BaWang International (Group) Holding Limited provided unaudited financial information for the five months ended 31 May 2023 ("5M2023"). Based on the latest available unaudited financial information for the six months ended 30 June 2023 ("1H2023"), the net profit of the Group is currently expected to be around RMB 4.5 million as compared with a net loss of approximately RMB 16.2 million for the six months ended 30 June 2022. Therefore, the estimated net profit for first half 2023 would be higher than the RMB 0.7 million that was announced in the 21 June 2023 Announcement for the five months 2023.

Further improvement in the estimated net profit for first half 2023 (as compared with the five months 2023 estimated net profits as announced in the 21 June 2023 Announcement) was mainly attributable to: There was a larger than expected increase in the number of sales orders fulfilled in June 2023; and (2) The Group continued to strengthen its expenses control, which resulted in lower selling and distribution expenses and administrative expenses recorded in June 2023.