Man Yue Technology Holdings Limited provided earnings guidance for the year ended 31 December 2023. For the period, the company expects to record a net profit attributable to the Shareholders for fiscal year 2023 in the range of approximately HKD 3 million to HKD 5 million, as compared with that of approximately HKD 42.7 million for the year ended 31 December 2022. The Board considers the anticipated decrease in the net profit attributable to the Shareholders for fiscal year 2023 is mainly caused by: (i) a decrease in gross profit resulted from a decline in sales revenue of approximately 20% as compared with that of in fiscal year 2022.

The electronic industry has been held back by a longer-than-expected destocking cycle by end customers which led to a decline in demand for the Group's products; and (ii) an increase in finance costs caused by aggressive interest rate hikes during fiscal year 2023.