Icon Culture Global Company Limited announced that, based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the nine months ended 30 September 2022 (the "Period") and information currently available to the Board, the Group is expected to record a net loss of not more than RMB 25.5 million for the Period (the nine months ended 30 September 2021: net profit RMB 1.4 million). The expected loss was mainly due to: the decrease in revenue generated from traditional offline media advertising services which has higher profit margin as some of the major customers that were affected by the COVID-19 pandemic had substantially reduced their traditional offline media advertising budget during the Period; increase in impairment loss of the trade receivables with slow collection, and increase in staff costs and rental expense as the Group continued to expand the service capabilities for live-streaming e-commerce business.