”)
(i) Total
61676646616766464.2
comprehensive
4.200
income
(ii) Owners’
---
devoted and
517650058390926356742
decreased.000.000.00
capital
1.Common
shares
invested by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with share-
based payment
---
4. Other 5176500 5839092 6356742.000.000.00
--
(III) Profit
97198629971986293.0
distribution
3.000
1. Withdrawal
of surplus
reserves
2. Distribution - -
for owners (or 97198629 971986293.0
shareholders) 3.00 0
3. Other
(IV) Carrying
forward
53WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
internal
owners’ equity
1. Capital
reserves
converted to
capital (share
capital)
2. Surplus
reserves
converted to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(V)
Reasonable
reserve
1. Withdrawal
30890
in report 3089003.81
03.81
period
2. Usage in 30890
3089003.81
report period 03.81
-
(VI)Others 448316.8 -448316.80
0
IV. Balance at
9969862335366646972205101004118986551628968662
the end of the
93.00774.1192.2496.00155.156.02
report period
54WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
III. Basic information of the Company
1. Historical origin of the Company
By the approval of STGS (1992) No. 130 issued by Jiangsu Economic Restructuring Committee Weifu High-Technology Group Co.Ltd. (hereinafter referred to “the Company” or “Company”) was established as a company of limited liability with funds raised from
targeted sources and registered at Wuxi Administration for Industry & Commerce in October 1992. The original share capital of the
Company totaled 115.4355 million yuan including state-owned share capital amounting to 92.4355 million yuan public corporate
share capital amounting to 8.00 million yuan and inner employee share capital amounting to 15.00 million yuan.Between year of 1994 and 1995 the Company was restructured and became a holding subsidiary of Wuxi Weifu Group Co. Ltd
(hereinafter referred to as “Weifu Group”).By the approval of Jiangsu ERC and Shenzhen Securities Administration Office in August 1995 the Company issued 68 million
special ordinary shares (B-share) with value of 1.00 yuan for each and the total value of those shares amounted to 68 million yuan.After the issuance the Company’s total share capital increased to 183.4355 million yuan.By the approval of CSRC in June 1998 the Company issued 120 million RMB ordinary shares (A-share) at Shenzhen Stock
Exchange through on-line pricing and issuing. After the issuance the total share capital of the Company amounted to 303.4355
million yuan.In the middle of 1999 deliberated and approved by the Board and Shareholders’ General Meeting the Company implemented the
plan of granting 3 bonus shares for each 10 shares. After that the total share capital of the Company amounted to 394.46615 million
yuan of which state-owned shares amounted to 120.16615 million yuan public corporate shares 10.4 million yuan foreign-funded
shares (B-share) 88.40 million yuan RMB ordinary shares (A-share) 156 million yuan and inner employee shares 19.5 million yuan.In the year 2000 by the approval of the CSRC and based upon the total share capital of 303.4355 million shares after the issuance of
A-share in June 1998 the Company allotted 3 shares for each 10 shares with a price of 10 yuan for each allotted share. Actually 41.9
million shares was allotted and the total share capital after the allotment increased to 436.36615 million yuan of which state-owned
corporate shares amounted to 121.56615 million yuan public corporate shares 10.4 million yuan foreign-funded shares (B-share)
88.4 million yuan and RMB ordinary shares (A-share) 216 million yuan.
In April 2005 the Board of Directors of the Company examined and approved 2004 Profit Pre-distribution Plan and examined and
approved by 2004 Shareholders’ General Meeting the Company distributed 3 shares for each 10 shares to the whole shareholders
totaling to 130909845 shares in 2005.According to the Share Merger Reform Scheme of the Company deliberated and approved by related shareholders’ meeting of Share
Merger Reform and SGZF [2006] No.61 Reply on Questions about State-owned Equity Management in Share Merger Reform of
Weifu High-Technology Co. Ltd. issued by the State-owned Assets Supervision & Administration Commission of Jiangsu Province
8 non-circulating shareholders including Weifu Group arranged pricing with granting 1.7 shares for each 10 shares to circulating A-
share shareholders (totally granted 47736000 shares) so as to realize the originally non-circulating shares can be traded on market
when certain conditions were satisfying the scheme was implemented on April 5 2006.On May 27 2009 Weifu Group satisfied the consideration arrangement by dispatching 0.5 shares for each 10 shares based on the
number of circulating A share as prior to Share Merger Reform according to the aforesaid Share Merger Reform with an aggregate
of 14039979 shares dispatched. Subsequent to implementation of dispatch of consideration shares Weifu Group then held
100021999 shares of the Company representing 17.63% of the total share capital of the Company.
Pursuant to the document (XGZQ (2009) No.46) about Approval for Merger of Wuxi Weifu Group Co. Ltd. by Wuxi Industry
Development Group Co. Ltd. issued by the State-owned Assets Supervision and Administration Commission of Wuxi City
Government Wuxi Industry Development Group Co. Ltd. (hereinafter referred to as Wuxi Industry Group) acquired Weifu Group.After the merger Weifu Group was then revoked and its assets and credits & debts were transferred to be under the name of Wuxi
Industry Group. Accordingly Wuxi Industry Group has became the first largest shareholder of the Company since then.In accordance with the resolutions of shareholders' meeting and provisions of amended constitution and approved by [2012] No. 109
document of China Securities Regulatory Commission in February 2012 the Company issued RMB ordinary shares (A-share) of
55WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
112858000 shares to Wuxi Industry Groups and overseas strategic investors privately Robert Bosch Co. Ltd. (ROBERT
BOSCHGMBH) (hereinafter referred to as Robert Bosch Company) face value was 1.00 yuan per share added registered capital of
112858000 yuan and the registered capital after change was 680133995 yuan. Wuxi Industry Group is the first majority
shareholder of the Company and Robert Bosch Company is the second majority shareholder of the Company.In March 2013 the profit distribution pre-plan for year of 2012 was deliberated and approved by the Board and also was approved
by the Annual General Meeting 2012 of the Company in May 2013. On basis of total share capital 680133995 shares distributed 5-
share for every 10 shares held by whole shareholders 340066997 shares in total are distributed. Total share capital of the Company
amounted to 1020200992 yuan up to December 31 2013.Deliberated and approved by the company’s first extraordinary general meeting in 2015 the company has repurchased 11250422
shares of A shares from August 26 2015 to September 8 2015 and finished the cancellation procedures for above repurchase shares
in China Securities Depository and Clearing Corporation Limited Shenzhen Branch on September 16 2015; after the cancellation of
repurchase shares the company’s paid-up capital (share capital) becomes 1008950570 yuan after the change.Deliberated and approved by the 5th meeting of 10th session of the BOD for year of 2021 the 291000 restricted shares were buy-back
and canceled by the Company initially granted under the 2020 Restricted Share Incentive Plan. The cancellation of the above-
mentioned buy-back shares are completed at the Shenzhen Branch of CSDC on December 20 2021; the paid-in capital (equity) of
the Company was 1008659570.00 yuan after the change.After deliberation and approved by the 8th meeting of 10th session of the BOD for year of 2022 the 56277 restricted shares were
bought back and canceled by the Company initially granted under the 2020 Restricted Share Incentive Plan. The cancellation of the
above-mentioned buy-back shares were completed at the Shenzhen Branch of CSDC on July 8 2022; the paid-in capital (equity) of
the Company was 1008603293.00 yuan after the change.After deliberation and approval by the the 14th 16th and 20th meetings of the 10th session of the BOD of the Company for the year of
2023 the 430000 5593500 and 417000 restricted shares were bought back and canceled by the Company initially granted under
under the 2020 Restricted Share Incentive Plan. The cancellation of the above-mentioned buy-back shares were completed at the
Shenzhen Branch of CSDC on February 16 2023 June 16 2023 and December 18 2023; the paid-in capital (equity) of the
Company was 1002162793 yuan after changed.On April 16 2025 and May 9 2025 the company held the 6th meeting of the 11th session of the Board of Directors and the 2024
Annual General Meeting of Shareholders respectively and reviewed and approved the Proposal on Changing the Purpose of
Repurchased Shares and Canceling Them. It was agreed to change the purpose of 25 million A-shares in the special securities
account for share repurchase from “for the implementation of employee stock ownership plans or equity incentive plans” to “forcancellation and reduction of registered capital”. As of June 26 2025 the company has completed the cancellation procedures for the
above-mentioned 25 million repurchased shares at the Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited.
2. Registered place organization structure and head office of the Company
Registered place and head office of the Company: No.5 Huashan Road Xinwu District Wuxi
Unified social credit code: 91320200250456967N
The Company sets up Shareholders’ General Meeting the Board of Directors (BOD) and the Board of Supervisors (BOS).The Company sets up Administration Department Technology Centre organization & personnel department Office of the Board
compliance department IT department Strategy & new business Department market development department Party-masses
Department Finance Department Purchase DepartmentManufacturing Quality Department MS (Mechanical System) division
AC(Automotive Components) division and DS (Diesel System ) division etc. and subsidiaries such as Wuxi Weifu LIDA Catalytic
Converter Co. Ltd Nanjing WFJN Co. Ltd IRD Fuel Cells A/S Borit NV VHIO.
56WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
3. Business nature and major operation activities of the Company
Operation scope of parent company: Technical development and consulting services in the machinery industry; manufacturing of
internal combustion engine fuel system products fuel system testing instruments and equipment automotive electronic components
automotive electrical components non-standard equipment non-standard cutting tools and exhaust gas post-treatment systems; sales
of general machinery hardware electrical appliances chemical products and raw materials (excluding hazardous chemicals)
automotive parts and motor vehicles (excluding passenger vehicles with less than nine seats); maintenance of internal combustion
engines; leasing of self-owned properties; import and export of various goods and technologies on a self-operated and agency basis
(excluding goods and technologies restricted or prohibited from import and export by the state). Engineering and technical research
and experimental development; research and development of energy recovery systems; manufacturing of automotive parts and
accessories; manufacturing of general equipment (excluding special equipment manufacturing) (projects that require approval in
accordance with laws can only be carried out after being approved by relevant departments). Licensed projects: Manufacturing of
special equipment; installation renovation and repair of special equipment (projects that require approval in accordance with laws
can only be carried out after being approved by relevant departments and the specific business projects shall be subject to the
approval results); General projects: Investment activities with self-owned funds; software development; software sales; software
outsourcing services; mold manufacturing; mold sales; manufacturing of machine tool functional components and accessories; sales
of machine tool functional components and accessories; manufacturing of drawing computing and measuring instruments; sales of
drawing computing and measuring instruments; sales of industrial robots; installation and maintenance of industrial robots;
manufacturing of intelligent basic manufacturing equipment; sales of intelligent basic manufacturing equipment; manufacturing of
industrial automatic control system devices; sales of industrial automatic control system devices; manufacturing of material handling
equipment; sales of material handling equipment; manufacturing of gas and liquid separation and purification equipment; sales of gas
and liquid separation and purification equipment; technical services technical development technical consultation technical
exchanges technology transfer technology promotion; research and development of new energy technologies; import and export of
goods; import and export of technologies; manufacturing of ordinary valves and cocks (excluding special equipment manufacturing);
research and development of valves and cocks; sales of valves and cocks (except for projects that require approval in accordance with
laws independent business activities shall be carried out in accordance with laws with a business license).The main subsidiaries are respectively engaged in the production and sales of internal combustion engine parts automotive parts
mufflers purifiers fuel cell parts etc.
4. Authorized reporting parties and reporting dates for the financial report
Financial report of the Company was approved by the Board of Directors for reporting dated August 22 2025.
5. In the notes to these financial statements unless otherwise specified the following company names are
abbreviated as follows:
Name of subsidiary Short name of subsidiary
Nanjing WFJN Co. Ltd. WFJN
Wuxi Weifu Lida Catalytic Converter Co. Ltd. WFLD
Wuxi Weifu Nanshan Fuel Injection Equipment Co. Ltd. WFMA
Wuxi Weifu Chang’an Co. Ltd. WFCA
Wuxi Weifu International Trade Co. Ltd. WFTR
Wuxi Weifu Schmitter Powertrain Components Co. Ltd. WFSC
Ningbo WFTT Turbocharging Technology Co. Ltd. WFTT
Wuxi WFAM Precision Machinery Co. Ltd. WFAM
57WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Name of subsidiary Short name of subsidiary
WFLD
Wuxi Weifu LIDA Catalytic Converter (Wuhan) Co. Ltd.(Wuhan)
WFLD
Weifu Lida (Chongqing) Automotive Components Co. Ltd.
(Chongqing)
WFLD
Nanchang Weifu LIDA Automotive Components Co. Ltd.(Nanchang)
Wuxi Weifu Autosmart Seating System Co. Ltd. WFAS
Weifu Lianhua Automotive Components (Fuzhou) Co. Ltd. WFLH
Wuxi Weifu E-drive Technologies Co. Ltd. WFDT
Wuxi Weifu Qinglong Power Technology Co. Ltd. WFQL
VHIT Automotive Systems (Wuxi) Co. Ltd VHCN
WEIFU Smart Sensing (Wuxi) Technology Co. Ltd. WFSS
Weifu ET Hydrogen Energy Technology (Wuxi) Co. Ltd. WFET
Weifu Holding ApS SPV
IRD Fuel Cells A/S IRD
IRD FUEL CELLS LLC IRD America
Borit NV Borit
Borit Inc. Borit America
VHIT S.p.A. Società Unipersonale VHIO
IV. Basis of preparation of financial statements
1．Preparation base
The financial statements are stated in compliance with Accounting Standard for Business Enterprises –Basic Norms issued by the
Ministry of Finance the specific accounting rules the Application Instruments of Accounting Standards and interpretation on
Accounting standards and other relevant regulations (together as “Accounting Standards for Business Enterprise”) as well as the
Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No.15 – General Provision of
Financial Report (Revised in 2023) issued by CSRC in respect of the actual transactions and proceedings on a basis of ongoing
operation.In line with relevant regulations of Accounting Standards of Business Enterprise accounting of the Company is on Accrued basis.Except for certain financial instruments the financial statement measured on historical cost. Assets have impairment been found;
corresponding depreciation reserves shall Accrued according to relevant rules.
2．Going concern
The Company comprehensively assessed the available information and there are no obvious factors that impact sustainable operation
ability of the Company within 12 months since end of the report period.V. Major accounting policies and estimation
Specific accounting policies and estimation attention:
Based on the actual production and operation characteristics the company and each of its subsidiaries have formulated a number of
specific accounting policies and accounting estimates for various transactions and events in accordance with the provisions of
relevant accounting standards for enterprises. The detailed descriptions are as follows.
1．Statement on observation of accounting standard for business enterprises
58WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The financial statements prepared by the company comply with the requirements of accounting standards for enterprises truthfully
and completely reflecting the company's financial position operating results cash flows and other relevant information of in report
period.
2．Accounting periods
The accounting periods of the Company are divided into annual periods and interim periods. An interim accounting period refers to a
report period that is shorter than a full accounting year. The Company's accounting year adopts the calendar year that is from
January 1st to December 31st of each year.
3．Operating cycle
The Company takes 12 months as an operating cycle and uses it as the criterion for classifying the liquidity of assets and liabilities.
4．Functional currency
The currency used by the Company in preparing these financial statements is the Renminbi. The overseas subsidiaries of the
Company determine their functional currencies based on the currencies in the main economic environment where they operate such
as the Euro Danish Krone US Dollar etc.
5．Method for determining importance criteria and selection criteria
□Applicable □ Not applicable
Item Importance criteria
Important prepayments with an aging Prepayment with aging over 1 year accounting for more than 10% of the total prepaid amount
of over 1 year and with an amount greater than 15 million yuan
Important construction in progress The budget for a single project is greater than 80 million yuan
Important accounts payable with an Accounts payable with aging over 1 year accounting for more than 10% of the total accounts
aging of over 1 year payable and with an amount greater than 80 million yuan
Other important payables with aging Other payables with aging over 1 year accounting for more than 10% of the total other
of over 1 year payables and an amount greater than 15 million yuan
Important contract liabilities with Contract liabilities with aging over 1 year account for more than 10% of the total contract
aging of over 1 year liabilities and the amount greater than 15 million yuan
The net assets of subsidiaries account for more than 5% of the net assets in the consolidated
Important non-wholly-owned
financial statements or the net profit of subsidiaries accounts for more than 10% of the net
subsidiaries
profit in the consolidated financial statements
The book value of long-term equity investments in an invested entity accounts for more than
5% of the net assets in the consolidated financial statements and the amount exceeds 1 billion
Important joint ventures or associates yuan or the investment gains/losses under the equity method account for more than 10% of the
net profits in the consolidated financial statements of the company and the amount exceeds 100
million yuan
6．Accounting treatment methods for business combinations under the same control and under non-Same
control
Business combination refers to a transaction or event that combines two or more separate enterprises to form a single reporting entity.Business combinations are classified into business combinations under the same control and business combinations under non-same
control.
（1）Business combinations under the same control
A business combination under the same control occurs when the enterprises involved in the combination are ultimately controlled by
the same party or the same group of parties both before and after the combination and such control is not temporary. In a business
combination under the same control the party that obtains control over the other enterprise involved in the combination on the
combination date is the combining party and the other enterprise involved in the combination are the combined parties. The
combination date refers to the date on which the combining party actually obtains control over the combined party.
59WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The assets and liabilities obtained by the company in a business combination are measured at their carrying amounts in the
consolidated financial statements of the ultimate controlling party on the combination date including the goodwill formed when the
ultimate controlling party acquired the combined party. If there is a difference between the carrying amount of the net assets obtained
and the carrying amount of the combination consideration paid (or the total par value of the issued shares) it shall be adjusted against
the share premium in capital reserve. If the share premium in capital reserve is insufficient to cover the difference the retained
earnings shall be adjusted.All direct expenses incurred by the combining party for the business combination shall be recognized as current profits and losses
when incurred.
（2）Business combinations under not the same control
A business combination under non-same control occurs when the enterprises involved in the combination are not ultimately
controlled by the same party or the same group of parties both before and after the combination. In a business combination under
non-same control the party that obtains control over the other enterprises involved in the combination on the acquisition date is the
acquirer and the other enterprise involved in the combination are the acquirees. The acquisition date refers to the date on which the
acquirer actually obtains control over the acquiree.For a business combination under non-same control the combination cost includes the fair values of the assets transferred the
liabilities incurred or assumed and the equity securities issued by the acquirer on the acquisition date in order to obtain control over
the acquiree. The intermediary expenses such as audit legal services and valuation consultation as well as other administrative
expenses incurred for the business combination shall be recognized as current profits and losses when incurred. The transaction costs
related to the equity securities or debt securities issued by the acquirer as consideration for the combination shall be included in the
initial recognition amount of the equity securities or debt securities. The contingent consideration involved shall be included in the
combination cost at its fair value on the acquisition date. If new or further evidence of the circumstances existing on the acquisition
date emerges within 12 months after the acquisition date which requires adjustment of the contingent consideration the goodwill of
the combination shall be adjusted accordingly. The combination cost incurred by the acquirer and the identifiable net assets obtained
in the combination shall be measured at their fair values on the acquisition date. If the combination cost is greater than the acquirer's
share of the fair value of the identifiable net assets of the acquiree on the acquisition date the difference shall be recognized as
goodwill. If the combination cost is less than the acquirer's share of the fair value of the identifiable net assets of the acquiree the fair
values of the identifiable assets liabilities and contingent liabilities of the acquiree obtained as well as the measurement of the
combination cost shall first be rechecked. If after the recheck the combination cost is still less than the acquirer's share of the fair
value of the identifiable net assets of the acquiree the difference shall be recognized as current profits and losses.If the acquirer obtains the deductible temporary differences of the acquiree but does not recognize them as deferred income tax assets
on the acquisition date because the recognition conditions for deferred income tax assets are not met and within 12 months after the
acquisition date new or further information indicates that the relevant circumstances on the acquisition date already existed and it is
expected that the economic benefits brought by the deductible temporary differences of the acquiree on the acquisition date can be
realized the relevant deferred income tax assets shall be recognized and at the same time the goodwill shall be reduced. If the
goodwill is insufficient to cover the reduction the remaining difference shall be recognized as current profits and losses. Except for
the above circumstances the recognition of deferred income tax assets related to the business combination shall be included in
current profits and losses.For a business combination under non-same control achieved in multiple transactions in stages if it is part of a “package oftransactions” the accounting treatment shall be carried out with reference to the descriptions in the preceding paragraphs of this
section and Note III.14 Long-Term Equity Investments these financial statements. If it is not part of a “package of transactions”
relevant accounting treatments shall be carried out separately for the individual financial statements and the consolidated financial
statements:
In the individual financial statements the initial investment cost of the investment shall be the sum of the carrying amount of the
equity investment in the acquiree held before the acquisition date and the additional investment cost on the acquisition date. If the
equity of the acquiree held before the acquisition date involves other comprehensive income when disposing of the investment the
60WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
relevant other comprehensive income shall be accounted for on the same basis as that used by the acquiree when directly disposing of
the relevant assets or liabilities (i.e. except for the corresponding share of the changes in the net liabilities or net assets of the defined
benefit plan remeasured by the acquiree accounted for under the equity method the rest shall be transferred to the current investment
income).In the consolidated financial statements for the equity of the acquiree held before the acquisition date it shall be re-measured at its
fair value on the acquisition date and the difference between the fair value and its carrying amount shall be included in the current
investment income. If the equity of the acquiree held before the acquisition date involves other comprehensive income the relevant
other comprehensive income shall be accounted for on the same basis as that used by the acquiree when directly disposing of the
relevant assets or liabilities (i.e. except for the corresponding share of the changes in the net liabilities or net assets of the defined
benefit plan remeasured by the acquiree accounted for under the equity method the rest shall be transferred to the investment income
of the current period to which the acquisition date belongs).
7．Criteria for judging control and preparation method for consolidated financial statements
(1) Criteria for judging control
The consolidation scope of the consolidated financial statements is determined on the basis of control. Control means that the
company has the power over the investee enjoys variable returns by participating in the relevant activities of the investee and has
the ability to use its power over the investee to influence the amount of those returns. Generally it includes the invested entities in
which the parent company holds more than half of the voting rights and the invested entities in which the company holds less than
half of the voting rights but through agreements with other investors of the invested entity holds more than half of the voting rights;
according to the articles of association or agreements it has the right to determine the financial and operational decisions of the
invested entity; it has the right to appoint and remove the majority of the members of the board of directors of the invested entity; and
it holds the majority of the voting rights on the board of directors of the invested entity.
(2) Methods for preparing consolidated financial statements
The company begins to include a subsidiary in the consolidation scope from the date when it obtains the actual control over the
subsidiary's net assets and production and operation decisions and stops including it in the consolidation scope from the date when it
loses the actual control. For a disposed subsidiary the operating results and cash flows before the disposal date have been
appropriately included in the consolidated income statement and the consolidated cash flow statement; for a subsidiary disposed of in
the current period the beginning figures of the consolidated balance sheet will not be adjusted. For a subsidiary added through a
business combination under non-same control its operating results and cash flows after the acquisition date have been appropriately
included in the consolidated income statement and the consolidated cash flow statement and the beginning figures and comparative
figures of the consolidated financial statements will not be adjusted. For a subsidiary added through a business combination under the
same control its operating results and cash flows from the beginning of the current consolidation period to the combination date have
been appropriately included in the consolidated income statement and the consolidated cash flow statement and the comparative
figures of the consolidated financial statements will be adjusted at the same time.When preparing the consolidated financial statements if the accounting policies or accounting periods adopted by a subsidiary are
inconsistent with those of the company necessary adjustments will be made to the subsidiary's financial statements in accordance
with the company's accounting policies and accounting periods. For a subsidiary obtained through a business combination under non-
same control its financial statements will be adjusted based on the fair value of the identifiable net assets at the acquisi tion date.All significant intercompany balances transactions and unrealized profits within the company will be eliminated when preparing the
consolidated financial statements.The portion of the subsidiary's shareholders' equity and current net profit and loss that does not belong to the company will be
separately presented as the minority shareholders' equity and the minority shareholders' profit and loss under the shareholders' equity
and net profit items in the consolidated financial statements. The share of the subsidiary's current net profit and loss attributable to
the minority shareholders will be presented as the item "Minority Shareholders' Profit and Loss" under the net profit item in the
consolidated income statement. If the losses of the subsidiary borne by the minority shareholders exceed the share of the minority
shareholders in the subsidiary's beginning shareholders' equity the minority shareholders' equity will still be reduced. When the
61WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
control over a subsidiary is ceased due to disposal of a portion of an interest in a subsidiary the fair value of the remaining equity is
re-measured on the date when the control ceased. The difference between the sum of the consideration received from disposal of
equity and the fair value of the remaining equity less the net assets attributable to the company since the acquisition date is
recognized as the investment income from the loss of control. Other comprehensive income relating to original equity investment in
subsidiaries shall be treated on the same basis as if the relevant assets or liabilities were disposed of by the purchaser directly when
the control is lost namely be transferred to current investment income other than the relevant part of the movement arising from re-
measuring net liabilities or net assets under defined benefit scheme by the original subsidiary. Subsequent measurement of the
remaining equitys shall be in accordance with relevant accounting standards such as Accounting Standards for business Enterprises 2
– Long-term Equity Investments or Accounting Standards for business Enterprises 22 – Financial Instruments Recognition and
Measurement. Refer to Note V.18 Long-term Equity investment or Note V.11 Financial Instrument
The company shall determine whether loss of control arising from disposal in a series of transactions should be regarded as package
deal. When the economic effects and terms and conditions of the disposal transactions meet one or more of the following situations
the transactions shall normally be accounted for as package deal: * The transactions are entered into after considering the mutual
consequences of each individual transaction; * The transactions need to be considered as a whole in order to achieve a deal in
commercial sense;* The occurrence of an individual transaction depends on the occurrence of one or more individual transactions in
the series; * The result of an individual transaction is not economical but it would be economical after taking into account of other
transactions in the series. When the transactions are not regarded as package deal the individual transactions shall be accounted as
“disposal of a portion of an interest in a subsidiary which does not lead to loss of control” and “disposal of a portion of an interest ina subsidiary which led to loss of control”. When the transactions are regarded as package deal the transactions shall be accounted as
a single disposal transaction; however the difference between the consideration received from disposal and the share of net assets
disposed in each individual transactions before loss of control shall be recognized as other comprehensive income and reclassified as
profit or loss arising from the loss of control when control is lost.
8．Classification of joint arrangements and accounting treatment methods for joint operations
A joint arrangement refers to an arrangement jointly controlled by two or more participating parties. Based on the rights enjoyed and
obligations assumed by the company in the joint arrangement the joint arrangement is classified into joint operations and joint
ventures. A joint operation is a joint arrangement in which the company enjoys the relevant assets of the arrangement and assumes
the relevant liabilities of the arrangement. A joint venture is a joint arrangement in which the company has rights only to the net
assets of the arrangement.The company accounts for its investment in a joint venture using the equity method and deals with it in accordance with the
accounting policies described in Note V.18 (2) * "Long-Term Equity Investments Accounted for by the Equity Method" of these
notes.As a party to a joint operation the company recognizes the assets held solely by the company the liabilities borne solely b y the
company and also recognizes according to its share the jointly held assets and jointly borne liabilities; recognizes the revenue
generated from the sale of the company's share of the output of the joint operation; recognizes according to its share the revenue
generated by the joint operation from the sale of the output; recognizes the expenses incurred solely by the company and also
recognizes according to its share the expenses incurred by the joint operation.When the company as a party to a joint operation contributes or sells assets (such assets do not constitute a business the same
below) to the joint operation or purchases assets from the joint operation before such assets are sold to a third party the company
only recognizes the portion of the profit or loss arising from the transaction that is attributable to the other participating parties of the
joint operation. If the assets incur asset impairment losses in accordance with the provisions of Accounting Standards for Enterprises
No. 8 - Asset Impairment and other relevant regulations in the case of the company contributing or selling assets to the joint
operation the company fully recognizes the loss; in the case of the company purchasing assets from the joint operation the company
recognizes the loss according to its assumed share.
9．Recognition standards for cash and cash equivalents
62WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Cash refers to stock cash savings available for paid at any time; cash and cash equivalent refers to the cash held by the Company
with short terms (expired within 3 months since purchased) and liquid and easy to transfer as known amount and investment with
minor variation in risks.
10．Foreign currency business and translation of foreign currency financial statements
(1) Translation method for foreign currency transactions
When a foreign currency transaction occurs in the company it is initially recognized and translated into the amount in the functional
currency at the spot exchange rate on the transaction date. However for foreign currency exchange transactions or transactions
involving foreign currency exchange conducted by the company they are translated into the amount in the functional currency at the
actual exchange rate applied.
(2) Translation methods for foreign currency monetary items and foreign currency non-monetary items
On the balance sheet date foreign currency monetary items are translated at the spot exchange rate on the balance sheet date . The
resulting exchange differences will be booked into current profits and losses except for the followings: * the exchange differences
arising from foreign currency special loans related to the acquisition and construction of assets qualified for capitalization which are
accounted for in accordance with the principles of capitalizing borrowing costs; * the exchange differences of hedging instruments
for effective hedging of net investments in overseas operations (such differences are booked into other comprehensive income and
will only be recognized as current profits and losses when the net investment is disposed of); * for available-for-sale foreign
currency monetary items the exchange differences arising from changes in other carrying amounts other than the amortized cos t are
included in other comprehensive income .When preparing consolidated financial statements involving overseas operations if there are foreign currency monetary items that
substantially constitute a net investment in overseas operations the exchange differences arising from exchange rate fluctuations are
included in other comprehensive income; when the overseas operation is disposed of they are transferred to the profit or loss of the
current period of disposal.For foreign currency non-monetary items measured at historical cost they are still measured at the amount in the functional currency
translated at the spot exchange rate on the date of the transaction. For foreign currency non-monetary items measured at fair value
they are translated at the spot exchange rate on the date when the fair value is determined. The difference between the trans lated
amount in the functional currency and the original amount in the functional currency is treated as changes in fair value (including
exchange rate changes) and is included in current profits and losses or recognized as other comprehensive income.
