亚玛顿公告称，公司股票连续两个交易日（2026年1月23日、26日）收盘价格涨幅偏离值累计超20%， 属异常波动。公司自查并向控股股东、实控人核实，前期披露信息无更正补充，未发现公共传媒报道未 公开重大信息，近期经营正常，内外部环境无重大变化，不存在应披露未披露重大事项，异常波动期间 控股股东及实控人无买卖公司股票情况。公司正核算2025年度财务数据，将依规披露业绩预告。 ...

Core Viewpoint - The company, Beibo Co., Ltd., anticipates a significant decline in net profit for the year 2025, with projections indicating a decrease of 37.13% to 56.98% compared to the previous year [1] Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between 26 million and 38 million yuan [1] - The net profit after deducting non-recurring gains and losses is forecasted to be between 15.5 million and 21 million yuan, reflecting a year-on-year decrease of 58.16% to 69.12% [1] Revenue and Cost Factors - The company's operating revenue is expected to decline by 3.7% year-on-year due to industry adjustments [1] - Increased management expenses and fixed asset depreciation have contributed to the profit decline [1] - The company has invested in market expansion and advertising, leading to a significant rise in advertising expenses compared to the previous year [1] - There has been an increase in export revenue, which has resulted in higher overseas commission costs [1]

Group 1 - The core viewpoint of the article highlights a significant increase in glass futures prices, with the main contract closing at 1087.00 yuan/ton, reflecting a rise of 2.45% [1] Group 2 - Supply levels for glass remain stable, with the industry maintaining a daily melting capacity of 150,700 tons. A 900-ton daily melting capacity production line is scheduled to resume operations next week, which may lead to a decrease in glass supply support [2] - The real estate market, a core demand area for glass, continues to be sluggish, with the transaction area of commercial housing hovering at a three-year low. New housing starts and construction areas are both in negative growth [2] - As the Spring Festival approaches, downstream processing enterprises are gradually shutting down, leading to a halt in home decoration and engineering orders, resulting in a decline in the production and sales rate of float glass [2] - The cancellation of the export tax rebate policy on April 1 is expected to temporarily boost demand for photovoltaic glass due to "export rush," but this demand accounts for less than 25% and cannot compensate for the shortfall in construction glass demand [2] - Inventory levels for float glass remain stable, with a slight increase in overall factory inventory. There is a regional disparity, with North and Central China seeing inventory accumulation, while East and South China experience slight inventory reduction [2] - The market outlook indicates a narrow increase in inventory, with potential accumulation pressure due to downstream holidays. Currently, all three fuel production lines are operating at a loss, and there is little fluctuation in production capacity [2] - Downstream orders remain weak, with Southern orders performing better than those in the North. Seasonal inventory accumulation is anticipated as the holiday approaches, but current valuations are low and may fluctuate with macroeconomic sentiment [2]

Glass Market Analysis - The main contract for glass (2605) experienced a downward trend this week, closing at 1064 CNY/ton, a decrease of 39 CNY/ton or 3.54% compared to the previous week [2][8] - The average weekly price of float glass in the domestic market was 1098 CNY/ton, reflecting a slight increase of 2.45 CNY/ton, with stable transaction volumes [2][8] - The operating rate of float glass enterprises was 71.62%, up by 0.14%, while the capacity utilization rate increased to 75.57%, up by 0.34% [2][8] - Demand for float glass has slowed down due to the upcoming Spring Festival, leading to an increase in total inventory to 53.216 million heavy boxes, up by 0.38% [2][8] - Overall, the supply-demand imbalance in the glass market remains significant, with insufficient production cuts relative to the decline in demand, although there are expectations for inventory pressure to ease as procurement increases [2][8] Soda Ash Market Analysis - The main contract for soda ash (2605) fluctuated this week, closing at 1198 CNY/ton, an increase of 6 CNY/ton or 0.5% [3][9] - Downstream demand remains cautious, with limited purchasing activity observed [3][9] - The capacity utilization rate for soda ash was 86.42%, down by 0.4%, with production at 771,700 tons, a decrease of 0.46% [3][9] - Domestic soda ash manufacturers reported a total inventory of 152,120 tons, down by 3.42%, indicating a clear reduction in stock [3][9] - The supply-demand situation for soda ash is relatively balanced, with some plants resuming operations after maintenance, but future production profits may be pressured due to new projects and increased expectations for float glass production cuts [3][9] Market Strategy - The strategy for the glass market is characterized as fluctuating [10] - The strategy for the soda ash market is described as fluctuating with a weak bias [10]

