China Technology Industry Group Limited provided group earnings guidance for the nine months ended 31 December 2022. For the period, the company expected to record a revenue of approximately RMB 42.5 million representing a decrease in revenue of approximately 37.7% as compared with the revenue of approximately RMB 68.2 million for the nine months ended 31 December 2021. As a result of the above, it is expected that the Group will record a loss attributable to the owners of the Company of approximately RMB 2.9 million, as compared to a loss attributable to owners of the Company for third quarter 2021 of approximately RMB 1.4 million.

The loss attributable to owners of the Company of approximately RMB 2.9 million for 2022 Third Quarter (2021 Q3: RMB 1.4 million) was mainly attributable to the fact that the Group recorded no revenue for the three months ended 31 December 2022, and the decrease in gross profit of the Group during the 2022 Q3. The Group recorded no revenue for the three months ended 31 December 2022 mainly due to (i) the continued implementation of strict and extensive COVID-19 restrictions in various parts of the People's Republic of China (the "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. As for the decrease in the gross profit of the Group during 2022 Q3, the gross profit for 2022 Third Quarter was generated from the sales and installation of solar modules while the gross profit for 2021 Third Quarter was generated from the Zhangbei Project.

Since the Zhangbei Project was comparatively complicated and required a higher level of technical support services, a higher gross profit margin was recorded in 2021 Q3, and a higher gross profit was recorded in 2021 Third Quarter as compared to 2022 Q3. Despite the foregoing, in the view of the PRC government's recent relaxation its COVID-19 restrictions, the Board believes that a stable recovery of the PRC economy may be expected in 2023. The Board remains cautiously optimistic towards the operations of the Group for the next few years.

The Group also intends to continue its efforts in seeking new business opportunities and ventures.