Stock Code: 002355 Stock Abbreviation: Xingmin Intelligent Transportation Announcement No.: 2026-018
Xingmin Intelligent Transportation (Group) Co., Ltd. Announcement on Uncovered Losses Reaching One-Third of Paid-in Capital
The Company and all members of the Board of Directors guarantee the content of the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
Xingmin Intelligent Transportation (Group) Co., Ltd. (hereinafter referred to as the "Company") held the 33rd meeting of the Sixth Board of Directors on April 28, 2026, and reviewed and approved the "Proposal on Uncovered Losses Reaching One-Third of Paid-in Capital." In accordance with the "Company Law," "Articles of Association," and other relevant regulations, this matter needs to be submitted to the 2025 Annual General Meeting of Shareholders for review. The relevant situation is hereby announced as follows:
I. Overview
According to the "2025 Annual Audit Report" (Heshin Shen Zi [2026] No. 000703) issued by Heshin Certified Public Accountants (Special General Partnership), as of December 31, 2025, the Company's consolidated balance sheet showed undistributed profits of -1,631,741,266.25 yuan, and paid-in capital was 668,481,000 yuan. The amount of uncovered losses has exceeded one-third of the total paid-in capital.
II. Reasons for Losses
- The fair value changes of the Hong Kong stocks held by the Company resulted in significant losses during the period.
- Based on the actual operating conditions and in accordance with the "Accounting Standards for Business Enterprises No. 8 - Impairment of Assets" and relevant accounting policies, after impairment testing, the Company made large impairment provisions for inventories, receivables, and equity investments related to its business.