Aowei Holding warns of significant loss for 2024

Aowei Holding Limited (HKEX:1370) issued a profit warning, projecting a loss attributable to equity holders of the Company of not more than RMB350 million for the year ended December 31, 2024. This compares to a loss of RMB549.1 million in the prior year. The projected loss is attributed to several factors, including impairment losses on property, plant, and equipment, a decrease in sand and gravel material production and sales volume due to heavy rain, and a decline in the selling price of gravel materials which negatively impacted gross profit margins. The company notes that the financial information is based on preliminary assessments and unaudited management accounts and is subject to final audit adjustments. The final audited results will be disclosed by the end of March 2025. Aowei is advising shareholders and potential investors to exercise caution when dealing in the company's shares.