Wanxiang Qianchao Co., Ltd. Business Report FY ended Dec. 2024

Financial Overview

(CNY millions)

	FY ended Dec. 31,2024	FY ended Dec. 31,2023	Rate of change (%)
Sales	12,868.43	14,486.81	(11.17)
Operating income	1,036.12	929.91	11.42
Ordinary income	1,040.15	934.97	11.25
Net income	957.42	831.84	15.10

Orders

-In 2024, the company secured new users and new projects including wheel hub unit bearing projects for Volkswagen, BMW, and GAC Toyota; driveshaft assembly projects for FAW Hongqi, GAC Group, BYD, and Geely-Volvo; as well as bearing projects for FAW Jiefang, Great Wall Motor, and Ford.

R&D Expenditure

(CNY millions)

	FY ended Dec. 31,2024	FY ended Dec. 31, 2023	FY ended Dec. 31, 2022
R&D Expenditure	519.91	552.07	530.48
R&D spending as percent of Sales (%)	4.04	3.81	3.79

-As of Dec. 31, 2024, the Company had 856 R&D staff, accounting for 9.78% of the total staff.

Patents

-As of the end of 2024, the company had accumulated 3,528 authorized patents in China, including 511 invention patents. In 2024, the company obtained 234 authorized patents domestically, of which 161 were invention patents.

R&D Facility

Name	Wanxiang Technical Center	Wanxiang Qianchao Technology Co., Ltd.
Year established	1994	2022
Overview	-It was formerly known as Wanxiang Group Technology Center. -With the concept of green design, green manufacturing and intelligent manufacturing, it provides modular, lightweight and intelligent integrated system solution technologies for smart cars and New Energy Vehicles.	Build a new base for digital intelligent industry.

Change in shareholding ratio of subsidiaries

-On September 29, 2024, Wanxiang Manufacturing Co., Ltd., a holding subsidiary of the company, transferred its 100% equity in Hainan Qianchao Automotive Components Co., Ltd. to Shangwan Qingyuan Electric Vehicle Co., Ltd. (Excerpt from the April 19, 2024 Wanxiang Qianchao announcement)

On November 18, 2024, the company completed the deregistration of its wholly-owned subsidiary Wanxiang Qianchao Sales Co., Ltd. (Excerpt from the November 21, 2024 Wanxiang Qianchao announcement)