爱得威建设集团(06189) - 2025 - 中期业绩

Financial Summary and Announcement This section presents the company's unaudited interim condensed consolidated results for the six months ended June 30, 2025, highlighting key financial performance and the official announcement Financial Summary This section outlines the company's key financial performance for the six months ended June 30, 2025, showing year-on-year revenue growth, a significant decline in gross profit, a substantial increase in loss for the period, and higher basic and diluted loss per share | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (Restated, RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 0.80 | 0.20 | ⬆️ 300% | | Gross Profit | 0.02 | 0.09 | ⬇️ 77.78% | | Gross Profit Margin | 2.86% | 47.21% | ⬇️ 44.35% | | Loss for the Period | (16.87) | (8.52) | ⬆️ 98.00% | | Net Loss Margin | (2,008.45%) | (4,321.83%) | ⬆️ 2313.38% (Loss narrowed) | | Basic and Diluted Loss Per Share | (0.07) | (0.04) | ⬆️ 75% | Announcement Statement This announcement presents the unaudited interim condensed consolidated results of Guangdong Adway Construction (Group) Company Limited and its subsidiaries for the six months ended June 30, 2025, which have been reviewed by the audit committee - This announcement presents the unaudited interim condensed consolidated results of the company and its subsidiaries for the six months ended June 30, 2025, which have been reviewed by the audit committee[2] Interim Consolidated Financial Statements This section provides the unaudited interim consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position Consolidated Statement of Profit or Loss and Other Comprehensive Income During the reporting period, the company experienced revenue growth but a significant decline in gross profit, leading to a substantial expansion of operating loss and an increase in loss for the period from RMB 8.514 million in the same period of 2024 to RMB 16.871 million in 2025 | Metric (RMB thousand) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue | 840 | 197 | ⬆️ 326.4% | | Cost of Sales | (816) | (104) | ⬆️ 684.6% | | Gross Profit | 24 | 93 | ⬇️ 74.2% | | Selling and Marketing Expenses | (379) | (390) | ⬇️ 2.8% | | Administrative Expenses | (3,629) | (5,418) | ⬇️ 33.0% | | Net Impairment Loss on Financial and Contract Assets | — | 11,696 | ⬇️ 100% | | Other (Expenses) / Income — Net | (1,690) | 2,027 | ⬇️ 183.4% | | Operating Loss | (5,675) | 8,008 | ⬇️ 170.9% (Turned from profit to loss) | | Finance Costs — Net | (11,196) | (13,922) | ⬇️ 19.6% | | Loss Before Income Tax | (16,871) | (5,914) | ⬆️ 185.3% | | Income Tax Expense | — | (2,600) | ⬇️ 100% | | Loss for the Period | (16,871) | (8,514) | ⬆️ 98.2% | Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets slightly decreased, non-current assets remained stable, and current assets declined; total equity was negative and further expanded, total liabilities slightly increased, and both net current liabilities and net assets deteriorated | Metric (RMB thousand) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 39,623 | 40,661 | ⬇️ 2.55% | | Current Assets | 14,680 | 17,063 | ⬇️ 13.97% | | Total Assets | 54,303 | 57,724 | ⬇️ 5.93% | | Equity | | | | | Total Equity | (720,551) | (703,680) | ⬇️ 2.39% (Negative value expanded) | | Liabilities | | | | | Non-current Liabilities | 1,230 | 1,265 | ⬇️ 2.77% | | Current Liabilities | 773,624 | 760,139 | ⬆️ 1.77% | | Total Liabilities | 774,854 | 761,404 | ⬆️ 1.77% | | Net Current Liabilities | (758,944) | (743,076) | ⬇️ 2.14% (Negative value expanded) | | Net Assets | (720,551) | (703,680) | ⬇️ 2.39% (Negative value expanded) | Notes to Financial Information This section provides detailed notes to the interim consolidated financial statements, covering general information, significant accounting policies, and specific financial item breakdowns General Information Guangdong Adway Construction (Group) Company Limited is incorporated in China with H shares listed on the Hong Kong Stock Exchange, primarily engaged in interior and exterior architectural decoration and design services in China, controlled by Mr. Ye Yujing and Ms. Ye Xiujin - The company is primarily engaged in providing interior and exterior architectural decoration and design services in China[7] - Mr. Ye Yujing and Ms. Ye Xiujin have been the controlling shareholders of the Group since its establishment[7] Summary of Significant Accounting Policies This section outlines the significant accounting policies adopted in the preparation of the consolidated financial statements, including the basis of preparation, going concern assumption, and new and revised standards adopted and not yet adopted Basis of Preparation The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, the Hong Kong Companies Ordinance, and the disclosure requirements of the Listing Rules, and are prepared under the historical cost convention - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, the Hong Kong Companies