Honghua Group Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2023. For the period, the company Company, the Group is expected to record a substantial decrease in loss attributable to the shareholders of the Company for the year ended 31 December 2023 as compared to that of approximately RMB 634.42 million for the year ended 31 December 2022, with an estimated decline in loss ranging from 20% to 45%, which mainly attributable to the substantial growth in orders and revenues in drilling equipment and related
products resulting from the Company's efforts to grasp the opportunities arising from the recovery of the energy market to actively expand into the markets both at home and abroad, coupled with its ongoing efforts to optimize the cost management and enhance the operating management, leading to a substantial improvement in loss as compared to that of the last year.