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先导智能:2023 Annual Report

公告原文类别 2024-04-30 查看全文

Stock code:300450 Stock abbreviation:LEAD Statement number:2024-034

Wuxi Lead Intelligent Equipment Co. Ltd.2023 Annual Report SummaryLEAD-2023 Annual Report Summary

SECTION I IMPORTANT NOTICE

This summary of the annual report is from the full text of the annual report. To fully understand the business performance

financial condition and future development planning of the Company investors should read the full text of the annual

report for details.All members of the board of directors attended the Board meeting to review this report.BAKER TILLY International Accounting Firm (Special General Partnership) has issued an auditor’s report with an

unqualified opinion to the Company.Changes in accounting firms during this reporting period: The company's accounting firm for this year is still BAKER

TILLY International Accounting Firm (Special General Partnership)

Non-standard audit opinion reminder

□Applicable□Not applicable

The company was not profitable at the time of its listing and is currently not generating profits

□Applicable□Not applicable

Profit distribution plan or plan for converting reserve funds into share capital for the reporting period reviewed by the

board of directors

□Applicable □Not applicable

The profit distribution plan approved by the board of directors this time is as follows: based on total share capital of 1554889537

a cash dividend of 3.43 yuan (including tax) will be distributed to all shareholders for every 10 shares 0 bonus shares (including

tax) will be given and 0 additional shares will be issued to all shareholders for every 10 shares using capital reserves.The profit distribution plan for preferred shares approved by the board of directors during this reporting period

?Applicable □Not applicable

The report is compiled in both Chinese and English. In case of any ambiguity in the understanding of the Chinese and Engl

ish versions the Chinese version shall prevail.

1LEAD-2023 Annual Report Summary

SECTION II COMPANY PROFILE

1 Company Profile

Stock abbreviation LEAD Stock code 300450

Stock exchange Shenzhen Stock Exchange

Contact person and means of contact Secretary to the Board Securities affairs representative

Name Yao Yao Zhu Qi

No.18 Xinzhou Road Xinwu District Wuxi No.18 Xinzhou Road Xinwu District Wuxi

Office address

Jiangsu Province Jiangsu Province

Fax 0510-81163648 0510-81163648

Telephone 0510-81163600 0510-81163600

Mailbox yao.yao@leadintelligent.com qi.zhu@leadintelligent.com

2 Main Businesses/Products of the Company during the Reporting Period

(1)Basic industry condition

The Company specializes in R&D manufacturing and sales of high-end non-standard intelligent equipment and is a world-

leading new energy equipment service provider. Its businesses cover lithium-ion battery intelligent equipment photovoltaic

intelligent equipment 3C intelligent equipment intelligent logistics automobile intelligent production line hydrogen energy

equipment and laser precision processing equipment etc. The Company belongs to Intelligent Manufacturing industry including:

lithium-ion battery intelligent equipment manufacturing photovoltaic intelligent equipment manufacturing 3C equipment

manufacturing automobile production line manufacturing hydrogen energy equipment manufacturing and laser precision

processing equipment manufacturing industry. According to the "Guidelines for Industry Classification of Listed Companies"

issued by the China Securities Regulatory Commission (CSRC) in October 2012 the company falls under the category of "C35

Special Equipment Manufacturing Industry."

(2)Development status-quo and future development trend of different businesses of the Company

1. Lithium-ion battery equipment

The lithium-ion battery includes EV energy storage and digital types and lithium-ion battery equipment industry provides

special equipment to downstream lithium-ion battery manufacturers.EV battery. In the long-term view as a response to global climate change different countries actively pursue and promote

green and sustainable development: the automotive industry is heading toward electrification and new energy automotive industry

is prospering at a fast speed. According to statistics from sources such as research institute EV Tank and the China Association of

Automotive Industry the total global sales of the new energy vehicles reached 14.653 million a year-on-year increase by 35.4%.EV sales in China reached 9.495 million accounting for 64.8% of the global sales with a year-on-year increase of 35.4% and

2LEAD-2023 Annual Report Summary

penetration rate of 31.6% (increasing by 5.9 percent compared with 2022). EV sales of US and Europe reached 2.948 million and

1.468 million with respective increase rate of 18.3% and 48.0%. The fast growth of EV sales brings with it the stark increase of