(3) Translation method for foreign currency financial statements
When preparing consolidated financial statements involving overseas operations if there are foreign currency monetary items that
substantially constitute a net investment in overseas operations the exchange differences arising from exchange rate fluctuations are
recognized as other comprehensive income as "translation differences of foreign currency financial statements"; when the overseas
operation is disposed of they are booked into the profit or loss of the current period of disposal.The foreign currency financial statements of overseas operations are translated into RMB financial statements according to the
following methods: The assets and liabilities items in the balance sheet are translated at the spot exchange rate on the balance sheet
date; for items in the shareholders' equity category except for the "undistributed profits" item other items are translated at the spot
exchange rate at the time of occurrence. The revenue and expense items in the income statement are translated at the spot exchange
rate on the date of the transaction. The undistributed profits at the end of the previous year are the undistributed profits at the end of
the previous year after translation in the previous year; the undistributed profits at the end of the period are calculated and presented
according to each item of the translated profit distribution; the difference between the total of the translated asset items and the total
of the liability items and shareholders' equity items is recognized as other comprehensive income as the translation differences of
foreign currency financial statements. When disposing of an overseas operation and losing control all or in proportion to the disposal
of the overseas operation the translation differences of foreign currency financial statements related to the overseas operation and
shown under the shareholders' equity items in the balance sheet are transferred to the profit or loss of the current period of disposal.
63WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The foreign currency cash flows and the cash flows of overseas subsidiaries are calculated at the spot exchange rate on the date when
the cash flows occur. The impact of exchange rate changes on cash is presented separately as a reconciliation item in the cash flow
statement.Balance at the end of the previous year and the actual amount of the previous year are presented according to the amounts after
translation of the previous year's financial statements.When disposing of all the owners' equity of the company's overseas operation or losing control of the overseas operation due to the
disposal of part of the equity investment or other reasons all the translation differences of foreign currency financial statements
related to the overseas operation and attributable to the owners' equity of the parent company shown under the shareholders' equity
items in the balance sheet are transferred to the profit or loss of the current period of disposal.When the proportion of equitys in an overseas operation held is reduced due to the disposal of part of the equity investment or other
reasons but control over the overseas operation is not lost the translation differences of foreign currency financial statements related
to the disposed part of the overseas operation are attributable to the minority shareholders' equity and are not transferred to the
current profits and losses. When disposing of part of the equity of an overseas operation that is an associated enterprise or a joint
venture the translation differences of foreign currency financial statements related to the overseas operation are transferred to the
profit or loss of the current period of disposal in proportion to the disposal of the overseas operation.
11．Financial instruments
A financial asset or financial liability is recognized when the Company becomes a party to a financial instrument contract.
(1) Classification recognition and measurement of financial assets
Based on the business model for managing the financial assets and the contractual cash flow characteristics of the financial assets the
Company classifies financial assets into financial assets measured at amortized cost financial assets measured at fair value through
other comprehensive income and financial assets measured at fair value through profit or loss.Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value through profit or loss
the relevant transaction costs are directly recognized in current gains/losses; for other categories of financial assets the relevant
transaction costs are included in the initial recognition amount. For accounts receivable or notes receivable arising from the sale of
products or the provision of services that do not contain or do not consider a significant financing component the Company uses the
amount of consideration it expects to be entitled to receive as the initial recognition amount.* Financial assets measured at amortized cost
The Company's business model for managing financial assets measured at amortized cost is to collect contractual cash flows and the
contractual cash flow characteristics of such financial assets are consistent with basic lending arrangements that is the cash flows
generated on specific dates are only payments of principal and interest based on the outstanding principal amount. For such financial
assets the Company uses the effective interest rate method and measures them subsequently at amortized cost. The gains or losses
arising from amortization or impairment are recognized in current gains/losses.* Financial assets measured at fair value through other comprehensive income
The Company's business model for managing such financial assets is both to collect contractual cash flows and to sell and the
contractual cash flow characteristics of such financial assets are consistent with basic lending arrangements. The Company measures
such financial assets at fair value and recognizes the changes in fair value in other comprehensive income but impairment losses or
gains exchange differences and interest income calculated using the effective interest rate method are recognized in current
gains/losses.In addition the Company designates some non-tradable equity instrument investments as financial assets measured at fair value
through other comprehensive income. The Company recognizes the relevant dividend income from such financial assets in current
gains/losses and recognizes the changes in fair value in other comprehensive income. When such financial assets are derecognized
the cumulative gains or losses previously recognized in other comprehensive income will be transferred from other comprehensive
income to retained earnings and will not be recognized in current gains/losses.* Financial assets measured at fair value through profit or loss
64WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The Company classifies financial assets other than those measured at amortized cost and those measured at fair value through other
comprehensive income as financial assets measured at fair value through profit or loss. In addition upon initial recognition in order
to eliminate or significantly reduce accounting mismatches the Company designates some financial assets as financial assets
measured at fair value through profit or loss. For such financial assets the Company measures them subsequently at fair value and
the changes in fair value are recognized in current gains/losses.
(2) Classification recognition and measurement of financial liabilities
Financial liabilities are classified upon initial recognition as financial liabilities measured at fair value through profit or loss and other
financial liabilities. For financial liabilities measured at fair value through profit or loss the relevant transaction costs are directly
recognized in current gains/losses and the relevant transaction costs of other financial liabilities are included in their initial
recognition amount.* Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities (including derivative instruments
that are financial liabilities) and financial liabilities designated upon initial recognition as measured at fair value through profit or loss.Trading financial liabilities (including derivative instruments that are financial liabilities) are measured subsequently at fair value.Except for those related to hedge accounting the changes in fair value are recognized in current gains/losses.For financial liabilities designated as measured at fair value through profit or loss the changes in fair value caused by the changes in
the Company's own credit risk are recognized in other comprehensive income and when the liability is derecognized the cumulative
changes in fair value caused by the changes in its own credit risk that have been recognized in other comprehensive income are
transferred to retained earnings. The remaining changes in fair value are recognized in current gains/losses. If accounting for the
impact of the changes in the own credit risk of such financial liabilities in the above manner would result in or exacerbate accounting
mismatches in profit or loss the Company will recognize all the gains or losses (including the impact amount of the changes in the
enterprise's own credit risk) of such financial liabilities in current gains/losses.* Other financial liabilities
Other financial liabilities except for financial liabilities arising from financial asset transfers that do not meet the derecognition
criteria or from continued involvement in the transferred financial assets and financial guarantee contracts are classified as financial
liabilities measured at amortized cost and are measured subsequently at amortized cost. The gains or losses arising from
derecognition or amortization are recognized in current gains/losses.
(3) Recognition criteria and measurement methods for financial asset transfers
A financial asset is derecognized if one of the following conditions is met: * The contractual right to receive the cash flows of the
financial asset expires; * The financial asset has been transferred and substantially all the risks and rewards of ownership of the
financial asset have been transferred to the transferee; * The financial asset has been transferred and although the enterprise has
neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset it has relinquished control
of the financial asset.If the enterprise has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has
not relinquished control of the financial asset it shall recognize the relevant financial assets to the extent of its continuing
involvement in the transferred financial asset and recognize the relevant liabilities accordingly. The extent of continuing involvement
in the transferred financial asset refers to the level of risk to which the enterprise is exposed due to changes in the value of the
financial asset.When the transfer of a financial asset in its entirety meets the derecognition criteria the difference between the carrying amount of
the transferred financial asset the consideration received as a result of the transfer and the cumulative amount of changes in fair
value originally recognized in other comprehensive income is recognized in current gains/losses.When a partial transfer of a financial asset meets the derecognition criteria the carrying amount of the transferred financial asset is
allocated between the derecognized and non-derecognized parts based on their relative fair values and the difference between the
consideration received as a result of the transfer the cumulative amount of changes in fair value originally recognized in other
65WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
comprehensive income that should be allocated to the derecognized part and the allocated carrying amount is recognized in current
gains/losses.When the Company sells a financial asset with recourse or endorses and transfers a held financial asset it needs to determine whether
substantially all the risks and rewards of ownership of the financial asset have been transferred. If substantially all the risks and
rewards of ownership of the financial asset have been transferred to the transferee the financial asset is derecognized; if substantially
all the risks and rewards of ownership of the financial asset have been retained the financial asset is not derecognized; if neither
substantially all the risks and rewards of ownership of the financial asset have been transferred nor retained the enterprise will
continue to determine whether it retains control over the asset and conduct accounting treatment in accordance with the principles
described in the preceding paragraphs.
(4) Derecognition of financial liabilities
When the current obligation of a financial liability (or a part thereof) has been discharged the Company derecognizes the financial
liability (or the part of the financial liability). When the Company (the borrower) enters into an agreement with the lender to replace
the original financial liability by assuming a new financial liability and the contractual terms of the new financial liability are
substantially different from those of the original financial liability the original financial liability is derecognized and a new financial
liability is recognized at the same time. When the Company makes a substantial modification to the contractual terms of the original
financial liability (or a part thereof) the original financial liability is derecognized and a new financial liability is recognized in
accordance with the modified terms at the same time.When a financial liability (or a part thereof) is derecognized the Company recognizes the difference between its carrying amount and
the consideration paid (including the transferred non-cash assets or the assumed liabilities) in current gains/losses.
(5) Balance-out between the financial assets and liabilities
As the company has the legal right to balance out the financial liabilities by the net or liquidation of the financial assets the balance-
out sum between the financial assets and liabilities is listed in the balance sheet. In addition the financial assets and liabilities are
listed in the balance sheet without being balanced out.
(6) Fair value determination method for financial assets and financial liabilities
Fair value refers to the price that market participants can receive from selling an asset or pay to transfer a liability in an orderly
transaction that occurs on the measurement date. If there is an active market for financial instruments the company determines their
fair value using quotes from the active market. The quotation in an active market refers to the price that is easily obtained regularly
from exchanges brokers industry associations pricing service agencies etc. and represents the actual market transaction price that
occurs in fair trade. If there is no active market for financial instruments the company uses valuation techniques to determine their
fair value. Valuation techniques include referencing prices used in recent market transactions by parties familiar with the situation
and willing to trade referencing the current fair value of other financial instruments that are substantially the same discounted cash
flow method and option pricing models.At the time of valuation the company adopts valuation techniques that are applicable in the
current situation and supported by sufficient available data and other information selects input values that are consistent with the
asset or liability characteristics considered by market participants in transactions related to the asset or liability and prioritizes the use
of relevant observable input values as much as possible. In situations where observable input values cannot be obtained or are not
feasible to obtain use non input values.Impairment of financial assets
The financial assets that the company needs to recognize impairment losses are financial assets measured at amortized cost and debt
instrument investments measured at fair value with changes in fair value recognized in other comprehensive income mainly
including notes receivable accounts receivable contract assets other receivables creditors' investments other creditors' investments
long-term receivables etc. In addition for some financial guarantee contracts impairment provision and credit impairment losses are
also recognized in accordance with the accounting policies described in this section.
(1) Recognition method for impairment provision
Based on expected credit loss the company has made impairment provision and recognized credit impairment losses for the above-
mentioned items with the applicable expected credit loss measurement methods (general or simplified methods).
66WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Credit loss refers to the difference between all contract cash flows receivable discounted at the original effective interest rate and all
expected cash flows received by the company that is to say the present value of all cash shortfall. Among them for financial assets
that have been purchased or generated and have experienced credit impairment the Company will discount them at the actual interest
rate adjusted for credit of the financial asset.The general method for measuring expected credit loss refers to the assessment of whether the credit risk of financial assets has
significantly increased since initial recognition by the Company on each balance sheet date. If the credit risk has significantly
increased since initial recognition the Company measures the impairment provision based on an amount equivalent to the expected
credit loss over the entire period of existence; If the credit risk does not significantly increase after initial recognition the company
measures the impairment provision based on an amount equivalent to the expected credit loss within the next 12 months. When
evaluating expected credit loss the company considers all reasonable and evidence-based information including forward-looking
information.For financial instruments with low credit risk on the balance sheet date the Company assumes that their credit risk has not
significantly increased since initial recognition and chooses to measure the impairment provision based on the expected credit loss in
the next 12 months/does not choose a simplified treatment method and measures the impairment provision based on whether their
credit risk has significantly increased since initial recognition using the expected credit loss amount in the next 12 months or the
entire duration as the basis.
(2) Criteria for determining whether credit risk has significantly increased since initial recognition
If the default probability of a financial asset during the expected duration determined on the balance sheet date is significantly higher
than the default probability during the expected duration determined at initial recognition it indicates a significant increase in credit
risk of the financial asset. Except in special circumstances the company uses the changes in default risk that will occur within the
next 12 months as a reasonable estimate of the changes in default risk that will occur throughout the entire existence period to
determine whether credit risk has significantly increased since initial recognition.Usually if the overdue period exceeds 30 days the company considers that the credit risk of the financial instrument has significantly
increased unless there is conclusive evidence to prove that the credit risk of the financial instrument has not significantly increased
since initial recognition.When evaluating whether credit risk has significantly increased the company will consider the following factors:
Whether there has been a significant change in the actual or expected operating results of the debtor;
Whether there have been significant adverse changes in the regulatory economic or technological environment in which the debtor
is located;
Whether there have been significant changes in the value of the collateral used as collateral for debt or the quality of the guarantee or
credit enhancement provided by a third party which is expected to reduce the debtor's economic motivation to repay within the
contractually stipulated period or affect the probability of default;
Whether there have been significant changes in the debtor's expected performance and repayment behavior;
Has there been any change in the company's credit management methods for financial instruments.On the balance sheet date if the Company determines that a financial instrument has only low credit risk the Company assumes that
the credit risk of the financial instrument has not significantly increased since initial recognition. If the default risk of a financial
instrument is low the borrower has a strong ability to fulfill its contractual cash flow obligations in the short term and even if there
are adverse changes in the economic situation and operating environment over a longer period of time it may not necessarily reduce
the borrower's ability to fulfill its contractual cash obligations then the financial instrument is considered to have low credit risk.
(3) Portfolio-based approach for evaluating expected credit risk
The company evaluates the credit risk of financial assets with significantly different credit risks such as accounts receivable from
related parties accounts receivable that are in dispute with the other party or involve litigation or arbitration there are clear
indications that the debtor may not be able to fulfill their repayment obligations such as accounts receivable.In addition to financial assets assessed for credit risk individually the company divides financial assets into different groups based on
common risk characteristics. The common credit risk characteristics adopted by the company include financial instrument type credit
67WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
risk rating aging portfolio overdue aging portfolio contract settlement period debtor's industry etc. Credit risk is evaluated based
on portfolio.
(4) Accounting treatment methods for impairment of financial assets
At the end of the period the Company calculates the estimated credit losses of various financial assets. If the estimated credit loss is
greater than the carrying amount of its current impairment provision the difference is recognized as an impairment loss; If it is less
than the carrying amount of the current impairment provision the difference is recognized as an impairment gain.Methods for determining credit losses of financial assets
Except for separately evaluating credit risk accounts receivable the company divides accounts receivable into different port folios
based on common risk characteristics and evaluates credit risk on the basis of the portfolio. The specific basis for determining
different portfolios and methods for measuring expected credit loss are as follows:
Item Basis for determining the portfolio Specific methods for measuring expected credit loss
For accounts receivable within six months the company
does not provide for expected credit loss; In addition the
company believes that the credit risk of the bank acceptance
Accounts receivable financing -
Bank acceptance bill bills it holds is relatively low and will not cause significant
bank acceptance bill portfolio
losses due to bank defaults. Therefore the expected credit
loss shall not be measured for the corresponding receivables
financing bank acceptance portfolio.For accounts receivable within six months the company
does not provide for expected credit loss; In addition the
credit risk of the commercial acceptance bills held by the
Accounts receivable - company is relatively low as these bills are mainly issued
commercial acceptance bill Commercial acceptance bill by reputable automobile manufacturers. Based on historical
portfolio experience there have been no significant defaults.Therefore the company doesn’t measure expected credit
loss for the portfolio of accounts receivable and commercial
acceptance bills
Accounts receivable other than
accounts receivable from internal
Accounts Receivable -
related parties and those for which Measure expected credit loss based on aging
Customer Portfolio
credit impairment losses have been
individually provisioned
Other receivables except for Based on historical credit loss experience combined with
accounts receivable from internal current conditions and predictions of future economic
Other receivables - accounts
related parties and accounts for conditions the expected credit loss is calculated by default
receivable other portfolio
which credit impairment losses risk exposure and the expected credit loss rate for the next
have been individually provisioned 12 months or the entire duration.For accounts receivable that are measured for expected credit loss based on their aging their aging is calculated continuously from
the initial recognition date of the debt. The corresponding provision ratio for expected credit loss at different aging stages is as
follows:
Aging Provision ratio (%)
Within 6 months --
6 months - 1 year 10.00
1 - 2 years 20.00
2 -3 years 40.00
Over three years 100.00
12．Notes receivable
Notes receivable 1: bank acceptance
Notes receivable 2: trade acceptance
The Company calculates expected credit loss by referring to historical credit loss experience taking into account current conditions
and forecasts of the future economic situation.
68WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
13．Accounts receivable
Accounts receivable 1: receivable from clients
Accounts receivable 2: receivable from internal related party
The Company calculates expected credit loss by referring to historical credit loss experience taking into account current conditions
and forecasts of the future economic situation.
14．Receivable financing
The note receivable and accounts receivable which are measured at fair value and whose changes are included in other
comprehensive income are classified as receivables financing within one year(inclusive) from the date of acquisition. Refer to more
relevant accounting policies in Note V.11 Financial Instrument.
15．Other accounts receivable
Determination method of expected credit loss and accounting treatment
Other accounts receivable 1: receivable from internal related party
Other accounts receivable 2: receivable from others
The Company calculates expected credit loss by referring to historical credit loss experience taking into account current conditions
and forecasts of the future economic situation.
16．Contract assets
Recognition methods and criteria for contract assets: Contract assets refer to the right of the company to receive consideration in
return for having transferred goods or provided services to customers and this right depends on factors other than the passage of time.The company's unconditional right to receive consideration from customers (i.e. depending solely on the passage of time) is
separately presented as accounts receivable.Determination method for expected credit loss on contract assets: The method for determining expected credit loss on contract assets
is consistent with that for expected credit loss on accounts receivable.Accounting treatment method for expected credit loss on contract assets: When contract assets are impaired the company debits the
"Asset Impairment Loss" account and credits the "Contract Asset Impairment Reserve" account for the amount to be written down;
when reversing the already accrued asset impairment provision the opposite accounting entry is made.
17．Inventory
（1）Classification of inventory
Inventory mainly includes raw materials product in process finished products contract performance costs etc.
（2）The pricing method for outbound inventory
Valuation shall be based on the weighted average method for outbound inventory;
（3） The perpetual inventory system is applied.
（4）Amortization method for low value consumables and packaging materials
Low value consumables are amortized with one-time amortization method upon receipt; Packaging materials are amortized with one-
time amortization method upon receipt.
（5）Recognition criteria and provision method for impairment provision for inventory
The net realizable value of inventory refers to the estimated selling price of inventory in daily activities minus the estimated costs to
be incurred until completion estimated sales expenses and related taxes. When determining the net realizable value of inventory it is
based on conclusive evidence obtained while considering the purpose of holding inventory and the impact of events after the balance
sheet date.On the balance sheet date inventory is measured at the lower of cost or net realizable value. When its net realizable value is lower
than its cost the provision for inventory impairment is withdrawn. The provision for inventory impairment is usually withdrawn
based on the difference between the cost of a single inventory item and its net realizable value. For inventory with a large quantity
and low unit price the provision for inventory impairment shall be withdrawn according to the inventory category; For inventory
69WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
related to product lines produced and sold in the same region with the same or similar end use or purpose and difficult to measure
separately from other items the provision for inventory impairment can be made through consolidation.After the provision for inventory impairment has been made if the influencing factors that previously reduced the value of inventory
have disappeared resulting in the net realizable value of inventory higher than its book value it shall be reversed within the original
provision for inventory impairment and the reversed amount shall be included in the current gains/losses.
18．Assets held for sale
（1）Non-current assets held for sale and disposal group
If the Company mainly recovers the book value of a non-current asset through sale (including exchange of non-monetary assets with
commercial substance the same below) rather than continuing to use it or disposing of it it will be classified as held for sale. The
specific criteria are to meet the following conditions simultaneously: a non-current asset or disposal group can be immediately sold
under the current circumstances in accordance with the customary practice of selling such assets or disposal groups in similar
transactions; The company has made a resolution regarding the sale plan and obtained a confirmed purchase commitment; The sale is
expected to be completed within one year. Among them the disposal group refers to a group of assets that are disposed of as a whole
through sale or other means in a transaction as well as the liabilities directly related to these assets transferred in the transaction. If
the asset group or the portfolio of asset groups to which the disposal group belongs has been allocated the goodwill acquired in the
business combination in accordance with the Accounting Standards for Enterprises No. 8- Impairment of Assets the disposal group
shall include the goodwill allocated to the disposal group.When the Company initially measures or re-measures non-current assets held for sale and disposal groups on the balance sheet date
if their carrying value is higher than the net amount of fair value minus selling expenses the carrying value shall be reduced to the
net amount of fair value minus selling expenses and the reduced amount shall be recognized as asset impairment loss and included in
the current gains/losses. At the same time the impairment provision for held for sale assets shall be made. For the disposal group the
recognized impairment loss of assets is first offset against the carrying amount of goodwill in the disposal group and then
proportionally offset against the carrying amount of various non-current assets within the disposal group that are subject to the
measurement provisions of the Accounting Standards for Enterprises No. 42- Non-current Assets Held for Sale Disposal Groups and
Discontinued Operations (hereinafter referred to as the “Standards of Assets Held for Sale”).If the net amount after deducting the
selling expenses from the fair value of the disposal group held for sale on the subsequent balance sheet date increases the previously
written down amount should be restored and reversed within the asset impairment loss amount recognized for non-current assets
measured under the Standards of Assets Held for Sale after being classified as holding for sale. The reversed amount should be
included in the current gains/losses and the book value of each non-current asset measured under the Standards of Assets Held for
Sale in the disposal group except for goodwill should be increased proportionally based on the proportion of its book value; The
book value of goodwill that has been offset as well as the impairment losses recognized for non-current assets under the holding for
sale standard before being classified as held for sale shall not be reversed.The non-current assets held for sale or disposed of in
disposal groups are not subject to depreciation or amortization and interest and other expenses on liabilities held for sale in disposal
groups continue to be recognized.In case non-current assets or disposal groups no longer meet the criteria for being classified as held for sale the Company will no
longer continue to classify them as assets held for sale or remove non-current assets from the disposal group and measure them in
terms of the lower of the following two: (1) the book value of such assets before being classified as assets held for sale adjusted for
depreciation amortization impairment etc. that would have been recognized if not classified assets held for sale; (2) Recoverable
amount.
（2）Recognition criteria and reporting methods for termination of operations
Termination of operation refers to a component that meets one of the following conditions can be distinguished separately and has
been disposed of or classified as held for sale: 1) the component represents an independent main business or an independent main
operating region; 2) This component is part of a related plan to dispose of an independent major business or a separate major
operating area; 3) This component is a subsidiary acquired specifically for resale.
70WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The company reports the relevant gains/losses arising from termination of operation in the income statement and discloses the impact
of termination in the notes.
19．Long term equity investment
The long-term equity investment referred to in this section refers to the long-term equity investment in which the company has
control joint control or significant influence over the invested entity. The long-term equity investments that the Company does not
have control joint control or significant influence over the investee are accounted for as financial assets measured at fair value with
changes recognized in current gains/losses. If they are non trading the Company may designate them as financial assets measured at
fair value with changes recognized in other comprehensive income at initial recognition. The accounting policy is detailed in Note
V.11 Financial Instruments.Joint control refers to the shared control of a certain arrangement by the company in accordance with relevant agreements and the
related activities of the arrangement must be unanimously agreed upon by the parties sharing control rights before making decisions.Significant impact refers to the power of the company to participate in decision-making on the financial and operational policies of
the invested entity but the company fails to control or jointly control the formulation of these policies with other parties.
（1）Recognition of investment cost
For a long-term equity investment acquired through a business combination involving enterprises under common control the initial
investment cost of the long-term equity investment shall be the absorbing party’s share of the carrying amount of the owner’s equity
under the consolidated financial statements of the ultimate controlling party on the date of combination. The difference between the
initial cost of the long-term equity investment and the cash paid non-cash assets transferred as well as the book value of the debts
borne by the absorbing party shall offset against the capital reserve. If the capital reserve is insufficient to offset the retained earnings
shall be adjusted. If the consideration of the merger is satisfied by issue of equity securities the initial investment cost of the long-
term equity investment shall be the absorbing party’s share of the carrying amount of the owner’s equity under the consolidated
financial statements of the ultimate controlling party on the date of combination. With the total face value of the shares issued as
share capital the difference between the initial cost of the long-term equity investment and total face value of the shares issued shall
be used to offset against the capital reserve. If the capital reserve is insufficient to offset the retained earnings shall be adjusted. For
business combination resulting in an enterprise under common control by acquiring equity of the absorbing party under common
control through a stage-up approach with several transactions these transactions will be judged whether they shall be treated as
“package deal”. If they belong to “package deal” these transactions will be accounted for a transaction in obtaining control . If they
are not belonging to “package deal” the initial investment cost of the long-term equity investment shall be the absorbing party’s
share of the carrying amount of the owner’s equity under the consolidated financial statements of the ultimate controlling party on the
date of combination. The difference between the initial cost of the long-term equity investment and the aggregate of the carrying
amount of the long-term equity investment before merging and the carrying amount the additional consideration paid for further
share acquisition on the date of combination shall offset against the capital reserve. If the capital reserve is insufficient to offset the
retained earnings shall be adjusted. Other comprehensive income recognized as a result of the previously held equity investment
accounted for using equity method on the date of combination or recognized for available-for-sale financial assets will not be
accounted for.For business combination resulted in an enterprise not under common control by acquiring equity of the acquire under common
control through a stage-up approach with several transactions these transactions will be judged whether they shall be treat as
“package deal”. If they belong to “package deal” these transactions will be accounted for a transaction in obtaining control . If they
are not belonging to “package deal” the initial investment cost of the long-term equity investment accounted for using cost method
shall be the aggregate of the carrying amount of equity investment previously held by the acquire and the additional investment cost.For previously held equity accounted for using equity method relevant other comprehensive income will not be accounted for.The intermediary fees such as audit legal services evaluation consulting and other related management expenses incurred by the
merging or purchasing party for the enterprise merger shall be included in the current gains/losses at the time of occurrence.Except for long-term equity investments formed by corporate mergers other equity investments are initially measured at cost which
71WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
is determined on the basis of the actual cash purchase price paid by the company the fair value of equity securities issued by the
company the value agreed upon in investment contracts or agreements the fair value or original book value of assets exchanged in
non-monetary asset exchange transactions and the fair value of the long-term equity investment itself depending on the method of
acquisition. The expenses taxes and other necessary expenditures directly related to obtaining long-term equity investments are also
booked into investment cost. For long-term equity investments that can have a significant impact on the investee or exercise joint
control but do not constitute control due to additional investments the cost of long-term equity investments is the sum of the fair
value of the original held equity investment determined in accordance with the Accounting Standards for Enterprises No. 22-
Recognition and Measurement of Financial Instruments and the cost of additional investments.
