China Technology Industry Group Limited provided earnings guidance for the year ended 31 March 2023. For the year, the company expected to record a revenue of approximately RMB 42.5 million representing a decrease in revenue of approximately 41.1% as compared with the revenue of approximately RMB 72.2 million for the year ended 31 March 2022 ("fiscal year 2022"). As a result of the above, it is expected that the Group will record a loss attributable to the owners of the Company for Fiscal Year 2023 of approximately RMB 25.1 million, as compared to a loss attributable to owners of the Company for Fiscal Year 2022 of approximately RMB 3.7 million.

The revenue of approximately RMB 42.5 million (fiscal year 2022: RMB 72.2 million) and loss attributable to owners of the Company of approximately RMB 25.1 million for Fiscal Year 2023 (fiscal year 2022: RMB 3.7 million) were mainly attributable to (i) the implementation of strict and extensive COVID-19 restrictions in various parts of the People's Republic of China ("PRC") during October 2022 and November 2022, particularly the lockdowns in Beijing announced by the local government during November 2022, thereby causing disruption to the Group's operations and reducing the Group's ability to seek and negotiate new commercial contracts, and (ii) the unprecedent surge in COVID-19 cases in the PRC during December 2022, which had affected a number of the personnel of the Group. The loss attributable to owners of the Company of approximately RMB 25.1 million for Fiscal Year 2023 was also due to the impairment losses recognized under expected credit loss model, net of reversal of approximately RMB 13.5 million during Fiscal Year 2023.