Hongchuan Wisdom: Performance is expected to be in deficit in 2025, with the main credit rating maintained at AA-

Hongchuan Wisdom announced that the non-recurring net profit for the year 2025 is expected to be a loss of 44370.79 - 47495.49 million yuan, a decrease of 455.00% - 480.00% year-on-year. The main reasons for the decrease are the reduction in downstream demand leading to a decrease in rental rate, revenue, and gross profit margin, as well as the provision for asset impairment. In 2025, a provision for asset impairment of 339 million yuan was made, of which 332 million yuan was for impairment of goodwill. The asset-liability ratio at the end of September 2025 was 68.18%. Zhongzheng Pengyuan maintains the company's corporate credit rating at AA- with a stable outlook, and the credit rating for "Hongchuan Convertible Bonds" remains at AA- and is valid until the end of the bond's term.