China Tontine Wines Group Limited provided earnings guidance for the year ended 31 December 2023. For the period, the company expects to record a loss and total comprehensive expense of not less than RMB 70.0 million for the Year as compared to a loss and total comprehensive expense of approximately RMB 27.6 million for the year ended 31 December 2022. The expected loss and total comprehensive expense for the Year was mainly attributable to the write-off on certain obsolete and slow moving inventories, impairment loss on right-of-use assets and property, plant and equipment and provision of expected credit loss for trade receivables and other receivables in the Year; and the increase in selling and distribution expenses for brand building, sales and marketing of the product of the Group in the Year.