Grace Wine Holdings Limited provided earnings guidance for the year ended December 31, 2022. For the year, the group expected to record a profit before tax of not less than RMB 1.0 million, as compared to a profit before tax of approximately RMB 11.9 million for the year ended December 31, 2021. The performance is mainly attributable to a decrease in revenue due to the overall drop in sales volume of the Group's wine products as a result of the city-wide lockdown measures which have been imposed by the government to contain the resurgence of Coronavirus Disease 2019 in the People's Republic of China; and an increase in expenses.