（2）Subsequent measurement and recognition methods of gains/losses
Long term equity investments that have joint control (excluding joint operators) or significant influence over the invested entity shall
be measured with the equity method. Besides in the company's financial statements long-term equity investments that can exercise
control over the investee is measured with cost method.* Long term equity investments measured with cost method
When measured with cost method long-term equity investments are valued at their initial investment costs and the cost of long-term
equity investment shall be adjusted in case of additional or recovered investments. Current investment income is recognized based on
the cash dividends or profits declared but not yet distributed by the investee except for the actual payment made at the time of
investment or the cash dividends or profits included in the consideration.* Long term equity investments measured with equity method
When measured with equity method where the initial investment cost of a long-term equity investment exceeds the investor’s
interest in the fair value of the invested party’s identifiable net assets at the acquisition date no adjustment shall be made to the initial
investment cost. Where the initial investment cost is less than the investor’s interest in the fair value of the invested party’s
identifiable net assets at the acquisition date the difference shall be charged to current gains/losses and the cost of the long-term
equity investment shall be adjusted accordingly.When measured with the equity method investment income and other comprehensive income shall be recognized on the basis of the
Group’s share of the net gains/losses and other comprehensive income made by the invested party respectively. Meanwhile the
carrying amount of long-term equity investment shall be adjusted. The carrying amount of long-term equity investment shall be
reduced in terms of the Group’s share of profit or cash dividend distributed by the invested party. In respect of changes in
shareholders’ equity other than net gains/losses other comprehensive income and profit distribution of invested party the carrying
value of long-term equity investment shall be adjusted and included in the capital reserves. Share in the invested party’s net
gains/losses shall be recognized after the net profit of the investee is adjusted on the basis of the fair values of the invested party’s
individual separately identifiable assets at the time of acquisition. In the event of in-conformity between the accounting policies and
accounting periods of the invested party and the Company the financial statements of the invested party shall be adjusted in
conformity with the accounting policies and accounting periods of the Company. Investment income and other comprehensive
income shall be recognized accordingly. In respect of the transactions between the Group and its associates and joint ventures in
which the assets disposed of or sold are not classified as operation the share of unrealized gains/losses arising from inter-group
transactions shall be offset by the portion attributable to the Company. Investment gain shall be recognized accordingly. However
any unrealized loss arising from inter-group transactions between the Group and an invested party will not be offset to the extent that
the loss is impairment loss of the transferred assets. In the event that the Group disposed of an asset classified as operation to its joint
ventures or associates which resulted in acquisition of long-term equity investment by the investor without obtaining control the
initial investment cost of additional long-term equity investment shall be the fair value of disposed operation. The difference between
initial investment cost and the carrying value of disposed operation will be fully booked into current gains/losses. In the event that
the Group sold an asset classified as operation to its associates or joint ventures the difference between the carrying value of
consideration received and operation shall be fully booked into current gains/losses. In the event that the Company acquired an asset
which formed an operation from its associates or joint ventures relevant transaction shall be accounted for in accordance with
72WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
“Accounting Standards for Business Enterprises No. 20 “Business combination”. Gains/losses related to the transaction shall be
measured in full.The Group’s share in the net losses of the invested party shall be recognized to the extent that the carrying amount of the long-term
equity investment together with any long-term interests that in substance form part of the investor’s net investment in the invested
party are reduced to zero. If the Group has to assume additional obligations the expected liabilities shall be recognized in terms of
the estimated obligation assumed and be booked into the investment loss for the period. Where the invested party makes profits in
subsequent periods the profits attributed to the company shall be firstly used to make up unrecognized losses.* Acquisition of minority interest
At the time of preparing consolidated financial statements the difference between the increase in the long-term equity investment
raising from the purchase of minority interest and the net assets attributable to the subsidiary which are measured continuously since
the purchase date (or combination date) in terms of the proportion of newly acquired shares shall be used to adjust the capital surplus
or retained earnings in case capital surplus is insufficient.* Disposal of long-term equity investments
In consolidated financial statements in case the parent company disposes part of long-term equity investments in a subsidiary
without loss of control the difference between disposal price and the net asset of the subsidiary related to the disposal of the long-
term equity investments shall be booked into the owners’ equity. If disposal of a portion of the long-term equity investments in a
subsidiary by the parent company results in the loss of its control on the subsidiary the relevant accounting policies described in
Note 3.7(2). “Preparation method of consolidated financial statements” shall prevail.On disposal of a long-term equity investment otherwise the difference between the carrying amount of the investment and the actual
consideration paid is recognized through current gains/losses.In respect of the long-term equity investment measured with equity method in case the remaining equity after disposal is also
measured with equity method other comprehensive income previously under owners’ equity shall be accounted for in accordance
with the same accounting treatment for direct disposal of relevant asset or liability by invested party on pro rata basis at the time of
disposal. The owners’ equity recognized due to changes in other owners’ equity (excluding net gains/losses other comprehensive
income and profit distribution of invested party) shall be transferred to current gains/losses on pro rata basis.In respect of long-term equity investment measured with cost method in case the remaining equity is also measured with equity
method after disposal other comprehensive income recognized and measured with equity method or recognition and measurement
principle before control over the invested party shall be accounted for in terms of the same accounting treatment for direct disposal
of relevant asset or liability by invested party on pro rata basis at the time of disposal and shall be transferred to current gains/losses
on pro rata basis; among the net assets of invested party unit recognized with equity method (excluding net gains/losses other
comprehensive income and profit distribution of invested party) shall be transferred to current gains/losses on pro rata basis.In the event of loss of control over invested party due to partial disposal of equity investment by the group at the time of preparing
separate financial statements the remaining equity which can apply common control or impose significant influence over the
invested party after disposal shall be measured with equity method. Such remaining equity shall be treated as being measured with
equity method since it is obtained and adjustment shall be made accordingly. The remaining equity which cannot apply common
control or impose significant influence over the invested party after disposal shall be accounted for in accordance with the
recognition and measurement principles for financial instruments. The difference between its fair value and carrying amount as at the
date of losing control shall be booked into current gains/losses. In respect of other comprehensive income recognized with equity
method or the recognition and measurement principles of financial instruments before the company obtains control over the invested
party it shall be accounted for in accordance with the same accounting treatment for direct disposal of relevant asset or liabili ty by
invested party at the time when the control over invested party is lost. Changes in other owners’ equity than net gains/losses other
comprehensive income and profit distribution) under net asset of invested party recognized with equity method shall be transferred to
current gains/losses at the time when the control over invested party is lost. Of which for the remaining equity after disposal
measured with equity method other comprehensive income and other owners’ equity shall be carried forward on pro rata basis and
for the remaining equity after disposal measured with the recognition and measurement principles of financial instruments other
73WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
comprehensive income and other owners’ equity shall be fully transferred.In the event of loss of common control or significant influence over invested party due to partial disposal of equity investment by the
Group the remaining equity after disposal shall be accounted for using the recognition and measurement standard of financial
instruments. The difference between its fair value and carrying amount as at the date of losing common control or significant
influence shall be included in current gains/losses. In respect of other comprehensive income recognized under previous equity
investment using equity method it shall be accounted for in accordance with the same accounting treatment for direct disposal of
relevant asset or liability by invested party at the time when equity method was ceased to be used. Movement of other owners’ equity
(excluding net profit or loss other comprehensive income and profit distribution under net asset of invested party accounted for and
recognized using equity method) shall be transferred to current gains/losses at the time when equity method was ceased to be used.The Group disposes its equity investment in subsidiary by a stage-up approach with several transactions until the control over the
subsidiary is lost. If the said transactions belong to “package deal” each transaction shall be accounted for as a single transaction of
disposing equity investment of subsidiary and loss of control. The difference between the disposal consideration for each transaction
and the carrying amount of the corresponding long-term equity investment of disposed equity before loss of control shall initially
recognized as other comprehensive income and subsequently transferred to profit or loss arising from loss of control for the current
period upon loss of control.
20．Investment properties
Measurement model of investment properties
Measured with cost method
Depreciation or amortization method
Investment properties refer to properties held for the purpose of earning rental income or capital appreciation or both. They include
leased land use rights land use rights held for the purpose of appreciation and subsequent transfer leased buildings etc.Investment properties are initially measured at cost. Subsequent expenditures related to investment properties are included in the cost
of investment properties if it is highly probable that the economic benefits related to the asset will flow into the enterprise and the
cost can be measured reliably. Other subsequent expenditures are recognized in current gains/losses when they occur.The company measures subsequent investment properties with the cost model and depreciates or amortizes them in accordance with
the same policies as those for buildings or land use rights.For the impairment test methods and the methods for provision of impairment losses of investment properties please refer to Note V.
24 Impairment of Long-term Assets.
When owner-occupied properties or inventories are converted into investment properties or investment properties are converted into
owner-occupied properties the carrying value before the conversion is used as the carrying value after the conversion.When the purpose of an investment property changes to owner-occupation as of the date of the change the investment property is
converted into fixed assets or intangible assets. When the purpose of an owner-occupied property changes to earning rental income or
capital appreciation as of the date of the change the fixed assets or intangible assets are converted into investment properties. Upon
conversion if the investment property is measured with the cost model after conversion the carrying value before the conversion is
used as the carrying value after the conversion; if the investment property is measured with the fair value model after conversion the
fair value on the conversion date is used as the carrying value after the conversion.When an investment property is disposed of or is permanently withdrawn from use and it is expected that no economic benefits can
be obtained from its disposal the investment property shall be derecognized. The disposal proceeds from the sale transfer scrapping
or damage of an investment property after deducting its carrying value and relevant taxes and fees are recognized in current
gains/losses.
21．Fixed assets
（1）Recognition criteria
Fixed assets refer to tangible assets held for the production of goods provision of services leasing or business management with a
useful life exceeding one accounting year. Fixed asset are recognized only when it is probable that the economic benefits associated
74WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
with it will flow to the Company and its cost can be measured reliably. Fixed assets are initially measured at cost taking into account
the expected impact of decommissioning costs.
（2）Depreciation method
Category Depreciation method Years of depreciation Scrap value rate Yearly depreciation rate
Permanent ownership land Straight-line depreciation Indefinite No depreciation
House and building Straight-line depreciation 20~35 5% 2.71%~4.75%
Machinery equipment Straight-line depreciation 10 5% 9.50%
Transportation equipment Straight-line depreciation 4~5 5% 19.00% ~23.75%
Electronic and other
Straight-line depreciation 3～10 5% 9.50%～31.67%
equipment
The expected residual value refers to the amount that the Company is currently expected to obtain from the disposal of the fixed asset
after deducting the expected disposal expenses assuming that the fixed asset has reached the end of its expected useful life and is in
the expected state at that time.
（3）Impairment test methods and methods for provision of impairment losses of fixed assets
For the impairment test methods and methods for provision of impairment losses of fixed assets please refer to Note V. 24
“Impairment of Long-term Assets”.
（4）Other explanations
Subsequent expenditures related to fixed assets are booked into the cost of the fixed assets if it is highly probable that the economic
benefits related to the fixed assets will flow into the Company and their costs can be measured reliably and the carrying value of the
replaced part shall be derecognized. Subsequent expenditures other than the above are recognized in current gains/losses when they
occur.A fixed asset shall be derecognized when it is in a state of disposal or when it is expected that no economic benefits can be generated
through its use or disposal. The difference between the disposal proceeds from the sale transfer scrapping or damage of a fixed asset
and its carrying value and relevant taxes and fees shall be recognized in current gains/losses.The Company reviews the useful life expected residual value and depreciation method of fixed assets at least at the end of each year.If any changes occur they will be accounted for as changes in accounting estimates.
22．Construction in progress
The Company's construction in progress is divided into two types built by the company or by the contracting-out method. When the
construction in progress is completed and reaches the intended usable state it is transferred to fixed assets. The criteria for
determining the intended usable state shall meet one of the following situations: The physical construction (including installation) of
the fixed asset has been completely finished or substantially completed; It has undergone trial production or trial operation and the
results indicate that the asset can operate normally or can stably produce qualified products or the trial operation results show that it
can operate or conduct business normally; The expenditure on the constructed fixed asset is very small or hardly occurs any more;
The constructed fixed asset has met the design or contractual requirements or is basically in line with the design or contractual
requirements.When the construction in progress reaches the intended usable state it is transferred to fixed assets at the actual project cost. For
those that have reached the intended usable state but for which the final accounts of the project have not been settled they are first
transferred to fixed assets at the estimated value and after the final accounts of the project are settled the original estimated value is
adjusted according to the actual cost but the originally accrued depreciation will not be adjusted.For the impairment test methods and methods for provision of impairment losses of construction in progress please refer to
Note V. 24 “Impairment of Long-term Assets”.
23．Borrowing costs
75WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Borrowing costs include borrowing interest amortization of discounts or premiums auxiliary expenses and exchange differences
arising from foreign currency borrowings etc. Borrowing costs that can be directly attributed to the acquisition construction or
production of assets that meet the capitalization criteria shall commence to be capitalized when the asset expenditures have been
made the borrowing costs have occurred and the necessary acquisition construction or production activities to bring the asset to the
intended usable or sellable state have started; the capitalization shall cease when the qualifying asset under construction or production
reaches the intended usable or sellable state. The remaining borrowing costs are recognized as expenses in the period in which they
occur.For specific borrowings the amount of interest expense actually incurred during the current period after deducting the interest
income obtained from depositing the unutilized borrowing funds in the bank or the investment income obtained from temporary
investments shall be capitalized; The capitalized amount of general borrowings shall be determined by multiplying the weighted
average of the asset expenditures exceeding the specific borrowings by the capitalization rate of the general borrowings used. The
capitalization rate is determined on the basis of weighted average interest rate of the general borrowings.During the capitalization period the exchange differences of specific foreign currency borrowings shall be capitalized in full; The
exchange differences of general foreign currency borrowings shall be booked into current gains/losses.Assets that meet the capitalization criteria refer to fixed assets investment properties inventories and other assets that require a
substantial period of acquisition construction or production activities to reach the intended usable or sellable state.If an abnormal interruption occurs during the acquisition construction or production of an asset that meets the capitalization criteria
and the interruption period continues for more than 3 months the capitalization of borrowing costs shall be suspended until the
acquisition construction or production activities of the asset resume.Assets that meet the capitalization criteria refer to fixed assets investment properties inventories and other assets that require a
substantial period of acquisition construction or production activities to reach the intended usable or sellable state.
24．Intangible assets
（1）Useful life and its determination basis estimation situation amortization method or review procedure
Intangible assets refer to identifiable non-monetary assets without physical substance that are owned or controlled by the Company.Intangible assets are initially measured at cost. Expenditures related to intangible assets are included in the cost of intangible assets if
it is highly probable that the relevant economic benefits will flow into the Company and the cost can be measured reliably.Expenditures for items other than the above are recognized in current gains/losses when they occur.The acquired land use rights are usually accounted for as intangible assets. When constructing factories and other buildings through
self-development the expenditures for the relevant land use rights and the construction costs of the buildings are accounted for as
intangible assets and fixed assets respectively. In the case of externally purchased houses and buildings the relevant purchase price is
allocated between the land use rights and the buildings. If it is difficult to make a reasonable allocation it shall all be treated as fixed
assets.For intangible assets with a finite useful life the original value minus the expected residual value and the cumulative amount of the
provision for impairment losses already accrued shall be amortized on a straight-line basis and evenly over its expected useful life
starting from the time they are available for use. Intangible assets with an indefinite useful life are not amortized.At the end of the period the useful life and amortization method of intangible assets with a finite useful life shall be reviewed.Changes if any will be accounted for as changes in accounting estimates. In addition the useful life of intangible assets with an
indefinite useful life is also reviewed. If there is evidence indicating that the period during which the intangible asset br ings
economic benefits to the enterprise is foreseeable its useful life shall be estimated and such intangible assets shall be amortized in
accordance with the amortization policy for intangible assets with a finite useful life.
（2）Scope of accumulation of R&D expenditures and relevant accounting treatment methods
76WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The expenditures of the Company's internal research and development projects are divided into expenditures in the research stage
and expenditures in the development stage.Expenditures in the research stage are booked into current gains/losses when they occur.The Company's research and development expenditures includes materials used in research and development labor and service costs
amortization of research and development equipment amortization of other intangible assets and fixed assets used in the
development process and expenses such as water and electricity fees.The specific criteria for the Company to divide the expenditures of internal research and development projects into those in the
research stage and those in the development stage are as follows:
The research stage refers to the stage of original and planned investigations and research activities carried out to acquire and
understand new scientific or technical knowledge; the development stage implies the stage of activities in which research results or
other knowledge are applied to a certain plan or design before commercial production or use in order to produce new or substantially
improved materials devices products etc.Expenditures in the development stage that meet the following conditions simultaneously are recognized as intangible assets and
expenditures in the development stage that do not meet the following conditions are recognized in current gains/losses:
* It is technically feasible to complete the intangible asset so that it can be used or sold;
* There is an intention to complete the intangible asset and use or sell it;
* The way in which the intangible asset generates economic benefits including being able to prove that there is a market for
products produced with such intangible asset or that there is a market for the intangible asset itself. If the intangible asset will be used
internally it can be proved to be useful;
* There are sufficient technical financial and other resources to support the completion of the development of the intangible asset
and capable of using or selling the intangible asset;
* Expenditures attributable to the development stage of the intangible asset can be measured reliably.The specific conditions for capitalizing the expenditures in the development stage of the Company:
If it is impossible to distinguish between expenditures in the research stage and expenditures in the development stage all the
research and development expenditures incurred will be recognized in current gains/losses.
（3）Impairment test methods and methods for provision of impairment losses of intangible assets
For the impairment test methods and methods for provision of impairment losses of intangible assets please refer to Note V. 24
Impairment of Long-term Assets.
25．Impairment of long-term assets
The Company will judge if there are any sings of impairment as at the balance sheet date in respect of non-current non-financial
assets such as fixed assets construction in progress intangible assets with a finite useful life investment properties measured at cost
and long-term equity investments in subsidiaries joint controlled entities and associates. If there is any evidence indicating that an
asset may be impaired recoverable amount shall be estimated for impairment test. Goodwill intangible assets with an indefinite
useful life and intangible assets beyond working conditions will be tested for impairment annually regardless of whether there is any
indication of impairment.If the impairment test result shows that the recoverable amount of an asset is less than its carrying amount the impairment provision
will be made in terms of the difference and recognized as an impairment loss. The recoverable amount of an asset is the higher of its
fair value less costs of disposal and the present value of the future cash flows expected to be derived from the asset. An asset’s fair
value is the price in a sale agreement in an arm’s length transaction. If there is no sale agreement but the asset is traded in an active
market fair value shall be determined on the basis of the bid price. If there is neither sale agreement nor active market for an asset
fair value shall be estimated on the basis of the best available information. Costs of disposal are expenses attributable to disposal of
77WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
the asset including legal fee relevant tax and surcharges transportation fee and direct expenses incurred to prepare the asset for its
intended sale. The present value of the future cash flows expected to be derived from the asset over the course of continued use and
final disposal is determined as the amount discounted at an appropriately selected discount rate. Provisions for assets impairment
shall be made and recognized for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset
the recoverable amount of the asset group to which the asset belongs shall be defined. The asset group is the smallest group of assets
capable of generating cash flows independently.For the purpose of impairment test the carrying amount of goodwill presented separately in the financial statements shall be
allocated to the asset groups or asset group portfolio benefiting from synergy of business combination. If the recoverable amount is
less than the carrying amount the impairment loss shall be recognized. The amount of impairment loss shall first reduce the carrying
amount of any goodwill allocated to the asset group or asset groups portfolio and then reduce the carrying amount of other assets
goodwill within the asset group or asset group portfolio on the basis of the carrying amount of each asset.An impairment loss recognized on the aforesaid assets shall not be reversed in a subsequent period in respect of the part whose value
can be recovered.
26．Long-term deferred expenses
long-term deferred expenses refer to various expenses that have been incurred but are to be amortized over a period of more than one
year and are borne by the current report period and subsequent periods. The long-term deferred expenses of the company mainly
include decoration and renovation costs. The long-term deferred expenses are amortized with the straight - line method over the
expected beneficial period.
27．Contract liabilities
Contract liabilities refer to the obligations of the company to transfer goods to customers in exchange for consideration received or
receivable from customers. If the customer has paid the contract consideration or the company has obtained the unconditional right to
receive payment before the company transfers the goods to the customer the company will record the received or receivable amount
as contract liability at the earlier of the actual payment date by the customer and the due payment date. Contract assets and contract
liabilities under the same contract are presented on a net basis and contract assets and contract liabilities under different contracts are
not offset.
28．Employee compensation
（1）Accounting treatment for short-term compensation
During the accounting period when the staff provides service to the Company the short-term remuneration actual occurred shall be
recognized as liability and be reckoned into current gains/losses. During the accounting period when staff provides service to the
Company the actual short-term compensation occurred shall be recognized as liabilities and be reckoned into current gains/losses
except for those in line with accounting standards or being allowed to be reckoned into capital costs; the welfare occurred shall be
reckoned into current gains/losses or relevant asses costs at the time of actual occurrence. The employee compensation shall be
recognized as liabilities and be reckoned into current gains/losses or relevant assets costs at the time of actual occurrence. The
employee benefits that belong to non-monetary benefits are measured at fair value; the social insurances including the medical
insurance work-injury insurance and maternity insurance and the housing fund that the enterprise pays for the employees as well as
the labor union expenditure and employee education funds withdrawn by relevant provisions should be calculated and determined as
the corresponding compensation amount and determined the corresponding liabilities in accordance with the specified withdrawing
basis and proportion and be reckoned in the current profits and losses or relevant asset costs in the accounting period that the
employees provide services.
（2）Accounting treatment for post-employment benefit
78WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The post-employment benefit includes the defined contribution plans and defined benefit plans. Post-employment benefits plan refers
to the agreement about the post-employment benefits between the enterprise and employees or the regulations or measures the
enterprise established for providing post-employment benefits to employees. The defined contribution plan refers to the post-
employment benefits plan that the enterprise doesn’t undertake the obligation of payment after depositing the fixed charges to the
independent fund; the defined benefit plans refer to post-employment benefits plans except the defined contribution plan.
（3）Accounting treatment for retirement benefits
In case the Company terminates the employment relationship with employees before the end of the employment contracts or provides
compensation as an offer to encourage employees to accept voluntary redundancy the Company shall recognize employee
compensation liabilities arising from compensation for staff dismissal and included in current gains/losses when the Company
cannot revoke unilaterally compensation for dismissal due to the cancellation of labor relationship plans and employee redundant
proposals; and the Company recognize cost and expenses related to payment of compensation for dismissal and restructuring
whichever is earlier.The early retirement plan shall be accounted for in accordance with the accounting principles for compensation
for termination of employment. The salaries or wages and the social contributions to be paid for the employees who retire before
schedule from the date on which the employees stop rendering services to the scheduled retirement date shall be recognized (as
compensation for termination of employment) in the current profits and losses by the Group if the recognition principles for
provisions are satisfied.
（4）Accounting treatment for other long-term employee benefits
Except for the compulsory insurance the Company provides the supplementary retirement benefits to the employees satisfying
certain conditions the supplementary retirement benefits belong to the defined benefit plans and the defined benefit liability
confirmed on the balance sheet is the value by subtracting the fair value of plan assets from the present value of defined benefit
obligation. The defined benefit obligation is annually calculated with the expected accumulated welfare unit method by the
independent actuary on the basis of treasury bond rate with similar obligation term and currency. The service charges related to the
supplementary retirement benefits (including the service costs of the current period the previous service costs and the settlement
gains or losses) and the net interest are reckoned in the current profits and losses or other asset costs the changes generated by
recalculating the net liabilities of defined benefit plans or net assets should be reckoned in other consolidated income.
29．Anticipated liabilities
When the obligations arising from contingent events such as providing external guarantees litigation matters product quality
warranties and loss contracts become the present obligations of the company and it is highly probable that the fulfillment of these
obligations will lead to an outflow of economic benefits from the company and the amount of these obligations can be reliably
measured the company will recognize these obligations as anticipated liabilities.The company initially measures the anticipated liabilities based on the best estimate of the expenditures required to fulfill the
relevant present obligations and reviews the carrying amount of the anticipated liabilities on the balance sheet date.If all or part of the expenditures required to settle anticipated liabilities are expected to be compensated by a third party the
compensation amount will be recognized as asset separately when it is basically certain that the compensation can be received and
the recognized compensation amount will not exceed the carrying amount of the anticipated liabilities.
30．Share-based payments
（1）Accounting treatment methods for share-based payments
Share-based payments are transactions in which equity instruments are granted or liabilities determined on the basis of equity
instruments are assumed in order to obtain services provided by employees or other parties. Share-based payments are classified into
share-based payments settled with equity instruments and share-based payments settled in cash.* Share-based payments settled with equity instruments
79WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
For share-based payments settled by equity instruments in exchange for services provided by employees they are measured at the
fair value of the equity instruments granted to employees on the grant date. In the case where the fair value amount can only be
exercised after the completion of the services during the vesting period or the achievement of the specified performance conditions
based on the best estimate of the number of exercisable equity instruments during the vesting period it is calculated on a straight-line
basis and included in the relevant costs or expenses. When the equity instruments can be exercised immediately after the grant they
are included in the relevant costs or expenses on the grant date and the capital reserve is correspondingly increased. On each balance
sheet date during the vesting period the Company makes the best estimate based on the latest subsequent information such as
changes in the number of employees who are expected to be eligible to exercise the rights and revises the estimated number of
exercisable equity instruments. The impact of the above estimates is included in the relevant costs or expenses of the current period
and the capital reserve is adjusted accordingly.For share-based payments settled by equity instruments in exchange for services provided by other parties if the fair value of the
services provided by other parties can be reliably measured it is measured at the fair value of the services provided by other parties
on the date of acquisition. If the fair value of the services provided by other parties cannot be reliably measured but the fair value of
the equity instruments can be reliably measured it is measured at the fair value of the equity instruments on the date of acquisition of
the services included in the relevant costs or expenses and the shareholders' equity is correspondingly increased.* Cash-settled share-based payment and equity instruments
Cash-settled share-based payments are measured at the fair value of the liabilities calculated and determined on the basis of shares or
other equity instruments undertaken by the Company. If it’s vested immediately after the grant the fair value of the liabilities
assumed on the date of the grant is included in the cost or expense and the liability is increased accordingly. If the service within the
waiting period is completed or the specified performance conditions are met the service obtained in the current period shall be
included in the relevant costs or expenses based on the best estimate of the vesting situation within the waiting period and the fair
value of the liabilities assumed to increase the corresponding liabilities.On each balance sheet date and settlement date before the settlement of the relevant liabilities the fair value of the liabilities is
remeasured and the changes are included in the current gains/losses.
（2）Relevant accounting treatment for modification and termination of share-based payment plans
When the Company modifies a share-based payment plan if the modification increases the fair value of the equity instruments
granted the Company recognizes the increase in the services received accordingly based on the increase in the fair value of the
equity instruments. The increase in the fair value of the equity instruments refers to the difference between the fair values of the
equity instruments before and after the modification on the modification date. If the modification reduces the total fair value of the
share-based payment or adopts other methods unfavorable to employees the Company will still continue to account for the services
received as if the change had never occurred unless the Company cancels some or all of the granted equity instruments.During the waiting period if the granted equity instruments are cancelled the Company will treat the cancellation of the granted
equity instruments as an acceleration of vesting immediately recognize the amount that should be recognized in the remaining
waiting period in the current gains/losses and at the same time recognize the capital reserve. If employees or other parties are able to
choose to meet the non - vesting conditions but fail to do so during the waiting period the Company will treat it as the cancellation of
the granted equity instruments.
（3）Accounting treatment for share-based payment transactions involving the company and its shareholders or controlling
shareholders
For share-based payment transactions involving the Company and its shareholders or controlling shareholders if one of the
settlement enterprises and the service-receiving enterprise is within the Company's consolidation scope and the other is outside the
Company's consolidation scope the following accounting treatment will be carried out in the Company's consolidated financial
statements:
* If the settlement enterprise settles with its own equity instruments the share-based payment transaction will be treated as an
equity - settled share-based payment; otherwise it will be treated as a cash - settled share-based payment.
80WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
If the settlement enterprise is an investor of the service-receiving enterprise it will recognize the long-term equity investment in the
service-receiving enterprise based on the fair value of the equity instruments on the grant date or the fair value of the liability to be
assumed and at the same time recognize the capital reserve (other capital reserve) or liability.* If the service-receiving enterprise has no settlement obligation or the equity instruments granted to its employees are its own
equity instruments the share-based payment transaction will be treated as an equity - settled share-based payment; if the service-
receiving enterprise has a settlement obligation and the equity instruments granted to its employees are not its own equity instruments
the share-based payment transaction will be treated as a cash - settled share-based payment.For share-based payment transactions among enterprises within the Company's consolidation scope if the service-receiving
enterprise and the settlement enterprise are not the same enterprise the recognition and measurement of the share-based payment
transaction in the individual financial statements of the service-receiving enterprise and the settlement enterprise will be handled by
referring to the above principles.
31．Other financial instruments such as preferred stocks and perpetual bonds
(1) Distinction between perpetual bonds and preferred stocks
Financial instruments issued by the company such as perpetual bonds and preferred stocks that meet the following conditions are
considered equity instruments:
* This financial instrument does not include contractual obligations to deliver cash or other financial assets to other parties or to
exchange financial assets or financial liabilities with other parties under potential adverse conditions;
* In case the financial instrument needs to be settled or can be settled using the enterprise's own equity instruments in the future if
the financial instrument is a non-derivative instrument it does not include the contractual obligation to deliver a variable quantity of
its own equity instruments for settlement; If it is a derivative instrument the company can only settle the financial instrument by
exchanging a fixed amount of its own equity instruments for a fixed amount of cash or other financial assets.Except for financial instruments that can be classified as equity instruments according to the above conditions other financial
instruments issued by the Company should be classified as financial liabilities.If the financial instruments issued by the company are composite financial instruments they shall be recognized as a liability based
on the fair value of the liability component and the amount received after deducting the fair value of the liability component is
recognized as “other equity instruments”. The transaction costs incurred in the issuance of composite financial instruments shall be
allocated between the liability component and the equity component in proportion to their respective proportions of the total issuance
price.
(2) Accounting treatment methods for perpetual bonds and preferred stocks
Financial instruments such as perpetual bonds and preferred stocks classified as financial liabilities including their related interest
dividends gains or losses as well as gains or losses arising from redemption or refinancing are booked into current gains/losses
except for borrowing costs that meet capitalization criteria (see Note V.22 "Borrowing Costs").When financial instruments such as perpetual bonds and preferred stocks classified as equity instruments are issued (including
refinancing) repurchased sold or cancelled the Company treats them as changes in equity and deducts related transaction costs
from equity. The company treats the distribution of equity instrument holders as profit distribution.The company does not recognize changes in fair value of equity instruments.
32．Revenue
Disclose accounting policies used for revenue recognition and measurement based on business type
When the contract signed between the company and the customer meets the following conditions simultaneously revenue is
recognized when the customer obtains control of the relevant goods: the parties to the contract have approve the contract and promise
to fulfill their respective obligations; The contract specifies the rights and obligations of all parties involved in the transfer of goods
or provision of services; The contract has clear payment terms related to the transferred goods; The contract has commercial
81WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
substance that is the performance of the contract will change the risk time distribution or amount of the company's future cash
flows; The consideration that the company is entitled to receive from transferring goods to customers is likely to be recovered.On the commencement date of the contract the company identifies each individual performance obligation in the contract and
distributes the transaction price to each individual performance obligation based on the relative proportion of the individual selling
price of the promised goods for each individual performance obligation. When determining the transaction price factors such as
variable consideration significant financing components in the contract non-cash consideration and payable customer consideration
shall be taken into account.For each individual performance obligation in the contract if one of the following conditions is met the company will recognize the
transaction price allocated to that individual performance obligation as revenue during the relevant performance period according to
the performance progress: the customer obtains and consumes the economic benefits brought by the company's performance at the
same time as the company's performance; Customers are able to control the goods under construction during the performance process
of the company; The goods produced by the company during the performance process have irreplaceable uses and the company has
the right to collect payments for the completed performance portion throughout the entire contract period. The performance progress
is determined using the input method based on the nature of the transferred goods. When the performance progress cannot be
reasonably determined if the costs already incurred by the company are expected to be compensated revenue is recognized on the
basis of the amount of costs already incurred until the performance progress can be reasonably determined.If any of the above conditions is not met the company will recognize the transaction price allocated to the single performance
obligation as revenue when the customer obtains control of the relevant goods. When determining whether the customer has obtained
control of the product the company considers the following indications: the enterprise has the right to receive payment for the
product at present that is the customer has a current payment obligation for the product; The enterprise has transferred the legal
ownership of the product to the customer that is the customer already owns the legal ownership of the product; The enterprise has
transferred the physical item to the customer meaning that the customer has already physically occupied the item; The enterprise has
transferred the main risks and rewards of ownership of the product to the customer that is the customer has obtained the main risks
and rewards of ownership of the product; The customer has accepted the product; Other signs indicating that the customer has gained
control of the product.The time point for recognizing domestic sales revenue of the company is as follows: the company delivers goods according to the
sales contract or order agreement. On the reconciliation date agreed with the buyer the goods received and inspected by the buyer
during the period from the previous reconciliation date to this reconciliation date are verified with the buyer. After verification by
both parties the risk and reward are transferred to the buyer. The company issues an invoice to the buyer based on the confi rmed
variety quantity and amount and confirms the realization of sales revenue on the reconciliation date.The recognition time point for the company's foreign sales revenue: After the customs review is completed the company confirms
the realization of sales revenue based on the export date stated on the customs declaration form.The situation where similar businesses adopt different business models involving different revenue recognition and measurement
methods
Nil
33．Contract costs
Contract costs are divided into contract performance costs and contract acquisition costs.The costs incurred by the company for the performance of a contract that simultaneously meet the following conditions are
recognized as a contract performance cost asset:
（1）The cost is directly related to a current or expected contract including direct labor direct materials manufacturing expenses
(or similar expenses) costs explicitly borne by the customer and other costs incurred solely due to the contract;
（2）The cost increases the resources that the enterprise will use in the future to fulfill its performance obligations;
（3）The cost is expected to be recoverable.
82WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The incremental costs incurred by the company for obtaining a contract that are expected to be recoverable are recognized as contract
acquisition cost asset; however if the amortization period of the asset does not exceed one year it can be recognized in current
gains/losses when it occurs.Assets related to contract costs are amortized on the same basis as the recognition of revenue from the related goods or services.If the carrying value of an asset related to contract costs is higher than the difference between the following two items the company
will make an impairment provision for the excess amount and recognize it as an asset impairment loss:
（1）The remaining consideration expected to be obtained from the transfer of the goods or services related to the asset;
（2）The estimated costs to be incurred for the transfer of the related goods or services.
If the above asset impairment provision is subsequently reversed the carrying value of the asset after the reversal shall not exceed the
carrying value of the asset on the reversal date assuming no impairment provision is made.
34．Government grants
Government grants refer to monetary and non-monetary assets obtained by the Company from the government free of charge
excluding the capital invested by the government as an investor with corresponding ownership rights. Government grants are
classified into asset-related government grants and income-related government grants. The Company defines government grants
obtained for the construction or other formation of long-term assets as asset-related government grants; the remaining government
grants are defined as income-related government grants. If the grantee is not clearly specified in the government document the
following methods are used to classify the grants into income-related government grants or asset-related government grants: (1) If
the specific project to which the grant relates is specified in the government document such grant shall be divided in terms of the
relative proportion of the expenditure amount that will form assets and the expenditure amount that will be included in expenses in
the budget of the specific project. This division proportion will be reviewed on each balance sheet date and changed if necessary; (2)
If the government document only makes a general description of the use and does not specify a specific project it will be regarded as
income-related government grant. Monetary government grants are measured at the amount received or receivable. Non-monetary
government grants are measured at fair value; if the fair value cannot be reliably obtained the government grants shall be measured
at nominal value. Government grants measured at nominal value are directly recognized in the current gains/losses.The Company usually recognizes and measures government grants at the actual amount received when they are actually received.However for those where there is conclusive evidence at the end of the period indicating that the relevant conditions specified in the
fiscal support policy are met and the fiscal support funds are expected to be received they are measured at the receivable amount.Government grants measured at the receivable amount shall meet the following conditions simultaneously:(1) The amount of the
receivable grant has been confirmed by the relevant government department in writing or can be reasonably estimated according to
the relevant provisions of the officially issued fiscal fund management measures and there is no significant uncertainty in the
estimated amount; (2) It is based on the officially released fiscal support projects and their fiscal fund management measures by the
local fiscal department and actively disclosed in accordance with the provisions of the Regulations on the Disclosure of Government
Information and the management measures shall be universal (any qualified enterprise can apply) rather than specifically formulated
for specific enterprises; (3) The relevant grant approval document has clearly promised the disbursement period and the
disbursement of the funds is guaranteed by the corresponding fiscal budget so it can be reasonably ensured that the funds can be
received within the specified period; (4) According to the specific circumstances of the Company and the grant matter other relevant
conditions (if any) shall be met.Government grants related to assets are recognized as deferred income and amortized into the current gains/losses in a reasonable and
systematic way over the useful life of the relevant assets. Government grants related to income if they are used to compensate for
relevant costs expenses or losses in the future are recognized as deferred income and included in the current gains/losses in the
period when the relevant costs expenses or losses are recognized; if they are used to compensate for relevant costs expenses or
losses that have already occurred they are directly included in the current gains/losses.
83WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Government grants that contain both parts related to assets and parts related to income are accounted for separately according to
different parts; if it is difficult to distinguish they are classified as a whole as income-related government grants.Government grants related to the Company's daily activities are included in other income or deducted from relevant costs and
expenses according to the essence of economic transactions; government grants not related to daily activities are included in non-
operating income and expenses.In case it is required to return the recognized government grants if there is a balance of relevant deferred income the book balance of
the relevant deferred income shall be written off and the excess part is adjusted to the current gains/losses and the book value of
assets; in other cases it is directly booked into current gains/losses.
35．Deferred income tax assets/Deferred income tax liabilities
Based on the difference between the carrying value of assets and liabilities and their tax bases (for items that are not recognized as
assets and liabilities but for which the tax base can be determined according to tax law provisions the difference between the tax
base and the book amount) deferred income tax assets or deferred income tax liabilities are calculated and recognized in terms of the
applicable tax rate during the period when the asset is expected to be recovered or the liability is expected to be settled.The recognition of deferred income tax assets is limited to the amount of taxable income that is likely to be available to offset the
deductible temporary differences. At the balance sheet date if there is conclusive evidence indicating that sufficient taxable income is
likely to be obtained in future periods to offset the deductible temporary differences the deferred income tax assets that were not
recognized in previous accounting periods are recognized.The carrying value of deferred income tax assets will be reviewed at the balance sheet date. If it is likely that sufficient taxable
income will not be available in future periods to offset the benefits of the deferred income tax assets the carrying value of the
deferred income tax assets shall be written down. When it is likely that sufficient taxable income will be obtained the writ ten-down
amount is reversed.The current income tax and deferred income tax of the company are booked in the current gains/losses as income tax expenses or
gains except for the income tax arising from business combinations transactions or events directly recognized in owners' equity.When the Company has the legal right to settle on a net basis and intends to settle on a net basis or to acquire assets and settle
liabilities simultaneously the current income tax assets and current income tax liabilities of the Company are presented at the net
amount after offset.
36．Leasing
(1) Accounting treatment method of leasing as a lessee
The company as the lessee
The main category of leased assets of the company is buildings.On the commencement date of the lease term the Company recognizes right of use assets and lease liabilities for leases other than
short-term leases and low value asset leases and separately recognizes depreciation and interest expenses during the lease term.The company adopts the straight-line method during each period of the lease term to record the lease payments for short-term leases
and low value asset leases as current expenses.
（1）Right of use assets
The right of use asset refers to the lessee’s right to use the leased asset during the lease term. On the commencement date of the lease
term. The right of use assets is initially measured at cost. The cost includes: * the initial measurement amount of the lease liability;
* If there is lease incentive for the lease payment made on or before the start date of the lease term the relevant amount of the lease
incentive already enjoyed shall be deducted; * The initial direct expenses incurred by the lessee; * The lessee is expected to incur
the cost of dismantling and removing the leased asset restoring the leased asset's location or restoring the leased asset to the state
specified in the lease terms.
84WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The depreciation of the company's right of use assets is classified and provisioned with the straight-line method. For those who can
reasonably determine that ownership of the leased asset will be acquired upon the expiration of the lease term depreciation shall be
accrued over the expected remaining useful life of the leased asset; For those whose ownership of the leased asset cannot be
reasonably determined upon expiration of the lease term depreciation shall be accrued during the shorter of the lease term or the
remaining useful life of the leased asset.The company determines whether the right of use assets have been impaired and performs accounting treatment in accordance with
the relevant provisions of Enterprise Accounting Standard No. 8- Asset Impairment.
1） Lease liabilities
Lease liabilities are initially measured at the present value of lease payments that have not yet been paid on the lease term
commencement date. The lease payment amount includes: * fixed payment amount (including substantial fixed payment amount)
and if there is a lease incentive the relevant amount of the lease incentive shall be deducted; * Variable lease payments based on
indices or ratios; * The estimated amount to be paid based on the residual value of the guarantee provided by the lessee; * The
exercise price for purchasing the option provided that the lessee reasonably determines that the option will be exercised; * The
payment required to exercise the option to terminate the lease provided that the lease term reflects that the lessee will exercise the
option to terminate the lease;
The company adopts the implicit interest rate of leasing as the discount rate; If the implicit interest rate of the lease cannot be
reasonably determined the incremental borrowing rate of the company shall be applied as the discount rate. The company calculates
the interest expenses of lease liabilities during each period of the lease term based on a fixed periodic interest rate and includes them
in financial expenses. The cyclical interest rate refers to the discount rate or revised discount rate adopted by the company.Variable lease payments that are not included in the measurement of the lease liability are recognized in the current period's
gains/losses when they actually occur.When there are changes in the evaluation results of the option to renew terminate or purchase the lease the present value of the lease
liability shall be remeasured based on the changed lease payment amount and the revised discount rate and the book value of the
right of use asset shall be adjusted accordingly. When there are changes in the actual lease payment amount the expected payable
amount of the guarantee residual value or the variable lease payment amount depending on the index or ratio the lease liabi lity shall
be remeasured based on the present value calculated by the changed lease payment amount and the original discount rate and the
book value of the right of use asset shall be adjusted accordingly.
2） Short term leasing and low value asset leasing
For short-term leases (leases with a lease term of no more than 12 months on the lease commencement date) and leases of low value
assets (with a value less than 2000 yuan) the Company adopts a simplified approach by not recognizing right of use assets and lease
liabilities. Instead the lease payments are recorded in the relevant asset costs or current gains/losses with straight-line method or
other systematic and reasonable methods during each period of the lease term.
(2) Accounting treatment method of leasing as a lessor
The company as the lessor
Operating lease
The company uses the straight-line method to recognize the lease receipts from operating leases as rental income for each period
during the lease term. Variable lease payments related to operating leases that are not included in lease receipts are recognized in the
current period's gains/losses when they actually occur.Financial leasing
On the commencement date of the lease term the Company recognizes the receivable financing lease payments and terminates the
recognition of financing lease assets. The financing lease payments receivable are initially measured based on the net lease
investment (the sum of unsecured residual value and the present value of lease receipts not yet received on the lease commencement
date discounted at the lease implicit interest rate) and interest income is recognized during the lease term based on a fixed periodic
85WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
interest rate. The variable lease payments obtained by the company that are not included in the net measurement of lease investments
are recognized in the current gains/losses when they actually occur.
37．Other important accounting policies and estimates
In the process of applying accounting policies due to the inherent uncertainty of operating activities the company needs to make
judgments estimates and assumptions about the book value of financial statement items that cannot be accurately measured. These
judgments estimates and assumptions are based on the past historical experience of the company's management and have been made
taking into account other relevant factors. These judgments estimates and assumptions will affect the reported amounts of income
expenses assets and liabilities as well as the disclosure of contingent liabilities on the balance sheet date. However the actual
results resulting from the uncertainty of these estimates may differ from the current estimates of the company's management leading
to significant adjustments to the carrying amounts of future affected assets or liabilities.The company conducts regular reviews of the aforementioned judgments estimates and assumptions on a going concern basis. If
changes in accounting estimates only affect the current period of the change their impact is recognized in the current period of the
change; If it affects both the current and future periods of the change its impact shall be recognized in both the current and future
periods of the change.On the balance sheet date the Company needs to make judgments estimates and assumptions about the amounts of financial
statement items in the following important areas:
(1) Accrual of bad debts reserve
The company uses the expected credit loss model to evaluate the impairment of financial instruments. Applying the expected credit
loss model requires making significant judgments and estimates taking into account all reasonable and evidence-based information
including forward-looking information. When making such judgments and estimates the Company infers the expected changes in the
debtor's credit risk based on historical repayment data combined with economic policies macroeconomic indicators industry risks
and other factors.
(2) Impairment provision for inventory
According to inventory accounting policy the company measure inventory at the lower of cost and net realizable value and make
impairment provision for inventory for those with costs higher than net realizable value as well as for obsolete and unsold inventory.The impairment of inventory to net realizable value is based on evaluating the sellability and net realizable value of inventory. To
identify inventory impairment management shall make judgments and estimates based on obtaining conclusive evidence and
considering factors such as the purpose of holding inventory and the impact of events after the balance sheet date. The difference
between the actual result and the original estimate will affect the book value of inventory and the provision or reversal of impairment
provision for inventory s during the period when the estimate is changed.
(3) Impairment provision for non-financial and non-current assets
On the balance sheet date the company assesses whether there are signs of potential impairment of non-current assets other than
financial assets. For intangible assets with uncertain useful lives in addition to annual impairment tests impairment tests are also
conducted when there are signs of impairment. When there are indications that the carrying amount of non-current assets other than
financial assets cannot be recovered impairment test shall be conducted.When the book value of an asset or asset group is higher than the recoverable amount which is the higher of the net amount of fair
value minus disposal expenses and the present value of expected future cash flows it indicates impairment.The net amount after deducting disposal expenses from fair value is determined by referring to the sales agreement price or
observable market price of similar assets in fair transactions and subtracting the incremental costs directly attributable to the disposal
of the asset.When estimating the present value of future cash flows significant judgments need to be made regarding the production sale price
related operating costs and discount rate used in calculating the present value of the asset (or asset group). When estimating the
recoverable amount the company will use all available relevant information including forecasts of production selling prices and
related operating costs based on reasonable and supportable assumptions.
86WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The company tests at least once a year whether there is any impairment of goodwill. This requires estimating the present value of
future cash flows from asset groups or portfolio of asset groups that have been allocated goodwill. When estimating the present value
of future cash flows the company needs to estimate the cash flows generated by future asset groups or portfolio of asset groups and
select an appropriate discount rate to determine the present value of future cash flows.
(4) Depreciation and amortization
The company after considering the residual values of investment real estate fixed assets and intangible assets calculates and accrues
depreciation and amortization using the straight-line method over their useful lives. The company regularly reviews the service life
to determine the amount of depreciation and amortization expenses to be included in each report period. The service life is
determined by the company based on past experience with similar assets and expected technological updates. If there are significant
changes in previous estimates adjustments will be made to depreciation and amortization expenses in future periods.
(5) Fair value of financial instruments
For financial instruments for which there is no active trading market to provide quotes valuation techniques need to be adopted to
determine their fair values. Valuation techniques need to be used to determine fair value for financial instruments that cannot be
quoted in markets with no active trading for example the latest trading information in the market discounted cash flow method and
option pricing models. The company has established a set of workflow to ensure that qualified personnel are responsible for the
calculation verification and review of fair value. The valuation model used by the company incorporates market information as
much as possible and minimizes the use of unique information of the company. It should be pointed out that some of the information
used in the valuation model needs to be estimated by the management (such as discount rate and target exchange rate volatility). The
company regularly reviews the above estimates and assumptions and makes adjustments as necessary.
(6) Income tax
In the normal business operations of the company there is a certain degree of uncertainty in the final tax treatment and calculation of
some transactions. Whether some items can be deducted before tax requires the approval of the tax authorities in charge. If there is a
difference between the final determination result of these tax matters and the initially estimated amount such difference wi ll have an
impact on the current income tax and deferred income tax in the period of the final determination.
38．Changes of important accounting policies and estimation
(1) Changes of important accounting policies
□Applicable ? Not applicable
(2) Changes in important accounting estimations
□ Applicable □ Not applicable
(3) Related entries of the financial statements at the beginning of the first year of implementing the new
accounting standards since 2025
□ Applicable □ Not applicable
39．Others
Nil
VI. Taxation
1. Major taxes and tax rates
Tax Basis Tax rate
The output tax is calculated based on the taxable
25%(IRD，Denmark)22%(VHIO，
income and VAT is calculated based on the
VAT Italy)21%(Borit，Belgium)13%9%6%Collectiondifference after deducting the input tax available
for deduction for the current period rate 5%
87WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
City maintaining
Turnover tax payable 7%5%
& construction tax
Corporation
Taxable income 15%20%21%22%25%24% + regional tax 3.9%
income tax
Educational surtax Turnover tax payable 5%
Disclose reasons for different taxpaying body
Taxpaying body Income tax rate
The company WFJN WFLD WFTT WFMA WFAM WFSC WFLD(Chongqing) WFAS 15%
WFLD(Wuhan) 20%
IRD America Borit America 21%
IRD(Denmark) 22%
WFCA WFTR WFDT WFQL VHCN WFLD(Nanchang) Borit(Belgium) WFSS WFLH WFET 25%
24% + regional tax
VHIO(Italy)
3.9%
2. Tax incentives
The Company WFJN WFLD WFTT WFMA WFAM WFSC and WFAS are recognized as high-tech enterprises and enjoy a
preferential income tax rate of 15 % in the year of 2025.According to the Continuation of the Enterprise Income Tax Policies for Western Development(No.232020) issued together by
Ministry of Finance SAT and NDRC from January 1 2011 to December 31 2030 the enterprises located in the west region and
mainly engaged in the industrial projects stipulated in the Catalogue of Encouragement Industries in Western China and whose main
business income accounting for more than 60% of the total income of the enterprise in the current year can pay the corporate income
tax at the tax rate of 15%. In the year of 2025 WFLD (Chongqing) paid its corporate income tax at the tax rate of 15%.In 2025 WFLD (Wuhan) and WFLD(Nanchang) were qualified small and low-profit enterprises. According to the Announcement
on Further Supporting the Development of Small and Micro Enterprises and Individual Businesses Related to Tax Policies
(Announcement No. 12 of the Ministry of Finance and the State Administration of Taxation in 2023) the taxable income of small
and micro profit enterprises will be calculated at a reduced rate of 25% and the enterprise income tax policy will be paid at a tax rate
of 20% which will be extended until December 31 2027.
3. Other
Nil
VII. Notes to major items in consolidated financial statements
1. Monetary funds
In RMB
Item Ending balance Opening balance
Cash on hand 5161.51 5360.59
Cash in bank 2316718414.98 2217667887.48
Other monetary funds 151710802.98 28927203.45
Total 2468434379.47 2246600451.52
Including: total amount of funds deposited overseas 184250833.18 153019429.47
Other explanation
The ending balance of other monetary fund includes RMB 142735966.40 deposited in the bank acceptance deposit cash deposit for
Mastercard RMB225875.75 and guarantee deposit RMB8470394.37 and performance bond RMB278566.46.
88WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
2. Tradable financial asset
In RMB
Item Ending balance Opening balance
Financial assets measured at fair value and whose changes are
1025044671.121429682635.57
included in current profits and losses
Including:
SNAT 10501800.00
Hanma Technology 1110489.45
Other debt and equity instrument investments 1023934181.67 1419180835.57
Including：
Total 1025044671.12 1429682635.57
Other explanation
Nil
3. Notes receivable
(1) Classification of notes receivable
In RMB
Item Ending balance Opening balance
Trade acceptance bill 78478875.89 99914699.81
Total 78478875.89 99914699.81
(2) Accrued bad debts reserve
In RMB
Ending balance Opening balance
Book balance Bad debts reserve Book value Bad debts reserve
Category
Amou Accrue Book value Amou Accrue Book value
Amount Ratio Amount Ratio
nt d ratio nt d ratio
Including
:
Notes
receivabl
e with
bad debts 78478875. 100.00 78478875. 99914699. 100.00 99914699.reserve 89 % 89 81 % 81
accrued
on
portfolio
Including
:
Portfolio
1: bank
acceptan
ce bill
Portfolio
2:
commerc 78478875. 100.00 78478875. 99914699. 100.00 99914699.e 89 % 89 81 % 81
acceptan
ce bill
78478875.100.0078478875.99914699.100.0099914699.
Total
89%8981%81
89WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The bad debts reserve of note receivable is made in accordance with the general model of expected credit loss:
□Applicable □Not applicable
(3) Bad debts reserve accrued recovered or reversed
Bad debts reserve in the current period:
□ Applicable □ Not applicable
Major amount of bad debts reserve recovered or reversed:
□ Applicable □ Not applicable
(4) Notes receivable already pledged by the Company at the end of the period
□ Applicable □ Not applicable
(5) Notes endorsement or discount and undue on balance sheet date
Nil
(6) Notes receivable charged off in the period
Nil
4. Accounts receivable
(1) By aging
In RMB
Aging Ending book balance Opening book balance
Within one year (One year included) 3525896574.17 3729236009.53
Including: within 6 months 3431309231.78 3641532161.27
6 months to one year 94587342.39 87703848.26
1-2 years 13752428.90 15814370.53
2-3 years 14621350.76 12232320.70
Over 3 years 20589602.23 21845527.28
3-4 years 2304781.39 20693138.00
4-5 years 16946231.69 663355.37
> 5 years 1338589.15 489033.91
Total 3574859956.06 3779128228.04
(2) Disclosure by classification based on the accrual method of bad debts reserve
In RMB
Ending balance Opening balance
Book balance Bad debts reserve Book Book balance Bad debts reserve
Category
Accru value Book
Accrued
Amount Ratio Amount ed Amount Ratio Amount value ratio
ratio
Accounts
receivable
with bad
172729617272964.100.017072311707231100.00
debts 0.48% 0.45%
reserve 4.58 58 0% 8.27 8.27 %
accrued on
single basis
90WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Including:
Accounts
receivable
with bad 3532 2440
355758699.5224815484.376205593737653
debts 0.70% 7715 99.55% 2016. 0.65%
reserve 991.48 % 28 09.77 893.03 07.20 74
accrued on
portfolio
Including:
35324147
3574859100.042088448.37791282100.003737653
Total 1.18% 7715 4335. 2.08%
956.060%8628.04%893.03
07.2001
Bad debts reserve accrued on single basis: 17272964.58 yuan
In RMB
Opening balance Ending balance
Name Bad debts Bad debts Accrued Accrued
Book balance Book balance
reserve reserve ratio causes
Linyi Zotye Automobile
Have difficulty
Components Manufacturing 6193466.77 6193466.77 6193466.77 6193466.77 100.00%
Co. Ltd. in collection
Brilliance Automotive Have difficulty
2693280.392693280.392693280.392693280.39100.00%
Group Holdings Co. Ltd. in collection
Dongfeng Chaoyang Diesel Have difficulty
1823262.641823262.641823262.641823262.64100.00%
Co. Ltd. in collection
Tianjin Levol Engine Co. Have difficulty
1018054.891018054.891018054.891018054.89100.00%
Ltd. in collection
SAIC HONGYAN Have difficulty
2297240.062297240.062232300.182232300.18100.00%
Automotive Co. Ltd in collection
Have difficulty
Others 3047013.52 3047013.52 3312599.71 3312599.71 100.00%
in collection
Total 17072318.27 17072318.27 17272964.58 17272964.58
Bad debts reserve accrued on portfolio: 24815484.28 yuan
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrued ratio
Within 6 months 3431309231.78
6 months to one year 92000268.80 9200026.90 10.00%
1-2 years 13420964.08 2684192.76 20.00%
2-3 years 13208770.38 5283508.19 40.00%
Over 3 years 7647756.44 7647756.43 100.00%
Total 3557586991.48 24815484.28
Explanation on determining the basis of portfolio
Nil
Bad debts reserve accrued on general model of expected credit loss:
□ Applicable □ Not applicable
(3) Bad debts reserve accrued recovered or reversed
Bad debts reserve accrued in the period:
91WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
In RMB
Amount changed in the period
Opening
Category Recovered or Ending balance
balance Accrued Charged off Other
reversed
Accrued on
17072318.270.8164939.8873649.01339234.3917272964.58
portfolio
Accrued on
24402016.743652868.282845494.14449573.1955666.5924815484.28
single basis
Total 41474335.01 3652869.09 2910434.02 523222.20 394900.98 42088448.86
Major amount of bad debts reserve recovered or reversed: Nil
(4) Accounts receivable charged off in the Period
In RMB
Item Amount charged off
Accounts receivable charged off 523222.20
Major accounts receivable charged off: Nil
(5) Top five accounts receivable and contract assets at ending balance by debtors
In RMB
Ending
Ending balance of Ratio in total ending
balanc Ending balance of bad debts
Ending balance of accounts balance of accounts
Name e of reserve and impairment
accounts receivable receivable and receivable and
contrac provision for contract assets
contract assets contract assets
t assets
RBCD 640873405.61 640873405.61 17.93% 2870670.80
Robert Bosch
539280433.47539280433.4715.09%686626.54
Company
Client 1 174648788.56 174648788.56 4.89% 81358.23
Client 2 127671916.02 127671916.02 3.57% 21314.69
Client 3 121145315.24 121145315.24 3.39% 1540644.53
Total 1603619858.90 1603619858.90 44.87% 5200614.79
5. Receivable financing
(1) By category
In RMB
Item Ending balance Opening balance
Bill receivable- bank acceptance bill 2013389318.37 1713187182.25
Total 2013389318.37 1713187182.25
(2) Disclosure by classification based on the accrual method of bad debts reserve
Basis for division of each stage and accrual ratio of bad deb reserve
Nil
Explanation of significant changes in the financing book balance of accounts receivable with changes in impairment provision in
the current period:
Nil
(3) Bad debt provision accrued recovered or reversed
Other explanation: Nil
92WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(4) Receivable financing pledged by the Company at period-end
In RMB
Item Amount pledge at period-end
Bank acceptance bill 704783096.16
Total 704783096.16
(5) Receivable financing endorsed or discounted but undue on balance sheet date
In RMB
Item Amount derecognized at period-end Amount not derecognized at period-end
Bank acceptance bill 687798025.07
Total 687798025.07
(6) Receivable financing charged off in current period
Nil
(7) Increase/decrease of receivable financing and changes in fair value of receivable financing in current
period
Nil
(8) Other explanation
Nil
6. Other accounts receivable
In RMB
Item Ending balance Opening balance
Dividends receivable 563855362.06 5357758.49
Other accounts receivable 930853923.10 925171249.08
Total 1494709285.16 930529007.57
(1) Interest receivable
1) Category of interest receivable
Nil
2) Significant overdue interest
Nil
3) Disclosure by classification based on the accrual method of bad debts reserve
□Applicable □Not applicable
93WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
4) Bad debts reserve accrued recovered or reversed
Nil
5) Interest receivable charged off in current period
Nil
(2) Dividends receivable
1) By category
In RMB
Item (or invested enterprise) Ending balance Opening balance
WFEC 44100000.00
RBCD 214397603.57
Zhonglian Electronics 300000000.00
WFPM 5357758.49 5357758.49
Total 563855362.06 5357758.49
2) Major dividends receivable with aging over one year
Nil
3) Disclosure by classification based on the accrual method of bad debts reserve
□Applicable □Not applicable
4) Bad debts reserve accrued recovered or reversed in current period
Nil
5) Dividends receivable charged off in current period
Nil
(3) Other accounts receivable
1) By nature
In RMB
Nature Ending book balance Opening book balance
Intercourse funds from units 10932284.97 7013631.68
Cash deposit 12825237.33 10540482.23
Staff loans and petty cash 1280804.20 384928.19
Social security and provident fund paid 12712511.97 13024199.29
WFTR “platform trade” business portfolio 2542263370.70 2542263370.70
Other 2438410.04 1830741.58
Total 2582452619.21 2575057353.67
2) By aging
In RMB
94WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Aging Ending book balance Opening book balance
Within one year (One year included) 31364675.67 25570895.82
Within 6 months 26012854.37 21502060.65
6 months to one year 5351821.30 4068835.17
1-2 years 1380961.72 353994.58
2-3 years 2004002515.72 2544811701.19
Over 3 years 545704466.10 4320762.08
3-4 years 543020136.32 2607265.87
4-5 years 2645402.98 1697670.00
Over 5 years 38926.80 15826.21
Total 2582452619.21 2575057353.67
3) Accrued bad debts reserve
□Applicable □Not applicable
Bad debts reserve accrued on the general model of expected credit loss:
In RMB
Phase I Phase II Phase III
Expected credit loss for Expected credit loss for
Bad debts reserve Expected credit loss the entire duration the entire duration (with Total
over next 12 months (without credit credit impairment
impairment occurred) occurred)
Balance on Jan. 1
5786049.861644100054.731649886104.59
2025
Balance on Jan. 1
2025 in the period
Current accrued 1473178.21 1473178.21
Current reversal 11250.00 11250.00
Current charged-off 3261.39 3261.39
Other changes 253924.70 253924.70
Balance on June. 30
7498641.381644100054.731651598696.11
2025
Changes in book balance of bad debts reserve whose amount has major changes in the period
□ Applicable □ Not applicable
4) Bad debts reserve accrued recovered or reversed
Bad debts reserve accrued in the period:
In RMB
Change in current period
Category Opening balance Ending balance
Accrued Recovered or reversed Charged-off Other
Bad debts
1649886104.591473178.2111250.003261.39253924.701651598696.11
reserve
Total 1649886104.59 1473178.21 11250.00 3261.39 253924.70 1651598696.11
5) Other accounts charged off during the report period
In RMB
Item Charged-off
Other accounts charged off 3261.39
Major other accounts receivable charged off: Nil
95WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
6) Top 5 other accounts receivable at ending balance by debtors
In RMB
Ratio in total ending balance Ending balance of
Enterprise Nature Ending balance Aging
of other accounts receivable bad debts reserve
WFTR
“platform trade” See “Other
2542263370.70 2-4 years 98.44% 1644068327.93business explanations”
portfolio
Prepaid freight
Robert Bosch
(on behalf of 3800000.00 Within 1 year 0.15% 225599.82
Company
others)
Wuxi China
Resources Gas Deposit margin 1353500.00 Over 3 years 0.05% 1353500.00
Co. Ltd.BYD Deposit margin 1300000.00 Within 1 year 0.05% 130000.00
Wuxi China
Resources Gas Deposit margin 1045373.12 1- 3 years 0.04% 523949.19
Co. LTD
Total 2549762243.82 98.74% 1646301376.94
7) Listed as other receivables due to centralized fund management
Nil.