Ordinance, and the Listing Rules[10] - The consolidated financial statements are prepared under the historical cost convention[11] Going Concern Assumption Despite significant uncertainties including substantial net loss, net current liabilities, and net liabilities, as well as overdue borrowings and cash shortages, the Board believes that preparing financial statements on a going concern basis is appropriate through measures such as debt restructuring, seeking new financing, and controlling expenses - As of June 30, 2025, the Group reported a net loss of approximately RMB 16.871 million, net current liabilities of approximately RMB 758.944 million, net liabilities of approximately RMB 720.551 million, and cash and cash equivalents of only RMB 0.106 million, indicating significant going concern uncertainties[12] - The Board plans to mitigate liquidity pressure by negotiating debt restructuring with creditors, seeking new financing channels, and controlling administrative expenses, deeming the preparation of consolidated financial statements on a going concern basis appropriate[12][14] New and Revised Standards Adopted The Group first adopted HKFRS 21 (Revised) "Lack of Exchangeability" from January 1, 2025, but its application did not have a significant impact on the financial position and performance for the current and prior years - The Group first adopted HKFRS 21 (Revised) "Lack of Exchangeability" from January 1, 2025[13] - The application of the new revised standard did not have a significant impact on the Group's financial position and performance for the current and prior years[13] New Standards Not Yet Adopted The report lists several new standards, amendments to standards, and interpretations that have been published but are not yet mandatorily effective, including those related to financial instrument classification and measurement, contracts dependent on natural power, annual improvements, and financial statement presentation, which are not expected to have a significant impact on the Group's financial performance and position - Several new standards and amendments not yet mandatorily effective are listed, including HKFRS 9, HKFRS 7, HKFRS 18, with most effective dates on or after January 1, 2026[18] - The Group's preliminary assessment anticipates no significant impact on financial performance and position when these new standards and amendments become effective[15] Correction to 2024 Interim Results Announcement Management corrected revenue and cost of sales data in the interim results announcement for the six months ended June 30, 2024, due to an inadvertent error, but this correction will not affect the financial performance and position for the six months ended June 30, 2025 - Management corrected the revenue and cost of sales data in the interim results announcement for the six months ended June 30, 2024[16] | Metric (RMB thousand) | 2024 (Previously Presented) | 2024 (Restated) | | :--- | :--- | :--- | | Revenue | 5,534 | 197 | | Cost of Sales | 5,445 | 104 | - This correction will not affect the financial performance and position for the six months ended June 30, 2025[17] Segment Information The Group primarily engages in architectural decoration and design services in China, which management considers a single operating segment for resource allocation and performance assessment, with all revenue and non-current assets located in China - The Group is primarily engaged in providing interior and exterior architectural decoration and design services in China, which is considered a single operating segment by management[19] - For the six months ended June 30, 2025, all of the Group's revenue was generated in China, and all non-current assets are also located in China[19][20] Revenue For the six months ended June 30, 2025, the Group's revenue primarily derived from construction contracts, totaling RMB 798 thousand, a significant increase from RMB 197 thousand in the same period of 2024 | Revenue Source (RMB thousand) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue from construction contracts | 798 | 197 | ⬆️ 305.08% | | Sales, design and other income | — | — | — | | Total | 798 | 197 | ⬆️ 305.08% | Income Tax Expense For the six months ended June 30, 2025, the Group incurred no income tax expense, compared to RMB 2,600 thousand in China corporate income tax for the same period in 2024 | Income Tax Expense (RMB thousand) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Current income tax — China corporate income tax | — | 2,600 | ⬇️ 100% | | Deferred income tax | — | — | — | | Total | — | 2,600 | ⬇️ 100% | Loss Per Share For the six months ended June 30, 2025, the loss attributable to owners of the company was RMB 16,871 thousand, resulting in a basic and diluted loss per share of RMB 0.07, an increase from RMB 0.04 in the same period of 2024 | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the company (RMB thousand) | (16,871) | (8,514) | ⬆️ 98.16% | | Weighted average