Weiqiao Textile Company Limited provided earning guidance for the first half ended June 30, 2023. For the period, the Group is expected to record a net loss for the six months ended 30 June 2023, the main reasons for which are as follows: (1) in the first half of 2023, under the adverse impact of the global macro market environment, the profit margin of the Group's cotton textile products remained under pressure, and hence the Group would continue to record a gross loss in its textile business in the first half of the year; and (2) in the first half of 2023, although the Group maintained a profit in the electricity business, under the impact of the macro demand, the sales volume of electricity decreased correspondingly as compared to the same period last year, leading to a period-on-period decrease in gross profit; meanwhile, based on the condition of the electricity assets, the Group made an impairment provision for certain of them. Based on the above main reasons, the Board expects that the Group will record a net loss of approximately RMB 500 million to RMB 600 million for the six months ended 30 June 2023.