The board of directors of the Company (the “Board”) hereby announces that the profit attributable to owners of the Company (excluding gains or losses from changes in fair value of investment properties) for the year ended 31 December 2023 (the “Relevant Period”) is estimated to realize a turnaround from loss to profit, details of which are set out as follows:

I. ESTIMATED RESULTS FOR THE RELEVANT PERIOD (IN ACCORDANCE WITH THE HONG KONG FINANCIAL REPORTING STANDARDS)

1. Relevant Period for the results estimation: from 1 January 2023 to 31 December 2023

2. Estimated profits:
Based on the preliminary assessment by the Company’s finance department:
(i) Profit attributable to owners of the Company (excluding gains or losses from changes in fair value of investment properties) for the year of 2023 is estimated to range from RMB259,310,000 to RMB286,310,000, realizing a turnaround from loss to profit as compared with the loss for the corresponding period of the preceding year.
(ii) Profit (excluding gains or losses from changes in fair value of investment properties and after deduction of non-recurring profit and loss) attributable to owners of the Company for the year of 2023 is estimated to range from RMB179,310,000 to RMB186,310,000, realizing a turnaround from loss to profit as compared with the loss for the corresponding period of the preceding year.
(iii) The estimated cash balance at the end of the period is approximately RMB9.4 billion. The Company has sufficient reserve funding with clear financing channels for dependable operation.

3. The estimated results have not been reviewed or audited by auditors, are not based on financial information audited or formally reviewed by auditors, and are subject to finalisation. Shareholders and potential investors of the Company should pay attention to details of the financial information to be set out in the 2023 annual results report of the Company.