number of ordinary shares in issue (thousand shares) | 240,931 | 240,931 | — | | Basic loss per share (RMB) | (0.07) | (0.04) | ⬆️ 75% | - For the six months ended June 30, 2024 and 2025, the company had no outstanding potential dilutive ordinary shares, thus diluted earnings per share were the same as basic earnings per share[24] Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[25] Trade Receivables As of June 30, 2025, net trade receivables amounted to RMB 3,442 thousand, consistent with December 31, 2024, primarily comprising amounts after impairment provisions, with most receivables aged over three years | Metric (RMB thousand) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade receivables | 40,806 | 40,806 | — | | Less: Impairment provision for trade receivables | (37,364) | (37,364) | — | | Trade receivables — Net | 3,442 | 3,442 | — | - As of June 30, 2025, total trade receivables amounted to RMB 40,806 thousand, with the largest portion being amounts aged over three years[27] Trade and Other Payables As of June 30, 2025, total trade and other payables increased to RMB 462,190 thousand, up from December 31, 2024, primarily due to increases in trade payables and other payables, with most trade payables aged over three years | Metric (RMB thousand) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade payables | 296,883 | 296,504 | ⬆️ 0.13% | | Other taxes payable | 15,065 | 15,205 | ⬇️ 0.92% | | Accrued payroll | 5,838 | 4,583 | ⬆️ 27.38% | | Other payables | 144,404 | 132,413 | ⬆️ 9.05% | | Total | 462,190 | 448,705 | ⬆️ 3.00% | - As of June 30, 2025, total trade payables amounted to RMB 296,883 thousand, of which RMB 261,583 thousand were aged over three years[27] Borrowings As of June 30, 2025, the Group's total borrowings were RMB 224,805 thousand, consistent with December 31, 2024, with all borrowings repayable within one year, denominated in RMB, and weighted average annual interest rates remaining stable | Borrowing Type (RMB thousand) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank borrowings | 133,657 | 133,657 | — | | Other borrowings | 91,148 | 91,148 | — | | Total | 224,805 | 224,805 | — | - All borrowings are repayable within one year and denominated in RMB[28] - The weighted average annual interest rate for bank borrowings was 6.49%, and for other borrowings was 7.03%, both consistent with 2024[28] Management Discussion and Analysis This section provides management's perspective on the Group's market environment, business operations, financial performance, liquidity, and future outlook for the reporting period Market Review In the first half of 2025, China's real estate sector remained sluggish, and economic growth slowed due to the US-China trade war and Western suppression, severely impacting the architectural decoration industry; despite challenges, market demand and opportunities for high-quality development persist with warming government policies - China's real estate sector has continuously faced challenges since the second half of 2021, with ongoing debt crises leading to a sluggish industry trend[29] - China's economic growth slowed due to the US-China trade war and Western suppression, severely impacting the architectural decoration industry to which the Group belongs[29] - Despite contraction, the architectural decoration industry still presents market demand and opportunities for high-quality development transformation as government policies towards the real estate sector become more favorable[29] Business Review The Group possesses over 27 years of experience and a strong brand reputation, offering diverse architectural decoration services; however, business operations were significantly curtailed in the first half of 2025 due to ongoing impacts from bank debt defaults, broken capital chains, and increased litigation - The Group provides professional services such as architectural decoration, mechanical and electrical installation, curtain wall engineering, and fire safety engineering for public and private clients, with projects covering various building types[30] - Despite over 27 years of operating history and top-tier industry qualifications, business operations were significantly curtailed in the first half of 2025 due to bank debt defaults, broken capital chains, lack of solvency, and increased litigation[30] Financial Review This section provides a detailed review of the Group's revenue, gross profit margin, and loss for the period, noting that while revenue increased, gross profit significantly declined, ultimately leading to an expanded loss Revenue and Gross Profit Margin For the six months ended June 30, 2025, the Group's revenue increased to approximately RMB 0.80 million, primarily due to increased contract value, but gross profit significantly decreased from approximately RMB 0.09 million to approximately RMB 0.02 million - Revenue increased from approximately RMB 0.20 million in the same period of 2024 to approximately RMB 0.80 million in 