Jiangte Motor Director Wang Wenlin Resigns; Chairman Wang Xin Adds GM and Legal Representative Roles

Jiangte Motor disclosed in an announcement on the evening of September 15 that director Wang Wenlin resigned for personal reasons from his positions as director, member of the board's strategy committee, general manager and legal representative, and will no longer hold any position at the company after his resignation. Wang Wenlin's departure took effect on September 14, 2026, while his original term was due to expire on November 3, 2028.

The company held the ninth meeting of its eleventh board of directors on September 14, at which it approved the appointment of Wang Xin as general manager. Under the company's articles of association, Wang Xin has served as the company's legal representative from the date of the board's approval, with his term running from that date until the expiry of the term of the company's eleventh board of directors. Wang Xin is one of the company's actual controllers and currently serves as chairman, a position he has held since November 2025. The board also nominated Zhang Yun as a candidate for a non-independent director of the eleventh board, a proposal that still needs to be submitted to an extraordinary shareholders' meeting for review.

The announcement said the company, through internal rules including its articles of association, rules of procedure for the board of directors and working rules for the general manager, reasonably defines the powers of the board and the general manager and clearly delineates the boundaries of responsibility between the decision-making and executive levels, ensuring the company always maintains independence in assets, personnel, finance, organization and business.

The company's 2026 interim report showed first-half operating revenue of RMB 957 million, down 1.87% year on year; net loss attributable to shareholders of the listed company of RMB 213 million, with the loss widening 86.55% year on year; and net loss after deducting non-recurring gains and losses of RMB 99.1289 million. Basic earnings per share were minus RMB 0.12, and the weighted average return on equity was minus 7.25%.

By business segment, the motor segment recorded operating revenue of RMB 484 million, down 0.26% year on year, of which servo motors generated operating revenue of RMB 117 million, up 28.14% year on year, and industrial motors generated operating revenue of RMB 320 million, down 1.94% year on year; lithium ore mining and lithium salt manufacturing recorded operating revenue of RMB 433 million, down 6.00% year on year. The company's first-half research and development spending was RMB 48.6541 million, up 16.42% year on year.

The interim report said the main reason for the revenue decline during the reporting period was a decrease in lithium salt production and sales; the decline in net profit attributable to the parent company was mainly because lithium ore raw materials were purchased externally, and the purchase price of externally purchased lithium ore is highly correlated with the market price of lithium salt, leading to increased losses in the company's lithium salt business.