瓦轴B：2025年年度报告（英文版）

2025AnnualReport 2026-16 2025AnnualReportChapterI.ImportantPrompts,TableofContents,andDefinitions Theboardofdirectors,directorsandseniormanagersofthecompanyshallguaranteethatthecontentsoftheannualreportaretrue,accurateandcompletewithoutfalserecords,misleadingstatementsormajoromissions,andshallbearindividualandjointlegalliabilities. CompanyresponsiblepersonWangJiyuan,responsiblepersoninchargeofaccountingworkSunNajuanandresponsiblepersoninchargeofaccountingorganizationXuanSongtaostatement:ensurethatthefinancialreportinthisannualreportistrue,accurateandcomplete. AlldirectorshaveattendedtheBoardmeetingatwhichthisreportwasconsidered. Inthethirdsectionofthisreport,"ManagementDiscussionandAnalysis",underthesub-section"XI.OutlookfortheCompany'sFutureDevelopment",thecompanyhasdescribedthepotentialrisksinitsoperationsandthecorrespondingmeasures. Inrecentyears,duetotheimpactoftheglobaleconomicrecession,economicrestructuring,andotherfactors,WazhouBhassufferedconsecutiveannuallossesanditsoperatingconditionshavebeendeteriorating.Since2025,thesuperpositionofmultipleadversefactorshasfurtherrestrictedthecompany'soperations,anditsfinancialriskscontinuetoincrease.Ifthissituationpersists,itwillinevitablyintensifythecompany'soperatingrisks.Takingallfactorsintoconsideration,WazhouGroup,asthecontrollingshareholderofWazhouB,intendstoinitiateageneraloffertoallholdersofunrestrictedtradablesharesforthepurposeofterminatingthelistingstatusofWazhouB,soastofullyprotecttheinterestsofWazhouB'sshareholdersanddemonstratetheresponsibilityofastate-ownedenterprise. OnJanuary19,2026,WazhouGroupdisclosedthe"WafangdianBearingCo.,Ltd.TakeoverOfferReport",withtheofferperiodfromJanuary20,2026,toFebruary27,2026.Theconditionfortheoffertobecomeeffectiveisthat,asof15:00onthelasttradingdayoftheeffectiveperiodofthistakeoveroffer,thenumberofWazhouBpublicsharestemporarilydepositedwiththeShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimitedpursuanttoacceptedoffersexceeds39,050,000shares,meaningthataftertheacquisition,thenumberofWazhouBpublicsharesheldbythepublicasapercentageoftotalsharecapitalfallsbelow10%.AccordingtothelistingrulesoftheShenzhenStockExchange,WazhouBwouldnolongermeetthelistingrequirements,andthustheofferwouldbecomeeffective. AsofFebruary27,2026,therewere1,459shareholderswhoacceptedtheofferforWazhouB,withatotalof54,524,555unrestrictedtradablepublicsharesaccepted.Accordingtotheeffectiveconditionssetoutinthe"WafangdianBearingCo.,Ltd.TakeoverOfferReport",theofferhasbecomeeffective. Thenumberofsharesheldbythepublicasapercentageofthecompany'stotalsharecapitalisbelow10%.InaccordancewiththeSecuritiesLaw,theShenzhenStockExchangeListingRules,andotherrelevantregulations,thecompany'ssharedistributionnolongermeetsthelistingrequirements.Thecompanywillfollowtherelevantprocedurestodelistitssharesandissuecorrespondingannouncements. Thecompanyplansnottodistributecashdividends,nottoissuebonusshares,andnottoconvertretainedearningsintosharecapital. Asoftheendofthereportingperiod,theparentcompanyhasaccumulatedlossesthathavenotbeenmadeup.Theparentcompany'staxableincomeisinsufficienttocoverthelosses,sothereareunmade-uplosses.Thedetailsoftheunmade-uplosssituationcanbefoundinSection8,FinancialReport,Item7oftheConsolidatedFinancialStatementsNotes,29thitemDeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities(5).Thecompanywillnotdistributedividendsin2025duetolosses. Catalogue ChapterI.ImportantPrompts,TableofContents,andDefinitions..........................................................2ChapterII.CompanyProfileandFinancialHighlights...............................................................................7ChapterIII.Managementdiscussionandanalysis.....................................................................................11ChapterIV.Corporategovernance,environmentandsociety..................................................................26ChapterV.Importantmatter........................................................................................................................40ChapterVI.ShareChangesandShareholders'Information.....................................................................40ChapterVII.Bond-relatedsituation.............................................................................................................53ChapterⅦI.Financialreport......................................................................................................................53 Filedirectoryforreference 1.The2025annualfinancialstatementsoftheCompany,dulysignedandsealedbythelegalrepresentative,thepersonresponsibleforaccountingwork,andtheheadoftheaccountinginstitution;2.Theoriginalauditreport,bearingtheofficialsealoftheaccountingfirmandthesignatureandsealofthecertifiedpublicaccountant;3.AlloriginaldocumentsoftheCompanythatwerepubliclydisclosedinnewspapersdesignatedbytheChinaSecuritiesRegulatoryCommission(CSRC)duringthereportingperiod,alongwiththeoriginaldraftoftheannouncement. Glossary ChapterII.CompanyProfileandFinanc