China Great Wall Technology Group (000066.SZ) has announced a forecasted net loss of 1.1 billion to 1.52 billion yuan for the fiscal year 2024.

China Greatwall Technology Group (000066.SZ) issued a performance forecast for the year 2024, expecting a net loss attributable to shareholders of the listed company of 1.1 billion to 1.52 billion yuan for the full year, with an expanded loss compared to the previous year. During the reporting period, it is expected that the net profit attributable to shareholders of the listed company will decrease in 2024, with the main reasons for the loss as follows: 1. Market competition, industry policies, and industry cycle adjustments have led to a decrease in the company's gross profit margin, further squeezing overall profitability. 2. In order to focus on core responsibilities and accelerate transformation and upgrading, the company proactively adjusted its business structure, leading to a temporary increase in costs and expenses compared to the same period the previous year. 3. Based on the company's business development and external economic situation, in accordance with enterprise accounting standards and company accounting policies, the company conducted a comprehensive inspection and impairment testing of various assets, and made provisions for impairment of various assets based on the principle of caution. 4. To implement the strategy of strengthening the company through technology, the company maintained a strong investment in technological innovation, promoted core technological innovations, and provided research and development resources to ensure sustainable development and enhance medium- to long-term competitiveness.