Core Viewpoint - The overall performance forecast for companies listed on the Beijing Stock Exchange indicates a positive trend, with most companies expecting profit growth, reflecting their ability to seize market opportunities and enhance competitiveness [1][2]. Group 1: Performance Forecasts - Eight companies have disclosed their performance forecasts for 2025, with five expecting profit increases, one anticipating a profit decrease, and two predicting losses [2]. - HaiNeng Technology expects a more than doubling of net profit, with an increase of 213.65% to 236.61% [2]. - Jilin Carbon Valley forecasts a net profit of 180 million to 220 million yuan, representing a year-on-year growth of 92.81% to 135.66% [1][2]. - Longzhu Technology, Wangcheng Technology, and Lintai New Materials anticipate net profit growth of approximately 50%, over 66%, and over 64%, respectively [1][2]. Group 2: Market Demand and Growth Drivers - The growth of companies is driven by both external market improvements and internal capability enhancements [3]. - The overall recovery in industry demand is a significant backdrop, with HaiNeng Technology noting a notable trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3]. - Jilin Carbon Valley has experienced continuous sales growth due to the recovering carbon fiber market [3]. - Companies are enhancing their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [3][4]. Group 3: Cost Pressures and Challenges - Companies forecasting losses or declines attribute their challenges to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5][6]. - Hualing Co. cites significant increases in depreciation expenses due to fixed assets entering full depreciation in 2025 and rising employee compensation costs [5][6]. - Geobijia mentions a decline in overall gross margin due to a lower sales proportion of high-margin specialty glass products and reduced government subsidies compared to the previous year [6]. - YingTai Bio has narrowed its losses significantly through focused product strategies and cost control, but still faces challenges from investment losses and a sluggish market for intermediates [6].

Investment Rating - The report maintains a rating of "Buy" for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials, while recommending "Hold" for Wei Xing New Materials [7]. Core Insights - The construction materials sector saw a significant increase of 7.50% from January 19 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index by 8.17% [12]. - The Ministry of Housing and Urban-Rural Development emphasized urban renewal, focusing on the renovation of old urban communities, complete community construction, and the transformation of small public spaces [1]. - The report highlights a decrease in local government bond issuance, indicating a potential easing of fiscal pressure and a chance for corporate balance sheet recovery, which may accelerate municipal engineering projects [1]. - The glass industry is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to alleviate supply conflicts [1]. - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand driven by large infrastructure projects [1]. Summary by Sections Cement Industry Tracking - As of January 23, 2026, the national cement price index was 345.33 CNY/ton, down 0.5% week-on-week, with a total cement output of 2.3795 million tons, a decrease of 10.04% [18]. - The cement clinker kiln line capacity utilization rate was 42.42%, up 1.72 percentage points from the previous week [18]. - The market is facing a complex situation influenced by weather, funding constraints, and environmental regulations, leading to a projected weakening of demand as the Spring Festival approaches [18]. Glass Industry Tracking - The national average price of float glass as of January 22, 2026, was 1138.82 CNY/ton, with a slight increase of 0.05% week-on-week [35]. - The inventory of raw glass in 13 provinces was 49.77 million weight boxes, showing a decrease of 90,000 weight boxes from the previous week [35]. - The market is expected to maintain a stable price trend in the short term, with potential supply-side changes to monitor [35]. Fiberglass Industry Tracking - The price of non-alkali roving remained stable, with demand continuing to show weakness and inventory levels remaining high [6]. - The average production cost for carbon fiber was 112,500 CNY/ton, with a negative profit margin indicating insufficient profit space in the industry [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with upstream raw material prices for aluminum alloy, styrene, and natural gas increasing week-on-week [6]. - The report recommends continued attention to companies benefiting from second-hand housing and renovation policies, highlighting their potential for market share growth [1].

