The board of directors of China Ruyi Holdings Limited notified the shareholders and potential investors of the Company that, based on the information currently available to the management, the Group is expected to record an unaudited net loss for the six months ended 30 June 2023 of approximately RMB 259 million - RMB 269 million, whereas the net profit for the same period last year was approximately RMB 147 million. The decline in financial results for the six months ended 30 June 2023 was mainly attributable to the fixed cost expenses incurred by the Company in various segments for active business development plans in the second half of the year and the coming year. The management expects to release a number of films and TV dramas in the second half of the year and next year, which will bring considerable revenue and profit to the Group.
These include the inspirational sports-themed movie "One and Only'' starring Wang Yibo and Huang Bo and Fireworks of My Heart'' starring Yang Yang, which have both been released, and will generate considerable returns for the Company in the second half of the year. Other films and TV dramas to be released include the war blockbuster Hengyang 1944'' with Liu Heping as the chief producer; the historical detective long series TV drama Rechter Tie with Di Renjie, a Tang dynasty chancellor, as the protagonist; the historical detective long series TV drama ``Hero Legends'' based on Sun Xiao's martial arts novel of the same name; and the Republican Era TV drama "Chang Feng Po Lang'' starring Wang Yibo and Li Qin.