Zhongliang Holdings Group Company Limited provided consolidated earnings guidance for the year ended December 31, 2023. For the period, the Group expected to record a loss attributable to owners of approximate between RMB 4.0 billion and RMB 4.6 billion for the Year 2023, compared to a loss attributable to owners of approximately RMB 1.3 billion for the year ended 31 December 2022. The expected loss in the Year 2023 was mainly attributable to the decrease in gross profit margin and further impairments on property projects and other assets as the results of continued unfavorable macro environment and downturn in the real estate industry in China.