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials, while recommending "Hold" for Wei Xing New Materials [7]. Core Insights - The construction materials sector saw a significant increase of 7.50% from January 19 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index by 8.17% [12]. - The Ministry of Housing and Urban-Rural Development emphasized urban renewal, focusing on the renovation of old urban communities, complete community construction, and the transformation of small public spaces [1]. - The report highlights a decrease in local government bond issuance, indicating a potential easing of fiscal pressure and a chance for municipal engineering projects to accelerate [1]. - The glass industry is approaching a supply-demand balance, with a focus on the photovoltaic glass sector amid production cuts to alleviate supply tensions [1]. - The cement industry is experiencing a demand downturn, with prices fluctuating around the breakeven point, while supply-side improvements are anticipated [1]. Summary by Sections Cement Industry Tracking - As of January 23, 2026, the national cement price index was 345.33 CNY/ton, down 0.5% week-on-week, with a significant drop in cement output and supply [18]. - The capacity utilization rate for cement clinker kilns was 42.42%, reflecting a 1.72 percentage point increase from the previous week [18]. - The report notes a complex market situation influenced by weather, funding constraints, and environmental regulations, leading to a projected weakening in demand as the Spring Festival approaches [18]. Glass Industry Tracking - The average price of float glass as of January 22, 2026, was 1138.82 CNY/ton, with a slight increase of 0.05% week-on-week [35]. - Inventory levels for float glass showed a decrease of 9 million weight boxes compared to the previous week, but a year-on-year increase of 1188 million weight boxes [35]. - The report anticipates stable pricing in the short term, with potential policy changes affecting supply dynamics [35]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with no significant changes in production capacity or pricing observed [6]. - Demand for high-end electronic yarns is expected to remain strong, while ordinary products may see moderate price increases [6]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with rising prices for upstream raw materials such as aluminum and natural gas [6]. - The report emphasizes the potential for long-term market share growth in consumer building materials due to ongoing renovation demand [1]. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates and costs remaining consistent, although profit margins are under pressure [6]. - Import and export data indicate a net import of carbon fiber products, with significant price differentials between imports and exports [6].

Investment Rating - The industry rating is "Outperform the Market" [7][66] Core Insights - The report indicates that the construction materials sector is experiencing a downturn in investment and construction starts, necessitating proactive policy measures to stabilize the market [3][5] - National real estate development investment is projected to be 8.3 trillion yuan in 2025, reflecting a year-on-year decrease of 17.2%, with new housing starts and completions also showing significant declines [3][12] - The report highlights that the easing of monetary policy in Europe and the U.S. may provide more room for China's monetary and fiscal policies, which could positively impact the real estate market [3][5] - The report emphasizes that the construction materials sector may benefit from supply-side reforms and a potential recovery in housing demand, leading to a stabilization of the real estate market [5][20] Summary by Sections Investment Highlights - The report notes that the construction materials sector is expected to see a turning point in capacity cycles due to accelerating supply-side reforms and a recovery in purchasing intentions driven by lower interest rates [5][20] - It suggests that the fundamental conditions of the real estate market are likely to stabilize, which may also lead to a recovery in post-cycle demand for construction materials [5][20] Recent High-Frequency Data - As of January 23, 2026, the average price of bulk P.O 42.5 cement is 333.4 yuan/ton, showing a month-on-month decrease of 0.8% and a year-on-year decrease of 15.1% [4][13] - The average price of glass (5.00mm) is reported at 1097.1 yuan/ton, with a year-on-year decline of 17.2% [4][21] Sector Review - The Shanghai Composite Index rose by 0.84%, while the Shenzhen Composite Index increased by 2.21%. The construction materials index saw a significant rise of 9.23% [4][54] - Sub-sectors such as glass manufacturing and fiberglass manufacturing experienced notable gains, with increases of 11.13% and 8.97%, respectively [4][54]

