Xinyi Electric Storage Holdings Limited provided unaudited consolidated earnings guidance for the year ended December 31, 2023. For the period, the company expected to increase by 60% to 85% to the range between HKD 73.4 million and HKD 84.9 million, as compared to the Net Profit of HKD 45.9 million for the year ended 31 December 2022. The increase is primarily due to (i) the increase in gross profit of the Group as a result of the increase in revenue and (ii) the recognition of government grants based on the operating costs of the Group, which are partially offset by the increase in finance costs as a result of increased bank borrowings for the business expansion of the Group.