EV battery shipment. The White Paper on the Development of China's New Energy Vehicle Power Battery Industry (2024) shows

that global EV battery shipments reached 865.2GWh in 2023 a year-on-year increase of 26.5%. EV Tank predicts that global

power battery shipments will reach 3368.8GWh by 2030 with nearly three times the growth potential compared to 2023.In the short term compared to the structural overcapacity problem caused by the significant expansion of domestic EV

battery factories overseas expansion is more rational and the expansion of overseas EV battery factories will be further

accelerated in the future. The EU is determined to reduce emissions and establish strict carbon emission standards. Major

European countries release new energy policies one after anther and they continue to promote the electrification process. In this

context European battery manufacturers like ACC and Northvolt are increasing. Secondly the IRA bill drives the localization of

the US electric vehicle industry chain accelerating the construction of Japanese and Korean battery factories such as LG and SK

in the US. Moreover vehicle manufacturers such as Volkswagen and Ford are gradually expanding their production in the

upstream battery sector or establishing their own battery factories or joint venture factories. In general there’s still large growth

space for Chinese equipment manufacturers with global competitiveness.Energy storage batteries. In the context of carbon neutrality promoting the energy revolution and building a new type of

power system dominated by new energy has become a global consensus. New energy storage (mainly including electrochemical

energy storage compressed air energy storage flywheel energy storage etc.) as an important means to enhance the stability of the

power grid is the core of achieving dynamic balance between power supply and demand. Among them electrochemical energy

storage has the advantages of flexibility and high energy ratio and is increasingly becoming an important way of new energy

storage which will drive the rapid development of the energy storage battery industry. In 2023 driven by the growth of wind and

photovoltaic installed capacity and the decline in lithium carbonate prices the demand for energy storage will continue to increase.According to GGII statistics the global shipment of energy storage batteries reached 225GWh in 2023 a year-on-year increase of

50%. Among them the shipment volume of energy storage batteries in China reached 206GWh a year-on-year increase of 58%

accounting for 91.6% of the global shipment volume in total.Digital battery. With the continuous expansion of the scale of consumer electronics products the enrichment of application

environments and the increasing penetration among average consumers the overall market of China's consumer lithium-ion

battery industry is developing well. Generally speaking in traditional consumer sectors such as laptops and smartphones the

market size of lithium-ion batteries is relatively stable. The emerging electronic fields such as wearable devices drones Bluetooth

speakers AR/VR devices AIPC MR etc. are showing a rapid development trend. In addition with the rise of the AI wave major

manufacturers are actively exploring and are expected to lead a new round of product innovation cycle in consumer electronics

thereby stimulating further growth in terminal demand and bringing more opportunities to the lithium-ion battery market.

3LEAD-2023 Annual Report Summary

According to Mordor Intelligence the global consumer lithium-ion battery market is expected to reach $27.33 billion in 2025

with a compound growth rate of 20.27% from 2020 to 2025.

2. Photovoltaic equipment industry

The photovoltaic equipment industry provides special equipment for the production of photovoltaic cells and modules.Against the backdrop of the "dual carbon"(carbon neutrality and carbon peaking) goal the world is currently in an important

stage of energy structure transformation and countries have significantly increased their emphasis on renewable energy.According to the net-zero emissions roadmap of the International Energy Agency (IEA) it is expected that the level of

electrification will gradually increase with the transition to green energy and it is expected that electricity will account for more

than 50% of energy consumption by 2050. Among them the proportion of solar wind power generation needs to reach about 70%

and the proportion of solar energy is expected to exceed 40%. In December 2023 the President of the European Union jointly

launched the "Global Renewable Energy and Energy Efficiency Commitment" initiative with 118 countries at the COP28 World

Climate Action Summit proposing to double the global installed capacity of renewable energy generation to at least 11000GWh

by 2030. With the rapid decline in photovoltaic costs and the development of supporting facilities the photovoltaic industry is still

in a high growth stage with strong market potential in the long term. According to official data from the International Renewable

Energy Agency (IRENA) the global installed capacity of new photovoltaic systems in 2023 was 345.5GW a year-on-year

increase of 32.2%. According to data from the National Energy Administration the installed capacity of domestic photovoltaic

power generation in 2023 was 216.88 GWh a year-on-year increase of 148.12%. Overall with the promotion of the global "dual

carbon" process the photovoltaic industry has broad development space in the future. The continuous growth of terminal installed

capacity in the photovoltaic industry has driven the continuous expansion of production in the upstream and downstream of the

industry chain. At the same time the continuous progress of photovoltaic technology in all aspects also drives the replacement of

existing production capacity. The demand for expansion and substitution constitute the market demand for photovoltaic equipment.Driven by technological progress and continuous growth in downstream market demand the demand for high-performance

equipment represented by core links such as silicon wafer equipment battery equipment and component equipment continues to

increase.

