China Graphite Group Limited provided consolidated earnings guidance for the six months ended June 30, 2023. For the period, the group is expected to record a net loss of not more than RMB 4.0 million for first half of 2023 as compared to the net profit of approximately RMB 13.2 million for the six months ended 30 June 2022. The Board believes that the above was primarily attributable to the competition in the automobile markets, the slowdown of growth of the lithium-ion battery industry in 1H 2023 as compared to the rapid growth of the same in first half of 2022; and the strategy of its downstream customers to digest their inventory backlogs in the PRC, leading to the relative decrease in market demand and price for graphite products in first half of 2023.