The board (the ``Board'') of directors of KWG Living Group Holdings Limited announced that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2023 (the ``Period'') and information currently available to the Board, the Group is expected to record a significant decrease in the unaudited profits from approximately RMB 329.6 million for the six months ended 30 June 2022 to not more than RMB 82.0 million for the Period (a decrease of not less than 75%), while the unaudited core net profit (Note 1) was expected to decrease from approximately RMB334.7 million for the six months ended 30 June 2022 to not more than MYR 258.0 million for the Period (a decrease of not less than 22%).