3. 3C equipment industry

3C equipment industry provides special equipment for the manufacturing and inspection of 3C products.

In 2023 the 3C market has fully recovered and the demand for 3D metrology 3D assembly and testing equipment has been

fully initiated and invested. At the same time the 3D appearance and 3D content of consumer electronic products have spurred the

explosive growth of new MR products. The increment of sensors and other components as well as the gradual replacement of

traditional processes by precision dispensing technology have given rise to the demand for multi-axis 3D precision fluid

4LEAD-2023 Annual Report Summary

equipment due to the evolution of product irregular structures. The transfer of most of the production capacity from top customers

in the consumer electronics sector to Southeast Asia has led to a significant increase in investment in non-standard equipment.

4. Automotive production line automation equipment industry

Automotive production line automation equipment industry provides special equipment to cell module assembly line PACK

line and electric drive production line.The automotive industry has a relatively high level of automation and improves assembly quality and shortens production

cycles by adopting modular production. In the past few years as the new energy vehicle industry was still at growing stage the

automation level in the production and manufacturing of battery modules PACK and electric drive was relatively low. Since 2020

the new energy vehicle industry at home and abroad has accelerated. Global leading car makers such as Volkswagen BMW and

Daimler have accelerated their transformation towards electrification and the industry scale has rapidly expanded which has put

forward higher requirements for the automation level of the entire production line. The automotive industry is building a new

modular production platform based on key links such as new energy powertrain (battery electric drive) and the areas of battery

module production lines PACK production lines electric drive production lines and equipment upgrading of existing production

line have called for more intelligent and higher automation production.

5. Hydrogen energy equipment industry

The hydrogen energy equipment industry provides special equipment to fuel cells and PEM electrolyzer.Hydrogen energy is an important component of the energy system and will be widely applied in fields such as transportation

industry chemical industry steel and construction. It will deeply promote carbon neutrality or low-carbon transformation in

industries build a clean safe and efficient new generation energy system and help achieve the national strategy of carbon peak

and carbon neutrality. In recent years countries including Japan ROK the United States Europe and the Middle East have all

released hydrogen energy strategic development plans. For example ROK expects hydrogen energy to become its largest energy

source by 2050 accounting for 33% of its energy consumption; Germany expects hydrogen imports to account for 50% -70% of

the total hydrogen supply by 2030. China is also actively developing hydrogen energy. In 2022 the National Development and

Reform Commission and the National Energy Administration jointly issued the "Medium and Long Term Plan for the

Development of Hydrogen Energy Industry (2021-2035)" which formulated a long-term development strategy for hydrogen

energy. In 2023 local governments have implemented multiple policies to promote the hydrogen energy industry at the national

level. For example in June 2023 Hebei Province issued the "Hebei Province Hydrogen Industry Safety Management Measures"

which stipulated the safety management of the production transportation filling and use of hydrogen products within the

province. In September 2023 Shandong Province implemented the Notice on Carrying out Pilot Demonstration Construction of

Energy Green and Low Carbon Transformation encouraging the development of wind power photovoltaic power generation and

nuclear hydrogen production. In addition to policy support progress in material technology and production processes as well as

5LEAD-2023 Annual Report Summary

the localization of key components continue to drive down the cost of fuel cell systems. According to Frost&Sullivan's statistics

the price of hydrogen fuel cell systems has decreased from 12300 yuan/kW in 2018 to 4800 yuan/kW in 2022 a compound annual

decrease of 21.0%. With policy support and industry joint efforts the hydrogen energy industry has shown a positive development

trend with the initial establishment of the industrial chain system positive progress in technology research and development and

accelerated marketization. With the expansion of industry scale the demand for high-end hydrogen production and testing

equipment is expected to gradually release.

