China Biotech Services Holdings Limited provided group earnings guidance for the three months ended 31 March 2023. For the period, the group is expected to record a net loss attributable to the owners of the Company of approximately HKD 14,000,000 (the ‘Loss') for the 2023 First Quarter Period. In contrast to the Loss, the Group recorded a net profit attributable to the owners of the Company of approximately HKD 34,938,000 for the corresponding period in 2022.

The Board considers that the Loss was mainly attributable to the declines in the demand for the Group's COVID-19 nucleic acid testing services as well as the rapid antigen test kits following to the relaxation of COVID-19 quarantine requirements by the relevant government authorities.