2025, primarily due to increased contract value[31] - Gross profit decreased from approximately RMB 0.09 million in the same period of 2024 to approximately RMB 0.02 million in 2025[31] Loss for the Period For the six months ended June 30, 2025, the Group recorded a loss of approximately RMB 16.87 million, primarily because revenue was insufficient to cover administrative expenses and finance costs - The Group incurred a loss of approximately RMB 16.87 million for the six months ended June 30, 2025[32] - The primary reason for the loss was that revenue could not cover administrative expenses and finance costs[32] Liquidity and Capital Resources This section details the Group's liquidity, showing decreased monetary funds, stable trade receivables but increased payables, high borrowings, deteriorating debt-to-asset ratio, and issues such as pledged assets and frozen bank deposits Monetary Funds As of June 30, 2025, the Group's monetary funds (including cash and cash equivalents and restricted cash) decreased to approximately RMB 5.44 million, primarily due to repayment of personal borrowings, payment of daily expenses, inability to obtain new financing, and frozen company accounts | Metric (RMB million) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Monetary funds | 5.44 | 7.03 | ⬇️ 22.62% | - The decrease in monetary funds was primarily due to the repayment of some personal borrowings, payment of daily expenses, inability to obtain new external financing, and frozen company accounts[33] Trade Receivables and Contract Assets As of June 30, 2025, trade receivables remained at approximately RMB 3.44 million, consistent with December 31, 2024, primarily consisting of unrecovered amounts from prior years that are still under collection - Trade receivables as of June 30, 2025, amounted to approximately RMB 3.44 million, consistent with December 31, 2024, both representing unrecovered amounts from prior years[34] Trade and Other Payables Liquidity As of June 30, 2025, trade and other payables increased to approximately RMB 462.19 million, up from December 31, 2024, primarily due to the Group's tight liquidity and delayed payments to some suppliers | Metric (RMB million) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade and other payables | 462.19 | 448.71 | ⬆️ 3.00% | - The increase was primarily due to the Group's tight liquidity, resulting in delayed payments to some suppliers[35] Borrowings Liquidity As of June 30, 2025, the Group's total borrowings were approximately RMB 224.81 million, consistent with December 31, 2024, comprising interest-bearing bank borrowings and other interest-bearing borrowings | Metric (RMB million) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total borrowings | 224.81 | 224.81 | — | Pledge of Assets As of June 30, 2025, the Group's short-term borrowings were secured by fixed assets totaling approximately RMB 40.66 million and guaranteed by certain related parties, with the value of pledged assets consistent with the end of 2024 - The Group's short-term borrowings are secured by fixed assets totaling approximately RMB 40.66 million and guaranteed by related parties[37] Debt-to-Asset Ratio As of June 30, 2025, the Group's debt-to-asset ratio deteriorated to 1426.91%, an increase from 1319.04% as of December 31, 2024, primarily due to the loss incurred during the period | Metric | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Debt-to-asset ratio | 1426.91% | 1319.04% | ⬆️ 107.87% | - The increase in the debt-to-asset ratio was primarily due to the Group's loss for the current period[38] Capital Expenditure For the six months ended June 30, 2025, the Group incurred no capital expenditure, consistent with the same period in 2024 - For the six months ended June 30, 2025, the Group incurred no capital expenditure (2024: nil)[39] Capital Commitments As of June 30, 2025, the Group had no capital commitments or overseas debt commitments - As of June 30, 2025, the Group had no capital commitments (2024: nil)[40] - Since its establishment, the company has not conducted business overseas and has no overseas debt commitments[40] Contingent Liabilities As of June 30, 2025, the Group's bank deposits totaling approximately RMB 8.95 million have been frozen by Chinese courts due to tight liquidity, overdue bank borrowings, and multiple lawsuits - As of June 30, 2025, the Group's bank deposits totaling approximately RMB 8.95 million have been frozen by Chinese courts due to tight liquidity, overdue bank borrowings, and involvement in multiple lawsuits[41] RMB Exchange Rate Fluctuations and Foreign Exchange Risk Most of the Group's business and all bank borrowings are denominated in RMB, resulting in insignificant exposure to foreign exchange fluctuations; the Board expects exchange rate fluctuations will not materially impact business or financial performance, and there is currently no hedging policy - Most of the Group's business and all bank borrowings are denominated in