Stock Abbreviation: Wantong Technology
Stock Code: 002331
Anhui Wantong Technology Co., Ltd.
(No. 589 Wanshui Road, High-tech Zone, Hefei City, Anhui Province)
2025 Prospectus for Issuance of Shares to Specific Targets
(Registration Draft)
Sponsor (Lead Underwriter)
5-5, Unit 1, Building 3, International Headquarters City, Liuwu New District, Lhasa, Tibet Autonomous Region
June 2026
Statement
This prospectus is prepared in accordance with the "Administrative Measures for the Registration of Securities Issuance by Listed Companies" and the "Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 61 — Prospectus and Issuance Report for Securities Issued by Listed Companies to Specific Targets."
All directors and senior management of the company promise that this prospectus does not contain any false records, misleading statements, or major omissions, and guarantee the authenticity, accuracy, and completeness of the disclosed information.
The company's person-in-charge, the person-in-charge of accounting work, and the person-in-charge of the accounting institution (accounting supervisor) guarantee the authenticity, accuracy, and completeness of the financial and accounting reports in this prospectus.
Any decision made by securities regulatory authorities and other government departments regarding this issuance does not indicate their substantive judgment or guarantee of the value of the securities issued by the issuer or the returns to investors. Any statement to the contrary is a false and untrue statement.
According to the "Securities Law," after the securities are issued in accordance with the law, the issuer is responsible for changes in its operations and earnings, and investors are responsible for the investment risks caused by such changes.
Major Matters Prompt
The company specifically reminds investors to pay attention to the following risk factors or major matters and to carefully read the relevant chapters of this prospectus.
I. Special Risk Warning
The company specifically reminds investors to carefully read "Section VII: Risk Factors Related to This Issuance" in this prospectus, pay attention to investment risks, and pay special attention to the following special risks:
(I) Risk of Declining Operating Performance
During the reporting period, the company's operating income was 1,013.1947 million yuan, 1,211.5281 million yuan, and 1,343.0430 million yuan, respectively. Net profit attributable to shareholders of the parent company was -78.41 million yuan, 36.9165 million yuan, and -325.8857 million yuan, respectively. In 2025, the company's operating income increased by 10.86% year-on-year, but net profit attributable to shareholders of the parent company suffered a significant loss, mainly due to intense market competition in 2025 leading to a significant decline in gross profit by 143.1995 million yuan, a full impairment loss of 98.4149 million yuan on the remaining goodwill of Wantong Lisheng, the company's recognition of 46.0473 million yuan in share-based payment expenses for the implementation of the equity incentive plan, and credit impairment losses of 58.0498 million yuan on accounts receivable due to the growth of accounts receivable balances and the extension of repayment cycles for some customers.
To prudently assess the comprehensive impact of relevant adverse factors on the company's future profitability, the company used the 2025 financial data as a base period to calculate the total impact on 2026 total profit under three scenarios: no change, 10% negative change, and 20% negative change in the impact of relevant factors on total profit. Based on the calculations, under the three aforementioned hypothetical scenarios, the total impact on 2026 total profit is expected to be -174.8395 million yuan, -221.5416 million yuan, and -268.2438 million yuan, respectively. In recent years, domestic market competition has become increasingly fierce, and the company's winning bid prices have decreased, compressing profit margins. In the future, if market competition further intensifies and the company fails to respond effectively, there is a risk of further decline in the company's performance.