The board of directors of Beijing Capital Grand Limited announced that based on the information currently available and preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2023 (the ``Relevant Period''), the Group is expected to record a profit after tax for the Relevant Period of approximately RMB 90 million, as compared to the loss after tax for the six months ended 30 June 2022 of approximately RMB 117 million. Such estimated change in net profit was primarily attributed to (a) the increase to net profit of approximately RMB 267 million contributed by the gain from valuation of properties for the current period as compared with the corresponding period of the previous year, which mainly represented the gain from valuation of the Wuhan Outlets and Jinan Outlets held for sale; and (b) the increase in sales of the outlet business during the current period, which resulted in an increase in the gross profit for the current period of approximately RMB 90 million as compared to the corresponding period of the previous year. The effect of aforesaid factors was partially offset by the increase in foreign exchange loss and interest expenses for the current period as compared to the corresponding period of the previous year.