7. Account paid in advance
(1) By aging
In RMB
Ending balance Opening balance
Aging
Amount Ratio Amount Ratio
Within one year 68827613.97 76.69% 87178436.38 93.46%
1-2 years 17473672.87 19.47% 2329391.28 2.50%
2-3 years 1383146.81 1.54% 3468224.73 3.72%
Over 3 years 2075175.46 2.31% 307414.10 0.33%
Total 89759609.11 93283466.49
Explanation on reasons why prepayments with an aging of over 1 year and significant amounts were not settled in a timely manner
Nil
(2) Top 5 accounts paid in advance at ending balance by prepayment object
In RMB
Proportion in total ending balance of accounts
Name Ending balance
paid in advance (%)
Aida Engineering Technology Co. Ltd. 7749368.18 8.63
State Grid Jiangsu Electric Power Co. Ltd Wuxi Branch 5772000.00 6.43
CITIC Taifu Steel Trading Co. Ltd 5731660.75 6.39
Daye Special Steel Co. Ltd. 4726342.92 5.27
Xiangyang Kanghao Electromechanical Engineering Co. Ltd. 4215300.00 4.70
96WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Proportion in total ending balance of accounts
Name Ending balance
paid in advance (%)
Total 28194671.85 31.42
8. Inventory
Does the Company need to comply with disclosure requirements in the real estate industry
No
(1) Category of inventory
In RMB
Ending balance Opening balance
Impairment Impairment
provision for provision for
inventory or inventory or
Item impairment impairment
Book balance Book value Book balance Book value
provision for provision for
contract contract
performance performance
costs costs
Stock
563563554.9498880475.60464683079.34558770000.24100525696.37458244303.87
materials
Goods in
540046075.1530078738.23509967336.92555451953.0228344427.22527107525.80
process
Finished
1238553937.17124878751.071113675186.101468970529.18145401957.711323568571.47
goods
Total 2342163567.26 253837964.90 2088325602.36 2583192482.44 274272081.30 2308920401.14
(2) Data resource recognized as inventory
Nil
(3) Impairment provision for inventory and impairment provision for contract performance costs
In RMB
Current increase Current decrease
Item Opening balance Ending balance
Accrued Other Reversed or written off Other
Stock materials 100525696.37 12577826.70 1578287.71 15801335.18 98880475.60
Goods in process 28344427.22 4474518.12 1368807.73 4109014.84 30078738.23
Finished goods 145401957.71 55267240.95 678742.22 76469189.81 124878751.07
Total 274272081.30 72319585.77 3625837.66 96379539.83 253837964.90
* The net realizable value of inventory refers to the amount obtained by deducting the estimated costs to be incurred until
completion estimated selling expenses and relevant taxes and fees from the estimated selling price of the inventory in the ordinary
course of business.* Accrual basis of impairment provision for inventory:
Accrual basis of impairment provision Specific basis for determining net realizable value Item
for inventory
It is determined on the basis of the amount obtained by deducting the
For materials used in producing finished
estimated costs to be incurred until completion estimated selling
Stock materials goods for sale their net realizable value
expenses and relevant taxes and fees from the estimated selling price
is lower than their carrying value.of the finished goods produced.It is determined on the basis of the amount obtained by deducting the
For goods in process used in producing
Goods in estimated costs to be incurred until completion estimated selling
finished goods for sale its net realizable process expenses and relevant taxes and fees from the estimated selling price
value is lower than its carrying value.of the finished goods produced.
97WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
It is determined on the basis of the amount obtained by deducting
Its net realizable value is lower than its
Finished goods various taxes and fees to be borne in the sales process from the
carrying value.estimated selling price.* Reason for carrying forward impairment provision for inventory:
Item Reason for reversing impairment provision for inventory
Stock materials Used in production in the current period and the finished goods produced have been sold.Goods in After the goods in process was completed in the current period the corresponding finished goods were sold in the
process current period.Finished goods Have been sold in report period
(4) Explanation on capitalization of borrowing costs in ending balance of inventory
Nil
(5) Explanation on the current amortization amount of contract performance cost
Nil
(6) Other credit investment maturing within one year
9. Non-current assets maturing within one year
In RMB
Item Ending balance Opening balance
Other non-current financial assets maturing within one year 50000000.00
Other non-current assets maturing within one year 336318630.13 509070575.38
Total 336318630.13 559070575.38
(1) Credit investment maturing within one year
□Applicable □Not applicable
(2) Other credit investment maturing within one year
□Applicable □Not applicable
10. Other current assets
In RMB
Item Ending balance Opening balance
Receivable export tax rebates 4388529.84 5356094.47
VAT refund receivable 3951173.80 7165454.75
Prepaid taxes and VAT retained 151295887.73 146820302.41
Input tax to be deducted and certification 4824143.76 17548216.30
Other 16803939.28 12098391.53
Total 181263674.41 188988459.46
11. Other equity instrument investment
In RMB
98WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Reasons for
Accumulated Accumulated
designating fair
Gains Losses gains losses Dividends
value
recognized in recognized in recognized in recognized in income
measurement
Beginning other other other other recognized
Item Ending balance with changes
balance comprehensive comprehensive comprehensive comprehensive in this
recognized in
income for the income for the income at the income at the period
other
current period current period end of this end of this
comprehensive
period period
income
Wuxi
Xichan Non-tradable
Microchip 592742690.00 592742690.00 equity instrument
Semi- investment
Conductor
Non-tradable
Other 85048000.00 85048000.00 equity instrument
investment
Total 677790690.00 677790690.00
Whether there is other equity instrument investment derecognized in current period or not: Nil
Sub-item disclosure of non-tradable equity instrument investments in the current period
In RMB
Amount of other Reasons for other
Reasons for designating fair
Dividends comprehensive comprehensive
Accumulated Accumulated value measurement with
Item income income carried income carried
income loss changes recognized in other
recognized forward to retained forward to retained
comprehensive income
earnings earnings
Wuxi Xichang
Non-tradable equity
Microchip Semi- NA
instrument investment
Conductor
Non-tradable equity
Other NA
instrument investment
12. Long-term equity investment
In RMB
Opening Current changes (+/ -) Ending
balance balance
Opening of Investment Other Cash Impairm Ending of
Invested Investm
balance impairm gains/losses comprehen Other dividends ent balance impairm
entity ent
(book value) ent Investmen recognized sive equity or profit provisio Other decreas (book value) ent
provisio t increase under income change announced n e provisio
n equity adjustment to issued accrued n
I. Joint venture
II. Associated enterprise
10100472984758436.957540.511760000978163267.
WFEC
0.277950.0061
3413961632591077021439760345867173
RBCD
0.256.913.573.59
Zhongli
an 187179081 26667554 30000000 183846636
Electron 7.25 8.99 0.00 6.24
ics
44310168.3-188447.144260916.0
WFPM
3237699.3728
Changc
hun 8472997.94 -111978.44 8361019.50
Xuyang
-
AutoLin 210866149. 204107486.
6758663.2
k 89 68
-
Lezhuo 132760771. 114399243.
18361528.
Bowei 59 18
41
WuXi -
37919312.835802089.0
ZhuoWe 2117223.8
83
i 5
Voith -
304969740.28413283453033320526188.
HySTec 47387167.
191.144.7007
h GmbH 96
7035098872841328535567431145987631997603453033700275830
Subtotal
8.591.141.45.673.574.709.98
7035098872841328535567431145987631997603453033700275830
Total
8.591.141.45.673.574.709.98
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable □Not applicable
99WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable □Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years' impairment test
Nil
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
Nil
Other explanation:
Nil
13. Other non-current financial assets
In RMB
Item Ending balance Opening balance
Financial assets classified as those measured at fair value
689856655.22747471349.81
with changes recognized in current profits and losses
Investments in other debt instruments and equity
689856655.22747471349.81
instruments held for more than one year
Minus: other non-current financial assets maturing within
50000000.00
one year
Total 689856655.22 697471349.81
14. Investment real estate
(1) Investment real estate measured at cost
□ Applicable □ Not applicable
In RMB
House and Construction in
Item Land use right Total
Building progress
I. Original book value
1.Opening balance 95327686.03 95327686.03
2.Current increased 23689544.68 23689544.68
(1) Outsourcing
(2) Inventory\fixed
assets\construction in process 23689544.68 23689544.68
transfer-in
(3) Increased by combination
3.Current decreased 16771498.79 16771498.79
(1) Disposal 16771498.79 16771498.79
(2) Other transfer-out
4.Ending balance 102245731.92 102245731.92
II. Accumulated depreciation and
accumulated amortization
1.Opening balance 50366755.64 50366755.64
2.Current increased 1319696.19 1319696.19
(1) Accrued or amortization 1319696.19 1319696.19
3.Current decreased 2867469.34 2867469.34
(1) Disposal 2867469.34 2867469.34
(2) Other transfer-out
100WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
4.Ending balance 48818982.49 48818982.49
III. Impairment provision
1.Opening balance
2.Current increased
(1) Accrued
3. Current decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance
IV. Book value
1.Ending book value 53426749.43 53426749.43
2.Opening book value 44960930.39 44960930.39
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable □Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable □Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years' impairment test
Nil
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
Nil
Other explanation:
Nil
(2) Investment real estate measured at fair value
□ Applicable □ Not applicable
(3) Converted into investment real estate measured at fair value
Nil
(4) Investment real estate without property certification held
In RMB
Item Book value Reason for not obtaining the property rights certificate
WFJN’s property 52182.36 Still in process of relevant property procedures
15. Fixed assets
In RMB
Item Ending balance Opening balance
Fixed assets 4361424985.91 4461619375.21
Total 4361424985.91 4461619375.21
101WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(1) Fixed assets
In RMB
House and Machinery Transportation Electronic and
Item Land Total
Building equipment equipment other equipment
I. Original book
value:
1.Opening 2476447467. 5407734912. 9353622040.
46817358.941391716721.5130905579.87
balance 18 76 26
2.Current
12021548.9585336042.0358387872.0753150019.05208895482.10
increased
(1) Purchase 1224527.34 11796481.57 180760.98 256686.72 13458456.61
(2)
Construction in
10797021.6173539560.4658207111.0952893332.33195437025.49
progress
transfer-in
(3) Increased
by combination
3.Current
10739569.2228150185.389890674.1420903369.4969683798.23
decreased
(1) Disposal or
10739569.2228150185.389890674.1420903369.4969683798.23
scrapping
4.Conversion of
foreign currency
15302286.4360949602.1613676.4945535364.273600464.19125401393.54
financial
statement
2493031733.5525870371.9618235117.
5. Ending balance 95328233.36 1469498735.34 34506044.06
345767
II. Accumulated
depreciation
1.Opening 3063285657. 4689645843.
668529085.0424275580.49933555520.11
balance 41 05
2.Current
50120436.90146134512.991756429.16118867321.91316878700.96
increased
(1) Accrued 50120436.90 146134512.99 1756429.16 118867321.91 316878700.96
3.Current
988461.9523115451.02240245.6018790955.8343135114.40
decreased
(1) Disposal or
988461.9523115451.02240245.6018790955.8343135114.40
scrapping
4.Conversion of
foreign currency
7573540.8337124029.224726.3534192246.4378894542.83
financial
statement
3223428748.5042283972.
5.Ending balance 725234600.82 25796490.40 1067824132.62
6044
III. Impairment
provision
1.Opening
14287345.82148936967.6173319.9023694157.0015365031.67202356822.00
balance
2.Current
increased
(1) Accrued
3.Current
5.18230.80235.98
decreased
(1) Disposal or
5.18230.80235.98
scrapping
4.Conversion of
foreign currency
1664459.227322004.911393100.811790008.3612169573.30
financial
statement
5.Ending balance 15951805.04 156258967.34 73319.90 25087027.01 17155040.03 214526159.32
102WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
IV. Book value
1.Ending book 1751845327. 2146182655. 4361424985.
69458423.06376587575.7117351004.03
value 48 63 91
2.Opening book 1793631036. 2195512287. 4461619375.
22468458.55434467044.4015540548.20
value 32 74 21
(2) Temporarily idle fixed assets
In RMB
Item Original book value Accumulated depreciation Impairment provision Book value Note
Machinery equipment 7506764.39 2761450.54 1395192.59 3350121.26
Total 7506764.39 2761450.54 1395192.59 3350121.26
(3) Fixed assets acquired by operating lease
In RMB
Item Ending book value
Housing and building 15179760.71
Total 15179760.71
(4) Fixed assets without property certification held
In RMB
Item Book value Reasons for without the property certification
R&D Building in No. 6 Huashan Road Wuxi City 368387958.31 Still in process of relevant property procedures
106 Machining Workshop Plant 55425916.01 Still in process of relevant property procedures
WFCA - Factory and office buildings 24902269.67 Still in process of relevant property procedures
WFJN - Factory and office buildings 153807.73 Still in process of relevant property procedures
(5) Impairment test of fixed assets
□Applicable □Not applicable
(6) Disposal of fixed assets
Other explanation: Nil
16. Construction in progress
In RMB
Item Ending balance Opening balance
Construction in progress 521265457.98 380321816.50
Total 521265457.98 380321816.50
(1) Construction in progress
In RMB
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Renovation of Xinan
Branch No. 1 workshop 56191851.60 56191851.60 4456868.76 4456868.76
of the company
Lot 103 phase VI 21286510.70 21286510.70 222994.13 222994.13
Production line and
410745022.6353665522.353480907.
equipment under 184615.38 410560407.27 184615.38
installation and debugging 5 78 40
103WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Sporadic construction and
13412924.5613412924.564793935.124793935.12
installation projects
Software and system
under installation and 19813763.85 19813763.85 17367111.09 17367111.09
debugging
521450073.3380506431.380321816.
Total 184615.38 521265457.98 184615.38
68850
(2) Changes of major construction in progress
In RMB
Accum
Proporti Including:
Fixed Other ulated Interest
on of interest
assets decreas amount capitali Sourc
Opening Current Ending project capitalize
Item Budget transfer- ed in Progress of zation e of
balance increased balance investm d amount
in in the the interest rate of funds
ent in of the
Period Period capitali the year
budget year
zation
The main part of
Renovatio
the project has
n of
been completed
Xinan
and put into use Own
Branch 41245. 445686 526127 877787 56191 95.00
while the ed No. 1 40 8.76 70.46 .62 851.60 % auxiliary minor funds
workshop
works are still
of the
under installation
company
and acceptance.The main part of
the project has
been completed
and put into use Own
Lot 103 6309.4 222994. 210635 21286 98.00
while the ed phase VI 8 13 16.57 510.70 % auxiliary minor funds
works are still
under installation
and acceptance.
47554.46798673676287778777478
Total
882.8987.03.62362.30
(3) Impairment provision of construction in progress
In RMB
Item Opening balance Current increase Current decrease Ending balance Reason for withdrawal
Equipment installation 184615.38 184615.38
Total 184615.38 184615.38 --
(4) Impairment test of construction in progress
□Applicable □Not applicable
(5) Engineering material
Other explanation: Nil
17. Right-of-use assets
(1) Right-of-use assets
In RMB
Item Building Mechanical equipment Total
I. Original book value:
1.Opening balance 83289566.04 27897838.84 111187404.88
104WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
2.Current increased 49738076.88 2415607.10 52153683.98
(1) Increased lease 49738076.88 2415607.10 52153683.98
3.Current decreased 5974891.33 45217.39 6020108.72
(1) Disposal 5974891.33 45217.39 6020108.72
4. Conversion of foreign
5307049.662517671.637824721.29
currency financial statement
5.Ending balance 132359801.25 32785900.18 165145701.43
II. Accumulated depreciation
1.Opening balance 29728433.95 13693528.56 43421962.51
2.Current increased 13821672.65 4100287.58 17921960.23
(1) Accrued 13821672.65 4100287.58 17921960.23
3.Current decreased 5974891.33 45217.39 6020108.72
(1) Disposal 5974891.33 45217.39 6020108.72
4. Conversion of foreign
1042034.071554976.142597010.21
currency financial statement
5.Ending balance 38617249.34 19303574.89 57920824.23
III. Impairment provision
1.Opening balance
2.Current increased
(1) Accrued
3.Current decreased
(1) Disposal
4.Ending balance
IV. Book value
1.Ending book value 93742551.91 13482325.29 107224877.20
2.Opening book value 53561132.09 14204310.28 67765442.37
(2) Impairment test of right-of-use assets
□Applicable □Not applicable
18. Intangible assets
(1) Intangible assets
In RMB
Non- Trademark Patent and
Computer
Item Land use right Patent patent and trademark non-patent Total
software
technology license technology
I. Original book
value
1.Opening
419255805.42241802977.8841597126.47255390917.74958046827.51
balance
2.Current
10125548.1115522934.7225648482.83
increased
(1) Purchase 114700.36 114700.36
(2) Internal
R&D
(3) Increased
by
combination
(4) Transfer
from
10125548.1115408234.3625533782.47
construction
in progress
3.Current
356345.813539793.053896138.86
decreased
105WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(1) Disposal
356345.813539793.053896138.86
or scrapping
4.Conversion of
foreign currency
2189189.0425683024.4927872213.53
financial
statement
5.Ending
429381353.53259158755.8341597126.47277534149.181007671385.01
balance
II. Accumulated
amortization
1.Opening
121758999.21201217109.869709000.00127725716.90460410825.97
balance
2.Current
4558529.5616002494.0811683364.1132244387.75
increased
(1) Accrued 4558529.56 16002494.08 11683364.11 32244387.75
3.Current
27468.553539793.053567261.60
decreased
(1) Disposal 27468.55 3539793.05 3567261.60
4.Conversion of
foreign currency
1743308.4513954647.5915697956.04
financial
statement
5.Ending
126317528.77218935443.849709000.00149823935.55504785908.16
balance
III. Impairment
provision
1.Opening
448292.6616646900.0017095192.66
balance
2.Current
increased
(1) Accrued
3.Current
decreased
(1) Disposal
4.Conversion of
foreign currency
52225.5852225.58
financial
statement
5.Ending
500518.2416646900.0017147418.24
balance
IV. Book value
1.Ending book
303063824.7639722793.7515241226.47127710213.63485738058.61
value
2.Opening book
297496806.2140137575.3615241226.47127665200.84480540808.88
value
The proportion of intangible assets formed through internal R&D of the company to the balance of intangible assets at the end of
this period: Nil
(2) Data resource recognized as intangible assets
Nil
(3) Land use right without property certification held
Nil
106WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(4) Impairment test of intangible assets
□Applicable □Not applicable
19. Goodwill
(1) Original book value of goodwill
In RMB
Name of invested Current increased Current decreased
Opening
entities or matters Formed by business Translation of foreign Ending balance
balance Disposal
forming goodwill combination currency statements
Merged with WFTT 1784086.79 1784086.79
Merged with Borit 238284918.92 27859769.87 266144688.79
Total 240069005.71 27859769.87 267928775.58
(2) Impairment provision for goodwill
In RMB
Current
Current increased
Name of invested entities or Opening decreased
Ending balance
matters forming goodwill balance Translation of foreign
Accrued Disposal
currency statements
Merged with WFTT
Merged with Borit 207463687.49 24256216.53 231719904.02
Total 207463687.49 24256216.53 231719904.02
(3) Related information of asset group or asset group portfolio of goodwill
Is consistent
Name Component and basis for asset group or asset group portfolio Operation branch and basis with previous
year (Y/N)
Long term assets related to the merger of WFTT’s goodwill; Automotive intake system
The management made it clear that this asset group will be product division; Category
WFTT Y
used and operated independently of other assets and will of asset group output
generate cash inflows independently products
Long term assets related to the merger of Borit’s goodwill; The
Other automotive parts
management made it clear that this asset group will be used and
Borit divisions; Category of asset Y
operated independently of other assets and will generate cash
group output products
inflows independently
Changes in asset group or asset group portfolio: Nil
Other explanation: Nil
(4) Specific method of determining recoverable amount
For asset groups with indicators of impairment the Company estimates the recoverable amount of such asset groups as the higher
of the net amount of their fair value less disposal costs and the present value of the estimated future net cash flows; for asset
groups without indicators of impairment the Company determines the recoverable amount of such asset groups based on the
present value of the estimated future net cash flows of the asset groups.The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from the fair value.□Applicable □Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
107WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
□Applicable □Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years’ impairment test
Nil
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
Nil
(5) Completion of performance commitments and corresponding impairment of goodwill
When goodwill is formed there is a performance commitment and the report period or the previous period is within the
performance commitment period
□Applicable □Not applicable
20. Long-term deferred expense
In RMB
Item Opening balance Current increase Amortized in the Period Other decrease Ending balance
Decoration expense etc. 22202465.04 790846.19 3595375.61 1907607.58 21305543.20
Total 22202465.04 790846.19 3595375.61 1907607.58 21305543.20
21. Deferred income tax assets/Deferred income tax liabilities
(1) Deferred income tax assets not offset
In RMB
Ending balance Opening balance
Item Deductible temporary Deferred income Deductible temporary Deferred income
difference tax assets difference tax assets
Unrealized profit from insider
32650431.7610020415.7565395598.2413015777.61
transactions
Deductible loss 1148983488.69 172347523.31 1168677565.93 175301634.90
Bad debts reserve 43051507.07 6692939.78 41797429.02 6435174.40
Impairment provision for
212610348.3932605856.84236847793.5536125249.29
inventory
Impairment provision of fixed
96998029.1417014412.9596998034.3217014413.73
assets
Impairment provision of
184615.3827692.31184615.3827692.31
construction in progress
Impairment provision of
16646900.002497035.0016646900.002497035.00
intangible assets
Deferred income 136165893.16 20568052.29 149757581.67 22633752.36
Payable salary accrued expenses
967361002.72150317966.76917718552.00145328224.99
etc.Depreciation assets amortization
21220988.093229279.7423208041.963527337.81
difference
Impairment provision of other
146615749.6321992362.44146615749.6321992362.44
non-current assets
Lease liabilities 65402271.90 15246833.57 61461573.00 14237201.65
Changes in fair value 30550763.25 4582614.49
Total 2887891225.93 452560370.74 2955860197.95 462718470.98
108WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(2) Deferred income tax liabilities not offset
In RMB
Ending balance Opening balance
Item Taxable temporary Deferred income Taxable temporary Deferred income
differences tax liabilities differences tax liabilities
The difference between the fair value
and taxation basis of WFTT assets in a 9022855.15 1353428.25 9256736.95 1388510.52
merger not under the same control
The difference between the fair value
and taxation basis of IRD assets in a 41744492.70 9183788.39 42249682.78 9294930.21
merger not under the same control
The difference between the fair value
and taxation basis of Borit assets in a 15551733.23 3887933.24 15512362.69 3878090.60
merger not under the same control
The difference between the fair value
and taxation basis of VH business in a 43979639.07 10554842.37 42200640.32 10128153.65
merger not under the same control
Change in fair value of transaction
9712551.251538142.08823158.14123473.72
financial asset
Accelerated depreciation of fixed assets 864150136.52 134929411.31 844054613.82 131777556.75
Right-of-use assets 65256488.51 15120953.28 62433477.96 13999594.04
Others 59766870.74 8965030.61 83354236.41 13578003.30
Total 1109184767.17 185533529.53 1099884909.07 184168312.79
(3) Deferred income tax assets and deferred income tax liabilities listed after off-set
In RMB
Ending balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Item deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
160480342.59292185225.31159298304.33303420166.65
assets
Deferred income tax
160480342.5925158384.10159298304.3324870008.46
liabilities
(4) Details of unrecognized deferred income tax assets
In RMB
Item Ending balance Opening balance
Bad debts reserve 1650635637.90 1649563010.58
Impairment provision for inventory 41227616.51 37424287.75
Loss from subsidiary 980425414.18 923958282.87
Impairment provision of long-term equity investment 8223048.38 8223048.38
Impairment provision of fixed assets 117528130.18 105358787.68
Impairment provision of intangible assets 500518.24 448292.66
Other equity instrument investment 13600000.00 13600000.00
Wages payable withholding expense etc. 49304003.51
Total 2812140365.39 2787879713.43
(5) The deductible losses of unrecognized deferred income tax assets will expire in following years
In RMB
109WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Maturity year Ending amount Opening amount Note
20257635552.89
202635549747.8746267496.16
202754654198.3790932850.34
202878468430.44104023377.77
2029100167878.24119116583.00
2030 and the following years 75877616.48
No expiration date 635707542.78 555982422.71
Total 980425414.18 923958282.87
22. Other non-current assets
In RMB
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Contract
4508573.624508573.624330621.434330621.43
acquisition cost
Engineering
equipment paid in 238522332.55 238522332.55 186322984.79 186322984.79
advance
Large deposit
certificates with a
592113602.74592113602.74689071260.28689071260.28
maturity of more
than one year
Financial products 146615749.63 146615749.63 160163280.47 146615749.63 13547530.84
Total 981760258.54 146615749.63 835144508.91 1039888146.97 146615749.63 893272397.34
23. Assets with restricted ownership or use right
In RMB
Ending Opening
Item
Restriction Restriction Restriction Restriction
Book balance Book value Book balance Book value
type reason type reason
Notes paid for Notes paid for
Monetary
funds 142735966.40 142735966.40
Cash deposit bank 20363281.63 20363281.63 Cash deposit bank
acceptance acceptance
Notes pledge
Bill
receivable 43071798.39 43071798.39
Pledge for bank
acceptance
IRD IRD
Monetary
funds 8470394.37 8470394.37
Cash deposit performance 7583721.64 7583721.64 Cash deposit performance
bond bond
Letter of Letter of
Monetary
funds 278566.46 278566.46
Cash deposit guarantee 719003.22 719003.22 Cash deposit guarantee
deposit deposit
Cash deposit Cash deposit
Monetary
225875.75 225875.75 Cash deposit for 202231.29 202231.29 Cash deposit for funds
Mastercard Mastercard
Monetary
funds 4000.00 4000.00
Cash deposit ETC freezing
Notes pledge Notes pledge
Receivables
financing 704783096.16 704783096.16
Pledge for bank 556575612.27 556575612.27 Pledge for bank
acceptance acceptance
Total 856493899.14 856493899.14 628519648.44 628519648.44
24. Short-term borrowings
(1) Category of short-term borrowings
In RMB
110WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Item Ending balance Opening balance
Credit loan 627673659.47 392800433.57
Accrued interest 461441.29 319714.38
Total 628135100.76 393120147.95
Explanation on short-term borrowings: Nil
(2) Overdue and unpaid short-term loans
Other explanation: Nil
25. Note payable
In RMB
Category Ending balance Opening balance
Bank acceptance bill 2229593501.21 2014217247.05
Total 2229593501.21 2014217247.05
At the end of the current period the total amount of matured but unpaid notes payable is 0.00 yuan.
26. Accounts payable
(1) Accounts payable
In RMB
Item Ending balance Opening balance
Operating funds payable for labor or goods 3478083715.81 3661507490.23
Accounts payable for engineering equipment 136046292.89 238437702.05
Total 3614130008.70 3899945192.28
(2) Important accounts payable with aging over 1 year or overdue
Other explanation: Nil
27. Other accounts payable
In RMB
Item Ending balance Opening balance
Other accounts payable 68287577.76 44547794.12
Total 68287577.76 44547794.12
(1) Interest payable
Nil
(2) Dividends payable
Nil
(3) Other accounts payable
1) By nature
In RMB
Item Ending balance Opening balance
Deposit and margin 37417497.89 13909942.25
111WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Social insurance and reserves funds withholding 1741601.11 1301468.22
Intercourse funds of entities 25512145.98 23526000.00
Other 3616332.78 5810383.65
Total 68287577.76 44547794.12
2) Important other payables with aging over 1 year or overdue
In RMB
Item Ending balance Reasons for not repaying or carry-over
Ningbo Jiangbei High-tech Industrial Park
19026000.00 Not yet meeting the conditions for carry-over
Development and Construction Co. Ltd
Total 19026000.00
28. Accounts received in advance
(1) Accounts received in advance
In RMB
Item Ending balance Opening balance
Rent received in advance 491544.03 2652511.04
Total 491544.03 2652511.04
(2) Significant accounts receivable in advance with aging over 1 year or overdue
Other explanation: Nil
29. Contract liabilities
In RMB
Item Ending balance Opening balance
Advance payment for goods 106520784.44 56148545.13
Total 106520784.44 56148545.13
30. Wage payable
(1) Wage payable
In RMB
Item Opening balance Current increased Current decreased Ending balance
I. Short-term compensation 286170405.86 727814454.00 825164230.70 188820629.16
II. Post-employment welfare-
28540420.13109348642.27111620472.2526268590.15
defined contribution plans
III. Dismissed welfare 1023380.23 1176014.13 1565908.99 633485.37
IV. Incentive funds paid within one
67660000.0011882539.7255777460.28
year
V. Other short-term welfare-
Housing subsidies employee 21883842.70 1774903.60 20108939.10
benefits and welfare funds
Total 405278048.92 838339110.40 952008055.26 291609104.06
Explanation of severance benefits: Severance benefits refer to the employee compensation payable arising from the internal early
retirement plan implemented by the company. The amount expected to be paid in the following year is presented under this account
item.
112WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(2) Short-term compensation
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Wages bonuses allowances and
270773275.35588520936.84685386664.11173907548.08
subsidies
2. Welfare for workers and staff 39536850.69 39065296.63 471554.06
3. Social insurance 312450.03 37269497.29 37158374.88 423572.44
Including: Medical insurance 231732.98 29976846.46 29955428.77 253150.67
Work injury insurance 71875.47 4143641.89 4149838.51 65678.85
Maternity insurance 8841.58 3149008.94 3053107.60 104742.92
4. Housing accumulation fund 778913.00 44548861.66 44420974.66 906800.00
5. Labor union expenditure and
9551179.069516916.779318976.039749119.80
personnel education expense
6. Other short-term compensation -
4754588.428421390.759813944.393362034.78
social security
Total 286170405.86 727814454.00 825164230.70 188820629.16
(3) Define contribution plans
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Basic endowment premium 8666008.76 91053617.00 93892104.38 5827521.38
2. Unemployment insurance 20356.56 2574494.07 2543067.99 51782.64
3. Enterprise annuity 19854054.81 15720531.20 15185299.88 20389286.13
Total 28540420.13 109348642.27 111620472.25 26268590.15
Other explanation:
Post-employment welfare - defined contribution plans:
The Company participates in the pension insurance and unemployment insurance plans established by government authorities by
laws a certain percentage of the social security fee regulated by the government will pay by the Company monthly for the plans.Other than the aforesaid monthly contribution the Company takes no further payment obligation. The corresponding expenditures
shall be recognized in the current period's profit or loss or the cost of relevant assets when incurred. For details of the enterprise
annuity plan please refer to Note XVIII.4 "Annuity Plan".
31. Tax payable
In RMB
Item Ending balance Opening balance
Value-added tax 23680370.78 17962320.77
Corporation income tax 16205148.92 15110401.06
Individual income tax 3687823.96 6198892.34
City maintaining & construction tax 1651718.54 1103941.58
Educational surtax 1183359.40 798036.26
Property tax 6493108.57 6355132.42
Land use tax 1347498.21 1556476.60
Stamp tax 2172567.73 2469983.52
Others 236338.43 155033.86
Total 56657934.54 51710218.41
32. Non-current liabilities due within one year
In RMB
113WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Item Ending balance Opening balance
Long-term borrowings due within one year 100210680.56 200010680.56
Lease payments due within one year 29550032.13 20693207.97
Total 129760712.69 220703888.53
33. Other current liabilities
In RMB
Item Ending balance Opening balance
Rebate payable 242680986.60 282435925.87
Pending sales tax 8090646.75 2950311.81
Total 250771633.35 285386237.68
Changes in short-term bonds payable: Nil
34. Long-term borrowings
(1) By category
In RMB
Item Ending balance Opening balance
Credit loan 190210680.56 300010680.56
Minus: long-term borrowings maturing within one year 100210680.56 200010680.56
Total 90000000.00 100000000.00
35. Lease liabilities
In RMB
Item Ending balance Opening balance
Lease payments 114180680.20 73534246.81
Financing expense not recognized 7778039.21 5524522.36
Minus: lease liabilities maturing within one year 29550032.13 20693207.97
Total 76852608.86 47316516.48
36. Long-term accounts payable
In RMB
Item Ending balance Opening balance
Long-term accounts payable 8740000.00 8740000.00
Special accounts payable 18265082.11 18265082.11
Total 27005082.11 27005082.11
(1) By nature
In RMB
Item Ending balance Opening balance
Hi-tech Branch of Nanjing Finance Bureau (note * ) Financial support funds (2008) 960000.00 960000.00
Hi-tech Branch of Nanjing Finance Bureau (note * ) Financial support funds (2011) 5040000.00 5040000.00
Hi-tech Branch of Nanjing Finance Bureau (note * ) Financial support funds (2013) 2740000.00 2740000.00
Total 8740000.00 8740000.00
Other explanation:
114WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Note * : To encourage WFJN to enter Nanjing High-tech Technology Industry Development Zone financial supporting capital is
allotted by High-tech branch of Finance Bureau of Nanjing for supporting use the term is from December 27 2010 to December
27 2025. Provided that the operation period in the zone is less than 15 years financial supporting capital will be reimbursed.
Note * : To encourage WFJN to enter Nanjing High-tech Technology Industry Development Zone financial supporting capital is
allotted by High-tech branch of Finance Bureau of Nanjing for supporting use the term is from December 28 2011 to December 28
2026. Provided that the operation period in the zone is less than 15 years financial supporting capital will be reimbursed.
Note * : To encourage WFJN to enter Nanjing High-tech Technology Industry Development Zone financial supporting capital is
allotted by High-tech branch of Finance Bureau of Nanjing for supporting use the term is from December 18 2013 to December 18
2028. Provided that the operation period in the zone is less than 15 years financial supporting capital will be reimbursed.
(2) Special accounts payable
In RMB
Opening Current Current Cause of
Item Ending balance
balance increased decreased formation
Removal compensation of Refer to the
18265082.1118265082.11
subsidiary WFJN explanation
Total 18265082.11 18265082.11
Other explanation:
In line with regulation of the house acquisition decision of People’s government of Xuanwu District Nanjing City Ning Xuan Fu
Zheng Zi (2012) No.001 part of the lands and property of WFJN needs expropriation in order to carry out the comprehensively
improvement of Ming Great Wall. According to the house expropriation and compensation agreement in state-owned lands signed
between WFJN and House Expropriation Management Office of Xuanwu District Nanjing City 19706700.00 yuan in total were
compensated including operation losses from lessee 1441600.00 yuan in total. The above compensation was received in last
period and is making up for the losses from lessee and the above lands and property have not been collected up to June 30 2025.
37. Long-term wages payable
(1) Long-term wages payable
In RMB
Item Ending balance Opening balance
I.Post-employment benefits - Defined benefit plan net liabilities 20903411.37 19879635.58
II. Dismiss welfare 6837075.84 11027155.79
III. Other long-term welfare 15212070.31 15212070.31
Total 42952557.52 46118861.68
(2) Changes in defined benefit plan
Present value of defined benefit plan
In RMB
Item Current period Last period
I. Opening balance 19879635.58 21238891.62
II. Cost of defined benefit plan booked into current profit and loss 620384.67 325440.87
1.Current service cost 620384.67 325440.87
III. Cost of defined benefit plan booked into other comprehensive income -451530.88
115WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
1.Actuarial gains (losses are represented by “-”) -451530.88
IV. Other changes 403391.12 -970341.44
1.Welfare paid -1840954.97 -438808.45
2.Translation difference of foreign currency statements 2244346.09 -531532.99
V. Ending balance 20903411.37 20142460.17
Other explanation:
According to relevant regulations in Italy the Trattamento di Fine Rapporto (TFR) system is established. VHIO shall calculate and
offer severance to employees in accordance with employees’ employment period and taxable base salary when they leave or are
dismissed. The plan predicts future cash outflows at the inflation rate and determines its present value at the discount rate. The
above-mentioned benefit plan poses actuarial risks to VHIO mainly including interest rate risk and inflation risk. The decrease in
interest rates will lead to an increase in the present value of the defined benefit plan obligations. In addition the present value of
benefit plan obligations is related to the future payment standards of the plan which are determined on the basis of inflation rates.Therefore an increase in inflation rate will also lead to an increase in planned liabilities.
38. Anticipated liability
In RMB
Item Ending balance Opening balance Formation cause
Pending dispute and litigation 567714.68 508477.63
Product quality assurance 129215558.74 121072840.23
Environmental protection commitment 321812.81 288233.90
Total 130105086.23 121869551.76
Other explanations including important assumptions and estimation explanations related to significant provisions: Nil
39. Deferred income
In RMB
Item Opening balance Current increased Current decreased Ending balance Cause of formation
Government grant 151419335.74 12430090.50 24402761.17 501828.16 139948493.23
Total 151419335.74 12430090.50 24402761.17 501828.16 139948493.23
Other explanation:
Item with government grants involved:
In RMB
New Amount reckoned Translation of Assets
Ending
Items of liabilities Opening balance grants in into other income foreign currency related/Income
balance
the Period in the period statements related
Appropriation for R&D ability of
distributive high-pressure common
Asset/Income
rail system for diesel engine use and 3973394.44 390825.69 3582568.75
related
production line technological
transformation project
R&D and industrialization of the
high-pressure variable pump of the
688639.41 342637.95 346001.46 Asset related
common rail system of diesel engine
for automobile
Fund of industry upgrade (2014) 33722041.39 6298651.31 27423390.08 Asset related
New-built assets compensation after
26199457.92 8204471.17 17994986.75 Asset related
the removal of parent company
Fund of industry upgrade (2016) 40000000.00 40000000.00 Asset related
Guiding capital for the technical
reform from State Hi-Tech Technical 1354537.03 609075.87 745461.16 Income related
Commission
116WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Implementation of the variable cross-
1624110.44 472494.70 1151615.74 Asset related
section turbocharger for diesel engine
Municipal technological reform fund
2295544.70 302658.40 1992886.30 Asset related
allocation in 2020
Strategic cooperation agreement
funding for key enterprise of smart 1708305.34 187259.45 1521045.89 Asset related
manufacturing in high-tech zone
R&D and industrialization project of
high-performance proton exchange
6296840.52 1003042.03 5293798.49 Asset related
membrane fuel cell membrane
electrode for vehicles
2023 Wuxi industrial transformation
8114753.86 505115.26 7609638.60 Asset related
and upgrading fund
Technical renovation and capacity
optimization project for annual
1472238.25 101940.57 1370297.68 Asset related
production of 150000 sets of
turbochargers
Project on the Application of High
Durability Dynamic Seal 1530000.00 1530000.00 Asset related
Development Machine
Equipment Investment Project in the
Pilot Scale Stage of Hydrogen Fuel 582043.36 69090.41 512952.95 Asset related
Cell Components in 2022
1243009
Other 21857429.08 5915498.36 501828.16 28873849.38 Asset related
0.50
1243009139948493.2
Total 151419335.74 24402761.17 501828.16
0.503
40. Share
In RMB
Change during the year (+/-)
Opening balance New Shares Bonus Ending balance
shares transferred from Other Subtotal
share
issued capital reserve
Total
996986293.00-25000000.00-25000000.00971986293.00
shares
41. Capital reserve
In RMB
Item Opening balance Current increase Current decrease Ending balance
Capital premium (Share capital premium) 3158553526.22 444722092.24 2713831433.98
Other capital reserve 105095575.22 1472411.17 3909.02 106564077.37
Total 3263649101.44 1472411.17 444726001.26 2820395511.35
Other explanation including changes in the period and reasons for changes;
(1) Share capital premium decreased by 444722092.24 yuan in the Period as the company canceled 25000000 written-off
treasury shares which resulted in a decrease in share premium.
(2) The increase of 1472411.17 yuan in other capital reserves in the current period is due to changes in other equity of joint
ventures which the company enjoys in proportion to its shareholding; The decrease of 3909.02 yuan in other capital reserves in
the current period was the handling fee for buy backing shares.
42. Treasury stock
In RMB
Item Opening balance Current increase Current decrease Ending balance
Stock repurchases 469722092.24 100005328.00 469722092.24 100005328.00
Repurchase obligation of restricted stock
incentive plan
Total 469722092.24 100005328.00 469722092.24 100005328.00
117WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Other explanations including changes in the current period and explanations of the reasons for the changes:
Decreased by 469722092.24 yuan in the Period as the company cancelled 25000000.00 written-off treasury shares.
43. Other comprehensive income
In RMB
Current period
Less: written in Less: written in
other other
Less: Attribut
comprehensive comprehensive
Opening Account inco Attributable to able to
Item income in income in
Ending
balance before me parent minority previous period previous period balance
income tax tax company after sharehol
and carried and carried
in the year expe tax ders
forward to forward to
nse after tax
current retained earnings
gains/losses in current period
I. Other comprehensive
income that cannot be
reclassified to -1437353.97 -1437353.97
gains/losses
Including: Remeasure
changes in defined -1453362.77 -1453362.77
benefit plans
Other comprehensive
income that cannot be
transferred to 16008.80 16008.80
gains/losses under
equity method
II. Other comprehensive
income items which will
137032360.137032360.0148602119.3
be reclassified 11569759.36
subsequently to 03 3 9
gains/losses
Conversion difference
137032360.137032360.0148602119.3
of foreign currency 11569759.36
financial statement 03 3 9
Total other 137032360. 137032360.0 147164765.4
comprehensive income 10132405.39
0332
Other explanations including the conversion of the effective portion of cash flow hedging gains and losses into adjustments to the
initial recognition amount of the hedged item: Nil.
44. Reasonable reserve
In RMB
Item Opening balance Current increase Current decrease Ending balance
Work safety expense 6257090.28 15315886.41 13283896.65 8289080.04
Total 6257090.28 15315886.41 13283896.65 8289080.04
Other explanation including changes and reasons for changes:
(1) Explanation on the withdrawing of special reserves (work safety expense): According to the Administrative Measures on the
Withdrawing and Use of Enterprise Safety Production Expenses (CZ [2022] No.136) jointly issued by the Ministry of Finance and
the State Administration of Work Safety in the current period the Company adopted excess retreat method for quarterly withdrawal
by taking the actual operating income of the previous period as the withdrawing basis.
(2) Among the above work safety expense including the work safety expense accrued by the Company in line with regulations and
the parts attributed to shareholders of the Company in work safety expense accrued by subsidiary in line with regulations.
45. Surplus reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Statutory surplus reserves 510100496.00 510100496.00
Total 510100496.00 510100496.00
118WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Other explanation including changes and reasons for changes:
Pursuit to the Company Law and Article of Association the Company withdraws statutory surplus reserve on 10% of the net profit.No more amounts shall be withdrawal if the accumulated statutory surplus reserve takes over 50% of the registered capital.
46. Retained profit
In RMB
Item Current period Last period
Retained profits at the end of last year before adjustment 15523124882.77 15054950398.12
Retained profits at the beginning of the year after adjustment 15523124882.77 15054950398.12
Add: net profits attributable to owners of patent company of this period 701870308.75 1659533740.63
Less: Withdraw employee rewards and welfare funds 5535978.52
Cash dividends payable 872473493.70 1185823277.46
Retained profit at period-end 15352521697.82 15523124882.77
Details about adjusting the retained profits at the beginning of the period:
1) The retroactive adjustments to Accounting Standards for Business Enterprises and its relevant new regulations affect the
retained profits at the beginning of the period amounting to 0 yuan.
2) The changes in accounting policies affect the retained profits at the beginning of the period amounting to 0 yuan.
3) The major accounting error correction affects the retained profits at the beginning of the period amounting to 0 yuan
4) Merge scope changes caused by the same control affect the retained profits at the beginning of the period amounting to 0 yuan.
5) Other adjustments affect the retained profits at the beginning of the period amounting to 0 yuan
47. Operating income and cost
In RMB
Current period Last period
Item
Income Cost Income Cost
Main operating 5664265047.26 4727893633.72 5602366875.45 4625977661.64
Other business 96153585.85 37329159.55 91866677.27 30382562.42
Total 5760418633.11 4765222793.27 5694233552.72 4656360224.06
Breakdown information of operating income and operating cost:
In RMB
Energy conservation and Energy conservation and
Energy conservation
emission reduction: emission reduction:
Type and emission reduction: Segment of green Intelligent electric
Segment of automotive Segment of automotive Total
of Segment of intake hydrogen products products
fuel injection system after-treatment system
contra system products
products products
ct
Operating Operating Operating Operating Operating Operating Operating Operating Operatin Operatin Operating Operating
income cost income cost income cost income cost g income g cost income cost
Busine
ss type
Includi
ng:
Primar
y
busine
ss
Includi
ng:
recogn
2313650183653018448961601070433871634404301030691906135841155340113556642654727893
ize at a
577.35419.01152.37878.0915.5518.19340.9404.3861.0514.05047.26633.72
certain
point
in time
Recog
nized
within
a
certain
period
of time
Other
busine
ss
119WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Includi
ng:
recogn
5847058022229440148459886170486.4469988283673.47039232.29229778482579031606577
ize at a.74.12.0015.93977.34.44.10
certain
point
in time
Recog
nized
within
a
certain
period
of time
Lease
9603005.5025338.1014123.710666.1126183.8113277955722582.
incom 571060.06
34539166.4145
e
2381724186378518607561607812439052234445281037730909058741155340113557604184765222
Total
163.43197.66264.28424.3070.6475.54573.7181.7261.0514.05633.11793.27
48. Operating tax and extra
In RMB
Item Current period Last Period
City maintaining & construction tax 7020427.71 5794135.28
Educational surtax 5025514.39 4148769.09
Property tax 12450878.16 10803395.41
Land use tax 2664542.78 2892897.92
Vehicle use tax 9789.10 3536.00
Stamp duty 4264416.03 4000044.56
Other taxes 390464.52 617416.53
Total 31826032.69 28260194.79
49. Administration expenses
In RMB
Item Current period Last period
Salary and wage related expense 204152165.94 184784922.02
Depreciation charger and long-term
71505562.1859381681.77
assets amortization
Consumption of office materials and
13749617.8310158382.36
business travel charge
Other 91866536.05 76614673.16
Total 381273882.00 330939659.31
50. Sales expenses
In RMB
Item Current period Last Period
Salary and wage related expense 44704795.75 41075635.21
Consumption of office materials and business travel charge 5640944.50 5532210.03
Warehouse charge 2221697.97 10002106.13
Business entertainment fee 3830951.97 5635855.05
Other 27600272.59 15174719.90
Total 83998662.78 77420526.32
51. R&D expenditure
In RMB
Item Current period Last period
Technology development expenditure 350722149.70 302233285.34
120WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Total 350722149.70 302233285.34
52. Financial expenses
In RMB
Item Current period Last period
Interest expenses 9045918.64 13772229.94
Interest income 26681031.13 18112595.69
Gains/losses from exchange -19703453.00 10342985.06
Handling charges 2265521.40 2209219.32
Total -35073044.09 8211838.63
53. Other income
In RMB
Sources of income generated Current period Last period
Government grants with routine operation activity concerned 33077846.97 40309960.72
VAT instant refund 42098842.88 83247274.78
Tax credit for overseas subsidiaries 277977.10 6583950.25
Refund of individual income tax handling fee 678611.32 744863.36
Total 76133278.27 130886049.11
Among them the details of government subsidies are as follows:
In RMB
Subsidy projects Current period Last period Related to asset/income
Annual production of 300000 four cylinder engine
6771.94 Related to asset
supercharger technology renovation project
Depreciation/amortization compensation for newly built asset
8204471.17 8771401.60 Related to asset
after the relocation of the parent Company
Technical transformation of catalytic reduction system for
57777.78 60222.22 Related to asset
commercial vehicles with an annual output of 180000 units
Research and industrialization project of high-pressure
variable pump for common rail system of automotive diesel 342637.95 499317.53 Related to asset
engine
Intelligent manufacturing demonstration project funds 35999.56 89925.24 Related to asset
Research Institute of Motor Vehicle Exhaust Aftertreatment
22026.39 Related to asset
Technology
Implementation plan for variable cross-section turbochargers
472494.70 540821.30 Related to asset
in diesel engines
Subsidy for the annual production of 200000 gasoline engine
137039.64 137881.94 Related to asset
turbochargers technology renovation project
Annual production of 150000 gasoline engine turbochargers 103967.86 103967.92 Related to asset
Technical Transformation Guidance Fund of the National
609075.87 609075.97 Related to asset
High tech Management Committee
Industrial upgrading fund 6298651.31 8540272.85 Related to income
R&D capability and production line technology
transformation project of distributed high-pressure common 390825.69 390825.70 Related to asset
rail system for diesel engines
Funding for municipal level technological renovation projects
302658.40 307827.42 Related to asset
in 2020
The second batch of provincial special funds for industrial
58959.60 211422.34 Related to asset
and information industry transformation in 2019
Subsidies for stabilizing and expanding positions 375067.19 13500.00 Related to income
Technical Renovation and Capacity Optimization Project for
101940.57 101940.53 Related to asset
Annual Production of 150000 Turbochargers
The third batch of provincial special funds for industrial and
1003042.03 513223.58 Related to asset
information industry transformation and upgrading in 2021
121WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Subsidy projects Current period Last period Related to asset/income
2023 Wuxi Industrial Transformation and Upgrading Fund
(Second Batch) Support Project Intelligent Construction 505115.26 443246.59 Related to asset
Project
3 R 697092.82 Related to income
Anione 50521.95 Related to income
Provincial specialized refined unique and new small and
150000.00 Related to income
medium-sized enterprises
Ningbo (Jiangbei) High tech Industrial Park 840000.00 Related to income
Industrial upgrading subsidy 11433123.80 Related to income
Subsidies for high-tech enterprises 100000.00 Related to income
Funds for industrial transformation and upgrading 2230000.04 Related to income
The 2024 Municipal Industrial Transformation and Upgrading
1990000.00 Related to asset
(Intelligentization Construction Project)
2021 Annual Quality Brand Standard Subsidy Fund 1710000.00 Related to income
Subsidies for talent policies 1150000.00 Related to income
Innovation subsidies in the equity market 400000.00 Related to income
The sixth batch of the new energy vehicle special project 500000.00 Related to income
Reward for Industrial Enterprises to Maintain Steady Growth 110000.00 Related to income
Other 5888122.35 5775551.09 Related to asset/income
Total 33077846.97 40309960.72
54. Income from change of fair value
In RMB
Sources Current period Last period
Changes in the fair value of tradable financial assets 27874369.01 -105956110.61
Total 27874369.01 -105956110.61
55. Investment income
In RMB
Item Current period Last period
Income of long-term equity investment measured with equity method 537786063.13 734287171.95
Investment income from holding of tradable financial assets 8904917.47 37864494.00
Investment income from disposal of tradable financial assets 957401.23
Income from debt restructuring -90729.00 -284132.56
Gains/losses recognized when financing of accounts receivable is terminated for discounting -1612166.00 -2198912.35
Total 545945486.83 769668621.04
56. Credit impairment loss
In RMB
Item Current period Last period
Bad debt loss of accounts receivable -491957.86 -865695.62
Bad debt loss of other accounts receivable -1461928.21 4356331.08
Total -1953886.07 3490635.46
122WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
57. Asset impairment loss
In RMB
Item Current period Last period
1. Loss of inventory falling price and loss of contract performance cost impairment -72319585.77 -66803279.10
Total -72319585.77 -66803279.10
58. Income from assets disposal
In RMB
Sources Current period Last period
Income from disposal of non-current assets 636603.52 7727515.15
Losses from disposal of non-current assets -2678147.48 -1868313.66
Total -2041543.96 5859201.49
59. Non-operating income
In RMB
Amount reckoned into current
Item Current period Last period
non-recurring gains/losses
Payables that do not need to be paid 988957.32 429031.67 988957.32
Liquidated damages and compensation income 1590079.15 71807.84 1590079.15
Other 15432.64 199579.16 15432.64
Total 2594469.11 700418.67 2594469.11
60. Non-operating expense
In RMB
Amount reckoned into current
Item Current period Last period
non-recurring gains/losses
Donation 200000.00 213500.00 200000.00
Non-current assets disposal losses 3120421.81 385558.12 3120421.81
Including: loss on scrapping of fixed assets 3120421.81 385558.12 3120421.81
Penalty and breach of contract compensation
23172.012748402.9323172.01
expenses
Other 1115.02 14354.30 1115.02
Total 3344708.84 3361815.35 3344708.84
61. Income tax expense
(1) Income tax expense
In RMB
Item Current period Last period
Payable tax in current period 33995641.69 34807415.48
Deferred income tax expense 8193965.24 -11103694.92
Total 42189606.93 23703720.56
(2) Adjustment on accounting profit and income tax expenses
In RMB
Item Current period
Total profit 755336035.34
Income tax measured at statutory/applicable tax rate 113300405.30
123WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Impact by different tax rate applied by subsidies -1693819.95
Impact from adjusting the previous income tax -1151535.65
Impact by non-taxable revenue -77416680.91
Impact on cost expenses and losses unable to be deducted 499222.35
Impact by the deductible losses of the un-recognized previous deferred income tax -15739440.56
The deductible temporary differences or deductible losses of the un-recognized
27109715.25
deferred income tax assets in the Period
Impact on additional deduction -3247057.18
Other 528798.28
Income tax expense 42189606.93
62. Other comprehensive income
See NotesVII 43 “Other comprehensive income”.
63. Items of cash flow statement
(1) Cash received in relation to operation activities
Other cash received in related to operation activities
In RMB
Item Current period Last period
Interest income 8107660.40 18112595.69
Government grants 12054487.84 19534548.13
Other 4970706.43 16773005.42
Total 25132854.67 54420149.24
Explanation on other cash received in relation to operation activities: Nil
Other cash paid in relation to operation activities
In RMB
Item Current period Last period
Cash cost 309302243.69 320543557.21
Other 4841083.61 12024400.43
Total 314143327.30 332567957.64
Explanation on other cash paid in relation to operation activities: Nil
(2) Cash in related to investment activities
Nil
(3) Cash in related to financing activities
Other cash paid in related to financing activities
In RMB
Item Current period Last period
Lease payments 23042522.75 9325420.84
Shares repurchase for restricted stock incentive plan unlocked 63567420.00
Repurchase of A shares 100005328.00
Other 9439.42 10353.00
Total 123057290.17 72903193.84
Explanation on other cash paid in relation to financing activities: Nil
124WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Changes in liabilities arising from financing activities
□Applicable ?Not applicable
(4) Explanation on cash flow listed at net amount
Nil
(5) Significant activities and financial impacts that do not involve current cash inflows and outflows but
affect the financial condition of the company or may affect the cash flow of the company in the future
Nil
64. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information Current period Last Period
1. Net profit adjusted to cash flow of operation activities:
Net profit 713146428.41 1001587824.42
Add: Assets impairment provision 74273471.84 63312643.64
Depreciation of fixed assets consumption of oil assets and depreciation of productive biology assets 318198397.15 282824515.77
Depreciation of right-of-use assets 17921960.23 8189471.05
Amortization of intangible assets 32244387.75 36545321.55
Amortization of long-term deferred expenses 3595375.61 4236889.73
Losses from disposal of fixed assets intangible assets and other long-term assets (gains shall be filled in
2041543.96-5859201.49
with the sign of “-”)
Losses on scrapping of fixed assets (gains shall be filled in with the sign of “-”) 3120421.81 385321.29
Gains/losses from changes in fair value(gains shall be filled in with the sign of “-”) -27874369.01 105956110.61
Financial expenses (gains shall be filled in with the sign of “-”) -25308408.52 10831104.48
Investment losses (gains shall be filled in with the sign of “-”) -544242591.83 -771867533.39
Decrease of deferred income tax asset (increase shall be filled in with the sign of “-”) 10158100.24 -15433648.34
Increase of deferred income tax liability (decrease shall be filled in with the sign of “-”) 1365216.74 4329953.42
Decrease of inventory (increase shall be filled in with the sign of “-”) 226450506.94 110740083.45
Decrease of operating receivable accounts (increase shall be filled in with the sign of “-”) -422168504.08 -46728537.49
Increase of operating payable accounts (decrease shall be filled in with the sign of “-”) 107694431.99 95327334.27
Other 2257909.51 3514664.40
Net cash flows arising from operating activities 492874278.74 887892317.37
2. Major investments and financing activities that do not involve cash receipts and payments
Debt-to-capital
Convertible bonds maturing within one year
Financing to lease fixed assets
3. Net change of cash and cash equivalents:
Balance of cash at period end 2205802925.80 1874301039.39
Less: Balance of cash equivalent at year-begin 1756944672.22 2061986694.41
Add: Balance at year-end of cash equivalents
Less: Balance at year-begin of cash equivalents
Net increase of cash and cash equivalents 448858253.58 -187685655.02
125WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(2) Net cash payment for the acquisition of subsidiaries in the period
Nil
(3) Net cash received from the disposal of subsidiaries
Nil
(4) Components of cash and cash equivalent
In RMB
Item Ending balance Opening balance
I. Cash 2205802925.80 1756944672.22
Including: Cash on hand 5161.51 5360.59
Bank deposit available for payment at any time 2205797764.29 1756884345.96
Other monetary funds available for payment at any time 54965.67
II. Balance of cash and cash equivalents at the period-end 2205802925.80 1756944672.22
(5) Items whose application scope is restricted but are still listed as cash and cash equivalents
Nil
(6) Monetary items not belonging to cash and cash equivalents
In RMB
Reasons for not belonging to
Item Current period Last period
cash and cash equivalents
Bank deposit - principal of time deposits with a Do not meet the definition of cash
110000000.00460000000.00
maturity of more than three months and cash equivalents.Bank deposit - accrued interest on time bank deposits Do not meet the definition of cash
920650.69783541.52
with a maturity of more than three months and cash equivalents.Other monetary funds - margin paid for bank Do not meet the definition of cash
142735966.4020363281.63
acceptance bill and cash equivalents.Do not meet the definition of cash
Other monetary funds - IRD performance bond 8470394.37 7583721.64
and cash equivalents.Do not meet the definition of cash
Other monetary funds - Mastercard margin 225875.75 202231.29
and cash equivalents.Do not meet the definition of cash
Other monetary funds - Guarantee letter margin 278566.46 719003.22
and cash equivalents.Do not meet the definition of cash
Other monetary funds - ETC freeze 4000.00
and cash equivalents.Total 262631453.67 489655779.30
(7) Notes to other significant activities
Nil
65. Notes to changes in entries of owners’ equity
Explain the items and amount at period-end adjusted for “Other” at end of the last year: Nil
126WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
66. Item of foreign currency
(1) Item of foreign currency
In RMB
Ending balance of foreign Ending RMB balance
Item Rate of conversion
currency converted
Monetary funds
Including: USD 24898489.10 7.1586 178238334.31
EUR 24863114.11 8.4024 208910008.02
HKD 7038125.85 0.91195 6418418.87
JPY 16498003.00 0.049594 818201.97
DKK 97140927.46 1.1263 109409826.59
Accounts receivable
Including: USD 2697452.11 7.1586 19309980.68
EUR 30082464.69 8.4024 252764901.31
HKD
DKK 24236367.20 1.1263 27297420.38
Long-term borrowings
Including: USD
EUR
HKD
Other accounts receivable
Including: EUR 454612.94 8.4024 3819839.77
DKK 8246202.64 1.1263 9287698.03
Short-term borrowings
EUR 3001854.83 8.4024 25222785.02
Accounts payable
Including: USD 686323.79 7.1586 4913117.48
EUR 23709748.03 8.4024 199218786.85
JPY 55008998.00 0.049594 2728116.24
DKK 31593316.38 1.1263 35583552.24
CHF 95156.24 8.9721 853751.30
Other accounts payable
Including: EUR 5403.28 8.4024 45400.52
USD 1087.90 7.1586 7787.84
DKK 895565.40 1.1263 1008675.31
Non-current liabilities due
within one year
Including: USD 142410.22 7.1586 1019457.80
EUR 766847.71 8.4024 6443361.20
DKK 2608084.13 1.1263 2937485.16
Leasing liabilities
Including: USD
EUR 2627660.73 8.4024 22078656.52
DKK 17473839.18 1.1263 19680785.07
Other explanation:
127WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(2) Explanation on overseas operating entities. For important overseas operating entities it is necessary
to disclose their main overseas business locations the functional currency used for accounting and the
basis for the selection. In the event that there are changes in the functional currency used for
accounting the reasons for such changes should also be disclosed.□Applicable □Not applicable
IRD a subsidiary of the Company was established in Denmark in 1996. The 66% equity of IRD were acquired by the Company in
cash in April 2019. In October 2020 the company acquired the remaining 34.00% equity of IRD in cash thus the Company holds
100% equity of IRD. IRD is denominated in Danish Krone and IRD is mainly engaged in R&D production and sales of fuel cell
components.Borit a subsidiary of the company was established in Belgium in 2010. The Company acquired 100% equity of Borit in cash in
November 2020. Borit is denominated in Euro and engaged in R&D production and sales of fuel cell components.VHIO a subsidiary of the company was established in Italy in 2000. The Company acquired 100.00% equity of VHIO in cash in
October 2022. The company is denominated in Euro and engaged in R&D production and sales of vacuum and hydraulic pumps.
