Tang Palace (China) Holdings Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2023. for the year, the group is expected to record a profit attributable to owners of the Company ranging from approximately RMB 35 million to RMB 45 million for the Reporting Year, as compared to a loss attributable to owners of the Company of approximately RMB 150.9 million for the year ended 31 December 2022. The Board believes the Group's expected turnaround from loss to profit is mainly attributable to the increase in the revenue of the Group of approximately 20% when compared to that of the previous year, leading to an expectation to record a revenue of approximately RMB 1,122.9 million.

As per announcement made by the Company on 11 August 2023, the increase in revenue was mainly due to the removal of most pandemic control measures (like banning dine-in and restricting the movement of people) by the Chinese government in December 2022. As a result, most of the restaurant business of the Group had an increase in both overall operation days and average daily revenue.