On August 29th, GeLong Hui announced that in the first half of 2024, due to the impact of market conditions and government investment policy adjustments, some investment projects were delayed, and corresponding orders were postponed to the second half of the year for signing and execution, resulting in a decline in revenue. The group achieved a revenue of approximately RMB 0.513 billion in the first half of the year, a year-on-year decrease of 8.8%. Due to more cautious investment decisions in the target market and increasingly fierce competition in the industry, the group maintained a relatively low gross margin level to stabilize its market position, resulting in a significant decline in overall profitability. In addition, the group actively adjusted its business strategy, increased market promotion efforts, expanded into new market areas and cooperation opportunities, resulting in an increase in sales expenses, which in turn had a certain impact on net income. The group recorded a loss of approximately RMB 71.9 million in the first half of 2024. Loss per share was RMB 0.0889.

In the second half of the year, the group will make every effort to promote the progress of projects under construction, strengthen cost control, and strive for steady development in future market conditions.