(3)Company status in the industry

The Company continues to focus on the development of new energy and high-end equipment. In the field of intelligent

equipment manufacturing such as lithium-ion batteries energy storage batteries hydrogen batteries and photovoltaic cells for new

energy vehicles the Company continues to focus on research and innovation to solve the bottleneck equipment problems in the

industry actively promoting efficiency improvement cost reduction and high-quality rapid development of the industry.Nowadays the Company has become the only enterprise in the world that can provide whole line solutions for new energy

intelligent equipment with a market share ranking first in the world for many consecutive years.In the field of lithium-ion intelligent equipment the Company is the world's largest high-end lithium-ion battery equipment

and turn-key solution provider mastering core technologies such as EV energy storage digital lithium-ion battery cells whole

line equipment from mixing coating calendering notching winding/stacking assembly and formation as well as complete sets of

intelligent manufacturing turn-key solutions. The technology and performance of lithium-ion intelligent equipment have reached

the world's advanced level. The Company has maintained good cooperative relationships with several world-class automotive and

lithium-ion battery companies around the world including Tesla Volkswagen BMW Mercedes Benz CATL BYD SDI LG SK

on Panasonic ATL NORTHVOLT ACC EVE CALB GOTION and SVOLT and has accumulated rich experience in the

lithium-ion battery equipment industry. The Company's performance in the front middle and rear stages of lithium-ion battery

equipment has reached the world-leading level and its advantageous product categories have been further enriched and its market

share has been further expanded. According to Frost&Sullivan's statistics based on the 2022 order value the Company is the

largest provider of lithium-ion battery intelligent equipment in China and the world with a market share of 24.1% in China and a

global market share of 17.5%. In addition to standalone equipment the Company also provides comprehensive intelligent

manufacturing solutions to multiple customers at home and abroad serving the entire life cycle of lithium-ion battery production

and has expanded overseas markets and vehicle enterprise customers injecting new momentum into the company's sustained

development.In the field of photovoltaic intelligent equipment the Company is committed to the research and development mass

production of new processes and equipment for PV module and PV cell and has mastered the core technology of PV module and

6LEAD-2023 Annual Report Summary

PV cell equipment. The Company can provide customers with intelligent equipment such as integrated cell cutting stringers 0BB

stringers XBC stringers as well as whole line PV cell production equipment including wet process main equipment screen

printing/sintering machine inspection and sorting machine and supporting automation which all enjoy good reputation in the

industry. At present we have established close cooperation with many leading enterprises in the photovoltaic industry and in 2023

we have received a large number of GW level orders in component equipment and PV cell assembly lines. The company continues

to focus on the photovoltaic field and lead in technological innovation. In terms of module equipment the 0BB stringers released

by the company is the industry's first high-efficiency 0BB stringer for mass production. The independently developed XBC

components and PV cell equipment have exceeded industry limits in 2023 and have been highly trusted and praised by customers.In terms of PV cell technology the Company has developed the industry's first GW level TOPCon digital solution leading the

industry with a high conversion efficiency of over 26.5% for the whole line. At the same time the Company is deeply involved in

PV cell turnkey solutions of TOPCon/XBC/HJT/perovskite and reserving technology for the next generation development. In

addition the Company continues to deepen its cross-field business layout in new energy promoting and achieving platform-based

and integrated industrial layout from PV to PV and energy storage as well as PV energy storage and hydrogen and contributing

to global energy transformation.In the field of 3C intelligent equipment the Company's subsidiary LeadTech is the select service provider for global

intelligent manufacturing solutions. Its products cover visual metrology AI defect detection five-axis high-speed dispensing high

flow sealing imaging testing electrical testing reliability testing and 3D assembly focusing on the three major intelligent fields

of global intelligent vehicles consumer electronics and digital energy. LeadTech always uses intelligent and digital production to

respond to industrial change and the personalized needs of global customers. By integrating self-developed 3D+AI visual

algorithms five-axis precision fluid technology and integrated testing technology we empower industry innovation and

breakthroughs continuously providing customers with highly competitive products and services and becoming strategic partners

for multiple TOP customers in the industry. LeadTech has reached a world leading level in 3D+AI vision technology and

established long-term strategic partnerships with leading domestic and foreign industry enterprises.In the field of automation equipment in automotive production line the Company has established an experienced R&D team

relying on the company's strong independent R&D and manufacturing process control capabilities. The automotive production line

business has covered various fields such as full-category module intelligent production lines PACK intelligent production lines

electric drive intelligent production lines EV battery charging and discharging testing solutions containerized energy storage

solutions and has established strategic cooperation with well-known domestic and foreign customers such as BMW Mercedes

