Lingbao Gold Group Company Ltd. provided consolidated earnings guidance for the six months ended 30 June 2020. For the period, the company expects to record a net profit of approximately RMB 19,000,000, representing an increase of approximately RMB 110,000,000 as compared with a net loss of approximately RMB 91,340,000 for the corresponding period in 2019. The expected turnaround from loss to profit was primarily due to the fact that the output of self-produced smelted gold in smelting segment, and mineral gold produced in mining segment aggregately increased by approximately 18% while the output of purchased compound gold in the smelting segment decreased by approximately 50% as compared with that for the corresponding period in 2019 as the Group managed to cope with the impact of COVID-19 and strengthened internal management, and the average selling prices of gold bullion increased significantly during the Current Period. This was also due to the decrease in both the production costs and finance costs to a certain extent, to the Group's optimization of relevant operation flows, introduction of corresponding reform measures and implementation of the cost reduction and efficiency enhancement measures.