Tongyi Low Carbon impairs subsidiary assets; shifts strategy

Xinjiang Korla Pear announced it will recognize an impairment loss of CNY 892.92 million on the assets of its subsidiary, Tongyi (Shaanxi) Petrochemical Co., Ltd. The decision, approved at the company's ninth board meeting on June 30, 2025, will negatively impact net profits by CNY -814.91 million. This move comes as Tongyi Low Carbon abandons its waste oil regeneration project in Shaanxi, initially intended to augment its supply of base oil, due to a change in business direction and strategy.