伟业控股(01570) - 2025 - 年度业绩

Supplementary Announcement Overview Purpose and Scope of the Announcement This announcement serves as a supplementary disclosure to Wei Ye Holdings Limited's 2024 annual report, providing detailed additional information regarding the impairment loss on property, plant, and equipment of RMB 110 million for the year ended December 31, 2024 - This announcement is a supplementary disclosure to the 2024 annual report of Wei Ye Holdings Limited (Hong Kong Stock Code: 1570)[2] - The supplementary information primarily addresses the RMB 110 million impairment loss on property, plant and equipment disclosed in the 2024 annual report[2] Impairment Loss on Property, Plant and Equipment Reasons and Background for Impairment Wei Ye Holdings' non-wholly owned subsidiary, Yizheng Honglin Real Estate Co., Ltd., developed a residential and commercial project in Yangzhou, where a portion of completed construction (no less than 10,000 square meters) was classified as permanent freehold buildings due to lack of legal ownership and transfer restrictions. This property, a cash-generating unit, recorded no sales and incurred a net loss of approximately RMB 10 million in 2024, leading the company to cease further investment and recognize an impairment due to adverse challenges in the Yangzhou real estate market - A commercial property (no less than 10,000 square meters) developed by the non-wholly owned subsidiary, Yizheng Honglin Real Estate Co., Ltd., in Yangzhou, with a carrying amount of approximately RMB 110 million, was classified as a permanent freehold building due to lack of legal ownership and transfer restrictions[3] - As a cash-generating unit, the property recorded no sales and incurred a net loss of approximately RMB 10 million for the year ended December 31, 2024[5] - The company believes the overall economic environment in the Yangzhou real estate development market faces adverse challenges, hindering business expansion and making it difficult to reverse the loss-making situation in the short term, thus deciding against further investment in Yizheng Honglin[5] Impairment Amount The company recognized an impairment loss on property, plant and equipment of RMB 110 million for the year ended December 31, 2024, primarily related to Yizheng Honglin's permanent freehold buildings 2024 Impairment Loss on Property, Plant and Equipment | Metric | Amount (RMB) | | :--- | :--- | | Impairment Loss on Property, Plant and Equipment | 110 million | Impairment Assessment Methodology and Assumptions Assessment Methodology The company engaged an independent professional valuer (Huicheng Appraisal Consulting Co., Ltd.) to conduct a valuation on December 31, 2024, using the income approach's discounted cash flow analysis to determine the value in use of the cash-generating unit, in compliance with Hong Kong Accounting Standard 36 - The company engaged an independent professional valuer (Huicheng Appraisal Consulting Co., Ltd.) with relevant qualifications and experience to conduct the valuation on December 31, 2024[5][6] - The valuation method adopted the income approach, specifically discounted cash flow analysis, to determine the value in use of the cash-generating unit, in compliance with Hong Kong Accounting Standard 36 – Impairment of Assets[6][7] Key Valuation Assumptions and Input Data The valuation is based on management-approved financial budgets, with a three-year forecast period, zero revenue growth, and a gross profit margin referencing 20% above the carrying cost of remaining commercial properties at the valuation date. Estimated net cash flow during the forecast period is approximately RMB 601,000, with a present value of RMB 531,000, and an applied discount rate of 9.49% - The valuation is based on Yizheng Honglin's financial budgets approved by company management, with key assumptions including revenue growth rate, gross profit margin, forecast period, expected cash flows at the end of the forecast period, and discount rate[8] - The forecast period is set at three years, with zero revenue growth during this period, and a gross profit margin adopted at above 20.0% of the carrying cost of the remaining commercial properties at the valuation date[8][9] Key Valuation Financial Data | Metric | Value | | :--- | :--- | | Net Cash Flow during Forecast Period | Approx. RMB 601,000 | | Present Value of Net Cash Flow during Forecast Period | RMB 531,000 | | Discount Rate | 9.49% | - Given the transfer restrictions, the property is not expected to generate proceeds from sale at the end of the forecast period[9] Other Information Unchanged Report Information Except for the impairment-related information disclosed in this supplementary announcement, all other information contained in the 2024 annual report remains unchanged - Except for the impairment-related information disclosed in this supplementary announcement, all other information contained in the 2024 annual report remains unchanged[10] Board of Directors As of the announcement date, Mr. Chen Zhiyong serves as the Executive Director of Wei Ye Holdings Limited, with Mr. Liu Ning, Mr. Dong Xincheng, and Ms. Chen Shimin as Independent Non-Executive Directors - As of the date of this announcement, the Executive Director is Mr. Chen Zhiyong[11] - The Independent Non-Executive Directors are Mr. Liu Ning, Mr. Dong Xincheng, and Ms. Chen Shimin[11]