China Qinfa Group Limited provided consolidated earnings guidance for the year ended December 31, 2023. For the period, the Group is expected to record a profit after taxation of not more than RMB 200 million during the year ended 31 December 2023 as compared with a profit after taxation of approximately RMB 490 million for the year ended 31 December 2022. The decrease in the profit after taxation was mainly due to the net effect of: the decrease in the average coal selling price by approximately 21% in 2023 as compared with 2022; the increase in the coal handling and trading volume by approximately 15% in 2023 as compared with 2022; and impairment losses on property, plant and equipment and coal mining rights due to decrease in average coal selling price.