The Board of Directors (the "Board") of Goldlion Holdings Limited (the "Company") announces that based on its preliminary assessment of the unaudited consolidated management accounts of the Company and its subsidiaries (the "Group") for the year ended 31st December 2022 (the "Year"), it is expected that the Group will record a profit attributable to owners of the Company of approximately HKD 160 million for the Year, as compared with the profit of HKD 221 million of last year. The Board considers that the decline in profit is mainly due to the following factors: The record of provision for impairment for inventories amounting to HKD 34 million for the Year as against a reversal of provision of HKD 51 million of last year. The record of fair value losses on the Group's investment properties of HKD 57 million for the Year as against losses of HKD 27 million for last year.

However, the Group also expects to record a gross profit of HKD 42 million (last year: nil) from the sales of properties for its property development project in Meixian for the Year, and an increase in rental and building management fee income by HKD 9 million.