Benz Audi Volkswagen GM Toyota FAW BAIC Xiaopeng CATL Gotion Sungrow Power Hyperstrong Baofeng Group

XCMG Group and GCL Group. We have delivered to our customers numerous production lines with high automation rates (with

module automation rates exceeding 95% PACK automation rates exceeding 50% and an average automation rate of over 85% for

7LEAD-2023 Annual Report Summary

the entire electric drive solution from stator and rotor assembly to the production line of electric drive products) high safety

reliability and stability. With the continuous expansion of various production lines the Company has further improved its digital

flexible service level on the basis of reliable equipment operation. In the future the Company will actively participate in

comprehensive electrification and global cooperation under the vision of carbon neutrality and will continue to assist the world in

achieving low-carbon transformation goals with efficient intelligent production lines and practical service strategies.In the field of hydrogen intelligent equipment the Company has officially entered the field of fuel cell intelligent equipment

since 2018 established a hydrogen equipment business unit and formed a strong R&D team. In 2021 the subsidiary Lead

Hydrogen was officially established committed to becoming the world's most influential hydrogen equipment enterprise

continuously leading the technological upgrading of hydrogen equipment promoting the global industrialization process of

hydrogen fuel cells and leading the "carbon neutrality" development of the new energy industry with intelligent manufacturing.Lead Hydrogen provides customers with PEM electrolyzer production line equipment hydrogen fuel cell production line

equipment and test bench solutions including batching systems mixing and coating MEA packaging bipolar plate production

stack assembly system assembly testing platforms and other related high-end equipment. At present the Company has reached

international leading level in terms of technical level team size and business volume in the field of high-end hydrogen energy

equipment and multiple key technologies have won national and provincial scientific research project awards. Lead Hydrogen

always adheres to innovation as its driving force. In 2023 Lead Hydrogen has developed important hydrogen production

equipment such as single cell preparation equipment electrolytic water PEM making equipment ALK separator making

equipment and electrolytic water MEA making equipment. Among them the MEA making equipment has taken the lead in

solving the uniformity of large-area catalyst decal and the bubble in packaging during the hydrogen production process

representing its continuous support to industry development. In terms of fuel cells Lead Hydrogen has formed long-term strategic

cooperation relationships with leading domestic and foreign enterprises. In terms of PEM electrolyzer the company has

established cooperation with multiple well-known enterprises. It obtained the largest single order amount overseas project in the

hydrogen energy field that Chinese enterprises have received so far from a Fortune 500 customer in 2023. After four months we

successfully delivered it to the customer. The company will continue to increase investment in technology research and

development in the field of high-end hydrogen equipment maintain a leading advantage further expand the hydrogen production

and testing equipment market and support the national dual-carbon strategy.

(4)Main competitors in the industry

1. Shenzhen Yinghe Technology Co.Ltd.

Established in 2006 it mainly provides customers with lithium-ion battery automation equipment and services and electronic

cigarette business.

8LEAD-2023 Annual Report Summary

2. Zhejiang Hangke Technology Incorporated Company

Established in 2011 Hangke Tech is committed to the design R&D production and sales of downstream process system of

all types of chargeable batteries with lithium-ion batteries in particular. It has core technologies and capabilities in the R&D and

production of downstream equipment like charging/discharging equipment and IR testes and is able to provide downstream

process turn-key solution for lithium-ion batteries.

3. Guangdong Lyric Robot Automation Co. Ltd.

It was established in 2014 and mainly engages in R&D production and sales of intelligent manufacturing equipment

providing high-end equipment and digital smart factory solutions in lithium-ion battery automotive parts ICT etc. for renowned

enterprises at home and abroad.

4. Shenzhen S.C New Energy Technology Corporation

Established in 2007 is a national high-tech equipment manufacturer with capabilities in R&D manufacturing & sales of

photovoltaic cell manufacturing equipment.

5、Suzhou EMIS Technology Co.Ltd.

Established in 2010 it is a high-end equipment manufacturer integrating mechanical design electrical manufacturingsoftwar

e algorithm development and precision manufacturing and assembly. The main business focuses on design R&D manufacturin

g and sales of intelligent manufacturing equipment.

