Aowei Holding Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2023. The board of directors informed the shareholders of the Company and potential investors that, based on the Group's preliminary assessment of the unaudited consolidated management accounts for the year ended 31 December 2023 and the information currently available, it is expected that the Group will record a loss attributable to the equity shareholders of the Company of not more than approximately RMB 600.0 million for the Reporting Period (corresponding period in 2022: profit of RMB 60.8 million). The loss incurred by the Group during the Reporting Period was mainly attributable to (1) the decrease in sales of iron ore concentrates and sand and gravel materials as a result of the continuous heavy rainstorm in the region of the Company's mines at the end of July 2023, production restriction for environmental protection in Hebei Province in the fourth quarter, and the decrease in the recoverable reserves of iron ore (of which the open-pit mining portion was substantially mined) of Laiyuan County Jiheng Mining Co.

Ltd. ("Jiheng Mining"), a subsidiary of the Group; (2) record of an impairment loss of property, plant and equipment as compared with the same period of last year; (3) the 0.614% equity interest in Bank of Cangzhou held by Jiheng Mining was affected by the current banking characteristics, and there were indications of impairment losses during the Reporting Period, the impairment provisions made for the equity held by Jiheng Mining in Cangzhou Bank by the Company in accordance with accounting standards; and (4) the increase in finance costs of the Company during the Reporting Period.