Gongniu Group returns idle funds to supplement working capital

Gongniu Group (SSE:603195) announced today it has returned a portion of idle funds, previously allocated to supplement working capital, to their designated accounts. The decision, approved at the company's board and supervisory meetings in late 2024, allowed for the temporary use of up to CNY 200 million, ensuring it wouldn't affect project construction or misuse funds for speculative investments. As of April 28, 2025, the company has returned CNY 25 million. The maximum amount used was CNY 155,849,000 and the outstanding balance of unreturned idle funds now stands at CNY 130,849,000. The company affirmed this would not impact the progress of its capital investment projects or alter their intended purpose.