On August 16th, Geelong released an announcement stating that the group's expected revenue will decrease from approximately RMB 65.3 million for the six months ending on June 30, 2023 to approximately RMB 17.8 million for the six months ending on June 30, 2024, resulting in a net loss of no less than approximately RMB 0.8 million for the six months ending on June 30, 2024, compared to a net income of approximately RMB 8.5 million for the six months ending on June 30, 2023.

The Board of Directors believes that the decrease in revenue and the losses are mainly due to (i) a delay in customers' confirmation of the progress of relevant engineering, procurement and construction projects during the current period, and (ii) the group's existing projects in Vietnam were completed in the previous year, and new projects are expected to begin in the second half of this year, so no income was recorded during the current period.