RMB, resulting in insignificant exposure to foreign exchange fluctuations[42] - The Board expects RMB exchange rate fluctuations will not have a significant impact on the Group's business operations or financial performance[42] - The Group currently has no hedging policy in place for foreign exchange risk[42] Significant Investments, Acquisitions and Disposals For the six months ended June 30, 2025, the Group did not undertake any significant investments, acquisitions, or disposals of subsidiaries, associates, or assets - For the six months ended June 30, 2025, the Group did not undertake any significant investments, acquisitions, or disposals of subsidiaries, associates, or assets[43] Employees and Remuneration Policy As of June 30, 2025, the Group's employee count decreased to 24, with a corresponding reduction in employee costs; the company provides remuneration, benefits, and vocational training to employees and contributes to social security funds as required | Metric | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of employees | 24 | 39 | ⬇️ 38.46% | | Metric (RMB million) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Employee costs | 2.27 | 3.02 | ⬇️ 24.83% | - The company provides employees with salaries, allowances, bonuses, pension contributions, and other in-kind benefits, determines salaries based on individual qualifications, positions, and experience, implements vocational training, and contributes to mandatory social security funds[44] Future Development Prospects and Strategies This section outlines the Group's overall strategy, focusing on market development, operational efficiency, talent acquisition, and exploring new business opportunities for future growth Overall Strategy The Group aims to become a leading international green decoration integrated service provider, planning to resolve debt and liquidity risks through debt restructuring and introducing new investors to achieve revitalization - The Group is committed to becoming a leading international green decoration integrated service provider[45] - Plans include leveraging debt restructuring and introducing new investors to resolve debt and liquidity risks, aiming for revitalization[45] Focus on Niche Markets and Regional Development The Group will actively respond to national policies, expand business, adopt a prudent order strategy, screen high-quality clients, and leverage technology; it will focus on developing business in the medical and hotel niche sectors, concentrating on the "Guangdong-Hong Kong-Macao Greater Bay Area" to consolidate its advantages - Actively respond to national policies, expand business, adopt a prudent order strategy, and intensify efforts to screen high-quality clients[46] - Focus on supporting and developing business in the medical and hotel niche sectors, concentrating on the development of the "Guangdong-Hong Kong-Macao Greater Bay Area" to consolidate and highlight advantages in these segments[46] Optimize Engineering Management and Efficiency The Group will continuously optimize engineering management processes, enhance efficiency through process reengineering and innovation, and adapt business models to industry management changes, strengthening risk control and liquidity management - Continuously optimize engineering management processes, enhancing efficiency through process reengineering and innovation[47] - Optimize business models, strengthening risk control and liquidity management[47] Strengthen Talent Pool The Group plans to strengthen corporate culture, optimize existing staff, and recruit outstanding management and project manager talent to build a "market-oriented, professionally skilled, career-driven, and management-integrated" team - Strengthen corporate culture, optimize existing staff, and recruit outstanding management and project manager talent within the industry[48] - Build a "market-oriented, professionally skilled, career-driven, and management-integrated" team[48] Explore New Business Opportunities While focusing on core business development, the company will explore new business opportunities with new investors, expanding into new energy and technological innovation sectors, transforming from a traditional architectural decoration service enterprise to a technology-innovative development - While concentrating on developing core business advantages, explore new business opportunities and ventures with new investors[49] - Expand into new energy and technological innovation sectors, transforming from a traditional architectural decoration service enterprise to a technology-innovative development[49] Other Information This section covers various additional disclosures, including securities transactions, corporate governance, interim dividends, audit committee review, post-reporting period events, and trading suspension Purchase, Sale or Redemption of Listed Securities During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[50] - As of June 30, 2025, the company held