AOWEI HOLDING (01370) announced that the group expects to record losses attributable to equity holders of no more than approximately RMB 90 million for the first half of 2025, compared to losses of RMB 50.6 million in the same period of 2024.

The group's losses during the reporting period were primarily attributed to the fact that the extractable portion of the open-pit iron ore mine operated by the group's subsidiary, Laiyuan County Jiheng Mining Co., Ltd. (Jiheng Mining), has been substantially depleted and mining operations have been suspended. Additionally, declining iron concentrate prices resulted in reduced gross profit margins.