3. Major accounting data and financial indicators

(1)Major accounting data and financial indicators in the past three years

Does the Company need to retrospectively adjust or restate accounting data of previous years

?Yes □No

The reason for retrospective adjustment or restatement: changes in accounting policies

Unit: yuan

Increase or

decrease over

At the end of 2022 At the end of 2021

At the end of 2023 that of the

previous year

Before adjustment After adjustment After adjustment Before adjustment After adjustment

Total assets 35293330312.84 32906545902.14 32977103065.35 7.02% 24000151927.26 24001443013.35

Net assets

attributable to

stockholders of the 11848337372.87 11123369629.13 11125213190.76 6.50% 9468866047.00 9470157133.09

Company

Increase or

decrease over

20222021

2023 that of the

previous year

Before adjustment After adjustment After adjustment Before adjustment After adjustment

Operating income 16628361009.42 13932352081.34 13932352081.34 19.35% 10036591737.08 10036591737.08

Net profit

attributable to 1774565501.49 2317580885.59 2318133360.87 -23.45% 1584673046.04 1585964132.39

9LEAD-2023 Annual Report Summary

stockholders of the

Company

Net profit

attributable to

stockholders of the

Company after 1724509317.18 2255840396.02 2256392871.30 -23.57% 1532389119.95 1533680206.30

deducting non-

recurring profit or

loss

Net cash flow from

the operating -862790560.80 1691030346.50 1691030346.50 -151.02% 1343709630.49 1343709630.49

activities

Basic earnings per

share (RMB/share) 1.1311 1.4815 1.4819 -23.67% 1.2827 1.2838

Diluted earnings per

share (RMB/share) 1.1323 1.4810 1.4813 -23.56% 1.2816 1.2827

ROE 15.31% 22.55% 22.55% -7.24% 0.21% 21.04%

Reasons for changes in accounting policies and correction of accounting errors

On November 30 2022 the Ministry of Finance issued Interpretation No. 16 of the Accounting Standards for Enterprises

(Finance-Accounting [2022] No. 31) (hereinafter referred to as "Interpretation No. 16") which states that "the accounting

treatment for deferred income tax related to assets and liabilities arising from individual transactions is not applicable to initial

recognition exemption" shall be implemented from January 1 2023.

(2)Major accounting data by quarters

Unit: yuan

Q1 Q2 Q3 Q4

Operating income 3273527121.48 3812035920.03 6100513784.55 3442284183.36

Net profit attributable to

stockholders of the 563328825.89 637035938.39 1123242961.34 -549042224.13

Company

Net profit attributable to

stockholders of the

551047376.95618257104.631113698760.11-558493924.51

Company after deducting

non-recurring profit or loss

Net cash flow from the

-1708294949.71165369692.7077936408.17602198288.10

operating activities

Is there a significant difference between the above financial indicators or their total amount and the financial indicators related to

the disclosed quarterly and semi annual reports of the Company

□Yes?No

4. Share capital and information on shareholders

(1)Total number of holders of ordinary shares total number of holders of preferred shares with restored voting rights

and shareholdings of the top 10 shareholders

Unit:share

Total number of

Total number of Total number of

Total number of holders of preferred Total number

holders of ordinary holders of preferred

holders of shares with restored of holders with

shares one month shares with restored

ordinary shares 98644 114319 0 voting rights one 0 shares of 0

prior to the annual voting rights at the

at the end of month prior to the special voting

report disclosure end of the reporting

reporting period annual report rights (if any)

date period

disclosure date

10LEAD-2023 Annual Report Summary

Shareholdings of the top 10 shareholders (excluding shares lent through stock pledged repo transactions)

Number of Pledged marked or frozen

Nature of Shareholder Number of shares

Name of shareholders restricted shares

shareholders proportion held

held Share status Number

Lhasa Xindao Venture Capital Domestic non-state-

Co. Ltd 21.46% 336039506.00 0.00 Not applicable 0.00owned legal person

Hong Kong Securities

Clearing Company Ltd. Overseas legal person 13.25% 207514476.00 0.00 Not applicable 0.00

(HKSCC)

Contemporary Amperex Domestic non-state-

Technology Co. Ltd. 7.14% 111856823.00 111856823.00 Not applicable 0.00owned legal person

Shanghai ZhuoAo Enterprise Domestic non-state-

Management (Limited 5.88% 92041983.00 0.00 Not applicable 0.00

Partnership) owned legal person

Wuxi Yuxi Venture Capital Domestic non-state-

(Limited Partnership) 4.43% 69414157.00 0.00 Not applicable 0.00owned legal person

