YH Entertainment Group provides group earnings guidance for the year ended December 31, 2023. The group expects to record a net loss attributable to Shareholders within a range from RMB 135.0 million to RMB 155.0 million for the year ended December 31, 2023 as compared to a net profit attributable to Shareholders of approximately RMB 1,725.2 million for the same period in 2022. Based on the information currently available to the Board, the Board believes that such net loss attributable to Shareholders for the year ended December 31, 2023 was primarily attributable to a decrease in revenue from artist management for the year ended December 31, 2023, as their business partners tightened their budget for endorsement deals and business promotion activities due to the current economic condition; an increase in expenses incurred as a result of our increasing promotion and marketing expenses for concerts and other commercial activities our managed artists participated in for the year ended December 31, 2023; and fair value loss recorded on convertible preferred shares for the year ended December 31, 2023 as compared to fair value gain recorded for the same period in 2022.