COFCO Joycome Foods Limited provided earning guidance for the year ended December 31, 2022. The board of directors of the Company informed the shareholders and potential investors of the Company, based on its preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended December 31, 2022 (the "Year 2022") and the information currently available to the Board, it is expected that the loss attributable to owners of the Company before biological assets fair value adjustments for the Year 2022 of the Group ("Before Adjustments") will be approximately RMB 0.25 billion to RMB 0.45 billion (unaudited), compared with the profit attributable to owners of the Company of RMB 2.38 billion in the same period of last year. The Board considers that, the expected year-on-year decrease of Before Adjustments results of the Group is mainly attributable to the following reasons: the rising global feed raw material prices have led to higher feed cost; the domestic catering consumer market was affected, which has in turn affected beef distribution in the second half of 2022 and resulted in year-on-year decrease of results in the meat import segment; and the Group participated in futures hedging, which had an adverse impact on the results for the current period, while it had a positive impact on the results for 2021.