Report on Float Glass 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the overall market sentiment was weak. Affected by insufficient orders from downstream deep - processing enterprises, low inventory - stocking willingness, and seasonal factors approaching the Spring Festival, terminal demand was weak. Most regions saw a slight accumulation or stability in inventory, and the overall de - stocking rhythm lacked sustainability. Currently, the float glass market lacks substantial positive drivers, and market participants are mostly in a wait - and - see attitude. It is expected that the short - term market will continue to show a narrow - range oscillating trend, with the main contract reference range of 1000 - 1175 yuan/ton [13][14]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Price**: As of January 23, 2026, the spot market price of float glass was 1010 yuan/ton, a week - on - week decrease of 10 yuan/ton; the closing price of the main glass contract was 1057 yuan/ton, a week - on - week decrease of 29 yuan/ton; the basis was - 47 yuan/ton, a week - on - week increase of 19 yuan/ton [13][19]. - **Cost and Profit**: The weekly average profit of producing float glass with natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The weekly average profit of producing float glass with coal as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [13][29][32]. - **Supply**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The downstream deep - processing orders of float glass were 9.3 days, a week - on - week increase of 0.70 days; the operating rate of Low - e glass was 44.10%, remaining unchanged week - on - week [13][37][40]. - **Demand**: According to WIND data, from January to December 2025, the cumulative sales area of commercial housing in China was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the single - month sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. According to CAAM data, in December, the production and sales of automobiles were 329.60/327.22 million vehicles respectively, a year - on - year decrease of 2.09%/6.20%; from January to December, the cumulative production and sales of automobiles were 3453.10/3440.00 million vehicles [13][43][46]. - **Inventory**: As of January 23, 2026, the in - factory inventory of national float glass was 5321.58 million heavy boxes, a week - on - week increase of 20.28 million heavy boxes; the in - factory inventory in the Shahe area was 188.48 million heavy boxes, a week - on - week decrease of 1.84 million heavy boxes [13][51]. 3.2 Futures and Spot Market - **Glass Basis**: As of January 23, 2026, the spot market price of float glass was 1010 yuan/ton, a week - on - week decrease of 10 yuan/ton; the closing price of the main glass contract was 1057 yuan/ton, a week - on - week decrease of 29 yuan/ton; the basis was - 47 yuan/ton, a week - on - week increase of 19 yuan/ton [19]. - **Glass Inter - month Spread**: As of January 23, 2026, the 01 - 05 spread of glass was 159 yuan/ton (+318), the 05 - 09 spread was - 105 yuan/ton (+2), the 09 - 01 spread was - 54 yuan/ton (-320), and the open interest reached 155.73 million lots [22]. 3.3 Profit and Cost - **Float Glass Profit and Cost**: The weekly average profit of producing float glass with natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The weekly average profit of producing float glass with coal as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [29][32]. 3.4 Supply and Demand - **Glass Output and Operating Rate**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62% [37]. - **Glass Demand**: As of January 23, 2026, the downstream deep - processing orders of float glass were 9.3 days, a week - on - week increase of 0.70 days; the operating rate of Low - e glass was 44.10%, remaining unchanged week - on - week. From January to December 2025, the cumulative sales area of commercial housing in China was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the single - month sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. In December, the production and sales of automobiles were 329.60/327.22 million vehicles respectively, a year - on - year decrease of 2.09%/6.20%; from January to December, the cumulative production and sales of automobiles were 3453.10/3440.00 million vehicles [40][43][46]. 3.5 Inventory As of January 23, 2026, the in - factory inventory of national float glass was 5321.58 million heavy boxes, a week - on - week increase of 20.28 million heavy boxes, and the previous forecast value was 5050.8 million heavy boxes. The de - stocking market did not appear as expected. As the demand from processing plants came to an end, it was more difficult to reduce the factory inventory, and the estimated inventory for this week was 5300 million heavy boxes; the in - factory inventory in the Shahe area was 188.48 million heavy boxes, a week - on - week decrease of 1.84 million heavy boxes [51]. Report on Soda Ash 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the supply - demand pattern of the soda ash market was generally loose. The supply side remained abundant, and the purchasing mentality of downstream enterprises became more cautious. However, the inventory of glass factories was low, and the pre - holiday restocking demand increased. The trading volume at the Shahe and Hebei delivery warehouses was more than 30,000 tons. Overall, the current market lacks substantial positive