no treasury shares[50] Compliance with Corporate Governance Code The company's Board of Directors comprises four executive directors, one non-executive director, and four independent non-executive directors, and has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules, fully complying with all applicable code provisions during the reporting period - The Board of Directors comprises four executive directors, one non-executive director, and four independent non-executive directors[51] - The company has adopted and fully complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[51] Standard Code for Securities Transactions The company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for directors and supervisors in securities transactions, confirming that all directors and supervisors complied with the relevant provisions during the reporting period, with no non-compliance incidents found among relevant employees - The company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for directors and supervisors in securities transactions[53] - Following inquiry, all directors and supervisors confirmed compliance with the relevant provisions of the Standard Code during the reporting period, with no non-compliance incidents found among relevant employees[53] Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[54] Audit Committee Review The Audit Committee has reviewed the accounting principles and practices adopted by the Group with management and discussed risk management, internal control, and financial reporting matters, including the review of interim results for the six months ended June 30, 2024 - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed risk management, internal control, and financial reporting matters[55] - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2024[55] Events After Reporting Period This section discloses significant events occurring from the end of the reporting period to the announcement date, including the failure to repay approximately RMB 217.83 million in matured loans due to breaches of loan agreements, and the company's bankruptcy reorganization application being rejected but with plans to reapply Breach of Loan Agreements From the end of the reporting period to the announcement date, approximately RMB 217.83 million of the Group's loans matured and could not be repaid, breaching loan agreement terms without waiver, and lenders have demanded immediate repayment - From the end of the reporting period to the announcement date, loans totaling approximately RMB 217.83 million from 8 banks, 1 company, and 3 individuals matured, which the Group failed to repay or renew[56] - The Group has breached loan agreement terms, has not obtained waivers, and lenders have demanded immediate repayment[56] Matters Regarding Bankruptcy Reorganization The company's application for bankruptcy reorganization submitted to the Shenzhen Intermediate People's Court has been rejected, but the company will adjust and improve its reorganization plan based on the court's opinion and reapply for bankruptcy reorganization - The company's application for bankruptcy reorganization submitted to the Shenzhen Intermediate People's Court has been rejected[57] - The company will adjust and improve its reorganization plan based on the court's opinion and reapply for bankruptcy reorganization[57] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the Stock Exchange and the company's website, and the interim report containing all information required by the Listing Rules will be dispatched to shareholders and published on the websites in due course - This interim results announcement has been published on the Stock Exchange website (www.hkexnews.hk) and the company's website (www.aidewei.cn)[58](index=58&type=chunk) - The interim report containing all information required by the Listing Rules will be dispatched to shareholders and published on the aforementioned websites in due course[58] Continued Suspension of Trading The company's shares have been suspended from trading since July 16, 2025, under Listing Rule 6.01(3), and will remain suspended until further notice, advising shareholders and potential investors to exercise caution - The company's shares have been suspended from trading since July 16, 2025, under Listing Rule 6.01(3)[59] - Trading in the shares will remain suspended until further notice, advising shareholders and potential investors to exercise caution[59] Board of Directors Members The announcement lists the Board of Directors members as of the announcement date (September 3, 2025), including executive directors, non-executive directors, and independent non-executive directors - As of September 3, 2025, the Board of Directors includes Mr. Ye Yujing, Ms. Ye Xiujin, Mr. Ye Guofeng, and Mr. Ye Jiajun (Executive Directors); Mr. Zhuang Liangbin (Non-executive Director); and Mr. Cai Huiming, Mr. Sun Changqing, Mr. Lin Zhiyang, and Mr. Zhou Wanxiong (Independent Non-executive Directors)[61]