Industrial and Commercial

Bank of China (ICBC) -- E

Fund Growth Enterprise Board Others 0.94% 14672816.00 0.00 Not applicable 0.00

Trading Open Index Securities

Investment Fund

China Construction Bank--

HuaAn ChiNext 50 Trading

Open Index Securities Others 0.55% 8638804.00 0.00 Not applicable 0.00

Investment Fund

ICBC-Huatai-Pinebridge CSI

300 Exchange Traded Open-

End Index Securities Others 0.52% 8172150.00 0.00 Not applicable 0.00

Investment Fund

ICBC-Huitianfu China

Securities New Energy

Vehicle Industry Index Others 0.48% 7508016.00 0.00 Not applicable 0.00

Sponsored Securities

Investment Fund (LOF)

Bank of China-Huaxia China

Securities New Energy

Vehicle Trading Open Index Others 0.46% 7275819.00 0.00 Not applicable 0.00

Securities Investment Fund

Lhasa Xindao Venture Capital Co. Ltd Shanghai ZhuoAo Enterprise Management (Limited

Explanation of associations or actions in concert among Partnership) and Wuxi Yuxi Venture Capital (Limited Partnership) (whose name is now

the above shareholders changed to: Wuxi Yuxi Technology Company) are controlled by Wang Yanqing the actual

controller of the Company.The situation of the top ten shareholders participating in stock pledged repo transactions by lending their shares

□Applicable □Not applicable

Unit:share

Top ten shareholders participating in stock pledged repo transactions by lending their shares

Ordinary account and

Initial ordinary Lending shares and

Initial lending shares credit account

account and credit yet not repaid at the

and yet not repaid shareholding at the end

Full name of shareholders account shareholding end of the periodof the period

Number of Percent Number of Percent Number of Percent Number Percent

shares age shares age shares age of shares age

ICBC -- E Fund Growth Enterprise Board Trading

49202680.31%17314000.11%146728160.94%747000.01%

Open Index Securities Investment Fund

China Construction Bank--HuaAn ChiNext 50

39739070.25%7061000.05%86388040.55%2932000.02%

Trading Open Index Securities Investment Fund

ICBC-Huatai-Pinebridge CSI 300 Exchange

Traded Open-End Index Securities Investment 3705250 0.24% 776000 0.05% 8172150 0.52% 19500 0.00%

Fund

ICBC-Huitianfu China Securities New Energy

Vehicle Industry Index Sponsored Securities 7120916 0.45% 829600 0.05% 7508016 0.48% 339900 0.02%

Investment Fund (LOF)

Bank of China-Huaxia China Securities New

45984190.29%13194000.08%72758190.46%944000.01%

Energy Vehicle Trading Open Index Securities

11LEAD-2023 Annual Report Summary

Investment Fund

There is change in top 10 shareholders compared to the last reporting period

□Applicable □Not applicable

Unit: share

Change of top 10 shareholders compared to the last reporting period

The number of shares held in the

Number of shares

ordinary account and credit

lent through re-

account of shareholders at the end

financing and yet

Entry/Exit of this of the period as well as the shares

Full name of shareholders not repaid at the

reporting period lent through refinancing that haveend of the period

not yet been returned

Percent Number of Percent

Number of shares

age shares age

ICBC-E Fund Active Growth Securities Investment Fund Exit 0 0.00% 0 0.00%

China Merchants Bank-Ruiyuan Growth Value Hybrid Securities

Exit 0 0.00% 0 0.00%

Investment Fund

National Social Security Fund 110 Portfolio Exit 0 0.00% 5459337 0.35%

BARCLAYS BANK PLC Exit 0 0.00% 2234699 0.14%

China Construction Bank-E Fund National Defense and Military

Exit 0 0.00% 0 0.00%

Industry Hybrid Securities Investment Fund

ICBC-E Fund ChiNext Trading Open Index Securities Investment Fund Entry 74700 0.01% 14747516 0.94%

China Construction Bank--HuaAn ChiNext 50 Trading Open Index

Entry 293200 0.02% 8932004 0.57%

Securities Investment Fund

ICBC-Huatai-Pinebridge CSI 300 Exchange Traded Open-End Index

Entry 19500 0.00% 8191650 0.52%

Securities Investment Fund

ICBC-Huitianfu China Securities New Energy Vehicle Industry Index

Entry 339900 0.02% 7847916 0.50%

Sponsored Securities Investment Fund (LOF)

Bank of China-Huaxia China Securities New Energy Vehicle Trading

Entry 94400 0.01% 7370219 0.47%

Open Index Securities Investment Fund

Does the company have arrangements for differences in voting rights

□Applicable□Not applicable

(2) Total number of holders of preference shares and top ten shareholders of the Company

There’s no shareholding by holders of preference shares at the reporting period.