drivers, the futures market maintains a weak oscillating trend, which further affects the spot market and market sentiment. It is expected that the short - term soda ash market will continue to operate weakly, with the main contract reference range of 1120 - 1260 yuan/ton [62][63]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Price**: As of January 23, 2026, the spot market price of heavy soda ash in Shahe was 1150 yuan/ton, a week - on - week increase of 8 yuan/ton; the closing price of the main soda ash contract was 1185 yuan/ton, a week - on - week decrease of 8 yuan/ton; the basis was - 35 yuan/ton, a week - on - week increase of 15 yuan/ton [62][68]. - **Cost and Profit**: As of January 23, 2026, the weekly average profit of the ammonia - soda process was - 168.3 yuan/ton, remaining unchanged week - on - week; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week increase of 4 yuan/ton. The price of steam coal arriving at Qinhuangdao Port was 693 yuan/ton, a week - on - week decrease of 11 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week [62][79][82]. - **Supply**: As of January 23, 2026, the weekly output of soda ash was 77.17 tons, a week - on - week decrease of 0.36 tons, and the capacity utilization rate was 86.42%. The output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons; the output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons [62][90][93]. - **Demand**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The apparent consumption of soda ash in December reached 2.95 million tons [62][96]. - **Inventory**: As of January 23, 2026, the in - factory inventory of soda ash was 1.5212 million tons, a week - on - week decrease of 0.0538 million tons; the available inventory days were 12.61 days, a week - on - week decrease of 0.45 days. The in - factory inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons; the in - factory inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons [62][101][104]. 3.2 Futures and Spot Market - **Soda Ash Basis**: As of January 23, 2026, the spot market price of heavy soda ash in Shahe was 1150 yuan/ton, a week - on - week increase of 8 yuan/ton; the closing price of the main soda ash contract was 1185 yuan/ton, a week - on - week decrease of 8 yuan/ton; the basis was - 35 yuan/ton, a week - on - week increase of 15 yuan/ton [68]. - **Soda Ash Inter - month Spread**: As of January 23, 2026, the 01 - 05 spread of soda ash was 100 yuan/ton (+176), the 05 - 09 spread was - 62 yuan/ton (+3), the 09 - 01 spread was - 38 yuan/ton (-179), and the open interest reached 155.73 million lots [71]. 3.3 Profit and Cost - **Soda Ash Profit**: As of January 23, 2026, the weekly average profit of the ammonia - soda process was - 168.3 yuan/ton, remaining unchanged week - on - week; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week increase of 4 yuan/ton [79]. - **Raw Material Cost**: The price of steam coal arriving at Qinhuangdao Port was 693 yuan/ton, a week - on - week decrease of 11 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, remaining unchanged week - on - week; the price of synthetic ammonia in Shandong was 2270 yuan/ton, a week - on - week decrease of 55 yuan/ton [82][85]. 3.4 Supply and Demand - **Soda Ash Output**: As of January 23, 2026, the weekly output of soda ash was 77.17 tons, a week - on - week decrease of 0.36 tons, and the capacity utilization rate was 86.42%. The output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons; the output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons [90][93]. - **Soda Ash Demand**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The apparent consumption of soda ash in December reached 2.95 million tons [96]. 3.5 Inventory As of January 23, 2026, the in - factory inventory of soda ash was 1.5212 million tons, a week - on - week decrease of 0.0538 million tons; the available inventory days were 12.61 days, a week - on - week decrease of 0.45 days. The previous forecast value was 1.5727 million tons, and the de - stocking speed was slightly faster than expected; it is expected that the inventory will continue to decrease this week, with the estimated value of 1.48 million tons. The in - factory inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons; the in - factory inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons [101][104].

Core Viewpoint - Anhua High-Tech (600207) announced a projected net loss for the year 2025, estimating a net profit attributable to shareholders of between -640 million to -740 million yuan, representing a year-on-year decrease of 286 million to 386 million yuan [1] Group 1: Financial Performance - The company expects a non-recurring net profit of between -660 million to -760 million yuan, a year-on-year decline of 242 million to 342 million yuan [1] Group 2: Reasons for Loss - The primary reasons for the expected loss include a mismatch in supply and demand for photovoltaic glass capacity, leading to a significant decline in product prices and a drop in gross margin for the photovoltaic glass business [1] - The real estate market's impact has caused a substantial decrease in the selling price of float glass products, resulting in an expanded loss in the float glass business [1] - Due to a downward adjustment in profit expectations from subsidiaries, the company has prudently decided to make impairment provisions for assets showing signs of impairment [1]