SAIC Hongyan, a subsidiary of New Power Engineering (600841.SH), was applied for restructuring

Zhitong Finance App News, New Power Technology (600841.SH) issued an announcement. On July 1, 2025, the company received relevant information from the wholly-owned subsidiary SAIC Hongyan Automobile Co., Ltd. (“SAIC Hongyan”). The company learned that SAIC Hongyan's creditor, Chongqing Anji Logistics, SAIC Hongyan, was unable to pay off maturing debts and is seriously insolvent, but it still has restructuring value and feasibility, applied to the Chongqing Fifth Intermediate Court for bankruptcy and restructuring. The Chongqing Fifth Intermediate Court filed a case on July 1, 2025 (Case No.: (2025)) No. 436). SAIC Hongyan has yet to receive the relevant notification letter from creditors.

SAIC Hongyan is an important subsidiary of the company and the production and operation platform for the heavy truck business. If the restructuring is successfully implemented, it will help resolve SAIC Hongyan's debt and ease the company's operating pressure. Although the applicant's bankruptcy and restructuring application has now been filed by the court, there is still uncertainty about whether SAIC Hongyan will be decided to enter the restructuring process. Even if the court rules that SAIC Hongyan has entered the restructuring process, it does not mean that SAIC Hongyan has successfully restructured, and there is uncertainty about whether SAIC Hongyan can successfully restructure. The company will promptly disclose the progress of relevant matters. Regardless of whether SAIC Hongyan can enter into the restructuring process, the company will urge SAIC Hongyan to actively do a good job in daily production and operation management on the current basis. Whether SAIC Hongyan can enter the restructuring process will not have a significant impact on the company's non-heavy truck business.