The board of directors of the Changan Minsheng APLL Logistics Co., Ltd. informed shareholders of the company and potential investors that based on the preliminary review of the unaudited consolidated financial information of the Group for the year ended 31 December 2020 and the information currently available to the Board, the Group expects to record a profit before tax of approximately RMB 20,000,000 to RMB 30,000,000 and an estimated net loss or profit in the range between minus RMB 5,000,000 and RMB 5,000,000 attributable to owners of the parent company for the year of 2020 as compared with the year of 2019 which recorded a loss before tax of approximately RMB 36,700,000 and a loss attributable to the owners of the parent company of RMB 55,970,000. The Board considers that the increase in profit for the year ended 31 December 2020 is mainly attributable to the gradual stabilization of the domestic automobile industry in general which saw a narrowed decline in automotive sales; an increase in the volume of logistics services provided by the Group resulting from approximately 13.98% year-on-year increase in the automotive sales of Chongqing Changan Automobile Co., Ltd. ("Changan Automobile") and its associates, one of the Group's long term customers, in 2020 based on the public information disclosed by Changan Automobile; and a more stringent cost control through the Group's persistent effort in cost reduction.