The board of directors of the Maoye International Holdings Limited hereby informs the shareholders and potential investors of the Company that it is expected that the consolidated net profit of the Company for the six months ended 30 June 2020 is expected to be approximately RMB 100 million to RMB 150 million, representing a significant decrease as compared to the same for the corresponding period in 2019. Such decrease was mainly attributable to disruptions to the operations of department stores and retail businesses caused by the outbreak of the novel coronavirus (COVID-19) since early 2020, which led to a significant decrease in the number of customers in the Group's stores, and thus resulting in a significant decrease in the operating sales revenue and profit of the Group's retail business.