海隆控股(01623) - 2025 - 年度业绩

Supplementary Announcement on 2024 Annual Results and Annual Report Introduction and Background This announcement provides supplementary information regarding the auditor Crowe's disclaimer of opinion on the Group's consolidated financial statements for the year ended December 31, 2024, as presented in the company's 2024 annual report - This announcement clarifies the auditor Crowe's disclaimer of opinion on the company's financial statements in the 2024 annual report[3] Basis for Disclaimer of Opinion Auditor Crowe issued a disclaimer of opinion due to significant uncertainties regarding the Group's ability to continue as a going concern, primarily stemming from substantial current liabilities, including overdue loan notes, far exceeding cash and cash equivalents - The auditor's inability to express an opinion stems from the potential interplay and cumulative effect of multiple uncertainties casting significant doubt on the Group's going concern ability[4][5] Selected Current Liabilities and Cash Position | Item | Amount (RMB) | Notes | | :--- | :--- | :--- | | Loan Notes | 2,261,082,000 | Due and unpaid as of November 18, 2024 | | Bank and Other Borrowings | 425,382,000 | Repayable within 12 months | | Total Selected Current Liabilities | 2,686,464,000 | | | Cash and Cash Equivalents | 721,631,000 | Significantly lower than debts due | Management and Audit Committee's Response and Views Despite liquidity pressures, both management and the Audit Committee deem it appropriate to prepare financial statements on a going concern basis, with management optimistic about plans for debt restructuring, new financing, and improved internal cash flow, a judgment the Audit Committee concurs with after review Management's Assessment of Going Concern and Mitigation Measures Management has developed detailed plans to alleviate liquidity pressure, including debt restructuring discussions with noteholders, seeking new financing, and improving operating cash flow through accelerated receivables collection and strict cost control, believing these measures will ensure the company's going concern for at least the next 12 months - Management has formulated three key measures to address the liquidity crisis: 1. Engaging with noteholders to seek support for maturity extensions. 2. Pursuing new financing sources to fulfill financial obligations. 3. Accelerating accounts receivable collection and effectively controlling costs and expenses[8] - Based on expectations of successful debt restructuring, securing new financing, and improved internal cash flow, management considers the preparation of financial statements on a going concern basis appropriate[6] Audit Committee's View The Audit Committee assessed the appropriateness of management's use of the going concern basis for financial statement preparation through discussions with management and auditors, review of cash flow forecasts, and obtaining legal and financial advisor opinions, ultimately concurring with management's position - The Audit Committee evaluated and ultimately endorsed management's decision to prepare financial statements on a going concern basis through multiple steps, including discussions with management and auditors, reviewing cash flow forecasts, and obtaining legal and financial advisor opinions[7] Latest Developments and Outlook Despite a winding-up petition received in May 2025, management remains confident in achieving a debt restructuring agreement, having implemented measures since April 2025 to accelerate receivables collection and control costs, expecting improved operating cash flow in H2 2025 to resolve the root cause of the auditor's disclaimer - The company faces a winding-up petition filed on May 27, 2025, which management intends to vigorously oppose while actively pursuing debt restructuring negotiations[9] - The company has implemented specific measures to improve cash flow, including accelerating accounts receivable collection and suspending non-essential expenditures, with positive effects anticipated in the second half of 2025[10] - Management believes that upon completion of the restructuring, the capital structure will be significantly improved, resolving liquidity issues and the underlying reasons for the auditor's disclaimer of opinion[10]