The board of directors of China Bright Culture Group announced that the Company is unable to publish the audited annual results of the Group for the year ended 31 December 2022 (the Annual Results) on or before 31 March 2023 due to the reason that the Company and the auditor of the Company have not reached a consensus regarding certain financial treatments and auditing issues of the Company, which includes (1) the accounting policies regarding the revenue recognition of the content-related business adopted by the Company; (2) the Company's valuation of the expected credit loss regarding the loan (the "Loan") with an outstanding principal amount of approximately RMB130 million as of the date of this announcement provided by Yueying Xingyao Information Technology (Tianjin) Co. Ltd.* (), a subsidiary of the Company, to an independent third party (the "Borrower"); and (3) the valuation of the collateral under the Loan (i.e. 35% of the total issued shares of the Borrower).