12LEAD-2023 Annual Report Summary

(3) Diagram of the equity and controlling relationship between the Company and the defacto controller

5. Corporate bond

□Applicable?Not applicable

SECTION III IMPORTANT EVENTS

1. On May 5 2023 the Company held the 25th meeting of the 4th Board of Directors and approved the Proposal on

Appointing the Chief Financial Officer of the Company. It was decided to appoint Ms. Guo Caixia as the chief financial officer of

the Company with a term starting from the date of approval by the current Board of Directors and ending on the end of this term.Please refer to the relevant announcement disclosed by the Company on May 6 2023 on CNINF network.

2. On June 12 2023 the Company held the 26th meeting of the 4th Board of Directors and the 25th meeting of the 4th Board

of Supervisors to review and approve the "Proposal on Repurchase of Company Shares". It was agreed that the Company would

use its own funds to repurchase the issued RMB ordinary shares (A-shares) of the Company through centralized bidding trading

for the purpose of implementing equity incentive plans and/or employee stock ownership plans. The price for repurchasing shares

shall not exceed RMB 53 per share and the total amount of repurchased funds shall not be less than RMB 200 million and not

exceed RMB 300 million. The specific total amount of repurchase funds shall be based on the actual total amount of funds used

when the repurchase period expires or the repurchase implementation is completed. The implementation period for repurchasing

shares shall not exceed 12 months from the date of approval of the repurchase plan by the Company's board of directors. Please

refer to the relevant announcement disclosed by the company on June 13 2023 on CNINF network.

3. The 2022 equity distribution plan of the Company was reviewed and approved by the 24th meeting of the 4th Board of

Directors held on April 25 2023 and the 2022 Annual Shareholders' Meeting held on May 17 2023. On June 27 2023 the

Company completed the distribution of equity for the year 2022. Please refer to the relevant announcement disclosed by the

Company on June 17 2023 on CNINF network.

4. On June 28 2023 Mr. Wang Yanqing -- the actual controller chairman and general manager of the Company based on

his confidence in the future development of the Company and his recognition of the long-term investment value combined with

his reasonable and independent judgment of the Company's stock value -- increased his holdings of 2910180 shares of the

13LEAD-2023 Annual Report Summary

Company through a centralized bidding method via the Shenzhen Stock Exchange trading system with his own capital accounting

for 0.19% of the total share capital of the Company. Please refer to the relevant announcement disclosed by the company on June

28 2023 on CNINF network.

5. On September 28 2023 the Company held the 31st meeting of the 4th Board of Directors and the 29th meeting of the 4th

Board of Supervisors and reviewed and approved proposals such as the "2023 Restricted Stock Incentive Plan (Draft) and its

Abstract". On October 16 2023 the second interim general meeting of shareholders also approved that 875000 shares were

granted to 52 incentive recipients at a grant price of RMB 13.97 yuan per share. Please refer to the relevant announcement

disclosed by the Company on October 20 2023 on CNINF network.

6. Mr. Wang Yanqing the actual controller chairman and general manager of the company planned to increase his holdings

of the Company's shares within 6 months from October 30 2023 with a proposed increase amount of no less than RMB 150

million and no more than RMB 300 million. The required sources of funds for the increase are self owned or self raised funds.Please refer to the relevant announcement disclosed by the company on CNINF network on October 30 2023.

7. On December 13 2023 the 34th meeting of the fourth board of directors of the Company was held and the proposal to

increase the total amount of repurchased shares was reviewed and approved. Based on confidence in the Company's future

development prospects and recognition of the Company's value safeguarding the interests of shareholders and enhancing investor

confidence the board of directors agreed to increase the amount of repurchased shares and adjust the total amount of funds

proposed for repurchasing shares from "no less than RMB 200 million and no more than RMB 300 million" to "no less than RMB

35 million and no more than RMB 500 million". Please refer to the relevant announcement disclosed by the company on

December 14 2023 on CNINF network.

14

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