67. Lease
(1) The company as the lessee
?Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities are recognized in current gains/losses at the time of
occurrence.When the Company's assessment results of renewal options termination options or purchase options change the lease liability is
remeasured at the present value of the revised lease payments and the revised discount rate and the carrying amount of the right -of-
use asset is adjusted accordingly. In case there are changes in the substantial lease payments the expected amount payable for the
guaranteed residual value or the variable lease payments dependent on the index or rate the lease liability is remeasured a t the
present value of the revised lease payments and the original discount rate and the carrying amount of the right-of-use asset is
adjusted accordingly.Leasing costs of simplified handling of short-term leasing or leasing costs for low value assets
□Applicable □Not applicable
For short-term leases (the lease term not exceeding 12 months at the commencement date) and leases of low-value assets (assets with
value of less than 2000 yuan) the Company adopts a simplified treatment method not recognizing right-of-use assets and lease
liabilities. Instead the lease payments are recognized in the relevant asset costs or current profits and losses on a straight-line basis or
other systematically reasonable methods over each period within the lease term.Situation involving sale and leaseback transactions
Nil
(2) The company as the lessor
Operating lease with the company as the lessor
□Applicable □Not applicable
In RMB
Including: income related to variable lease payments not included in
Item Rental income
rental income
Rental of houses and equipment 13391341.58
Total 13391341.58
128WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Financing lease with the company as the lessor
□Applicable □Not applicable
Annual un-discounted rental income for the next five years
□Applicable □Not applicable
Adjustment table for un-discounted rental income and net lease investments: Nil
(3) Recognize gains/losses arising from financing lease sale with the company as producer or dealer
□Applicable □Not applicable
68. Data resource
Nil
69. Others
Nil
VIII. R&D expenditure
In RMB
Item Current period Last period
Employee compensation 153794341.30 136777851.37
Direct investment 105732400.86 78083296.26
Depreciation and amortization 50983948.92 52746394.50
Other 40211458.62 34625743.21
Total 350722149.70 302233285.34
Including: expensed R&D expenditure 350722149.70 302233285.34
1. R&D items that meet capitalization conditions
Nil
2. Important outsourced projects under research
Nil
IX. Changes in consolidation scope
1. Enterprise combination not under the same control
(1) Enterprise combines not under the same control occurred in the period
Nil
(2) Consolidation cost and goodwill
Nil
129WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(3) Book value of identifiable assets and liabilities of the merged party on the merger date
Nil
(4) Gains or losses arising from the remeasurement of equity held before the acquisition date at fair value
Whether it is a business combination realized by two or more transactions of exchange and a transaction of obtained control rights in
the Period or not
□Yes □No
(5) Explanation on the inability to reasonably determine the merger consideration or the fair value of
identifiable assets and liabilities of the acquired party on the purchase date or at the end of the merger
period
Nil
(6) Other explanation
Nil
2. Enterprise combination under the same control
(1) Enterprise combination under the same control that occurred in the current period
Nil
(2) Consolidation cost
Nil
(3) Book value of assets and liabilities of the merged party on merger date
Nil
3. Reverse purchase
Basic information of the transaction basis for the transaction constituting reverse acquisition whether the assets and liabilities
retained by the listed company constitute a business and the basis thereof determination of the combination cost amount of equity
adjustment when handled in accordance with equity transactions and its calculation.
4. Disposal of subsidiaries
Whether there are transactions or events involving the loss of control over subsidiaries in the current period or not
130WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
□Yes □No
Whether there is a a situation where the investment in a subsidiary is disposed of step by step through multiple transactions and
control is lost in the current period or not
□Yes □No
5. Changes in the scope of consolidation due to other reasons
Explanation of changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries
liquidation of subsidiaries etc.) and their related situations:
Investment and establishment: Weifu ET Hydrogen Energy Technology (Wuxi) Co. Ltd.
6. Others
Nil
X. Equity in other entities
1. Equity in subsidiary
(1) Constitute of enterprise group
In ten thousand
Registered Main operation Registered Shareholding ratio
Subsidiary Business nature Acquired way
capital place place Directly Indirectly
Spare parts of internal- Enterprise combines under
WFJN 34628.68 Nanjing Nanjing 80.00%
combustion engine the same control
Automobile exhaust Enterprise combines under
WFLD 50259.63 Wuxi Wuxi 100.00%
purifier muffler the same control
Spare parts of internal-
WFMA 16500 Wuxi Wuxi 100.00% Investment
combustion engine
Spare parts of internal-
WFCA 21000 Wuxi Wuxi 100.00% Investment
combustion engine
Enterprise combines under
WFTR 3000 Wuxi Wuxi Trading 100.00%
the same control
Spare parts of internal-
WFSC 7600 Wuxi Wuxi 66.00% Investment
combustion engine
Spare parts of internal- Enterprise combines not
WFTT 11136 Ningbo Ningbo 98.83% 1.17%
combustion engine under the same control
Spare parts of internal- Enterprise combines not
WFAM USD3310 Wuxi Wuxi 51.00%
combustion engine under the same control
WFLD Automobile exhaust
300 Wuhan Wuhan 60.00% Investment
(Wuhan) purifier muffler
WFLD Automobile exhaust
5000 Chongqing Chongqing 100.00% Investment
(Chongqing) purifier muffler
WFLD Automobile exhaust
3000 Nanchang Nanchang 100.00% Investment
(Nanchang) purifier muffler
WFAS 16500 Wuxi Wuxi Smart car equipment 66.00% Investment
WFLH 2000 Fuzhou Fuzhou Smart car equipment 40.00% Investment
Enterprise combines not
WFDT USD2000 Wuxi Wuxi Hub Motor 80.00%
under the same control
WFQL 50000 Wuxi Wuxi Fuel cell components 45.00% 30.00% Investment
Vacuum and hydraulic Enterprise combines not
VHCN 13400 Wuxi Wuxi 100.00%
pump under the same control
WFSS 35000 Wuxi Wuxi Smart car equipment 61.43% Investment
Hydrogen storage
WFET EUR1213.6 Wuxi Wuxi 51.00% Investment
equipment
SPV DKK13867.50 Denmark Denmark Investment 100.00% Investment
Enterprise combines not
IRD DKK12732 Denmark Denmark Fuel cell components 100.00%
under the same control
131WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Enterprise combines not
IRD America USD1543 America America Fuel cell components 100.00%
under the same control
Enterprise combines not
Borit EUR2183 Belgium Belgium Fuel cell components 100.00%
under the same control
Enterprise combines not
Borit America USD5 America America Fuel cell components 100.00%
under the same control
Vacuum and hydraulic Enterprise combines not
VHIO EUR500 Italy Italy 100.00%
pump under the same control
Explanation on shareholding ratio in subsidiary different from ratio of voting right:
The Company’s wholly-owned subsidiary WFAS jointly established WFLH with Ningbo Mihe Technology Co. Ltd. and
Qihengcheng Automotive Technology (Shanghai) Co. Ltd. The registered capital of WFLH at its establishment was RMB 20 million
with WFAS contributing RMB 8 million holding a 40% stake; Ningbo Mihe Technology Co. Ltd. contributing RMB 6 million
holding a 30% stake; and Qihengcheng Automotive Technology (Shanghai) Co. Ltd. contributing RMB 6 million holding a 30%
stake. According to the articles of association of WFLH and the relevant investment agreements WFAS is able to exercise control
over WFLH.Basis for holding half or less of the voting rights but still controlling the investee and holding more than half of the voting rights but
not controlling the investee: Nil
Basis for inclusion in the scope of consolidation of significant structured entities control: Nil
Basis for determining whether a company is an agent or a principal: Nil
Other explanation:
In February 2025 the Company together with Voith HySTech GmbH jointly invested to establish Weifu ET Hydrogen Energy
Technology (Wuxi) Co. Ltd. whose registered capital at the time of establishment is EUR12136000.00. The Company subscribed
for a capital contribution of EUR6189360.00 with 51.00% shareholding; Voith HySTech GmbH subscribed for a capital
contribution of EUR 5946640.00 with 49.00% shareholding. Since February 2025 the Company has included it in the scope of
consolidation of the consolidated financial statements.
(2) Important non-wholly-owned subsidiary
In RMB
Shareholding ratio of Gains/losses attributable to Dividend announced to distribute Ending equity of
Subsidiary
minority minority in the Period for minority in the Period minority
WFJN 20.00% 6121692.08 238396667.41
Explanation on holding ratio different from the voting right ratio for minority shareholders: Nil
Other explanation: Nil
(3) Main financial information of the important non-wholly-owned subsidiary
In RMB
Ending balance Opening balance
Subsi Non- Non-Non- Current Total Non- Current Total
diary Current Total current Current Total current current liabilitie liabilitie current liabilitie liabilitie
assets assets liabilitie assets assets liabilitie
assets s s assets s s
s s
WFJ 1077576 467293 1544870 303481 46908 350389 943823 574847 1518670 309127 45928 355056
N 716.95 376.06 093.01 848.74 025.17 873.91 610.32 189.45 799.77 770.07 252.37 022.44
In RMB
Current period Last period
Subsidiar Cash flow Total Total Cash flow
Operation from Operation
y Net profit comprehensiv Net profit comprehensive from operation Income operation Income
e income income activity
activity
312060940.130608460.420864345.0641568618.8121876628.7121876628.7103197928.0
WFJN 30608460.40
5074554
Other explanation: Nil
(4) Significant restrictions on the use of enterprise group assets and pay off debts of enterprise group
132WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Nil
(5) Financial support or other support provided to structured entities included in the scope of
consolidated financial statements
Nil
2. Transactions where the share of owners’ equity in subsidiaries changes while the company still
maintains control over the subsidiary
(1) Description of situation where the share of owners’ equity in subsidiaries changes
Nil
(2) Impact of the transaction on the minority shareholders' equity and the owners' equity attributable to
the parent company
Other explanation: Nil
3. Equity in joint venture and associated enterprises
(1) Important joint venture and associated enterprises
Joint venture or Main operation Registered Shareholding ratio Accounting treatment on investment for
Business nature
associated enterprise place place Directly Indirect joint venture and associated enterprises
WFEC Wuxi Wuxi Catalyst 49.00% Equity method
Internal-combustion
RBCD Wuxi Wuxi 32.50% 1.50% Equity method
engine accessories
Internal-combustion
Zhonglian Electronics Shanghai Shanghai 20.00% Equity method
engine accessories
Shareholding ratio different from the voting right ratio: Nil
Basis for holding less than 20% of the voting rights but having significant influence or holding 20% or more of the voting rights but
not having significant influence: Nil
(2) Main financial information of important joint ventures
Other explanation: Nil
(3) Main financial information of important associated enterprises
In RMB
Ending balance/Current period Opening balance/Last Period
Zhonglian Zhonglian
WFEC RBCD WFEC RBCD
Electronics Electronics
Current assets 2798360659.76 12718907625.75 1641080582.70 3041695695.74 12910623291.25 119577141.22
Non -current assets 409615350.79 3381936920.63 9053837750.71 472221845.21 3547389964.65 9254084391.23
Total assets 3207976010.55 16100844546.38 10694918333.41 3513917540.95 16458013255.90 9373661532.45
Current liabilities 1033285141.76 6693333424.86 1502550218.70 1270209456.66 7011624627.65 14640927.97
Non-current liabilities 178439302.24 7072613.32 182387083.75 169080572.93 7102848.04
Total liabilities 1211724444.00 6693333424.86 1509622832.02 1452596540.41 7180705200.58 21743776.01
Net assets 1996251566.55 9407511121.52 9185295501.39 2061321000.54 9277308055.32 9351917756.44
Minority interests
Equity attributable to
shareholders of the parent 1996251566.55 9407511121.52 9185295501.39 2061321000.54 9277308055.32 9351917756.44
company
Share of net assets
978163267.613198553781.321837059100.281010047290.273154284738.811870383551.29
calculated based on the
133WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
shareholding ratio
Adjustment matters
--Goodwill 267788761.35 1407265.96 267788761.35 1407265.96
--Unrealized profit of
-7670808.80-8111869.63
internal trading
--Other -0.28 -0.28
Book value of equity
investment in associated 978163267.61 3458671733.59 1838466366.24 1010047290.27 3413961630.25 1871790817.25
enterprise
Fair value of equity
investment for associated
enterprise with
consideration publicly
Operation income 1601080995.29 4370812361.63 13252075.68 1846803762.77 5271654599.19 17135271.43
Net profit 172976401.62 760784253.17 1333377744.95 221785840.51 1100633775.00 1254847847.50
Net profit from discontinued
operations
Other comprehensive
income
Total comprehensive
172976401.62760784253.171333377744.95221785840.511100633775.001254847847.50
income
Dividends received from
associated enterprise in the 117600000.00 49000000.00
year
Other explanation
Adjustment item for other “-0.28”: the differential tail;
(4) Summary of financial information of insignificant joint ventures and associated enterprises
In RMB
Ending balance/Current period Opening balance/Last period
Joint venture:
Amount based on shareholding ratio
Associated enterprise:
Total book value of investment 727456942.54 351004139.17
Amount based on shareholding ratio
--Net profit -74974261.24 -1393571.96
--Total comprehensive income -74974261.24 -1393571.96
(5) Major limitation on capital transfer ability to the Company from joint venture or associated
enterprise
Nil
(6) Excess loss occurred in joint venture or associated enterprise
Nil
(7) Unconfirmed commitment with joint venture investment concerned
Nil
(8) Contingent liability with joint venture or associated enterprise investment concerned
Nil
4. Major joint operation
Nil
134WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
5. Structured body excluding in consolidated financial statement
Relevant explanations for structured entities not included in the scope of the consolidated financial statements: Nil
6. Other
Nil
XI. Government grant
7. Government grant recognized at report ending in terms of amount receivable
□Applicable □Not applicable
Reasons for not receiving the expected amount of government grants at the expected time point
□Applicable □Not applicable
8. Liabilities involved with government grant
□Applicable □Not applicable
In RMB
Amount booked
Current increase Amount carried Other changes
Opening into non- Asset/income
Entities in government forward to other in current Ending balance
balance business income related
grant income period
in current period
Deferred
73326831.65 1990000.00 13643605.65 61673226.00 Asset related
income
Deferred Asset/income
2708708.6325000.002683708.63
income related
Deferred
75383795.46 10440090.50 10734155.52 501828.16 75591558.60 Income related
income
Total 151419335.74 12430090.50 24402761.17 501828.16 139948493.23
9. Government grant booked into current gains/losses
□Applicable □Not applicable
In RMB
Accounting title Current period Last period
Other revenue 33077846.97 40309960.72
Total 33077846.97 40309960.72
XII. Risk related to financial instruments
1. Risks from financial instruments
Main financial instrument of the Company including monetary funds structured deposits accounts receivable equity instrument
investment financial products loans and account payable etc. more details of the financial instrument can be found in relevant
items of Note VII. Risks concerned with the above-mentioned financial instrument and the risk management policy takes for lower
the risks are as follow:
Aims of engaging in the risk management is to achieve equilibrium between the risk and benefit lower the adverse impact on
performance of the Company to minimum standards and maximized the benefit for shareholders and other investors. Base on the
risk management targets the basic tactics of the risk management is to recognized and analyzed the vary risks that the Company
counted established an appropriate risk exposure baseline and caring risk management supervise the vary risks timely and reliably
in order to control the risk in a limited range.In business process the risks with financial instrument concerned happen in front of the Company mainly including credit exposure
market risk and liquidity risk. BOD of the Company takes full charge of the risk management target and policy-making and takes
135WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
ultimate responsibility for the target of risk management and policy. Compliance department and financial control department
manager and monitor those risk exposures to ensuring the risks are control in a limited range.Credit Risk
Credit risk refers to the risk that one party of a financial instrument fails to perform its obligations and resulting in the financial loss
of other party. The company's credit risk mainly comes from monetary funds structured deposits note receivable accounts
receivable other accounts receivable. The management has established an appropriate credit policy and continuously monitors the
exposure to these credit risks.The monetary funds and structured deposits held by the Company are mainly deposited in financial institutions such as commercial
banks the management believes that these commercial banks have higher credit and asset status and have lower credit risks. The
Company adopts quota policies to avoid credit risks to any financial institutions.For accounts receivable other receivables and bills receivable the Company sets relevant policies to control the credit risk exposure.To prevent the risks the company has formulated a new customer credit evaluation system and an existing customer credit sales
balance analysis system. The new customer credit evaluation system aims at new customers the company will investigate a
customer’s background according to the established process to determine whether to give the customer a credit line and the credit line
size and credit period. Accordingly the company has set a credit limit and a credit period for each customer which is the maximum
amount that does not require additional approval. The analysis system for credit sales balance of existing customers means that after
receiving a purchase order from an existing customer the company will check the order amount and the balance of the accounts
owed by the customer so far if the total of the two exceeds the credit limit of the customer the company can only sell to the customer
on the premise of additional approval otherwise the customer must be required to pay the corresponding amount in advance. In
addition for the credit sales that have occurred the company analyzes and audits the monthly statements for risk warning of accounts
receivable to ensure that the company’s overall credit risk is within a controllable range.The maximum credit risk exposure of the Company is the carrying amount of each financial asset on the balance sheet.Market risk
Market risk of the financial instrument refers to the fair value of financial instrument or future cash flow due to fluctuations in the
market price changes and produce mainly includes the IRR FX risk and other price risk.
1) Interest rate risk
IRR refers to the fluctuate risks on Company’s financial status and cash flow arising from rates changes in market. IRR of the
Company mainly related with the bank loans. In order to lower the fluctuate of IRR the Company in line with the anticipative
change orientation choose floating rate or fixed rate that is the rate in future period will goes up prospectively then choose fixed
rate; if the rate in future period will decline prospectively then choose the floating rate. In order to minor the bad impact from
difference between the expectation and real condition loans for liquid funds of the Company are choose the short-term period and
agreed the terms of prepayment in particular.
2) Foreign exchange risk
FX risks refer to the losses arising from exchange rate movement. The FX risk sustain by the Company mainly related with the USD
EUR SF JPY HKD DKK except for the USD EUR SF JPY HKD and DKK carried out for the equipment purchasing of parent
company and WFAS material purchasing of parent company technical service and trademark usage costs of parent company the
import and export of WFTR operation of IRD operation of Borit and operation of VHIO and other main business of the Company
are pricing and settle with RMB (yuan). As the foreign financial assets and liabilities takes minor ratio in total assets the Company
has small FX risk of the financial instrument considered by management of the Company.As of June 30 2025 except for the follow assets or liabilities listed with foreign currency assets and liabilities of the Company are
carried with RMB.* Foreign currency assets of the Company till end of June 30 2025:
Ending foreign Ending RMB balance
Item Convert rate Ratio in assets (%)
currency balance converted
Monetary funds
136WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Ending foreign Ending RMB balance
Item Convert rate Ratio in assets (%)
currency balance converted
Including: USD 24898489.10 7.1586 178238334.31 0.63
EUR 24863114.11 8.4024 208910008.02 0.74
HKD 7038125.85 0.91195 6418418.87 0.02
-
JPY 16498003.00 0.049594 818201.97
DKK 97140927.46 1.1263 109409826.59 0.39
Accounts receivable
Including: USD 2697452.11 7.1586 19309980.68 0.07
EUR 30082464.69 8.4024 252764901.31 0.89
DKK 24236367.20 1.1263 27297420.38 0.10
Other accounts receivable
Including: EUR 454612.94 8.4024 3819839.77 0.01
DKK 8246202.64 1.1263 9287698.03 0.03
Total ratio in assets 2.88
* Foreign currency liability of the Company till end of June 30 2025:
Ending foreign Ending RMB balance
Item Convert rate Ratio in assets(%)
currency balance converted
Accounts payable
Including: USD 686323.79 7.1586 4913117.48 0.06
EUR 23709748.03 8.4024 199218786.85 2.52
JPY 55008998.00 0.0496 2728116.24 0.03
DKK 31593316.38 1.1263 35583552.24 0.45
CHF 95156.24 8.9721 853751.30 0.01
Other accounts payable
Including: EUR 1087.90 7.1586 7787.84
DKK
Non-current liabilities due within one year
Including: USD 142410.22 7.1586 1019457.80 0.01
EUR 766847.71 8.4024 6443361.20 0.08
DKK 2608084.13 1.1263 2937485.16 0.04
Leasing liabilities
Including USD
EUR 2627660.73 8.4024 22078656.52 0.28
DKK 17473839.18 1.1263 19680785.07 0.25
Total ratio in liabilities 3.73
* Other pricing risk
The equity instrument investment held by the Company with classification astradable financial assets and other non-current financial
assets are measured on fair value of the balance sheet date. The fluctuation of expected price for these investments will affect the
gains/losses from changes in fair valuefor the Company.Furthermore on the premise of deliberated and approved in 8th meeting of 10th session of the BOD the Company exercise entrust
financing with the self-owned idle capital; therefore the Company has the risks of collecting no principal due to entrust financial
products default. Aims at such risk the Company formulated the Management Mechanism of Capital Financing and well-defined
the authority to entrust financial management audit process reporting system Choice of trustee daily monitoring and verification
and investigation of responsibility etc. In order to lower the adverse impact from unpredictable factors the Company choose short-
137WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
term and medium period for investment and investment product’s term is up to 5 years in principle; The variety of investment
includes bank financial products trust plans of trust companies asset management plans of asset management companies various
products issued by securities companies fund companies and insurance companies etc.Liquidity risk
Liquidity risk refers to the capital shortage risk occurred during the clearing obligation implemented by the enterprise in way of cash
paid or other financial assets. The Company aims at guarantee the Company has rich capital to pay the due debts therefore a
financial control department is established for collectively controlling such risks. On the one hand the financial control department
monitoring the cash balance the marketable securities which can be converted into cash at any time and the rolling forecast on cash
flow in future 12 months ensuring the Company on condition of reasonable prediction owes rich capital to paid the debts; on the
other hand building a favorable relationship with the banks rationally design the line of credit credit products and credit terms
guarantee a sufficient limit for bank credits in order to satisfy vary short-term financing requirements.
2. Hedge
(1) Risk management for hedge business
□Applicable □Not applicable
(2) The company conducts eligible hedging business and applies hedging accounting
Other explanation: Nil
(3) The company conducts hedging business for risk management purposes and expects to achieve the
risk management objectives but has not applied hedging accounting.□Applicable □Not applicable
3. Financial assets
(1) By transfer manner
□Applicable □Not applicable
In RMB
Amount of transferred Derecognized Judgment basis for
Transfer method Nature of transferred financial assets
financial asset or not derecognition
Bank acceptance bills in accounts
Bill Almost all of its risks and
receivable financing that have not yet 332387308.38 Derecognized
endorsement rewards have been transferred
matured
Bank acceptance bills in accounts
Almost all of its risks and
Bill discounting receivable financing that have not yet 355410716.69 Derecognized
rewards have been transferred
matured
Total 687798025.07
(2) Financial assets derecognized due to assignment
□Applicable □Not applicable
In RMB
Methods of transferring Amount of derecognized Gains/losses related to de-
Item
financial assets financial assets recognition
Accounts receivable financing Bill endorsement 332387308.38
Accounts receivable financing Bill discounting 355410716.69 -1612166.00
Total 687798025.07 -1612166.00
138WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(3) Financial assets which are assigned and involved continuously
□Applicable □Not applicable
Other explanation: Nil
XIII. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured at fair value
In RMB
Ending fair value
Item
First level Second level Third level Total
I. Sustaining measured at fair value -- -- -- --
(I) Tradable financial assets 1110489.45 1023934181.67 1025044671.12
1. Financial assets measured at fair value and
whose changes are included in current profits 1110489.45 1023934181.67 1025044671.12
and losses
(1) Investment in equity instrument 1110489.45 1110489.45
(2) Investment in other liability
1023934181.671023934181.67
instruments and equity instrument
(II) Other non-current financial assets 689856655.22 689856655.22
1. Financial assets designated to be measured
at fair value and whose changes are included 689856655.22 689856655.22
in current profits and losses
(1) Investment in equity instrument 689856655.22 689856655.22
(III)Receivable financing 2013389318.37 2013389318.37
1. Financial assets measured at fair value and
whose changes are included in other 2013389318.37 2013389318.37
comprehensive income
(IV) Other equity instrument investment 677790690.00 677790690.00
1. Financial assets measured at fair value and
whose changes are included in current 677790690.00 677790690.00
gains/losses
Total assets sustaining measured at fair value 1110489.45 4404970845.26 4406081334.71
II. non-persistent measure of fair value -- -- -- --
2. Recognized basis for the market price sustaining and non-persistent measured at fair value on first
level
On June 30 2025 the tradable financial assets equity instrument investments held by the Company Hanma Technology (Stock
code: 600375). The fair value at the end of the period is determined at the closing price as of June 30 2025.
3. The qualitative and quantitative information for the valuation technique and critical parameter that
sustaining and non-persistent measured at fair value on second level
Nil
4. The qualitative and quantitative information for the valuation technique and critical parameter that
sustaining and non-persistent measured at fair value on third level
(1) Financing of receivable
For this portion of financial assets the company uses the discounted cash flow valuation technique to determine their fair value.Among them the important unobservable input values mainly include the discount rate the maturity period of the contractual cash
flows etc. For the cash flows with a contractual maturity period within 12 months (inclusive) no discounting is carried out and
the cost is taken as their fair value.
139WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(2) Investments in other equity instruments
For this portion of financial assets due to the lack of market liquidity the company uses the replacement cost method to determine
their fair value. Among them the important unobservable input values mainly include the financial data of the invested company
etc.
(3) Investments in other debt instruments and equity instruments
For this portion of financial assets the company uses the valuation technique of discounted cash flows to determine them. Among
them the important unobservable input values mainly include the expected annualized rate of return the risk coefficient etc.
5. Continuous third-level fair value measurement items adjustment information between the opening
and closing book value and sensitivity analysis of unobservable parameters
Nil
6. Continuous fair value measurement items if there is a conversion between various levels in the
current period the reasons for the conversion and the policy for determining the timing of the
conversion
Nil
7. Changes in valuation technology during the current period and reasons for the changes
Nil
8. The fair value of financial assets and financial liabilities not measured at fair value
Nil
9. Other
Nil
XIV. Related party and related party transactions
1. Parent company of the company
Parent Registered capital shareholding ratio on the Voting right ratio on
Registration place Business nature
company （RMB） enterprise for parent company the enterprise
Wuxi Industry Operation of state-
Wuxi 6008531000.00 21.93% 21.93%
Group owned assets
Explanation on parent company of the company
As of June 30 2025 Wuxi Industry Group holds 21.93% equity of the company.Wuxi Industry Group is an enterprise controlled by the State-owned Assets Management Committee of Wuxi Municipal People’s
Government. Its business scope includes foreign investment by using its own assets house leasing services self-operating and acting
as an agent for the import and export business of various commodities and technologies (Except for goods and technologies that are
restricted by the state or prohibited for import and export) domestic trade (excluding national restricted and prohibited items).(Projects that are subject to approval in accordance with laws can be operated only after being approved by relevant departments).Ultimate controller of the Company is the State-owned Assets Supervision & Administration Commission of Wuxi Municipality of
Jiangsu Province.Other explanation: Nil
2. Subsidiary of the Company
For more details of the Company’s subsidiaries please refer to Note X.1(1) “Component of enterprise group”.
140WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
3. Joint venture and associated enterprise
For more details please refer to Note V.3. Equity in Joint Venture and Associated Enterprises.Other joint venture or associated enterprises which have related transaction with the Company in the current period or previous
periods: Nil
4. Other related party
Other related party Relationship with the Company
Robert Bosch Company Second largest shareholder of the Company
Guokai Metals Enterprise controlled by the parent company
Urban Public Distribution Enterprise controlled by the parent company
FAILCONTECH Enterprise controlled by the parent company
Jiangsu Huilian Aluminum Industry Co. Ltd. (hereinafter referred to as
Enterprise controlled by the parent company
“Huilian Aluminum Industry”)
Wuxi IoT Innovation Center Co. Ltd. (hereinafter referred to as “Wuxi IoT”) Enterprise controlled by the parent company
Jiangsu Wuxi National Grain Reserve Depot Co. Ltd. (hereinafter referred to
Enterprise controlled by the parent company
as “Wuxi Grain Depot”)
Wuxi Security Service Co. Ltd. (hereinafter referred to as “Wuxi Security”) Enterprise controlled by the parent company
Wuxi Zhongcui Food Co. Ltd. (hereinafter referred to as “Zhongcui Food”) Enterprise controlled by the parent company
Eleventh Design and Research Institute of Information Industry Electronic Enterprise indirectly controlled by parent
Science and Technology Engineering Co. Ltd. (hereinafter referred to as the company of the Companythe Company’s related
“Eleventh Institute of Science and Technology”) natural person serves as director
Enterprise indirectly controlled by parent
Wuxi Junhai Xichan Investment Management Co. Ltd. (hereinafter referred to
company of the Companythe Company’s related
as "Junhai Xichan")
natural person serves as director
Directors supervisors and senior executives of
Key management
the company
5. Related transaction
(1) Goods purchasing labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Content of
Approved Whether more than the
Related party related Current period Last Period
transaction limit transaction limit (Y/N)
transaction
WFPM Goods and labor 8667024.62 30000000.00 N 18856716.80
RBCD Goods and labor 121775133.27 252000000.00 N 121126592.18
WFEC Goods and labor 98795531.83 968000000.00 N 150641937.84
Bosch Goods and labor 116055402.96 281000000.00 N 111047597.86
FAILCONTECH Goods and labor 89960.17 Y 14500.00
Eleventh Institute of
Goods 0.00 N 28301.89
Science and Technology
Wuxi IoT Goods and labor 0.00 N 20660.38
Goods sold/labor service providing
In RMB
Related party Content of related transaction Current period Last Period
WFPM Goods and labor 697100.72 387979.10
RBCD Goods and labor 613584470.39 660179963.62
WFEC Goods and labor 358670.32 247567.53
141WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Bosch Goods and labor 1049548207.99 994815431.08
Changchun Xuyang Goods and labor 9557770.46 506713.80
Wuxi Zhuowei Goods and labor 4994665.10 5155881.45
Grain Reserves Goods and labor 3967.02 0.00
Description of related transactions in the purchase and sale of goods provision and acceptance of labor services
Nil
(2) Related trusteeship management/contract & entrust management/ outsourcing
Nil
(3) Related lease
The company as lessor:
In RMB
Lease income recognized in Lease income recognized at
Lessee Assets type
the Period last Period
WFEC Workshop 1004452.20 1003317.02
RBCD Parking lot 265200.00 234000.00
Lezhuo Bowei Workshop and equipment 1600014.00 1548658.50
Junhai Xichan Workshop 9174.32 0.00
Explanation on related lease
WFLD entered into a house leasing contract with WFEC. The plant locating at No.9 Linjiang Road Wuxi Xinwu District owed by
WFLD was rented out to WFEC. WFLD recognized that the rental income in the period from Jan. 1 2025 to June 30 2025 was
1004452.20 yuan.
WFJN signed a house leasing contract with Lezhuo Bowei. Lezhuo Bowei leased a portion of WFJN’s plant located at No. 12
Liuzhou North Road Pukou District Nanjing City. The lease term is from January 1 2025 to December 31 2025. WFJN has
confirmed the rental income of 1463214.00 yuan for the period from January 1 2025 to June 30 2025; Lezhuo Bowei also rented
some equipment from WFJN and WFJN confirmed equipment rental income of 136800.00 yuan in the period from January 1 2025
to June 30 2025.WFHT and Junhai Xichan signed a house lease contract reaching the following agreement on Junhai Xichan's rental of the office and
meeting room on the first floor of the annex building of the R&D building located at No. 17 Changjiang Road Wuxi: The rental
income for the period from January 1 2025 to June 30 2025 is 9174.32 yuan.The company as lessee:
In RMB
Variable lease
Simplified rental
payments not
fees for short-term Interest expense on
included in the Increased right-of-
leases and low value Rent paid lease liabilities
Assets measurement of use asset
Lesseor asset leases (if assumed
type lease liabilities (if
applicable)
applicable)
Current Last Current Last Last Current Last Current Last
Current period
period period period period period period period period period
Wuxi
AutoLink Housing
Intelligent and 2698200.00 0.00
Manufacturing equipment
Co. Ltd.Explanation on related leasing:
WFSS signed a lease contract with Wuxi AutoLink Intelligent Manufacturing Co. Ltd. The latter leased as a whole package its
property located at No. 8 Huayun Road Wuxi City (including workshops parking lots and supporting office furniture facilities
equipment etc.) to WFSS. The lease term is from June 1 2024 to May 31 2026. Based on this WFSS recognized the property lease
expenses of RMB 2698200.00 for the period from January to June 2025.
142WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(4) Connected guarantee
Nil
(5) Related party’s borrowed/lending funds
Nil
(6) Related party’s assets transfer and debt restructuring
Nil
(7) Remuneration of key management
In RMB
Item Current period Last period
Remuneration of key manager 1980000.00 1950000.00
(8) Other related transactions
In RMB
Related party Contents of item Current period Last period
WFPM Purchase of fixed assets 4075.81 3000.00
Robert Bosch Company Technology royalties paid etc. -- 2430001.29
Robert Bosch Company Purchase of fixed assets 396460.18 --
Robert Bosch Company Providing of technical services etc. 3539.82 --
WFEC Payable for technical services -- 258396.23
WFEC Providing of technology service etc. 769622.64 244150.94
WFEC Utilities payable 260287.4 106859.84
WFEC Sale of fixed assets 1483185.84
Lezhuo Bowei Utilities receivable 995901.03 888799.56
AutoLink Utilities payable 85129.73 --
Wuxi Industry Group Providing of technology service etc. -- 374764.15
Eleventh Institute of Science and Technology Purchase of fixed assets 100471.70 --
Zhongcui Food Purchase cafeteria ingredients 2017973.30 --
Urban public delivery Holding Purchase cafeteria ingredients 1491928.78 1086549.83
6. Receivable/payable items of related parties
(1) Receivable item
In RMB
Ending balance Opening balance
Item Related party Bad debts Bad debts
Book balance Book balance
reserve reserve
Accounts receivable WFPM 246700.75 4805.16 253087.10
Accounts receivable RBCD 640873405.61 2870670.80 807220878.29 3096153.84
Robert Bosch
Accounts receivable 552506295.11 867665.22 638685114.08 1347705.10
Company
Accounts receivable Lezhuo Bowei 5712044.31 5234363.76 0.03
Accounts receivable WFEC 2495330.24 2599809.56
Accounts receivable Changchun Xuyang 13735475.15 9644850.41
143WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Accounts receivable Wuxi Grain Depot 7409.48 242500.00
Other accounts Robert Bosch
3632005.25225599.822885068.34225599.82
receivable Company
Other accounts
AutoLink 449700.00 449700.00
receivable
Dividends receivable WFPM 5357758.49 5357758.49
Robert Bosch
Prepayments 2560854.64 10933876.91
Company
Prepayments AutoLink 207404.87
Robert Bosch
Other non-current assets 7513200.00
Company
Other non-current assets Wuxi Industry Group 5452800.00 5452800.00
Total 1233237183.90 3968741.00 1496473006.94 4669458.79
(2) Payable item
In RMB
Item Related party Ending book balance Opening book balance
Accounts payable WFPM 6722446.17 7803153.23
Accounts payable WFEC 50258720.88 581475733.94
Accounts payable RBCD 60231544.03 67673428.74
Accounts payable Robert Bosch Company 10425972.31 28113764.28
Accounts payable AutoLink 1478079.00
Eleventh Institute of Science
Accounts payable 46000.00
and Technology
Other current liabilities RBCD 0.05 0.05
Other current liabilities WFEC 9859.30
Other current liabilities WFPM 26394.04 26394.04
Other accounts payable WFPM 29000.00 29000.00
Unearned revenue Robert Bosch Company 41380.29
Contract liabilities WFPM 203031.12
Contract liabilities RBCD 0.36 0.36
Contract liabilities Robert Bosch Company 1241256.42 325299.33
Contract liabilities WFEC 75840.73
Contract liabilities WFPM 203031.12
Wuxi AutoLink Intelligent
Rent liability 3959404.89 2228404.32
Manufacturing Co. Ltd.Total 133097770.27 689529368.73
7. Undertakings of related party
Nil
8. Other
Nil
XV. Share-based payment
1. Overall situation of share-based payment
□Applicable ?Not applicable
2. Share-based payment settled by equity
□Applicable ?Not applicable
144WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
3. Share-based payment settled by cash
□ Applicable □ Not applicable
4. Current share-based payment expenses
□Applicable ?Not applicable
5. Modification and termination of share-based payment
Nil
6. Other
Nil
XVI. Undertakings or contingency
1. Important undertakings
Important commitments existing as of the balance sheet date
Nil
2. Contingency
(1) Major contingency on balance sheet date
* Contingent liabilities arising from providing debt guarantees for other entities and their financial impact
Guarantees for subsidiaries: as of June 30 2025 the Company has provided guarantees for all debts incurred by its subsidiary
VHWX and Shenzhen BYD Supply Chain Management Co. Ltd. due to performance obligations with the guaranteed amount being
10.00 million yuan.
As of June 30 2025 the Company has provided guarantee limit of 562.73 million yuan to its grandchild company VHIO. The scope
of the guarantee includes but is not limited to financing-related guarantees arising from the application for financing business
(including loans bank acceptance bills foreign exchange derivative transactions letters of credit letters of guarantee etc.) and
performance-related guarantees arising from daily operations.* Other contingent liabilities and their financial impact
The company has no other significant contingent matters that need to be disclosed.
(2) Explain reasons for the important contingency unnecessary to disclosed by the Company
The Company has no important contingency that need to disclosed
3. Other
Nil
XVII. Events after the balance sheet date
1. Important non-adjusting events
Nil
2. Profit distribution
Cash dividends for every 10 shares proposed to be
1
distributed (yuan)
Share bonus for every 10 shares proposed to be
0
distributed (shares)
145WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Transfer of capital reserve into share capital (per10
0
shares) proposed
Cash dividends for every 10 shares declared to be
1
distributed(yuan)
Share bonus for every 10 shares declared to be
0
distributed (shares)
Transfer of capital reserve into share capital (per 10
0
shares) approved
Based on the latest total share capital of the company (966785693 shares) a cash
dividend of RMB1.00 (including tax) will be distributed for every 10 shares
without bonus shares or capital reserve conversion into share capital. The total
planned cash dividend for this round is 96678569.30 yuan (including tax). If there
is a change in the total share capital of the company before the implementation of
Profit distribution plan
the distribution plan the company will distribute according to the principle of
unchanged distribution ratio and adjusted total distribution amount. The above-
mentioned distribution plan complies with the provisions of the company's articles
of association and the review procedures and fully protects the legitimate rights
and interests of small and medium-sized investors.
3. Return of sales
Nil
4. Other events after balance sheet date
Nil
XVIII. Other important events
1. Previous accounting errors correction
(1) Retrospective restatement
Nil
(2) Prospective application
Nil
2. Debt restructuring
Nil
3. Asset replacement
(1) Non-monetary asset replacement
Nil
(2) Other asset replacement
Nil
146WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
4. Pension plan
The Enterprise Annuity Plan under the name of WFHT has deliberated and approved by 8th meeting of 7th session of the BOD: in
order to mobilize the initiative and creativity of the employees established a talent long-term incentive mechanism enhance the
cohesive force and competitiveness in enterprise the Company carried out the above mentioned annuity plan since the date of reply
of plans reporting received from labor security administration department. Annuity plans are: the annuity fund are paid by the
enterprise and employees together; the enterprise’s contribution shall not exceed 8% of the gross salary of the employees of the
enterprise per year the combined contribution of the enterprise and the individual employee shall not exceed 12% of the total salary
of the employees of the enterprise. In accordance with the State’s annuity policy the Company will adjust the economic benefits in
due time in principle of responding to the economic strength of the enterprise the amount paid by the enterprise at current period
control in the 8% of the total salary of last year the maximum annual allocation to employees shall not exceed five times the average
allocation to employees and the excess shall not be counted towards the allocation. The individual contribution is limited to 1% of
one’s total salary for the previous year. Specific paying ratio later shall be adjusted correspondingly in line with the operation
condition of the Company.In December 2012 the Company received the Reply on annuity plans reporting under the name of WFHT from the labor security
administration department and later the Company entered into the Entrusted Management Contract of the Annuity Plan of WFHT
with PICC.
5. Termination of operation
Not applicable
6. Segment
(1) Recognition basis and accounting policy for reportable segment
Determine the operating segments in line with the internal organization structure management requirement and internal report ing
system. Operating segment of the Company shall satisfy the following conditions at the same time:
* The component is able to generate revenues and expenses in routine activities;
* Management of the Company is able to assess the operation results regularly and determine resources allocation and performance
evaluation for the component;
* The Company can obtain relevant accounting information such as the financial position operating results and cash flows of this
component through analysis.If two or more operating segments have similar economic characteristics and meet certain conditions they can be merged into one
operating segment.In consideration of the principle of importance the company determines the reporting segments on the basis of operating segments.The reporting segment of the company is a business unit that provides different products or services or operates in different regions.Due to the need for different technologies and market strategies in various businesses or regions the company independently
manages the production and operation activities of each reporting segment evaluates their operating results individually and decides
to allocate resources to them and evaluate their performance. The company mainly produces products of automotive internal
combustion engine fuel systems fuel cell components automotive parts mufflers purifiers vacuum and hydraulic pumps etc. And
it determines the reporting segments on the basis of products or service contents. However due to the mixed operation of related
businesses the total assets total liabilities and period expenses have not been allocated.
(2) Financial information for reportable segment
In RMB
Energy conservation Energy Energy Segment of Segment of green Offsetting
Item Total
and emission conservation and conservation Intelligent electric hydrogen products between
147WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
reduction: Segment emission and emission products segments
of automotive fuel reduction: reduction:
injection system Segment of Segment of
products automotive after- automotive
treatment system intake system
products products
Revenue 2381724163.43 1860756264.28 439052270.64 1037730573.71 41155361.05 5760418633.11
Cost 1863785197.66 1607812424.30 344452875.54 909058781.72 40113514.05 4765222793.27
(3) The company shall state the reasons if it has no reportable segments or is unable to disclose the total
assets and liabilities of each reportable segment.The company mainly produces products of automotive internal combustion engine fuel systems fuel cell components automotive
parts mufflers purifiers vacuum and hydraulic pumps etc. And it determines the reporting segments on the basis of products or
service contents. However due to the mixed operation of related businesses the total assets total liabilities and period expenses
have not been allocated.
(4) Other explanations
Nil
7. Major transaction and events influencing investor’s decision
Nil
8. Other
Nil
XIX. Principal notes of financial statements of parent company
1. Accounts receivable
(1) By account age
In RMB
Aging Ending book balance Beginning book balance
Within one year(inclusive) 1390634941.06 1482006067.41
Including: within six months 1380821175.95 1460455344.98
Six months to one year 9813765.11 21550722.43
1-2 years 4746680.94 6409424.43
2-3 years 4931500.72 8408261.89
Over three years 1271157.56 1242046.26
3 - 4 years 659157.04 546653.26
4 - 5 years 531522.85 583255.45
Over 5 years 80477.67 112137.55
Total 1401584280.28 1498065799.99
(2) Disclosure by classification based on the accrual method of bad debts reserve
In RMB
Ending balance Opening balance
Category
Book balance Bad debts reserve Book Book balance Bad debts reserve Book
148WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Accrual Accrual
Amount Ratio Amount value Amount Ratio Amount value
ratio ratio
Accounts receivable
1374631.1374631.1439571.1439571.
with bad debts reserve 0.10% 100.00% 0.10% 100.00%
accrued on single basis 66 66 54 54
Including:
Accounts receivable
14002094583456.139562614966266690538.1489935
with bad debts reserve 99.90% 0.33% 99.91% 0.45%
accrued on portfolio 648.62 66 191.96 228.45 40 690.05
Including:
Receivables from 1198225 4583456. 1193641 1331265 6690538. 1324575
customers 85.49% 0.38% 88.87% 0.50% 167.36 66 710.70 647.15 40 108.75
Receivables from 2019844 2019844 1653605 1653605
internal related parties 14.42% 11.04% 81.26 81.26 81.30 81.30
14015845958088.139562614980658130109.1489935
Total 100.00% 0.43% 100.00% 0.54%
280.2832191.96799.9994690.05
Bad debts reserve accrued on single basis:
In RMB
Beginning balance Ending balance
Name Book Bad debts Book Bad debts Accrual
Accrued causes
balance reserve balance reserve ratio
SAIC HONGYAN Have difficulty in
935626.30935626.30870686.42870686.42100.00%
Automotive Co. Ltd collection
Tianjin Leiwo Engine Co. Have difficulty in
503945.24503945.24503945.24503945.24100.00%
Ltd. collection
Total 1439571.54 1439571.54 1374631.66 1374631.66
Bad debts reserve accrued on portfolio:
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Within 6 months 1178836694.69
6 months to one year 8943078.69 894307.87 10.00%
1-2 years 4746680.94 949336.18 20.00%
2-3 years 4931500.72 1972600.29 40.00%
Over 3 years 767212.32 767212.32 100.00%
Total 1198225167.36 4583456.66
Explanation on determining the basis of this portfolio:
In the portfolio accounts receivable from internal related parties:
Name of related party Amount Ratio of bad debts reserve (%)
WFTR 101538714.88
WFSC 40701961.92
VHWX 27260252.82
WFSS 24188215.69
WFLD 3820430.64
WFAM 2846945.66
WFQL 1603782.88
WFET 19341.08
WFAS 4835.69
Total 201984481.26
Bad debts reserves accrued on general model of expected credit loss:
□Applicable □Not applicable
149WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(3) Bad debts reserve accrued recovered or reversed
Bad debts reserve accrued in the period:
In RMB
Amount changed in the period
Category Opening balance Recovered or Ending balance
Accrued Written-off Other
reversed
Accrued on single basis 1439571.54 64939.88 1374631.66
Accrued on portfolio 6690538.40 1972342.36 134739.38 4583456.66
Total 8130109.94 0.00 2037282.24 134739.38 0.00 5958088.32
Important bad debts reserve recovered or reversed in the period：Nil
(4) Accounts receivable written off in the Period
In RMB
Item Write-off amount
Actual written-off accounts receivable 134739.38
(5) Top 5 receivables and contract assets at ending balance by debtor
In RMB
Ending Ratio in total ending Ending balance of bad
Ending balance of
Ending balance of balance of balance of accounts debts reserve and
Name accounts receivable and
accounts receivable contract receivable and impairment provision of
contract assets
assets contract assets contract assets
RBCD 640871936.61 640871936.61 45.72% 2870670.80
Robert
Bosch 193493767.27 193493767.27 13.81% 452865.50
Company
Client 2 114583033.92 114583033.92 8.18% 250.00
WFTR 101538714.88 101538714.88 7.24%
Client 4 63701626.15 63701626.15 4.54%
Total 1114189078.83 1114189078.83 79.49% 3323786.30
2. Other accounts receivable
In RMB
Item Ending balance Opening balance
Interest receivable 1279404.99 6702396.94
Dividends receivable 510296644.26 5357758.49
Other accounts receivable 1255090046.73 1417306880.03
Total 1766666095.98 1429367035.46
(1) Interest receivable
1) Category of interest receivable
In RMB
Item Ending balance Opening balance
Interest receivable of subsidiaries 1279404.99 6702396.94
150WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Total 1279404.99 6702396.94
2) Significant overdue interest
Other explanation: Nil
3) Accrued bad debts reserve
□Applicable □Not applicable
4) Bad debts reserve accrued recovered or reversed
Nil
5) Interest receivable charged off during the report period
Nil
(2) Dividends receivable
1) Category of dividends receivable
In RMB
Investee Ending balance Opening balance
Zhonglian Electronics 300000000.00
RBCD 204938885.77
WFPM 5357758.49 5357758.49
Total 510296644.26 5357758.49
2) Important dividends receivable with aging over one year
Nil
3) Accrued bad debts reserve
□Applicable □Not applicable
4) Bad debts reserve accrued recovered or reversed
Nil
5) Dividends receivable charged off during the report period
(3) Other accounts receivable
1) By nature
In RMB
Nature Ending book balance Opening book balance
Staff loans and petty cash 528104.67 330080.00
Balance of related party in the consolidation scope 2885583741.12 3051023208.99
Margin 3018966.99 3097870.78
Social security and provident fund paid 6137410.85 6199417.67
Other 6813617.11 3051521.21
Total 2902081840.74 3063702098.65
2) By aging
151WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
In RMB
Aging Ending book balance Beginning book balance
Within one year (One year included) 146839052.63 216098598.61
Including: within 6 months 146839052.63 38421387.82
6 months to one year 177677210.79
1-2 years 23838960.57 279688422.50
2-3 years 933729008.92 2566161181.33
Over 3 years 1797674818.62 1753896.21
3-4 years 1797417538.62 50000.00
4-5 years 250080.00 1688070.00
Over five years 7200.00 15826.21
Total 2902081840.74 3063702098.65
3) Disclosure by classification based on the accrual method of bad debts reserve
Provision for bad debts reserve based on the general model of expected credit loss:
In RMB
Phase I Phase II Phase III
Expected credit loss for Expected credit loss for
Bad debts reserve Expected credit the entire duration the entire duration (with Total
loss over next 12
(without credit credit impairment
months
impairment occurred) occurred)
Balance of Jan. 1 2025 2326890.69 1644068327.93 1646395218.62
Balance of Jan. 1 2025 in the
period
Current accrual 607825.39 607825.39
Current reversal 11250.00 11250.00
Balance on June 30 2025 2934716.08 1644068327.93 1646991794.01
Change of book balance of loss provision with amount has major changes in the period
□Applicable □Not applicable
4) Bad debts reserve accrued recovered or reversed
Bad debts reserve accrued in the period:
In RMB
Amount changed in the period
Category Opening balance Ending balance
Accrued Recovered or reversed Written-off Other
Bad debts
1646395218.62607825.3911250.001646991794.01
reserve
Total 1646395218.62 607825.39 11250.00 1646991794.01
Including the important bad debts reserve recovered or reversed in the period
5) Other receivables charged off during the report period
Nil
6) Top 5 other receivables at ending balance by debtor
In RMB
Ratio in total
Ending balance of
Name Nature Ending balance Aging ending balance of
bad debts reserve
other receivables
WFTR Balance of related party in 2728260000.00 2-4 years 94.01% 1644068327.93
152WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
the consolidation scope
Balance of related party in
WFCA 133610000.00 Within 1 year 4.60%
the consolidation scope
Balance of related party in
IRD Fuel Cells A/S 23713741.12 1-2 years 0.82%
the consolidation scope
Wuxi Xingzhou
Energy
Security deposit 1045373.12 1-4 years 0.04% 523949.19
Development Co.Ltd.Wuxi Youlian
Thermal Power Security deposit 750000.00 3-4 years 0.03% 750000.00
Co. Ltd.Total 2887379114.24 99.50% 1645342277.12
7) Those booked into other accounts receivable due to centralized fund management
Other explanation: Nil
3. Long-term equity investments
In RMB
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment in
4144257102.634144257102.633846281133.433846281133.43
subsidiary
Investment in
associated
5516981272.315516981272.315533108674.145533108674.14
enterprises and
joint venture
Total 9661238374.94 9661238374.94 9379389807.57 9379389807.57
(1) Investment in subsidiaries
In RMB
Opening Changes in current period Ending
Opening balance balance of Impairment Ending balance balance of Investee
(book value) impairment Additional Negative provision Other (book value) impairment
provision Investment Investment accrued provision
WFJN 185704551.82 185704551.82
WFLD 658974151.79 658974151.79
WFMA 170989402.39 170989402.39
WFCA 222662029.98 222662029.98
WFTR 33726511.51 33726511.51
WFSC 51116685.47 51116685.47
WFTT 238063380.00 238063380.00
WFAM 82454467.99 82454467.99
WFDT 54012820.23 54012820.23
SPV 1564188899.46 273914271.20 1838103170.66
WFLD(Chongqing) 191160.00 191160.00
WFAS 631890.00 631890.00
WFQL 225000000.00 225000000.00
VHWX 143559879.99 143559879.99
WFSS 215005302.80 215005302.80
WFET 24061698.00 24061698.00
Total 3846281133.43 297975969.20 4144257102.63
153WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
(2) Investment in associated enterprises and joint venture
In RMB
Current changes (+/ -)
Opening Opening Ending Ending
balance balance of Investment Cash balance balance of Investee
(book impairment Other gain/loss Other dividend Impairment (book provision
value) provision Additional Capital comprehensive recognized equity or profit provision Other value) impairment
investment reduction income
under change announced accrued
adjustment
equity to issued
I. Joint venture
II. Associated enterprise
3273333157
24729642049388
RBCD 96963. 54571.
94.5385.77
1490
1871718384
Zhonglian 2666755 3000000
90817.66366.
Electronics 48.99 00.00
2524
-
442931884444253
WFPM 228815.0
972.277.12604.31
8
-20410
210866
AutoLink 6758663. 7486.6
149.89
218
-11439
Lezhuo 132760
18361529243.1
Bowei 771.59
8.418
5533155169
4886230188445049388
Subtotal 08674. 0.00 81272.
36.827.1285.77
1431
5533155169
4886230188445049388
Total 08674. 81272.
36.827.1285.77
1431
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable □Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable □Not applicable
Reasons for significant inconsistencies between the aforementioned information and the information used in impairment tests of
prior years or external information
Nil
Reasons for significant inconsistencies between the information used in the company’s impairment tests of prior years and the
actual situation of the current year
Nil
(3) Other explanations
Nil
4. Operating income and cost
In RMB
Current period Last period
Item
Income Cost Income Cost
Main business 1671101977.89 1426898652.14 1571269780.01 1272653914.93
Other business 149675813.72 127350888.53 76619546.23 53197251.79
Total 1820777791.61 1554249540.67 1647889326.24 1325851166.72
5. Investment income
In RMB
Item Current period Last period
154WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Investment income of tradable financial assets during holding period 4729903.52 34771161.26
Investment income in subsidiaries 475645907.12
Investment income in joint ventures and associated enterprises 488623036.82 603770972.68
Revenue from debt restructuring -81788.63 -81000.00
Investment income from disposing of tradable financial assets 957401.23
Total 969874460.06 638461133.94
6. Others
Nil
XX. Supplementary Information
1. Current non-recurring gains/losses
□Applicable □Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current assets -5161965.77
Governmental grants reckoned into current gains/losses (except for those with normal operation business
concerned and conform to the national policies & regulations and are continuously enjoyed at a fixed or 19434241.32
quantitative basis according to certain standards)
Except for the effective hedging operations related to normal business operation of the Company the
gains/losses from changes in fair valuefrom holding the tradable financial assets and trading financial
28831770.24
liabilities and the investment earnings obtained from disposing the tradable financial asset trading financial
liability and financial assets available for sale
Gains/losses of assets delegation on others’ investment or management 8904917.47
Reversal of impairment provision for receivables separately tested for impairment transfer back 315417.09
Gains/losses of debt restructuring -110699.11
Other non-operating income and expenditure except for the aforementioned items 3396476.85
Less: Impact on income tax 7648195.82
Impact on minority shareholders’ equity (After tax) 1434107.96
Total 46527854.31 --
Specific information on other items of gains/losses that qualified the definition of non-recurring gains/losses
□Applicable □Not applicable
The Company does not have other gains/losses that qualified the definition of non-recurring gains/losses
Information on the definition of non-recurring gains/losses that are listed in the Q&A Announcement No.1 on Information
Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring) Gain)/Loss as the recurring
gains/losses
□Applicable □Not applicable
2. ROE and earnings per share
Earnings per share
Weighted
Profits during report period average Basic earnings per Diluted earnings
ROE share per share
(RMB/Share) (RMB/Share)
Net profits attributable to common stock stockholders of the Company 3.49% 0.72 0.72
Net profits attributable to common stock stockholders of the Company
3.26%0.670.67
after deducting non-recurring gains/losses
155WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report under both IAS
(International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting
Principles)
□ Applicable □ Not applicable
(2) Difference of the net profit and net assets disclosed in financial report under both foreign
accounting rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable □ Not applicable
(3) Explanation on data differences under the accounting standards in and out of China; as for the
differences adjustment audited by foreign auditing institute listed name of the institute
Nil
4. Other
Nil
156WEIFU HIGH-TECHNOLOGY GROUP CO. LTD. SEMI-ANNUAL REPORT 2025
Section IX. Other Reported Data
I. Status of other major social security issues
Whether the listed company and its subsidiaries have other major social security issues or not
□ Yes □ No ? Not Applicable
Whether any administrative penalties were imposed during the report period or not
□ Yes □ No ? Not Applicable
II. Reception of research communication and interview during the report period
□Applicable □Not applicable
Reception Reception Reception Reception Main content talked about Index of basic
Reception mode
time place object type Object and materials provided situation of research
The company
Investor answered 24 investor
The company’s fundamental
2025.01.01 - relations questions online
Written inquiry Other Other situation and views on the
2025.06.30 interactive through the Investor
market
platform Relations Interactive
Platform.The company’s fundamental
2025.01.01- Company Telephone 410 investor telephone
Other Other situation and views on the
2025.06.30 telephone communication communication
market
Please refer to the Investor
Online Online
Relations Activity Record
Value communication http://www.cninfo.co
2025.05.07 Other Other (No.: 2025-001) disclosed
www.ir- via network m.cn
by the Company on
online.cn platform
CNINFO for details.III. Status of fund transactions between the listed company and its controlling shareholders
and other related parties
□ Applicable □ Not applicable
In ten thousand yuan
Amount Amount
Interest
Name of Opening incurred in repaid in Ending Interest
Nature of transaction expenditur
counterparty balance report report balance income
e
period period
Wuxi Industry
Operating transaction 545.28 545.28
Group
WFCA Non-operating transaction 10978.11 3700 1317.11 13361
WFTR Non-operating transaction 275826 3000 272826
IRD Non-operating transaction 13685.32 168.36 11354.37 2499.31 158.83
Borit Non-operating transaction 4554.71 63.55 4618.26 0 59.95
WFSC Non-operating transaction 0 1000 1000 0
Total -- 305589.42 4931.91 21289.74 289231.59 218.78
BOD of Weifu High-Technology Group Co. Ltd.Chairman:________________________
Yin Zhenyuan
August 26 2025
157
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