Dowell Service Group Co. Limited provided earnings guidance for the year ended 31 December 2023. For the year, the Group is expected to record a profit in the range between RMB 20.0 million and RMB 25.0 million, as compared to a profit of approximately RMB92.0 million for the year ended 31 December 2022 (restated).

Such decrease in profit was mainly attributable to (a) the decrease in the gross profit of the Group for the Year as a result of (1) the increase in the scale of operations of the Group resulting in an increase in the number of employees of the Group and the corresponding costs for the purposes of ensuring the provision of quality services to the Group's customers; and (2) the unfavourable macroeconomic environment, resulting in budget reductions to some of the Group's customers, which affected the gross profit margin of the Group due to the Group's continuous provision of quality services to its customers; and (b) policy reasons relating to the receipt of a one-off government subsidy for the year ended 31 December 2022, which was not available to the Group during the Year.