BaWang International (Group) Holding Limited provided earnings guidance for the year ended December 31, 2021. For the year, based on the currently available unaudited financial information the Group is currently expected to record a net loss of approximately RMB 13.0 million, as compared with a net loss of approximately RMB 4.0 million for the year ended 31 December 2020. The Group's revenue remained relatively stable in FY2021 when compared with FY2020.

On the basis of the currently available financial information, a number of factors contributed to the increased net loss in FY2021, among them included increases in rents payable for the Group's factory and warehouses in FY2021, an increase in social insurance contributions in FY2021 because the temporary reduction and exemption on enterprises social insurance contributions last year was no longer available in FY2020, and the factors mentioned in the announcement of the Company published on 19 November 2021.