Xinjiang Tianye Water Saving Irrigation System Company Limited provided preliminary unaudited consolidated earnings guidance for the year ended 31 December 2023. for the year, the Group is expected to record an estimated net profit of RMB 3,000,000 to RMB 5,000,000, as compared to the net loss of approximately RMB 81,410,000 for the financial year ended 31 December 2022. Based on information currently available to the Group, the above turnaround was mainly due to (i) the increase in sales volume of the Company's products and engineering business during the Reporting Year; (ii) the increase in gross profit margin of products as a result of the increase in capacity utilization which reduced the overall production costs; and (iii) the stable average selling price of products and the reduced average price of raw materials during the Reporting Year, resulting in an increase in gross profit of the Company's products.