GDH Guangnan (Holdings) Limited provided earnings guidance for the nine months ended 30 September 2021. For the period the company informed the shareholders of the Company and potential investors that, based on the Company's preliminary review of the unaudited consolidated management accounts of the Group for the nine months ended 30 September 2021, the unaudited consolidated profit attributable to shareholders of the Company for the nine months ended 30 September 2021 is expected to decrease by approximately 30% as compared to the same period in 2020. The decrease of the profit is primarily attributable to (i) the price of pork had hit a record high in China as affected by African swine fever virus during 2019-2020. Having basically got the African swine fever virus in control, the Ministry of Agriculture and Rural Affairs and the State Council had consecutively issued four related documents regarding the "Accelerating the Restoration of Live Pigs Production Capacity" in order to ensure sufficient supply of meat. As such, live pig breeding enterprises expanded their production capacities; and enterprises of other industries also engaged in live pig breeding business. As a result of excessive capacity and supply in the live pig industry in 2021, the swine price dropped sharply. From the beginning of the year up till now, the nationwide swine price had been decreased by 70%, leading to a significant drop in profits recorded by the two associates, which engaged in pig farming and sales of pigs, as compared to the same period last year; (ii) during the period, the price of raw materials of corn starch production had increased due to the rise in commodity prices as well as the substantial increase in the demand of corn as swine feed by the breeding industry as a result of their business expansion. In the first half of 2021, the price of corn increased by 37% year-on-year. At the same time, the demand for corn starch by downstream enterprises declined. The selling price of corn starch dropped whereas, on the contrary, the price of its raw materials had risen. As a result, there was an increase in loss recorded by Yellow Dragon Food Industry Co. Ltd., an associate of the Company, during the period. However, (i) in fresh and live foodstuffs business, the newly expanded slaughter business and the chilled meat wholesale and retail business in Mainland became the new profit growth point in this year; in addition, (ii) as regards tinplate export business, it had succussed in raising the selling prices so as to reduce the impact of the tax rebate policy. Besides, as expected that the price of bulk raw materials would continuously increase, purchases had been made in advance to lockup the purchase price. The gross profit per unit of tinplate products increased, such that the segment profit also increased significantly compared with the same period last year. Therefore, the increment in profit of these two businesses partially offset the effect of the decline in the profits recorded by the aforementioned associates.